Summary
Devyani International Limited - Q3 FY26 Earnings Call Summary Wednesday, February 04, 2026 4:00 PM
Event Participants
Executives 4 Anupam Kumar, Manish Dawar, Ravi Jaipuria, Virag Joshi
Analysts 7 Amit Sachdeva, Ashish Kanodia, Avi Mehta, Devanshu Bansal, Gaurav Jogani, Jaykumar Doshi, Tejash Shah
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Consolidated Revenue | ₹1,441 crores | +11.3% YoY; driven by 12.1% growth in India operations and steady international recovery. |
| Consolidated Gross Profit | ₹993 crores | +11.7% YoY; margins at 68.9% (+20 bps YoY), aided by a 110 bps sequential improvement. |
| Consolidated Operating EBITDA | ₹124 crores | Pre-Ind AS basis; margin at 8.6% vs 6.8% in Q2 FY26, reflecting turnaround in Sky Gate portfolio. |
| Reported EBITDA | ₹227 crores | Margin at 15.7%; results impacted by historical loss-making stores and macro consumption weakness. |
| Total Store Count | 2,279 units | Net additions of 109 stores in Q3; portfolio includes 1,174 KFC and 648 Pizza Hut outlets. |
| India Store Count | 1,811 units | Includes 788 KFC, 639 Pizza Hut, and 100+ Vaango locations; net additions led by KFC. |
| KFC India ADS | ₹90,000 | Stable sequentially (vs ₹89,000 in Q2) but reflects historical deleverage from new store cannibalization. |
| Pizza Hut India ADS | ₹31,000 | Remained under pressure; management noted specific focus on closing loss-making units. |
| Brand Contribution | ₹200 crores | Margin at 13.9% vs 11.7% in Q2; reflects cost control and better mix despite lower ADS. |
Geographic & Segment Commentary
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