Devyani international | Business Upturn

Devyani International completes registered office relocation to Haryana

Business Desk — Mon, 06 Apr 2026 09:45:38 +0000

Devyani International has successfully relocated its registered office from the National Capital Territory of Delhi to the state of Haryana. This move was approved by the Regional Director (Northern Region) on 20 March 2026 and has been officially recorded by the Registrar of Companies, Haryana, as of 6 April 2026.

The company’s new registered office is situated at Plot No. 18, Sector 35, Gurugram, Haryana. This relocation also results in a change to the Corporate Identification Number (CIN) of Devyani International, which is now L15135HR1991PLC143853, reflecting its new jurisdiction under the Haryana Registrar of Companies.

The decision to shift the registered office was initially communicated on 1 January 2026, with shareholder approval obtained by 9 February 2026. The change aims to align the company’s operations more closely with its strategic objectives.

A copy of the new certificate of registration and the Regional Director’s order for the change of state has been uploaded on the company’s website, www.dil-rjcorp.com.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Devyani International to invest ₹3,473 million in Thai subsidiary

Yash Agarwal — Fri, 20 Mar 2026 11:19:43 +0000

Devyani International is set to strengthen its presence in Thailand with a significant investment in its subsidiary, Restaurants Development Co., Ltd. (RD). The company, through its subsidiary Devyani International DMCC (DID) and Yellow Palm Co., Ltd., plans to inject approximately THB 1,210 million (₹3,473 million) into RD.

The investment is aimed at fortifying RD’s balance sheet and supporting its long-term business requirements. A portion of the funds, THB 810 million (₹2,325 million), will be allocated to retire existing debt owed by RD to DID. The remaining amount will be utilised for working capital and capital expenditure needs.

DID will secure a convertible loan amounting to THB 400 million (₹1,148 million) from Devyani International. Additionally, a short-term loan of THB 810 million (₹2,325 million) will be obtained from Axis Bank Limited, Dubai. This loan will be backed by a corporate guarantee from Devyani International and is expected to be repaid once RD settles its existing obligations.

The investment aligns with Devyani International’s strategy to bolster its quick-service restaurant business, particularly its chain of KFC outlets in Thailand. The transaction is expected to be completed by 30 June 2026.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Devyani International approves merger with three subsidiaries

Business Desk — Tue, 10 Mar 2026 11:16:09 +0000

Devyani International has announced the approval of a Scheme of Amalgamation involving the merger of its wholly-owned subsidiaries Sky Gate Hospitality, Blackvelvet Hospitality, and Say Chefs Eatery with itself. The decision was made during a board meeting held on 10 March 2026.

The appointed date for the merger is set for the opening hours of 1 April 2025. The amalgamation aims to achieve better business synergies, optimise resource utilisation, reduce operational costs, and increase overall efficiency, thereby maximising value creation for stakeholders.

Devyani International, the largest franchisee of Yum Brands in India, operates over 2,000 stores across more than 280 cities in India and other countries. The transferor companies operate over 100 outlets, including dine-in and cloud kitchens, in more than 40 cities.

The merger will not involve the issuance of new shares, as the transferor companies are wholly-owned subsidiaries of Devyani International. Consequently, no share entitlement ratio or valuation report is required.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Devyani International launches first New York Fries store in India

Aman Shukla — Mon, 05 May 2025 06:59:58 +0000

Devyani International Ltd. (DIL), a prominent player in India’s quick service restaurant (QSR) sector, has introduced the New York Fries (NYF) brand to the Indian market. The first NYF outlet in India is now operational at the Chhatrapati Shivaji Maharaj International Airport in Mumbai. This marks the beginning of NYF’s expansion into India, bringing with it a menu that reflects its established global identity.

Founded in 1983 in Canada, New York Fries has built a reputation for quality through its focus on real ingredients and a consistent cooking approach. The brand is known for its three-stage cooking process, which results in fries that are made from whole, skin-on potatoes, hand-cut and prepared fresh for every order. This process aims to deliver fries that are crisp and golden with each serving.

The Indian menu retains several of NYF’s core offerings, including Classic Fries and Hot Dogs, as well as more indulgent items like Loaded Fries and Loaded Hot Dogs. In addition to these, the brand has tailored its offerings for the Indian market by introducing a selection of pure vegetarian dishes. These items have been developed to cater to local preferences while maintaining the core taste and quality standards associated with the brand globally.

Devyani International to acquire 80.72% stake in ‘Biryani By Kilo’ parent Sky Gate for Rs 419 crore

Aditya Bhagchandani — Thu, 24 Apr 2025 06:52:37 +0000

Devyani International Limited (NSE: DEVYANI) announced on April 24, 2025, that it will acquire up to 80.72% stake in Sky Gate Hospitality Private Limited — the parent company of food brands like ‘Biryani By Kilo’, ‘Goila Butter Chicken’, and ‘The Bhojan’ — for approximately Rs 419.6 crore.

To fund the deal, the company will issue 2.37 crore fully paid-up equity shares at Rs 176.78 per share on a preferential basis, aggregating to Rs 419.31 crore. The issuance will be part of a share swap arrangement with 79 investors, and the remaining consideration will be paid in cash, subject to contingent conditions.

Sky Gate operates over 100 outlets across 40 cities and reported unaudited revenue of Rs 277 crore in FY25 (excluding contributions from brands to be divested). Post-transaction, it will become a subsidiary of Devyani International. The acquisition enhances Devyani’s footprint in the growing specialty Indian food segment.

The company has called for an Extraordinary General Meeting on May 17, 2025, to seek shareholder approval for the preferential allotment.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Devyani International shares jump 3% after Kotak Institutional Equities upgrade to ‘Buy’ rating with target price of Rs 190

Aman Shukla — Tue, 15 Apr 2025 04:16:44 +0000

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.

Devyani International Q3 Results: Revenue up 54% YoY to Rs 1,294 crore, Net loss of Rs 0.4 crore against Rs 9.6 crore profit YoY

Aditya Bhagchandani — Tue, 11 Feb 2025 06:28:08 +0000

Devyani International Limited, the master franchisee for brands like KFC, Pizza Hut, and Costa Coffee, reported a net loss of ₹0.4 crore in Q3 FY25, compared to a profit of ₹9.6 crore in the same quarter last year. The results reflect increased costs despite a strong rise in revenues.

Key Financial Highlights (Q3 FY25 vs Q3 FY24):

Net Loss: ₹0.4 crore vs net profit of ₹9.6 crore YoY.
Revenue: ₹1,294.4 crore, up 54% from ₹843 crore YoY.
EBITDA: ₹213.3 crore, a 46% increase from ₹146 crore YoY.
EBITDA Margin: 16.5% compared to 17.3% YoY.

The company’s strong revenue performance was attributed to higher footfall and robust expansion across its fast-food and beverage brands. However, the dip in EBITDA margin reflects rising operational costs, including higher employee expenses and raw material costs.

Additionally, the company faced increased depreciation and finance costs, contributing to the bottom-line impact. Tax expenses also rose significantly, weighing further on profitability. Despite the marginal loss, the company remains optimistic about its long-term growth trajectory due to consistent consumer demand.

Bersnstein initiates coverage on consumer sector, rates DMart, Trent Jubilant as Outperform

Markets Desk — Wed, 28 Aug 2024 01:38:39 +0000

Global investment firm Bernstein has initiated coverage on seven key stocks in the Indian retail and restaurant sector, delivering a mixed outlook with four stocks rated as “Outperform” and two as “Underperform.”

The firm has given an “Outperform” rating to Avenue Supermarts (DMart) with a target price (TP) of Rs 6,300, Trent with a TP of Rs 8,100, Jubilant FoodWorks with a TP of Rs 800, and Devyani International with a TP of Rs 210. These companies are expected to benefit significantly from the expanding opportunities in India’s organized retail and restaurant markets.

On the other hand, Aditya Birla Fashion and Retail Ltd (ABFRL) and Westlife Foodworld Ltd have been rated as “Underperform” with target prices of Rs 270 and Rs 700, respectively. Sapphire Foods has been rated as “Market-Perform” with a target price of Rs 1,700.

Bernstein’s analysis highlights that for over two decades, both investors and companies have been anticipating the emergence and spending potential of India’s middle class. However, the firm suggests that this wait has been more about supply at the right value than a lack of demand. With organized retailers scaling up, Bernstein believes that there is an opportunity to unlock demand beyond the top 10% of the income pyramid and outside the top 40 cities, offering tremendous value creation opportunities that are accessible today without further delay.

Devyani International reports Q4FY24 results: Faces loss of ₹7.5 crore despite revenue surge

Arunika Jain — Tue, 14 May 2024 09:23:19 +0000

Devyani International, the operator of popular brands like KFC, Pizza Hut, and Costa Coffee in India, witnessed a remarkable 39% surge in revenue, reaching ₹1,047 crore in the fourth quarter of 2024. However, despite this revenue growth, the company faced a net loss of ₹7.5 crore for the quarter, a notable contrast to the ₹61 crore profit reported in the same period last year. The decline in profitability was reflected in the decrease of EBITDA margins from 20% to 16.5%.

A significant one-time loss of ₹42.3 crore further impacted the quarter’s financial performance. Market sentiment responded cautiously, as Devyani International’s stock observed a 2.32% decline on the National Stock Exchange (NSE). Despite these challenges, Devyani International remains a prominent player in the quick-service restaurant sector, emphasizing operational efficiency to navigate market fluctuations and sustain long-term growth. As the company strategizes to address losses and capitalize on opportunities, stakeholders closely monitor its initiatives in a dynamically evolving economic landscape.

Stocks To Watch Today: Hindalco, Zee Entertainment, Union Bank of India, Swan Energy, Devyani International

Markets Desk — Tue, 20 Feb 2024 23:32:24 +0000

Markets in the US ended largely lower on the first trading session of the week as markets were shut on Monday. The Nasdaq ended lower by 1%, while Dow Jones fell 66 points in trade. Back home, after remaining in the red for most of the session, both Sensex and Nifty staged a sharp late recovery and Nifty ended after hitting a fresh record high of 22,215.

Top stocks to watch today are Hindalco, Zee Entertainment, Union Bank of India, Swan Energy, Devyani International.

Hindalco: Shares of Hindalco will be in focus today after its US subsidiary Novelis filed for an initial public offering (IPO) with the Securities and Exchange Commission. The shares are expected to be offered by Novelis’ sole shareholder AV Minerals (Netherlands), a wholly-owned subsidiary of Hindalco.

Zee Entertainment: Shares of Zee Entertainment will be in focus today after the company clarified that there are no talks with sony to revive the $10 billion merger.

Union Bank of India: Union Bank of India has approved its qualified institutional placement (QIP) on Tuesday to raise up to Rs 3,000 crore. The floor price for the QIP is set at Rs 142.78 per share, according to the filing with the exchanges.

Swan Energy: Shares of Swan Energy will be in focus today as the company has said that the board has approved the launch of qualified institutions placement (QIP) on February 20. The floor price has been fixed at Rs 703.29 per share.

Devyani International: Devyani International shares will be in focus as Yum Restaurant India is expected to offload a 4.4% stake at Rs 153.5 per share via block deal today, reported CNBC-TV18 quoting sources. The total size of the block deal is nearly Rs 815 crore.

Stocks To Watch Today: Hindustan Zinc, Vedanta, Devyani International, Greenlam Industries, Tata Power

Markets Desk — Wed, 22 Mar 2023 01:18:18 +0000

The SGX Nifty signals a flat start for the Indian benchmark indices Sensex and Nifty today. Cues from US markets also remain positive ahead of the US Fed outcome expected later today. The Nifty today will likely see resistance at 17,250, and on the downside, the Nifty’s immediate support stands at 16,950, according to analysts.

Top stocks to watch today include Hindustan Zinc, Vedanta, Tata Motors, Devyani International, Greenlam Industries and Tata Power besides others.

Hindustan Zinc/Vedanta: Shares of Hindustan Zinc and Vedanta will be in focus today after Hindustan Zinc ltd on Tuesday declared dividend of Rs 10,990 cr for its shareholders.

Tata Motors: Tata Motors stock in focus today after the company announced a hike in prices for commercial vehicles by upto 5% from April 1,2023, largely to comply with stringent BS6 phase II emission norms. The hike in prices will be applied across range of CVs.

Devyani International: Temasek Holdings, through its wholly owned subsidiary Dunearn Investments on Tuesday offloaded a 2.8% stake or 3.44 crore shares of Devyani International via open market at an average price of Rs 145.04 per share. The buyers included Franklin Templeton Mutual Fund, as they bought 62 lakh shares or 0.5% stake at an average price of Rs 145.

Greenlam Industries: Smiti Holding and Trading Company on Tuesday sold 33.42 lakh shares of company via open market transaction at an average price of Rs 306 per share. However, Asiana Fund I bought 33.42 lakh shares or 2.63 percent stake in the company at the same average price, data showed.

Tata Power: Tata Power Renewable Energy, subsidiary of Tata Power on Tuesday received the ‘Letter of Award’ (LoA) from Maharashtra State Electricity Distribution Company (MSEDCL) for setting up a 200 MW solar PV project in Solapur, Maharashtra.

Indian Oil: Indian Oil shares will be in focus today after the company gets in-principle approval to ser up Paradip Petrochemical Complex at Paradip, Odisha. The estimated cost of the entire project is Rs 61,077 crore.

Devyani International IPO: Issue subscribed 9.56 times on final day

Sneha Sengupta — Fri, 06 Aug 2021 07:48:08 +0000

The grey market premium has been significantly increased at a gradual rate from Rs 15-20 last week to Rs 60-65. The initial public offering (IPO) public issue of Devyani International, along with the operating channels of restaurants like KFC and Pizza Hut, is contiguously receiving a firm response on the issue subscribed at a rapid pace of 9.56 times on August 6, till the last day of bidding. This bidding has granted a total of 107.56 crore equity shares compared to an IPO size of 11.25 crore equity shares and generating bids of Rs 9,680 crores.

Retail investors have surpassed the set targets by subscribing heavily by 28.27 times on the IPO. Here 3.39 times subscribed portion was kept aside for the employees. Additionally, the portion set aside for qualified institutional buyers was subscribed at the rate of 1.92 times and 12.23 times was left for the non-institutional investors.

Devyani operates an array of 696 stores (of KFC, Pizza Hut and Costa Coffee) across 166 major cities in India, as w.e.f., June 30, 2021. “Devyani International’s strong portfolio of globally recognized brands, business and geographical diversification, strong presence across key consumption areas and increasing digital adoption provides a strong growth runway for the company. Although the company has been loss-making, it is on an expansion mode with strong industry triggers,” averred Ashika Stock Broking.

“Catering to the valuations on a high priced brand, Devyani International expects a market caps/ales of 9.54x according to the FY21 post-issue equity and enterprise value/sales of 9.55x, which is reasonably priced when compared to its listed industry peers”, said the brokerage.

“In 2021, quick-service restaurants are expected to witness a better recovery compared to other channels, owing to the better suitability for takeaways”, Ashika Stock Broking said.

Grey market premium

Devyani International shares traded at a whopping Rs 60-65 premium in the grey market, which gave rise to a trading price of Rs 150-155 with a profit of 66.7-72.2 per cent over the issue price of Rs 90 per share, as per the data displayed by the IPO Watch and IPO Central. It increased steadily at a premium of Rs 60-65, leading to store augmentation, growth in QSR, urbanization, higher economic potential and disposable incomes.

“The quick-service restaurant channel has been rapidly growing in popularity in India owing to factors such as a rise in literacy, exposure to media, increase in disposable incomes and easier and greater availability of QSRs,” said Ashika Stock Broking. “The value sales of quick-service restaurants are expected to grow at an even higher pace of 12.4 per cent. Economic recovery and greater investments from western fast-food chains are expected to drive the growth”, the brokerage added.

Devyani International IPO: Issue subscribed by 3.96 times on Day 2

Vandana Nampoothiri — Thu, 05 Aug 2021 07:46:14 +0000

The initial public offering (IPO) of Devyani International was subscribed 3.74 times on its second day. The company received bids for 42.14 crore equity shares against an IPO size of 11.25 crore shares, MoneyControl reported.

Non-institutional investors bought 1.92 times their portion, while qualified institutional investors have put in bids for 77 per cent of their reserved portion.

The price band for the 1,838 crore IPO was fixed at Rs 86-90 per share. On Wednesday, the company gained Rs 824.87 crore through the offering. The issue has a minimum lot size of 165 shares and investors can bid multiples thereof.

According to the data by IPO Watch, the trading price for the IPO increased to Rs. 155, which is 72 per cent higher compared to its issue price of Rs 90.

“At upper price band, the company’s market cap to sales for FY21 stands at 9x which is attractive to the industry average of 11x. Thus, we recommend subscribing for the listing gains,” said Canara Bank Securities told MoneyControl.

Devyani International is the operator of the KFC and Pizza Hut quick service restaurants chain. The company was incorporated in 1991. It is led by Ravi Kant Jaipuria, promoter of RJ Corp, and Virag Joshi, President, and CEO. It is expected that post the IPO company will be debt-free.

CarTrade Tech to launch IPO on August 9

Abhinay Talkhedkar — Sat, 31 Jul 2021 18:04:06 +0000

CarTrade Tech will launch its preliminary public offering for subscription on 9th August 2021. It is a multi-channel auto outlet. Anchor book will be opened for 6th August, just before opening the issue. 11th August will be the climax of the initial offering. 1,85,32,216 equity shares are an exact offer for exchange by existing shareholders. The offer consists of 22,64,334 equity shares by CMDB II, 84,09,364 equity shares by Highdell, 17,65,309 equity shares by Springfield venture, 50,76,761 equity shares by MacRitchie investments Pte Ltd.

Equity shares by Bina Vinod Sanghi, Daniel Edward Neary, Victor Anthony Perry, Shree Krishna Trust, etc. were also included in this offering. Merchant bankers and the company will have a conversation and then the credentials about the size and band of IPO will be publicized. Post-offer paid-up capital share of the company would comprise 40.43% of the offer. The company is not going to receive money from IPO, but, Funds will go to holders. Highdell Investment, Mauritius is the largest shareholder in the CarTrade (34.44%) stake. MacRitchie investments, CMDB II, Vinay Vinod Sanghi, Springfield Venture have 26.48%, 11.93%, 3.56, and 7.09% respectively.

This platform works under various brands- CarTrade, CarWale, BikeWale, Adroit Auto, Autobiz, Shriram Automall, etc. recent and used automobile consumers, original equipment manufacturers (OEMs), etc to do business of automobiles in productive ways.

CarTrade has just one motive and that is, formulating an automotive digital ecosystem where OEMs, banks, traders, consumers, and stakeholders get connected.

According to the reports by Moneycontrol, “Among key competitors, it was the only profitable automotive digital platform for the financial year 2020.”

Devyani International, Windlas Biotech, Exxaro Tiles, and Krsnaa Diagnostics were the four IPO’s scheduled for 2021. This IPO will be the fifth and has been scheduled for August.

CarTrade Tech will be the fifth IPO, among other glorious initiatives as per the reports. Endeavors of creating an ecosystem where everyone will be able to establish connections with each other and the format of the automobile industry is getting transformed.

Devyani International sets its IPO price band at Rs 86-90

Bhaswati Sengupta — Fri, 30 Jul 2021 07:44:55 +0000

The largest franchisee of Yum Brands Devyani International, which is also considered as the largest operator of chain quick-service restaurants in India, has set its price band at Rs 86- 90 per equity share for its initial public offering, according to the information stated in the daily newspaper on July 30.

The public issue is set to commence on August 04, constituting a fresh issue of Rs 440 crore along with an offer for sale of 15,53,33,330 equity shares by Dunearn Investments (Mauritius) Pte Ltd and promoter RJ Corp. The entire fundraising stood to be Rs 1,838 crore at a higher price band.

As per reports, Dunearn will offload nearly 6,53,33,330 equity shares, while RJ Corp will sell 9 crore equity shares through an offer for sale. The company has set aside nearly 5.5 lakh equity shares of its IPO for the employees.

The offer is scheduled to end by August 6. The Anchor book will be open for a day on August 3, prior to a day before the IPO opening.

Investors can avail for bid for a minimum of 165 equity shares and in multiples of 165 equity shares further. Nearly 75 per cent of the total offer is kept for qualified institutional buyers while 10 per cent and 15 per cent are kept for retail investors and non-institutional investors respectively.

Reportedly, the operators of KFC, Pizza Hut, and Costa Coffee chain will utilize net proceeds from its fresh issue to repay debts while the offer for sale money will move to the selling shareholders.

Investors are quite excited about the Devyani International IPO following the success witnessed in the listing of Zomato, Burger King India, and Barbeque Nation Hospitality.

Devyani International’s relationship with Yum began in the year 1997 when it initiated its first Pizza Hut store in Jaipur, and eventually, it continued to expand its operation with KFC and Pizza Hut franchises. As of June 2021, it operated nearly 284 KFC stores and 317 Pizza Hut stores across the country.

Moreover, it is a franchise of the Costa Coffee brand in India, owned by Costa and operated by 44 Costa Coffee stores. In the COVID 19 pandemic too the company stretched its store networks and by the end of March 2021, it initiated 109 stores in Core Brands Business (KFC, Pizza Hut, and Costa Coffee).

Reportedly, Yum! Brand Inc runs brands namely KFC, Pizza Hut, and Taco Bell brands. As of December 2020, it marks its presence globally with over 50,000 restaurants in more than 150 countries.

Devyani International minimized its loss in FY21 to Rs 62.98 crore from Rs 121.42 crore in FY20. The company’s revenue in the same period fell to Rs 1,134.84 crore from Rs 1,516.4 crore.

As yet, the promoters of the company are Ravi Kant Jaipuria, Varun Jaipuria, and RJ Corp with around 75.79 per cent shareholding. Dunearn posses 14.07 per cent shareholding in the company among other public shareholders.

The book running lead managers of the issue are namely, Kotak Mahindra Capital Company, CLSA India, Edelweiss Financial Services, and Motilal Oswal investments.