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Devyani (DEVYANI) investor relations material
Devyani M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary6 Jan, 2026
Deal rationale and strategic fit
Merger creates one of India's largest QSR and F&B platforms with over 3,002 stores and annual turnover of INR 78,265 million, featuring marquee brands and pan-India reach.
Unified franchise partner for global brands, consolidating KFC and Pizza Hut operations and enabling rapid capital, talent, and technology deployment.
Adds a strong international presence in Sri Lanka, complementing existing overseas operations.
Positioned to leverage India's fast-growing, formalizing F&B and QSR market, estimated at $100 billion and $25 billion respectively.
Aims to build the preferred long-term home for global QSR brands in India, unlocking sustained value creation for stakeholders.
Financial terms and conditions
Share swap ratio set at 177 shares of DIL for every 100 shares of SFIL, reflecting face value differences.
Promoter-to-promoter transaction for 18.5% stake at a floor price of INR 280, with an option to assign to a financial investor, to be closed bilaterally within 3-15 months.
One-time payment of INR 320 crores to Yum! India for merger approval and additional territory licenses.
SFIL promoters currently own 25.35% of SFIL; balance shares to be swapped for DIL shares.
Synergies and expected cost savings
Net synergies estimated at INR 210–225 crores annually, realized over two years post-merger; 60%+ in year one, balance in year two.
Synergies include G&A savings, Yum incentives, procurement negotiations, and unified technology investments.
Margin expansion expected via productivity gains, overhead optimization, and scale benefits.
Gross synergies will be less than 1.5x net synergies due to similar asset footprints and complementary systems.
Estimated synergies of approximately 2.5% at the EBITDA level, with full realization expected within two years post-merger.
Breakdown of synergy realization plan
Impact of DIL's increased control over Yum brands
Post-merger promoter stake and control implications
Partial view of Summaries dataset, powered by Quartr API
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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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