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Tue, 15 Sept 2026
05:30:17 pm
Tue, 15 Sept 2026
05:30:17 pm
Rudransh Sangwan
Published at: May 15, 2026, 11:00 AM
Synopsis
Devyani International reported Q4 FY26 consolidated revenue growth of 18.5% to INR 14,369 million, while KFC India delivered its strongest same-store sales growth in 14 quarters. The company ended FY26 with 2,256 stores globally and announced a proposed merger with Sapphire Foods.
Devyani International Limited reported strong revenue growth during Q4 FY26, supported by improved performance at KFC India, expansion in international operations, and continued growth across its quick service restaurant portfolio.
The company reported consolidated revenue from operations of INR 14,369 million during Q4 FY26, reflecting an 18.5% year-on-year increase compared to INR 12,126 million in the same quarter last year. KFC India delivered its strongest same-store sales growth (SSSG) in the last 14 quarters, while the international business recorded 20% revenue growth.
Devyani International also continued expanding its global store network and ended FY26 with 2,256 stores worldwide. The company added 217 net new stores during the financial year.
Management highlighted that technology, automation, data-driven decision making, and disciplined expansion remain central to the company’s long-term strategy.
The company reported strong top-line growth during both Q4 FY26 and the full financial year despite continued pressure on profitability.
Revenue from operations for FY26 stood at INR 56,115 million compared to INR 49,511 million in FY25.
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| Metric | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations | INR 14,369 Mn | INR 12,126 Mn | INR 56,115 Mn | INR 49,511 Mn |
| Total Income | INR 14,510 Mn | INR 12,258 Mn | INR 56,566 Mn | INR 49,880 Mn |
| Total Expenses | INR 14,691 Mn | INR 12,480 Mn | INR 56,915 Mn | INR 49,749 Mn |
| Net Loss – Continuing Operations | INR (98) Mn | INR (168) Mn | INR (425) Mn | INR (69) Mn |
| Basic EPS | INR (0.08) | INR (0.12) | INR (0.31) | INR 0.08 |
Although the company reported net losses during FY26, quarterly losses improved compared to the same period last year.
Management attributed the operational performance improvement to stronger consumer engagement, value-led campaigns, and improving sales trends across key brands.
Devyani International reported growth in EBITDA during Q4 FY26 despite margin pressure.
Reported EBITDA for the quarter increased to INR 2,295 million from INR 2,009 million during Q4 FY25.
| Metric | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Reported EBITDA | INR 2,295 Mn | INR 2,009 Mn |
| EBITDA Margin | 16.0% | 16.6% |
For the full financial year FY26, reported EBITDA stood at INR 8,554 million compared to INR 8,422 million during FY25.
The company continued investing in expansion, operational improvements, digital initiatives, and consumer-focused campaigns during the year.
One of the biggest highlights of the quarter was the strong recovery in KFC India performance.
KFC India reported same-store sales growth (SSSG) of 4.9% during Q4 FY26, marking its strongest quarterly SSSG performance in the last 14 quarters.
| Brand / Segment | Q4 FY26 Revenue | YoY Growth |
|---|---|---|
| KFC India | Rs. 5,855 million | +14.6% |
| Pizza Hut India | Rs. 1,692 million | -3.5% |
| International Business | Rs. 5,033 million | +20.0% |
| Own Brands (BBK & Vaango) | Rs. 911 million | +11.5% |
Management stated that value-led campaigns, accessibility initiatives, and improving consumer demand contributed to the recovery in KFC India’s performance.
Improvement in average daily sales and stronger customer engagement also supported growth during the quarter.
Devyani International’s international operations remained another major growth driver during FY26.
International business revenue increased 20% year-on-year to Rs. 5,033 million during Q4 FY26.
The company operates across multiple international markets including:
International expansion remains an important part of the company’s long-term growth strategy.
While KFC India showed strong recovery, Pizza Hut India reported weaker performance during the quarter.
Pizza Hut India revenue declined 3.5% year-on-year to Rs. 1,692 million during Q4 FY26.
The company continues focusing on:
to improve performance across the Pizza Hut business.
Devyani International continued aggressive store expansion during FY26.
The company ended the year with a global network of 2,256 stores after adding 217 net new stores during the financial year.
| Operational Metric | FY26 |
|---|---|
| Total Global Stores | 2,256 |
| Net New Stores Added | 217 |
The company operates quick service restaurant brands across more than 350 cities globally.
One of the biggest strategic developments during FY26 was the proposed merger between Devyani International and Sapphire Foods.
Management described the proposed merger as a strategic combination of two scaled and complementary quick service restaurant platforms.
According to the company, the merger could help:
The proposed transaction is expected to create one of the largest QSR platforms in India.
Non-Executive Chairman Ravi Jaipuria stated that FY26 was a transformational year for the company despite challenging operating conditions.
Management highlighted several long-term focus areas including:
The company also emphasized strengthening its management team under the leadership of the new CEO, Manish.
Technology and automation are expected to remain central to operational efficiency, scalability, and customer experience improvements going forward.
Devyani International Limited is one of India’s largest quick service restaurant operators and the largest franchisee of Yum! Brands in India and Nepal.
The company operates multiple international and indigenous brands including:
The company also operates across international markets including Thailand, Nepal, and Nigeria.
Devyani International reported strong Q4 FY26 revenue growth supported by improving KFC India performance, strong international business expansion, and continued store additions.
KFC India’s strongest SSSG performance in 14 quarters highlighted improving consumer demand and operational recovery, while international operations continued contributing meaningfully to growth.
Despite continued profitability pressure, the company remains focused on expansion, digital transformation, operational efficiency, and strategic growth opportunities including the proposed merger with Sapphire Foods.
Devyani International reported consolidated revenue from operations of INR 14,369 million during Q4 FY26, reflecting 18.5% year-on-year growth.
KFC India reported revenue of Rs. 5,855 million during Q4 FY26 and recorded same-store sales growth (SSSG) of 4.9%, its strongest performance in the last 14 quarters.
For the full financial year FY26, Devyani International reported consolidated revenue from operations of INR 56,115 million compared to INR 49,511 million in FY25.
The company reported a net loss from continuing operations of INR 425 million during FY26 compared to a net loss of INR 69 million in FY25.
Reported EBITDA for Q4 FY26 stood at INR 2,295 million with an EBITDA margin of 16.0%.
As of March 31, 2026, Devyani International operated 2,256 stores globally and added 217 net new stores during FY26.
The company operates brands including:
Pizza Hut India revenue declined 3.5% year-on-year to Rs. 1,692 million during Q4 FY26.
The company announced a proposed merger with Sapphire Foods as part of its long-term strategic expansion and operational synergy plans.
The company operates across international markets including:
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