Devyani International (DEVYANI) — Annual Report

📢 Key Event
Devyani International Limited announces 35th AGM on August 14, 2026, and proposes merger with Sapphire Foods to create a $1B+ QSR platform with 3,000+ stores.

🔄 What Changed
Revenue grew 13.3% YoY to ₹56,155 million, EBITDA margin improved to 15.2%, and store count increased to 2,256 (up 217 net new stores).

🔮 What's Next
The merger with Sapphire Foods is expected to be completed by March 2027, pending regulatory approvals, and will create a combined entity with over 3,000 stores and $1 billion in annual revenue.

💡 Investor Takeaway
The merger with Sapphire Foods will create a larger, more efficient QSR platform with significant synergies, positioning Devyani for long-term growth despite near-term demand softness.

Devyani International Limited (DEVYANI) announced its 35th Annual General Meeting on August 14, 2026, alongside its FY 2025-26 Annual Report detailing strategic growth, including a proposed merger with Sapphire Foods to create a $1B+ QSR platform with 3,000+ stores. The report highlights 2,256 stores operated globally (up from 2,039), 217 net new stores added in FY26, and expansion into Tier II/III cities and international markets. Key financials show 13.3% YoY revenue growth to ₹56,155 million, EBITDA of ₹8,554 million (15.2% margin), and gross profit margin of 68.4%. The company emphasizes digital transformation, technology investments (AI, automation), and brand diversification through emerging brands like Vaango and Sanook Kitchen. It also reports 80%+ self-serving kiosk penetration, 30.5% female representation on the board, and ₹17.71 million spent on CSR initiatives. The merger is expected to unlock ₹2-2.25 billion in annual synergies. The filing confirms no material risks beyond near-term demand softness and outlines governance, ESG compliance, and shareholder meeting procedures for the upcoming AGM.

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About Devyani International Limited (DEVYANI)

Consumer Services · Leisure Services · Listed on NSE

Market Cap: ₹14,558.55 Cr P/E: -369.0

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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