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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 saw consolidated revenue grow 12.6% year-over-year to INR 13,767 million, 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 is progressing, with breakeven at brand contribution level targeted by March 2026.
International business delivered strong growth, with revenues up 14% year-over-year and improved margins.
Unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025, were approved by the Board and reviewed by joint statutory auditors with unmodified opinions.
Financial highlights
Q2 FY26 consolidated revenue was INR 13,767.51 million, up from INR 12,221.56 million in Q2 FY25; gross margin was 67.8%.
KFC India revenue: INR 5,723 million (+5.3% YoY); Pizza Hut India revenue: INR 1,860 million; International revenue: INR 4,495 million (+14% YoY).
Brand contribution margin declined to 11.7% from 13.6% YoY, mainly due to Skygate consolidation; operating EBITDA (pre-IndAS) was INR 934 million (6.8% margin), reported EBITDA was INR 1,943 million (14.1% margin).
PAT for Q2 FY26 was a loss of INR 239.46 million, compared to a profit of INR 175 million in Q2 FY25.
Standalone revenue for Q2 FY26 was INR 8,706.06 million, with a net loss of INR 143.25 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.
Continued focus on store expansion, portfolio diversification, and integration of recent acquisitions to drive sustainable growth.
Thailand business to add 20–21 KFC stores in the year, with future expansion to be optimized.
CapEx for 100 new stores in India projected at INR 50 crores for the current financial year.
Sky Gate acquisition: Provisional valuation adjustments
Discontinued operations: Sale timeline and impact
Unreviewed subsidiary financials: What is the risk?
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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