Devyani International Ltd

Devyani International Limited was originally incorporated as Universal Ice Creams Private Limited' at New Delhi as Private Company on December 13, 1991. Subsequently, name of the Company was changed to 'Devyani International Private Limited' dated 7 June, 2000 issued by the RoC. Thereafter, the the status converted into a Public Company and name of the Company was changed to 'Devyani International Limited' dated 9 May 2005. RJ Corp Limited is the holding company and held 57.98% of the paid-up equity share capital of the Company as of March 31, 2026. The Promoter(s)/ Promoter Group, including RJ Corp Limited, held 61.36% of the paid-up equity share capital of the Company as at March 31, 2026. The Company is a multi-dimensional comprehensive quick service restaurant (QSR) player in India. It is primarily engaged in the business of developing, managing and operating quick service restaurants and food courts for brands such as Pizza Hut, KFC, Costa Coffee, Vaango, etc., and retail stores of TWG Tea. As of March 31, 2026, the Company has 2,256 stores across India, Nepal and Nigeria. In 1997, the Company signed a development agreement with PepsiCo Restaurants International (India) Private Limited for opening Pizza Hut outlets in North India, pursuant to which it commenced operations of first Pizza Hut outlet in Jaipur. In 2002, it acquired Speciality Restaurants Private Limited. In 2004, Speciality Restaurants Private Ltd was merged into and with the Company. In 2005, Company signed an International Development Agreement with Costa for opening Costa Coffee outlets in India. The first KFC store opened in Kolkata. In 2010, it opened the first KFC outlet in Nigeria. It opened e first KFC and Pizza Hut outlets in Nepal. Devyani Food Street Private Limited formed in a joint venture with Delhi International Airport Limited and the Company. In 2011, the Company launched its own brand for South Indian QSR- Vaango. In 2012, First Pizza Hut Delivery opened in Nepal. The Company acquired 60% stake in Delhi Select Service Hospitality Private Limited. IDBI Trusteeship Services Limited, acting through its Investment Manager, ICICI Venture Funds Management Company Limited invested Rs. 991.41 million in the Company. In 2015, it acquired Pizza Hut delivery stores from Yum India in Western and Southern India. In 2016, it acquired balance 40% stake in DFSPL from Delhi International Airport Private Limited for an aggregate consideration of Rs. 49.20 million. In 2017, it entered into a concession agreement with GMR Hyderabad International Airport Limited to operate and maintain the food court of Hyderabad Airport under the brand name Food Street'. In 2019, it acquired 13 KFC outlets and 61 KFC outlets with Yum India during FY 2020. As on 31 March 2019, the Company has 6 subsidiaries and 1 joint venture company. As of March 31, 2021, the Company operated 264 KFC stores and 297 Pizza Hut stores across India. In August 2021, it extended partnership with Costa Coffee parent. As of March 31, 2022, the Company operated in total 892 stores across 204 cities in India. It opened 246 new stores in FY 2021-22. It has operations in Nepal and Nigeria through a network of 46 stores. During the year 2021-22, the Board of Directors of Company in their meeting held on December 13, 2021 amalgamated both subsidiaries, Devyani Food Street Private Limited and Devyani Airport Services (Mumbai) Private Limited, with the Company. As on 31 March 2022, the Company has 5 subsidiaries. In FY22, it added 100 new stores to reach 364 stores. During 2022-23, the Company opened 305 Net New Units (NNUs), as against the previous highest addition of 246 NNUs, taking the total store count to 1,243 and store count across core brands to 1,165. The Company's portfolio as of FY 2023 stands at 543 stores for KFC, 510 stores for Pizza Hut and 112 stores for Costa Coffee. It added 138 KFC stores during the year; 93 Pizza Hut stores; 57 Costa Coffee stores and expanded the network by adding 126 new stores, reaching a total of 490 stores by year-end 2022-23. During 2023, the Company launched Flavour Fun Pizza. It launched 4 flagship stores. It introduced 13 stores for the international business and further launched the lunch menu at KFC. In FY24, the Company has opened its first-ever Vaango Store at Mumbai Central in partnership with IRCTC. Both KFC and Pizza Hut crossed important store milestones of 550 stores each & Costa Coffee has crossed 150 stores as of March 31, 2024. The Company's strategic expansion into Thailand QSR market with 288 KFC stores across the country has upscaled its International Business. The Company added 528 stores, taking the count of total restaurant to 1692 as of March 31, 2024. In FY23-24, Devyani Food Street Private Limited and Devyani Airport Services (Mumbai) Private Limited (erstwhile wholly-owned subsidiaries), have been merged with the Company effective from April 1, 2022 and the Scheme of Amalgamation is made effective from August 18, 2023. The Company opened 257 new stores across India and international markets, bringing the total number of outlets to 2,039 stores by March 2025. Devyani PVR INOX Private Limited was incorporated as a subsidiary of the Company in FY25. FY 2024-25 saw the opening of 235 new stores, including 63 for Pizza Hut, 100 for KFC, and 41 for Costa Coffee, expanding its presence into 30 new cities. After adding Mumbai street food to its expanding menu in March 2024, Company introduced a new line-up of traditional snacks, including Banana Chips, Murukku, and Madras Mixture, during FY 2024-25. In FY 2026, Company acquired ~ 80.72% equity stake of Sky Gate Hospitality Pvt Ltd, by entering into the Indian cruise segment. In January 2026, the Company announced a proposed merger with Sapphire Foods India Limited, having the combined entity expected to operate over 3,000 stores globally and generate approximately USD 1 billion in annual revenues. Company added 24 stores across Nepal and Thailand during 2026.