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. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India. After falling from its recent high of 210, the stock has taken support at 157 levels and bounced and looks to scale past 210 level on back of following • Devyani (DIL) reported 53.5% yoy growth in revenue to Rs1221.9 cr (1.4% beat). • Adjusted EBITDA margin was up 75 bps yoy to 10.1% (KIE: 9.7%). • Delivered on its 2,000-store network full-year guidance in Q3 itself. • It witnessed some recovery green shoots in the urban and metro areas. • Devyani’s Q2 EBITDA print was 6% better than our moderate estimates. • Performance led by an improvement in international operations (esp. Nigeria). • We expect earnings to grow by 75.3% in FY26E & grow by 505.2% in FY27E. • Stock is currently trading at valuation of 464.9x P/E FY27E EPS.

#WatchOutFor#TechnicalViews#FundamentalViews#EquityResearch#PersonalFinance