Devyani International shares jumped over 3% after Kotak Institutional Equities upgraded its rating to ‘Buy’ and raised the target price to ₹190. As of 9:43 AM, the shares were trading 3.45% higher at Rs 161.30.
The brokerage expects FY2026E to be a stronger year for the quick-service restaurant (QSR) operator, driven by a revival in same-store sales growth and improved brand execution.
Kotak highlighted Devyani’s solid positioning in India’s fast-growing QSR space, particularly through its association with KFC. The firm sees a scalable opportunity due to KFC’s strong brand recall and relatively low market penetration. This makes Devyani well-placed to benefit from the evolving consumption patterns in India, especially as discretionary spending trends upward.
Additionally, Kotak believes there is further upside potential from Devyani’s portfolio of other brands and new growth initiatives. The involvement of RJ Corp, known for its strong track record in both organic and inorganic growth, adds strategic value to Devyani’s long-term business outlook. Their aggressive expansion appetite signals confidence in the future of India’s QSR sector.
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