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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Devyani
Devyani (DEVYANI) investor relations material
Devyani Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary2 Nov, 2026
Executive summary
Q2 FY27 revenue was INR 15,194.25 million, up 10.4% YoY; reported EBITDA was INR 2,286 million and PBT was INR 57 million, versus a loss in Q2 FY26.
Positive SSSG across most Indian brands and 70 net store additions supported growth; H1 revenue rose 13.4% to INR 30,999.41 million.
H1 profit was INR 205.66 million; H1 operating cash flow was INR 4,858.02 million.
Financial highlights
Q2 revenue was INR 15,194.25 million versus INR 13,767.51 million a year earlier; total income was INR 15,314 million.
Q2 reported EBITDA was INR 2,286 million, up nearly 18% YoY; EBITDA margin was 15.0%. Operating EBITDA pre-Ind AS was INR 125 crore, up nearly 34%.
Q2 PBT was INR 57 million versus a loss of INR 268 million; consolidated profit was INR 34.62 million versus a loss of INR 239.46 million.
H1 revenue was INR 30,999.41 million versus INR 27,337.20 million; H1 profit was INR 205.66 million versus a loss of INR 217.18 million.
Outlook and guidance
Full-year guidance remains 200–220 net store additions, including 100–110 KFC additions; management expects to deliver.
Management expects current SSSG levels to be sustainable and targets slight improvement in Q3 versus Q2; value-led pricing and restaurant guest recruitment remain priorities.
Biryani By Kilo targets 14%–15% brand contribution in the short to medium term, supported by procurement and store-level efficiencies.
Merger completion is targeted by FY-end; store expansion could slow after completion while new teams settle.
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Latest events from Devyani
- Revenue growth and a return to consolidated profit, alongside a qualified standalone audit.DEVYANI
Q4 17/18 - Revenue advanced 21%, but expansion costs and impairment left a ₹66.4 crore loss.DEVYANIQ4 18/19
- Revenue advanced, but losses deepened amid pandemic disruption and rising costs.DEVYANIQ4 19/20
- Record expansion and profit growth continued despite inflation-driven demand and margin pressure.DEVYANIQ4 22/23
- Revenue fell 25%, but EBITDA margin rose to 20% as cost actions supported recovery.DEVYANIQ4 20/21
- Record FY22 growth and profitability, with 246 net stores added despite cost headwinds.DEVYANIQ4 21/22
- Q1 FY27 saw strong revenue and margin growth, with KFC and acquisitions driving performance.DEVYANIQ1 26/27
- Double-digit revenue growth, merger plans, and leadership changes amid ongoing net losses.DEVYANIQ3 25/26
- Q3 FY25 revenue up 53.5% YoY, store count surpassed 2,032, but net profit declined.DEVYANIQ3 24/25
Next Devyani earnings date
Q3 26/2714 Feb, 2027
Devyani
Next Devyani earnings date
Q3 26/2714 Feb, 2027
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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.