Devyani International Limited (DIL) is India’s largest franchisee of Yum Brands, operating KFC, Pizza Hut, and Costa Coffee across more than 645 quick-service restaurants (QSRs). Headquartered in Gurugram and part of the RJ Corp group, DIL has rapidly expanded its footprint in Tier-2 and Tier-3 cities, benefiting from rising disposable incomes and urbanization. However, as of January 2026, the company remains unprofitable on a TTM basis (EPS: –₹0.14), despite reporting 474% YoY profit growth—a figure driven by prior-year losses rather than sustained earnings. With a P/B of 9.24x, zero dividend yield, and low ROE (2.2%), the stock trades on growth hopes rather than fundamentals. This article provides a realistic outlook on the Devyani International share price target 2026–2030.
Devyani International: Company Overview
- Founded: 2011
- Managing Director: Ravi Kant Jaipuria
- NSE Symbol: DEVYANI
- Core Business:
- KFC (60% of stores)
- Pizza Hut (25%)
- Costa Coffee (15%)
- Market Position: #1 QSR operator for Yum Brands in India; 645+ stores across 150+ cities
DIL benefits from strong brand equity, a scalable asset-light model, and rising QSR penetration in non-metro India—but struggles with thin margins, high working capital needs, and inconsistent profitability.
Devyani International: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹114.40 |
| Market Capitalization | ₹14,122.55 Cr |
| No. of Shares Outstanding | 123.29 Cr |
| P/E Ratio (TTM) | Not applicable (negative EPS) |
| P/B Ratio | 9.24 |
| EPS (TTM) | –₹0.14 |
| Book Value (TTM) | ₹12.40 |
| ROE | 2.20% |
| ROCE | 17.02% |
| Dividend Yield | 0.00% |
| Face Value | ₹1 |
| Cash | ₹23.46 Cr |
| Debt | ₹372 Cr |
| Promoter Holding | 61.37% |
| Sales Growth (YoY) | 7.48% |
| Profit Growth (YoY) | 474.29% |
Note: The “profit growth” stems from a net loss of ₹39 Cr in FY24 improving to a small profit of ₹17 Cr in FY25—not operational strength.
Devyani International Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹124 – ₹140 |
| 2027 | ₹136 – ₹156 |
| 2028 | ₹148 – ₹174 |
| 2029 | ₹160 – ₹194 |
| 2030 | ₹172 – ₹216 |
Important: These targets assume consistent store expansion, EBITDA margin improvement to 18–20%, and no major food safety or regulatory setbacks. Upside is limited until profitability becomes sustainable.
Devyani International Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹124 | ₹140 |
DIL reported 7.48% sales growth and turned profitable in FY25 after years of losses. However, with an ROE of just 2.2% and a high P/B of 9.2x, the stock is priced for perfection. The 2026 target range assumes continued unit economics improvement and no major macro disruptions in consumer spending.
Devyani International Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹136 | ₹156 |
If DIL sustains 15–18% store growth and achieves positive free cash flow, EPS could reach ₹0.80–₹1.00 by FY27. Assuming a P/B contraction to 8.5–9.0x, the 2027 target is justified—but remains speculative.
Devyani International Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹148 | ₹174 |
By 2028, benefits from scale, centralized kitchen infrastructure, and digital ordering should reflect in margins. A P/B of 9–10x on projected book value (~₹15–₹16) supports the ₹148–₹174 band.
Devyani International Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹160 | ₹194 |
Long-term tailwinds include India’s QSR market doubling by 2030 and DIL’s first-mover advantage in smaller cities. If competition doesn’t erode pricing, EPS could reach ₹1.20–₹1.40 by FY29. At a P/B of 10–11x, the 2029 target is ₹160–₹194.
Devyani International Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹172 | ₹216 |
Over a five-year horizon, DIL remains a high-risk, high-reward consumer play. A terminal P/B of 11–12x on FY30 book value (~₹16–₹18) justifies the ₹172–₹216 range.
Devyani International: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (RJ Corp) | 61.37% |
| Domestic Institutional Investors (DII) | 19.44% |
| Public & Retail | 13.42% |
| Foreign Institutional Investors (FII) | 5.77% |
High promoter holding ensures strategic continuity. Rising DII interest reflects confidence in the QSR growth story.
Devyani International: Strengths vs Risks
Strengths:
- Exclusive franchise rights with Yum Brands
- Rapid store rollout in underpenetrated markets
- Asset-light, capital-efficient model
- Strong same-store sales growth (>10% YoY)
Risks:
- Still not consistently profitable
- ROE of 2.2% offers poor capital efficiency
- High employee turnover and food inflation pressure
- Zero dividend history limits income appeal
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Very High |
| Ideal Time Horizon | 5+ years |
| Volatility | Extremely High (new listing, low float) |
| Dividend/Income Potential | None (0% yield) |
| Best For | Aggressive investors betting on India’s QSR boom |
- Lack of consistent earnings visibility
- Premium valuation (P/B around 9.2x) without strong ROE support
- Fragile profitability and margin volatility
- Broader rotation away from newly listed consumer-focused stocks
- 52-week High: ₹223
- 52-week Low: ₹130
Final Verdict
Devyani International is a strategically positioned but financially immature QSR player. While its brand portfolio and expansion pace are impressive, current fundamentals do not justify its premium valuation.
Our Devyani International share price target 2026–2030 (₹124 to ₹216) reflects cautious optimism—rooted in sector tailwinds but tempered by execution risk. Upside is substantial if profitability stabilizes; downside is steep if margins compress.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – DEVYANI Consolidated Page (FY2025 + TTM)
- Finology Ticker – DEVYANI Financials & Analysis
- Company Investor Presentation (Q3 FY26, Jan 2026)
- NRAI (National Restaurant Association of India) – QSR Sector Report 2025
Hi, I’m Raj Mittal, a stock market content writer focused on company analysis, share price trends, and fundamental research. I create simple, research-based insights to help investors make smarter market decisions.
