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Devyani (DEVYANI) investor relations material
Devyani Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary6 Nov, 2025
Executive summary
Q2 FY26 consolidated revenue grew to INR 13,767.51 million, up 12.6% year-over-year, driven by store expansion, new product launches, and strong international performance despite external headwinds such as unseasonal rains and festive season impacts.
Store network expanded with 30 new KFCs, 3 Pizza Huts, and 6 Tealive outlets; positive feedback on new brands and test launches.
Integration of Skygate portfolio is progressing, with breakeven at brand contribution level targeted by March 2026.
Net loss for the quarter was INR 215.81 million, compared to a net profit of INR 24.22 million in the previous quarter and a net loss of INR 49.21 million year-over-year.
Acquisition of 80.72% equity stake in Sky Gate Hospitality, increasing to 86.13% by quarter-end, with related businesses presented as discontinued operations.
Financial highlights
Q2 FY26 consolidated revenues: INR 13,767.51 million, up 12.6% year-over-year.
KFC India revenue: INR 5,723 million (+5.3% YoY); Pizza Hut India revenue: INR 1,860 million (flat YoY); International revenue: INR 4,495 million (+14% YoY).
Gross profit reached INR 933 crores (up 10.1% YoY), with gross margin at 67.8%.
Brand contribution margin declined to 11.7% from 13.6% YoY, mainly due to Skygate consolidation; excluding Skygate, margin was 12.4%.
PAT for Q2 FY26 was a loss of INR 239 million.
Outlook and guidance
On track to open 100–110 new KFC stores in FY26; Pizza Hut expansion to remain muted.
Skygate expected to reach brand contribution breakeven by end of FY26.
Thailand business to add 20–21 KFC stores in the year, with future expansion to be optimized.
Continued focus on store expansion, portfolio diversification, and product innovation to drive sustainable growth.
GST 2.0: Net margin impact for DIL?
Skygate's margin drag: Breakeven strategy
KFC demand: Underlying trends & promo strategy
Net financial impact of GST 2.0
Pizza Hut store growth strategy
KFC SSSG drivers beyond promotions
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Next Devyani earnings date
Q3 25/2610 Feb, 2026
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Frequently asked questions
Devyani International Limited is an Indian company engaged in the operation and management of quick-service restaurants (QSRs) and food outlets. The company is a franchisee for globally recognized brands such as KFC, Pizza Hut, and Costa Coffee, managing outlets across various locations in India and international markets. Devyani International also operates its own food and beverage brands. The company is headquartered in Gurugram, India, and its shares are listed on the BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) of India.
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