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Q2 FY’26 Results Presentation Nov 6th, 2025
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2 Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of Devyani International Limited (the “Company”) in India, the United States or any other jurisdiction. This presentation should not, nor should anything contained in it, form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. This presentation is not an offer of securities for sale in the United States or elsewhere. This presentation does not constitute a prospectus, a statement in lieu of a prospectus, an offering circular, information memorandum, an invitation or advertisement or an offer document under the Companies Act, 2013, together with the rules thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 each as amended, or any other applicable law in India. This presentation may contain forward‐looking statements that involve risks and uncertainties. Forward‐looking statements are based on certain assumptions and expectations of future events. Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions. There is no obligation on the Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of the Company’s management on future events. The data and opinion expressed herein with respect to the Company is based on a number of assumptions and is subject to a number of known and unknown risks, which may cause the Company’s actual results or performance to differ materially from any projected future results or performance expressed or implied by such statements. Further, certain figures (including amounts, percentages and numbers), as applicable, have been rounded-off to the nearest number and may not depict the exact number. We use a variety of financial and operational performance indicators to measure and analyze our financial performance and financial condition from period to period and to manage our business. Further, financial or performance indicators used here, have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, analysis of our historical financial performance, as reported and presented in our financial statements. Further, past performance is not necessarily indicative of future results. This presentation has been prepared by the Company. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potential transaction and any recipient hereof should conduct its own independent analysis of the Company and their businesses, including the consulting of independent legal, business, tax and financial advisers. The information in this presentation has not been independently verified and has not been and will not be reviewed or approved by any statutory or regulatory authority or stock exchange in India. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.
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CHAIRMAN COMMENTS 3 Q2 saw perhaps the most important policy development for consumers and the retail industry with the transition to GST 2.0 – a historic move to simplify and harmonize the GST framework to a 2-tier structure. While it’s still early to assess the results of this transition, the initial signs are encouraging, and all of us have seen a significant upside in certain consumption categories like Automobiles and Durables. The impact of the change has been very minimal on the QSR category and our business. We have already passed on the benefits of reduced input costs to our consumers. Overall, GST 2.0 is a welcome move to broaden the consumption story in India. We continue to expand our store network with 30 net additions to KFC and another 3 net additions to Pizza Hut. We also test launched Tealive by way of opening 6 new outlets during the quarter. The initial Customer feedback is positive, and we plan to expand the brand after the test launch phase. Biryani By Kilo and Goila Butter Chicken from Skygate portfolio continue to do well, and we have seen a strong momentum in the business post Dussehra. The integration of Skygate with DIL remains on track. As shared earlier, our goal is to achieve brand contribution break-even by March 2026, and we are pleased to report steady progress towards that milestone. We remain confident of meeting this target. Being a festive quarter, our promotions targeted both the topical events (e.g. Pujo and Onam specials) as well as the core offerings. KFC saw pan-India launch of the “Chana Chatpata Burger” – attractively priced at Rs. 69 and comprising of protein rich vegetarian patty. We have also started rolling out a new grilled chicken offering and new limited time offerings (LTOs) in the beverages and desserts category. We launched Ultimate Cheese crust in Pizza Hut across all channels. Customer response has been enthusiastic encouraging us to expand the offering to combos and meal offers as well. Out-of-home consumption was impacted due to both Shraavana and Navaratri falling in the same quarter, as well as unseasonal rains – especially in eastern parts of the country during the crucial second half of September. Despite external factors, our consolidated revenues grew to Rs. 1,377 Cr – a 13% YoY growth. The resilience of our brands and our disciplined execution has enabled us to grow despite the headwinds. With our strong foundations and diversified portfolio, we remain well positioned to capture upcoming opportunities and deliver sustainable, profitable growth.
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FY26 Q2 - Business Highlights 4 Store expansion led by KFC; International steady ✓ 39 NNUs in Q2. KFC added 30. ✓ Test Launch of Tealive – 6 new stores opened. Strong International performance ✓ International revenues grew 14% YoY with slightly better margins. ✓ Nepal saw impact from civil unrest. Thailand had weather related and border disturbances. Seasonally soft quarter impacted by externalities; channel mix stabilizing ✓ KFC India Q2 ADS at 89K with off-premise mix at 46% ✓ PH India Q2 ADS at 33K with off-premise mix at 55%. ✓ BBK+ Q2 ADS at 70K; Brand on track to achieve Break-Even Brand Contribution by March 2026.
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FY26 Q2 – Financial Highlights 5 Continued revenue growth; Consolidated Revenues up +12.6% YoY ✓ Q2 FY26 Consolidated revenues at INR 13,767 Mn. ✓ KFC India achieved INR 5,723 Mn, up +5.3% YoY. PH India revenue at INR 1,860 Mn – flat on YoY basis. ✓ International Business maintained strong growth; Revenues at INR 4,495 Mn – up +14.0% YoY. EBITDA performance ✓ Operating EBITDA (pre-IndAS) at INR 934 Mn with margins at 6.8%. ✓ Reported EBITDA at INR 1,943 Mn and 14.1% margins. ✓ Skygate consolidation impacted Reported EBITDA margins by ~1%. Gross Marging stable; Deleverage impacting Brand Contribution ✓ Consolidated Gross Margin at 67.8% in Q2. ✓ Consolidation of Skygate portfolio impacted Gross Margin by 50bps. ✓ Ex- Skygate consolidation impact, Gross Margin is stable on QoQ basis. ✓ Consolidated Brand Contribution at 11.7% in Q2. ✓ Skygate consolidation impacted margins by 70bps.
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Brand Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 YUM BRANDS 51 -4 33 75 29 1,326 1,322 1,355 KFC 28 8 30 49 38 696 704 734 PH 23 -12 3 26 -9 630 618 621 FRANCHISEE BRANDS 15 2 2 28 4 220 222 224 OWN BRANDS 18 105 0 27 105 96 201 201 Food-Courts/ Airports 0 0 0 -2 0 22 22 22 Total India 84 103 35 128 138 1,664 1,767 1,802 Thailand 1 1 2 8 3 306 307 309 Nigeria 0 0 0 0 0 40 40 40 Nepal 0 2 2 3 4 29 31 33 Total International 1 3 4 11 7 375 378 382 Total DIL 85 106 39 139 145 2,039 2,145 2,184 Stores as at 30 Sep 25 Stores as at 30 June 25 Net New Units (NNU) Stores as at 31 March 25 NEW STORE OPENINGS 6NNU = Gross additions less Closures * Includes 105 Sky-Gate stores **
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1,921 2,145 2,184 Q2 FY25 Q1 FY26 Q2 FY26 13.7% 7 PERFORMANCE TREND – DIL CONSOLIDATED STORE COUNT (NOS) AT END OF PERIOD REVENUE FROM OPERATIONS GROSS MARGIN BRAND CONTRIBUTION OPERATING EBITDA REPORTED EBITDA ALL FIGURES IN INR MILLION, UNLESS SPECIFIED 8,474 9,252 9,329 16,924 18,581 69.3% 68.2% 67.8% 69.2% 68.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 1,662 1,777 1,610 3,532 3,387 13.6% 13.1% 11.7% 14.5% 12.4% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 1,143 1,095 934 2,556 2,029 9.4% 8.1% 6.8% 10.5% 7.4% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 1,987 2,049 1,943 4,221 3,992 16.3% 15.1% 14.1% 17.3% 14.6% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 12,222 13,570 13,767 24,441 27,337 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 12.6% 11.9% *68.3% *68.3% *12.4% *Numbers Ex Sky- Gate *7.6% *15% *12.9% *8% *15.2% *13.3% *68.3% *8.4% *15.4%
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1,557 1,767 1,802 Q2 FY25 Q1 FY26 Q2 FY26 15.7% 8 PERFORMANCE TREND – DIL INDIA REVENUE FROM OPERATIONS GROSS MARGIN BRAND CONTRIBUTION OPERATING EBITDA REPORTED EBITDA All figures in INR Million, unless specified STORE COUNT (NOS) AT END OF PERIOD 5,983 6,487 6,530 12,021 13,017 71.6% 69.6% 69.7% 71.7% 69.6% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 1,105 1,131 941 2,467 2,072 13.2% 12.1% 10.0% 14.7% 11.1% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 712 654 462 1,713 1,116 8.5% 7.0% 4.9% 10.2% 6.0% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 1,462 1,492 1,347 3,186 2,839 17.5% 16.0% 14.4% 19.0% 15.2% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 8,356 9,319 9,371 16,755 18,691 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 12.1% 11.5% *16.1% *6.8% *11.8% *70.2%*69.8% *70.6% *11% *6.1% *15.7% *12.5% *7.4% *16.5% *Numbers Ex Sky- Gate
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Core Brands – KFC – India
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Q2 New Stores Sagar Rd, Miryalaguda, Telengana Majitar Sikim Kunjaban, Agartala, Tripura Vioray Mall Deoghar , Jharkhand
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96 98 89 100 94 -7.0% -0.7% -4.2% -7.1% -2.4% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 11 REVENUE AND SALES MIX BUSINESS PERFORMANCE – KFC INDIA ADS AND SSSG GROSS MARGIN BRAND CONTRIBUTION ADS: Average Daily sales in ‘000 On-Premise Off-Premise On-Premise = Dine-in, Eat-in or Takeaway ; Off-Premise = Delivered (either Own or Aggregator) All figures in INR Million, unless specified Stores SSSG% 58% 54% 54% 59% 54% 42% 46% 46% 41% 46% 5,434 6,126 5,723 10,980 11,849 645 704 734 645 734 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 3,748 4,112 3,898 7,605 8,010 69.0% 67.1% 68.1% 69.3% 67.6% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 902 947 805 1,986 1,753 16.6% 15.5% 14.1% 18.1% 14.8% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26
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KFC MARKETING CAMPAIGNS
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13 Core Brands – Pizza Hut – India
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Q2 New Stores Menu Square JP Nagar, Bannerughatta, Bangalore Orchid Mall Gulbarga, Brhampur, KalaburagiSector-19 D Chandigarh, Punjab Sardar Patel Marg, Civil Lines, Prayagraj, Uttar Pradesh
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15 Revenue and Sales mix BUSINESS PERFORMANCE – PH INDIA ADS and SSSG Gross Margin Brand Contribution ADS: Average Daily sales in ‘000 On-Premise Off-Premise On-Premise = Dine-in, Eat-in or Takeaway ; Off-Premise = Delivered (either Own or Aggregator) All figures in INR Million, unless specified 44% 45% 45% 45% 45% 56% 55% 55% 55% 55% 1,848 1,873 1,860 3,667 3,733 593 618 621 593 621 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 1,417 1,400 1,390 2,814 2,791 76.7% 74.8% 74.8% 76.7% 74.8% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 58 -20 -4 148 -24 3.1% -1.1% -0.2% 4.0% -0.6% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 35 33 33 36 33 -5.7% -4.2% -4.1% -7.1% -4.1% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Stores SSSG%
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PH MARKETING CAMPAIGNS
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17 PERFORMANCE TREND – FRANCHISEE BRANDS Stores Count (Nos) Revenue from Operations Gross Margin Brand Contribution All figures in INR Million, unless specified ADS (‘000)STORE COUNT (NOS) AT END OF PERIOD REVENUE FROM OPERATIONS BRAND CONTRIBUTION Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Costa 27 26 27 26 24 207 222 224 Q2 FY25 Q1 FY26 Q2 FY26 490 519 514 945 1,033 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 368 390 378 709 768 75.0% 75.2% 73.6% 75.0% 74.4% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 71 67 54 140 121 14.5% 13.0% 10.5% 14.8% 11.7% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26
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18 OWNED BRANDS- MARKETING CAMPAIGNS
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90 201 201 Q2 FY25 Q1 FY26 Q2 FY26 19 PERFORMANCE TREND – OWN BRANDS Stores Count (Nos) Revenue from Operations Gross Margin Brand Contribution All figures in INR Million, unless specified ADS (‘000)STORE COUNT (NOS) AT END OF PERIOD REVENUE FROM OPERATIONS BRAND CONTRIBUTION * 192 350 861 364 1,211 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 152 245 539 291 784 79.2% 70.1% 62.6% 79.9% 64.8% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 39 23 5 80 29 20.4% 6.7% 0.6% 22.1% 2.4% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Vaango 28 24 23 24 23 BBK+ 70 70 Note: Sky- Gate financials have been consolidated starting 11 th June-25.
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20 Q2 New Stores: International Business Lotus Sukhumvit, Thailand Rama 2 soi 28, Thailand Bangchak Narathiwat. Thailand Budhanilkantha Municipality , Kathmandu - Nepal
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3,943 4,332 4,495 7,841 8,828 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 14.0% 12.6% 21 PERFORMANCE TREND – DIL INTERNATIONAL REVENUE FROM OPERATIONS GROSS MARGIN BRAND CONTRIBUTION All figures in INR Million, unless specified KFC ADS (‘000)STORE COUNT (NOS) AT END OF PERIOD 2,566 2,844 2,879 5,048 5,723 65.1% 65.6% 64.0% 64.4% 64.8% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Thailand (THB) 55 58 55 56 54 Nigeria (Naira) 1,008 1,064 962 1,006 1,029 Nepal (NPR) 129 152 134 145 162 632 724 749 1,209 1,473 16.0% 16.7% 16.7% 15.4% 16.7% Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 364 378 382 Q2 FY25 Q1 FY26 Q2 FY26 4.9%
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Summary Financials
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CONSOLIDATED PROFIT & LOSS STATEMENT 23 Particulars (INR Million) Q2’ FY25 Q1’ FY26 Q2’ FY26 FY25 H1 FY26 H1 Revenue from Operations 12,221 13,570 13,767 24,441 27,337 Other Income 48 135 51 148 186 Total Income 12,269 13,705 13,819 24,588 27,524 Raw Material Cost 3,747 4,318 4,438 7,517 8,756 Gross Profit 8,474 9,252 9,329 16,924 18,581 Gross Margin 69.3% 68.2% 67.8% 69.2% 68.0% Employee benefits expense 1,834 2,011 2,017 3,516 4,028 Other expenses 4,653 5,192 5,369 9,187 10,562 Total Expenses 6,487 7,203 7,386 12,703 14,590 EBITDA 1,987 2,049 1,943 4,221 3,992 EBITDA Margin 16.3% 15.1% 14.1% 17.3% 14.6% Finance Costs 653 668 688 1,283 1,356 Depreciation & Amortization Expense 1,391 1,497 1,552 2,713 3,049 Impairment 0 0 51 -0 51 Foreign exchange (gain)/loss (net) 30 (12) (31) 106 (43) Share of loss of joint ventures 0 (1) (2) 0 (3) Profit / (loss) before Tax (PBT) (39) 29 (268) 266 (238) Loss from discontinued operation (2) (24) (26) Tax Expense 10 5 (52) 91 (47) Profit (loss) after Tax (PAT) (49) 22 (239) 175 (217)
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CONSOLIDATED BALANCE SHEET 24 Particulars (INR Million) 31-Mar-25 30-Sep-25 Particulars (INR Million) 31-Mar-25 30-Sep-25 Equity Share Capital 1,206 1,233 (a) Property, plant and equipment 16,331 16,714 Other equity 9,738 14,297 (b) Capital work-in-progress 35 85 Non-controlling Interest 3,079 4,055 (c) Right-of-use assets 18,799 19,540 Total Equity 14,023 19,585 (d) Investment properties 259 255 (e) Goodwill 4,581 6,765 (a) Financial liabilities (f) Other intangible assets 6,266 11,551 (i) Borrowings 6,701 6,600 (g) Other financial assets 1,521 1,624 (ii) Lease liabilities 20,787 21,787 (h) Deferred tax assets (net) 574 0 (iii) Other financial liabilities 63 79 (i) Income tax assets (net) 8 35 (b) Provisions 663 876 (j) Other non-current assets 275 342 (c) Other non-current liabilities 21 2 (k) Other non-current assets Held for Sale 82 (d) Deferred tax liabilities (Net) 483 Total Non-Current Liabilities 28,234 29,828 Total Non-Current Assets 48,648 56,993 (a) Financial liabilities (a) Inventories 1,482 1,692 (i) Borrowings 2,617 3,059 (b) Financial assets (ii) Lease liabilities 1,771 1,987 (i) Trade receivables 413 539 (iii) Trade payables 4,411 5,300 (ii) Cash and cash equivalents 1,814 1,514 (iv) Other financial liabilities 1,620 1,676 (iii) Bank balances other than cash and cash equivalents 0 142 (b) Other current liabilities 568 420 (iv) Other financial assets 461 541 (c) Provisions 136 162 (c) Income tax assets (net) 7 5 (d) Current tax liabilities (net) 6 51 (d) Other current assets 561 641 Total Current Liabilities 11,129 12,653 Total Liabilities 39,363 42,482 Total Current Assets 4,738 5,074 Total Equity and Liabilities 53,386 62,066 Total Assets 53,386 62,066
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Devyani International’s Q2 FY2026 Conference Call on Thursday, 06 November, 2025 at 2:30 PM IST Devyani International Limited (DIL), a multi-dimensional comprehensive QSR player in India, will host a conference call for investors and analysts on Thursday, 06 November, 2025 at 2:30 PM IST to discuss its results and developments for the period ended September 30, 2025. The results will be announced earlier the same day. The senior management of the Company will be present to address the call. Timing : Thursday, 06 November, 2025 at 2:30 PM IST Pre-Registration : To enable participants to connect to the conference call without having to wait for an operator, please register at the link below: Conference Dial-In Primary Number : +91 22 6280 1141 / +91 22 7115 8042 Click here for Diamond Pass
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About Us Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants (QSR) in India, on a non-exclusive basis, and operates more than 2,000 stores across more than 280 cities in India, Nigeria, Nepal and Thailand, as of September 30, 2025. In addition, DIL is the sole franchisee for Costa Coffee, Tea Live, New York Fries and Sanook Kitchen in India. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 62,000 restaurants in over 155 countries. Founded in London by Italian brothers Sergio and Bruno Costa in 1971, Costa Coffee is present in 50 countries around the world, with 2,700+ coffee shops in the UK & Ireland and 1,300+ globally.. Please visit www.dil-rjcorp.com for more information. You may also reach out to: Safe Harbor Certain statements that may be made or discussed at the conference call may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, litigation, labour relations etc. Actual results might differ substantially from those expressed or implied. Devyani International will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. Manish Dawar / Rajiv Kumar Anoop Poojari / Jenny Rose Devyani International Limited CDR India +91 124 478 6000 / +91 88601 68600 +91 98330 90434 / +91 86899 72124 rajiv.kumar@dil-rjcorp.com anoop@cdr-india.com Investor.relations@dil-rjcorp.com jenny@cdr-india.com
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Thank You!