Stock DEVYANI DEVYANI INTERNATIONAL LIMITED
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Financials Devyani International Limited

Equities

DEVYANI

INE872J01023

Restaurants & Bars

Market Closed - NSE India S.E.
Other stock markets
 07:43:51 2024-05-17 am EDT 		5-day change 1st Jan Change
152.2 INR +0.63% Intraday chart for Devyani International Limited -5.70% -21.45%
May. 15 Jefferies Adjusts Devyani International’s Price Target to INR155 From INR180, Keeps at Hold MT
May. 15 Devyani, PVR Inox Set Up Joint Venture to Develop Food Courts in Malls MT

Valuation

Fiscal Period: March 2022 2023 2024 2025 2026
Capitalization 1 210,874 174,298 183,568 - -
Enterprise Value (EV) 1 223,059 189,094 181,421 207,344 205,958
P/E ratio 133 x 66.1 x 386 x 120 x 61.3 x
Yield - - - - -
Capitalization / Revenue 10.1 x 5.81 x 5.1 x 3.58 x 3.03 x
EV / Revenue 10.7 x 6.31 x 5.1 x 4.04 x 3.4 x
EV / EBITDA 46.9 x 28.9 x 27.8 x 23.1 x 17.8 x
EV / FCF 142 x 88.8 x 104 x 46.3 x 45.1 x
FCF Yield 0.71% 1.13% 0.96% 2.16% 2.22%
Price to Book 30.8 x 18 x 17.6 x 14.9 x 11.8 x
Nbr of stocks (in thousands) 1,203,274 1,204,961 1,206,096 - -
Reference price 2 175.2 144.6 152.2 152.2 152.2
Announcement Date 5/2/22 5/17/23 5/14/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2021 2022 2023 2024 2025 2026
Net sales 1 - 20,840 29,977 35,563 51,331 60,530
EBITDA 1 - 4,760 6,551 6,524 8,971 11,598
EBIT 1 - 2,511 3,769 2,617 4,094 6,071
Operating Margin - 12.05% 12.57% 7.36% 7.98% 10.03%
Earnings before Tax (EBT) 1 - 1,231 2,419 36.76 2,662 3,751
Net income 1 -552.1 1,563 2,650 472.6 1,508 2,914
Net margin - 7.5% 8.84% 1.33% 2.94% 4.81%
EPS 2 - 1.320 2.190 0.3900 1.265 2.482
Free Cash Flow 1 - 1,576 2,130 1,832 4,481 4,564
FCF margin - 7.56% 7.1% 5.17% 8.73% 7.54%
FCF Conversion (EBITDA) - 33.11% 32.51% 28.31% 49.95% 39.35%
FCF Conversion (Net income) - 100.82% 80.37% 210.21% 297.2% 156.62%
Dividend per Share 2 - - - - - -
Announcement Date 5/14/21 5/2/22 5/17/23 5/14/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - 6,244 5,907 7,047 7,474 7,906 7,550 8,466 8,649 8,846 10,964 13,017
EBITDA 1 - 1,478 1,433 1,647 1,664 1,739 1,513 1,734 1,658 1,767 983 -
EBIT 1 - - - 1,010 1,003 1,033 722.5 938.4 809.6 734.9 - 1,236
Operating Margin - - - 14.33% 13.43% 13.07% 9.57% 11.08% 9.36% 8.31% - 9.49%
Earnings before Tax (EBT) 1 - - - 771.4 587.6 647.9 412.3 129.6 333 462.3 660 -
Net income 1 457 631.2 763.9 738.5 587.6 716.7 607.2 117.6 387 348 495 -
Net margin - 10.11% 12.93% 10.48% 7.86% 9.06% 8.04% 1.39% 4.47% 3.93% 4.51% -
EPS 2 - - - 0.6100 0.4900 0.5900 0.5000 0.1000 0.2000 - 0.4000 -
Dividend per Share - - - - - - - - - - - -
Announcement Date 11/1/21 2/4/22 5/2/22 8/3/22 11/3/22 2/9/23 5/17/23 8/4/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2021 2022 2023 2024 2025 2026
Net Debt 1 - 12,186 14,797 7,175 23,776 22,390
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - 2.56 x 2.259 x 1.109 x 2.65 x 1.931 x
Free Cash Flow 1 - 1,576 2,130 1,832 4,481 4,564
ROE (net income / shareholders' equity) - 43.4% 32% 10.8% 12.9% 18.1%
ROA (Net income/ Total Assets) - 8.82% 10.1% 3.84% 7.57% 8.63%
Assets 1 - 17,716 26,255 22,696 19,923 33,763
Book Value Per Share 2 - 5.700 8.020 8.630 10.20 12.90
Cash Flow per Share 2 - 3.740 5.260 4.240 4.090 8.700
Capex 1 - 2,930 4,240 4,032 5,395 4,790
Capex / Sales - 14.06% 14.14% 11.37% 10.51% 7.91%
Announcement Date 5/14/21 5/2/22 5/17/23 5/14/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Devyani International Limited

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
21
Last Close Price
152.2 INR
Average target price
177.8 INR
Spread / Average Target
+16.79%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Quick Service Restaurants
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