As Per the source, the India Full Service Restaurants market is estimated at USD 37.93 billion in 2025 and is expected to reach USD 64.72 billion by 2030, growing at a CAGR of 11.28% during the forecast period (2025-2030)1. There are more than 500,000 restaurants in India2. The Indian food service market is forecasted to reach $95.75 billion in 2025.
Price movement
With a market capitalization of Rs 20,204.96 crore, the shares of Devyani International Ltd were trading at Rs 167.50 per share, decreasing around 1.38 percent as compared to the previous closing price of Rs 169.85 apiece.
Brokerage recommendations
Nuvama, one of the well-known brokerages in India, gave a ‘Buy’ call on the stock with a target price of Rs 214 apiece, indicating a potential upside of 28 percent from a Wednesday price of Rs 167 per share.
Brokerage Rational
As per the brokerage, management remains optimistic about KFC and will continue investing in stores and branding. The company added 44 stores this quarter, bringing the YTD total to 93, keeping it on track to achieve its annual target of 100 new store openings.
Additionally, Devyani International has seen a good response on the KFC side to promotions but not the same case for Pizza Hut, therefore the firm is recalibrating the marketing spending from January onwards.
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Financial condition
Looking forward to the company’s financial performance, revenue climbed by 53 percent from Rs 843.13 crore in Q3FY24 to Rs 1,294.40 crore in Q3FY25 but during the same time, net profit shrunk by 260 percent from a profit of Rs 5.07 crore to a loss of Rs -7.64 crore.
Expansion and Brand Portfolio
DIL expanded its portfolio with Tealive, New York Fries, and Sanook Kitchen, securing exclusive rights in India. It added 85 net new stores in Q2 FY25, with 645 KFC, 593 Pizza Hut, and 207 Costa Coffee outlets, planning 100-110 new KFC and 60-70 Pizza Hut stores.
Future Outlook
DIL’s management is optimistic about its growth as a leading QSR operator in India, adapting to evolving consumer preferences. Expanding with new brands will strengthen market presence and diversify food and beverage offerings, enhancing its appeal and competitiveness in the fast-growing industry.
Company profile
Devyani International Limited (DIL) is the biggest Yum Brands franchisee in India and one of the biggest quick service restaurant (QSR) chains in the country.
Written by Abhishek Singh
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