DEVYANI

the upgrade is led by potential value creation in the likely acquisition of ‘Biryani By Kilo’ (BBK) and possible return of a mid-teen growth for the India business in FY26E (vs 7% in FY25). Commencing operations in FY16 in Delhi-NCR, BBK has now scaled up, to ~100 stores in 45 cities, and seen revenue CAGR of 55% (FY19-24) to ~Rs3bn. The biryani market is a large but highly unorganized one which offers scope for continued growth. In addition to its topline, we believe Devyani’s operational excellence, synergies, and the RJ Corp Group’s ability to conclude acquisitions at attractive valuations make a case for strong value creation.