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Swing Capital

Devyani International Ltd

NSE: DEVYANI BSE: 543330

Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.[1]

₹116
52W: ₹91.6 — ₹191
PE 0 · Book ₹12.2 · +851% vs book
Market Cap₹14,345 Cr
Stock P/E—Price to Earnings
ROCE5.16%Return on Capital
ROE1.13%Return on Equity
Div. Yield0%Face Value ₹1

Weaknesses

  • −Stock is trading at 9.42 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of -14.9% over last 3 years.

Shareholding Pattern

Promoters61.37%
FIIs6.13%
DIIs19.33%
Public13.17%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters62.73%62.72%▼0.062.72%62.72%62.62%▼0.161.41%▼1.261.37%▼0.061.37%
FIIs11.68%11.17%▼0.511.17%10.46%▼0.79.42%▼1.06.55%▼2.95.77%▼0.86.13%▲0.4
DIIs14.19%15.38%▲1.215.46%▲0.116.87%▲1.418.09%▲1.219.76%▲1.719.44%▼0.319.33%▼0.1
Public11.41%10.73%▼0.710.65%▼0.19.95%▼0.79.86%▼0.112.29%▲2.413.42%▲1.113.17%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales796752840836873801917871906879
Expenses647603667689726664766739748735
Operating Profit149149172146146137151131158144
OPM %19%20%21%18%17%17%16%15%17%16%
Net Profit18-1053214-136-14-12-13
EPS ₹0.15-0.870.260.010.04-0.110.05-0.12-0.1-0.1

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,573Cr, up 6.7% YoY. OPM at 16%.

Debt Position

Borrowings at ₹2,666Cr. Debt-to-equity ratio: 1.93x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹8Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.33% (+10.59pp change). FIIs: 6.13% (-5.92pp change). Promoters hold 61.37%.

Margin & Efficiency

ROCE improving from 0% (Mar 2017) to 5% (Mar 2026). Working capital days: -65.

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