Devyani (DEVYANI) Q2 26/27 earnings summary

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.