Devyani Internatl.

July 1 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL LTD - GROUP HAS MADE NET INVESTMENT OF THB 400 MILLION IN RESTAURANTS DEVELOPMENT CO.

Source text: ID:nBSE7l5p7p

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** Shares of Devyani International DEVY.NS jump 5.39% to 117.21 rupees

** KFC India operator says it has received a "no objection" letter from NSE and a "no adverse observations" letter from BSE for its proposed merger with Sapphire Foods India SAPI.NS

** Co says deal remains subject to approvals from regulators, shareholders and creditors

** DEVY rated "buy" on average by 23 analysts, median PT at 155 rupees - data compiled by LSEG

** YTD, stock down 20.83%

(Reporting by Surbhi Misra in Bengaluru)

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Devyani International has received observation letters from the National Stock Exchange and BSE conveying no objection and no adverse observations to its proposed scheme of arrangement with Sapphire Foods India. The stock exchange clearances are a prerequisite for filing the merger with the National Company Law Tribunal. The scheme, which involves a share exchange ratio of 177 Devyani shares for every 100 Sapphire shares, was first announced in January 2026. The letters include conditions requiring disclosure of ongoing litigation and securing approval from the Competition Commission of India. Sapphire Foods Mauritius is also undertaking a secondary sale of up to 18.5% of Sapphire's equity to Arctic International Limited as part of the process. The exchanges' observation letters are valid for six months.

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June 15 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL - RECEIVES 'NO OBJECTION' FROM NSE AND 'NO ADVERSE OBSERVATIONS' FROM BSE FOR SAPPHIRE DEAL

Source text: ID:nBSE4wD7wS

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** Shares of India's Devyani International DEVY.NS fall 3.72% to 113.69 rupees

** Quick service restaurant operator's Q4 revenue rises 18.5% y/y, while consolidated loss narrows ~32% y/y to 100.4 million rupees ($1.04 million)

KFC RECOVERY OFFSET BY PIZZA HUT, MARGIN CONCERNS

** J.P.Morgan ("overweight"; TP: 127 rupees) says KFC posted its best same-store sales growth in 14 quarters, but Pizza Hut turnaround remains critical for sustained earnings recovery

** Jefferies ("buy"; TP: 155 rupees) says store expansion plans and Sapphire Foods merger support outlook, though weak macro environment remains a near-term risk

** Macquarie ("outperform"; TP: 130 rupees) says improving KFC performance and international business growth were partly offset by continued losses and operating deleverage at Pizza Hut

** BOB Capital Markets ("buy"; TP: 141 rupees) says Pizza Hut turnaround, Sapphire merger and technology-led strategy remain key medium-term catalysts despite pressure on profitability

($1 = 96.2225 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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Adds details related to impairment charges, background throughout

April 28 (Reuters) - India's Sapphire Foods SAPI.NS logged a second straight quarterly loss as one-time charges tied to its merger with Devyani International DEVY.NS and changes to labour codes, along with weak urban demand and higher costs, weighed on earnings.

The results for the Indian operator of KFC and Pizza Hut come against a tough backdrop for India's quick-service restaurant sector, where fast-food chains have struggled to revive same-store sales, a key metric to gauge underlying sales growth, amid slowing urban demand.

Near-term pressures have intensified as a cooking gas shortage linked to Middle East tensions has strained household budgets despite firms stepping up promotions and deep discounts.

The franchisee for U.S.-based Yum Brands YUM.N reported a consolidated net loss of 126.1 million rupees ($1.33 million) for the March quarter, wider than the 47.9 million loss it posted in the previous quarter.

It booked another one-time charge in the reporting quarter, including 62.27 million rupees linked to new labour codes and 65.69 million rupees tied to the $934 million merger.

Sapphire merged with Devyani in a deal in January, creating a business that operates more than 3,000 KFC and Pizza Hut outlets globally, competing with market leader Jubilant Foodworks JUBI.NS.

It had logged a similar one-time charge of roughly 110 million in the previous quarter related to the merger and code changes.

Same-store sales grew 4% at KFC and declined 7% at Pizza Hut chains year-on-year. Post-merger momentum at KFC was offset by weaker Pizza Hut sales, as one-time charges added to pressures from weak urban demand and rising costs.

Sapphire added 24 new restaurants in the reported quarter, bringing the total to 1,052 stores as of March end.

Revenue from operations rose 11.4% year-on-year to 7.92 billion rupees, while expenses also climbed at about the same pace.

($1 = 94.5200 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)

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** Shares of quick-service restaurant operators fall as LPG shortage concerns raise risks of higher near-term operating costs and store-level disruptions

** Jefferies says India imports roughly 60% of its LPG and natural gas needs and shortages have been seen in commercial kitchens amid Middle East tensions

** Adds retail and QSR sector earnings could see more than 5% hit in its base-case scenario from ongoing supply constraints

** Jubilant Foodworks JUBI.NS down 2.8% at 441.5 rupees, Devyani International DEVY.NS falls 3.27% to 96.3 rupees, Westlife Food WEST.NS down 1.44% to 436.05 rupees, Sapphire Foods SAPI.NS drops 4.44% to 152.16 rupees

** Shares of food-delivery platforms Eternal ETERNAL.NS down 1.13% at 230.51 rupees and Swiggy SWIGGY.NS fall 3.43% to 259.30 rupees

(Reporting by Surbhi Misra in Bengaluru)

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March 20 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL LTD - BOARD APPROVES INVESTMENT OF THB 1.21 BILLION IN RESTAURANTS DEVELOPMENT CO., LTD.

Source text: ID:nBSE4WXCYg

Further company coverage: DEVY.NS

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** Indian quick service restaurants fall 0.4%-4.5%

** Middle East conflict-driven commercial LPG shortage expected to disrupt ops, may hit delivery volumes

** Pizza Hut operator Devyani DEVY.NS down 4%, KFC operator Sapphire Foods SAPI.NS dips ~4.5%

** Market leader Jubilant Foodworks JUBI.NS eases 0.4%

** However, oil minister says India securing more LPG from new sources like U.S., Norway, Canada, Russia

** YTD, SAPI down ~37%; JUBI, DEVY falls 17% and 24%, respectively

(Reporting by Urvi Dugar in Bengaluru)

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March 10 (Reuters) - Devyani International Ltd DEVY.NS:

• BOARD APPROVES MERGER OF SKY GATE, BLACKVELVET, SAY CHEFS INTO DEVYANI INTERNATIONAL

Source text: ID:nBSEB4KKF

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March 5 (Reuters) - Devyani International Ltd DEVY.NS:

• SHIVASHISH PANDEY RESIGNS AS CEO-YUM BRANDS EFFECTIVE FEBRUARY 28, 2026

Source text: ID:nBSE4zHfsy

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** India's Devyani International DEVY.NS reports increase in quarterly loss due to a one-time charge, names CFO as next CEO (Full Story)

** Shares of KFC India operator jump 6.6% to 131.33 rupees

EARLY RECOVERY SIGNS, BUT SUSTAINABILITY IN FOCUS

** JPMorgan ("overweight", PT: 155 rupees) says EBITDA beat estimates on better margins and notes same-store sales trends improved sequentially, turning positive in January for most formats

** Goldman Sachs ("buy", PT: 160 rupees) flags positive January same-store sales but says it is "too early" to call a sustained recovery

** UBS ("buy", PT: 170 rupees) sees an "emerging turnaround", helped by pricing, promotions and product interventions, says improving profitability in KFC and a rationalised Pizza Hut network could aid growth

** Bernstein ("outperform", PT: 160 rupees) says resolving leadership uncertainty a key positive, cautions recovery could take 4–6 quarters amid operational challenges

(Reporting by Surbhi Misra in Bengaluru)

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Feb 4 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL LTD - APPROVED ACQUISITION OF 11.4% ADDITIONAL STAKE IN SKY GATE HOSPITALITY

• DEVYANI INTERNATIONAL LTD - TOTAL CONSIDERATION OF 575 MILLION RUPEES

• DEVYANI INTERNATIONAL LTD - ISSUANCE OF NON-CONVERTIBLE PREFERENCE SHARES AGGREGATING TO 300 MILLION RUPEES

Source text: ID:nBSE53Ct4z

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Jan 8 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL LTD - SKY GATE HAS COMPLETED THE SALE OF ITS ENTIRE 51% EQUITY STAKE HELD IN PEANUTBUTTER

Source text: ID:nnAZN4RSY4C

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Adds details and analyst comments throughout; updates shares

Jan 2 (Reuters) - India's KFC, Pizza Hut operator Devyani International jumped as much as 8.3% on Friday after announcing the long-anticipated $934 million merger with smaller peer Sapphire Foods, creating a fast-food major poised to challenge market leader Jubilant Foodworks.

The combined entity will operate more than 3,000 KFC and Pizza Hut outlets, franchises of Yum Brands YUM.N, in India and overseas, going up against the Domino's Pizza operator Jubilant's 3,480 outlets in the country.

Devyani's DEVY.NS stock was last trading 2.8% higher at 151.39 rupees.

The merger was a "welcome strategic move", said analysts at JP Morgan, as it meant a simplified structure, potential for meaningful cost savings and quicker decision making, helping Devyani compete more effectively with peers and food delivery platforms.

The merger comes as India's fast‑food franchisees contend with higher operating costs, slowing same‑store sales and margin pressures, while consumers trim discretionary spending. Both Devyani and Sapphire logged losses in the September 2025 quarter.

The combined business could deliver revenue and operating profit 50%–60% above current levels, with a scale and growth trajectory approaching Jubilant's, though margins are expected to remain comparatively weaker for now, added Emkay Global.

Devyani will issue 177 shares for every 100 Sapphire shares under the deal.

Sapphire Foods slipped about 3% to 254.25 rupees, while Jubilant's shares were trading 0.2% lower at 552.20 rupees.

The merger ratio is very close to where the stock prices closed on January 1 and so there is no major price adjustment that can arise out of this deal, said Jefferies analysts.

(Reporting by Urvi Dugar and Kashish Tandon in Bengaluru; Editing by Janane Venkatraman)

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Jan 1 (Reuters) - Sapphire Foods India Ltd SAPI.NS:

• DEVYANI INTERNATIONAL AND SAPPHIRE FOODS TO MERGE

• ARCTIC INTERNATIONAL TO ACQUIRE APPROXIMATELY 18.5% OF SFIL'S PAID UP EQUITY SHARE CAPITAL

• FULL INTEGRATION OF TWO ENTITIES EXPECTED TO BE COMPLETED WITHIN 15 TO 18 MONTHS FROM DATE OF MERGER

Source text: ID:nBSE5TZkSn

Further company coverage: SAPI.NS

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Dec 30 (Reuters) - Devyani International Ltd DEVY.NS:

• SKY GATE ENTERS AGREEMENT WITH HERITAGE FOODS FOR 51% STAKE IN PEANUTBUTTER

• CONSIDERATION OF 90 MILLION RUPEES FOR SALE OF STAKE

Source text: ID:nBSE7Wc090

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Nov 6 (Reuters) - Devyani International DEVY.NS, which operates KFC and Pizza Hut restaurants in India, reported a quarterly loss on Thursday, as demand across its portfolio remained under pressure.

Popular fast-food chains have been struggling to grow their same-store sales in India, as they deal with stiff competition from local restaurants at a time when urban demand is in early stages of recovery after a long lull.

Firms have been relying on discounted combo deals and new launches to generate demand, while adding stores to capture market share.

Devyani International, which is a franchisee of U.S.-based Yum Brands YUM.N, reported a net loss of 219 million rupees ($2.49 million) in the three months to September end, compared with a profit of 170,000 rupees a year ago.

The firm launched a chickpea burger at KFC, priced at less than a dollar, and a three-topping pizza at Pizza Hut to lure in consumers.

Its revenue from operations rose 12.6% to 13.77 billion rupees, as the company added 263 stores from a year earlier, taking its store count to 2,184 units.

Yum Brands YUM.N said on Tuesday it has begun a strategic review of the struggling Pizza Hut chain, whose sales have lagged that of Yum's other portfolio restaurants Taco Bell and KFC.

Devyani said that the Indian government's sweeping goods and services tax cuts have had "a very minimal" impact on the quick-service restaurant category.

At KFC, same-store sales fell 4.2%, while for Pizza Hut, they fell 4.1% from a year earlier.

Devyani's EBITDA margin declined to 14.1% in the second quarter from 16.3% a year ago, in part due to the acquisition of Biryani by Kilo chain-owner Sky Gate Hospitality, which has been operating at a loss.

In October, Devyani's peer Sapphire Foods SAPI.NS, reported a wider second-quarter loss and said it would halt Pizza Hut expansion in India after the chain's same store sales fell 8%.

($1 = 87.8950 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of quick service restaurant (QSR) operators gain between 1% and 3.5%

** India announced GST cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand

** While the GST rate on QSR output remains same, lower tax on key inputs like cheese, other dairy products and chicken is down to 5% from 12%

** Jefferies says Jubilant Foodworks JUBI.NS, Devyani International DEVY.NS and Sapphire Foods SAPI.NS to benefit

** JUBI up 3.5%, while DEVY and SAPI rise 2.7% and 1.7%, respectively

** McDonald's India operator Westlife Foodworld WEST.NS climbs as much as 4.9%, last up 1.1%

** JUBI, SAPI, WEST rated "hold" on avg, DEVY rated "buy" - data compiled by LSEG

(Reporting by Manvi Pant in Bengaluru)

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By Praveen Paramasivam

Aug 26 (Reuters) - U.S. pizza chain Papa John's International PZZA.O plans to return to India by October, said a master franchisee executive, aiming to open 650 stores over the next decade in a market where fast-food chains have been struggling to sustain sales growth.

The world's third-largest pizza delivery company, which exited India in 2017 citing underperformance, follows U.S. rival Little Caesars, which opened in India earlier this year with a target of 100 stores by the decade-end.

Papa John's will open its first store in the southern city of Bengaluru, Vish Narain, managing partner at Pulsar Capital, told Reuters. The Indian investment house and UAE-based PJP Investments Group are Papa John's joint master franchisees in India.

The pizza chain had revealed plans in April 2023 to re-enter the "complex market".

Its return comes as fast-food chains grapple with weakening sales in the country, as cash-strapped urban consumers - the key customer base - cut back due to slow wage growth and as rising competition bites.

One of India's two Pizza Hut YUM.N franchisees, Devyani International DEVY.NS, has been closing underperforming stores, while the smaller operator, Sapphire Foods India SAPI.NS, has been cautious with its expansion plans.

The company will also face stiff competition from Domino's Pizza DPZ.O, which has more than 2,200 outlets in India, Pizza Hut with about 950 stores, and smaller upscale chains such as Pizza Bakery and PizzaExpress.

Pulsar Capital is betting on India's long-term potential, mirroring consumer-facing companies such as Dove soapmaker Hindustan Unilever HLL.NS and brewer Heineken HEIN.AS that are continuing to invest in the country with an eye on its population of 1.4 billion.

The fast-food "category is under-penetrated, so we are many years away from saturation," said Narain.

Papa John's plans to tailor its pizza to local palates while also offering its signature pies, joining fast-food rivals offering similar fare. KFC sells a paneer zinger burger, Domino's offers a chicken tikka pie, and Subway serves a potato-patty sandwich.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Janane Venkatraman)

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** Macquarie cuts PTs on Indian fast food operators after weak Q1; says demand recovery only during Oct festive season

** Cuts PTs on Domino's franchisee Jubilant Foodworks JUBI.NS, McDonald's operator Westlife Foodworld WEST.NS, KFC franchisee Devyani International DEVY.NS and Pizza Hut operator Sapphire SAPI.NS

** Brokerage also lowers EPS estimates for all four with cautious near-term outlook

** Government's GST cut plans "enhances comfort" on demand recovery panning out in H2 FY26 - Macquarie

** Brokerage prefers DEVY followed by WEST; more confident on demand recovery for KFC and McDonald's operators

** On average, DEVY rated "buy", rest rated "hold", by analysts - data compiled by LSEG

** YTD, JUBI down 13%, DEVY falls 6%, WEST drops 11.3%, SAPI 1% down

(Reporting by Nandan Mandayam in Bengaluru)

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** Devyani International DEVY.NS falls 0.7% to 157 rupees

** KFC and Pizza Hut operator posts 88% y/y slump in Q1 profit; rev from ops up 11.1% y/y

** Brokerages see weakness ahead as margins remain under stress

** Core profit margins contracted 15.1% from year-ago 18.3%, weighing on profitability

** PhillipCapital ("Neutral"; PT: 162 rupees) sees higher marketing spends, rise in prices to weigh on profitability

** Macquarie ("Outperform"; PT: 215 rupees) sees continued margin weakness across formats, limited near-term triggers

** Stock rated "buy" on average; median PT is 190 rupees, per data compiled by LSEG

** YTD, DEVY falls 14%

(Reporting by Komal Salecha)

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Aug 13 (Reuters) - Devyani International DEVY.NS, which operates Pizza Hut and KFC restaurants in India, reported a fall in first-quarter profit on Wednesday amid sluggish demand for fast food and higher costs.

The Yum Brands YUM.N franchisee posted a net profit of 36.9 million Indian rupees ($420,920.55) for the quarter ended June 30, compared with a profit of 301.06 million rupees a year earlier.

($1 = 87.6650 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Harikrishnan Nair)

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July 23 (Reuters) - Sapphire Foods India SAPI.NS, which operates Pizza Hut and KFC restaurants in the country, reported a quarterly loss on Wednesday, as fast-food restaurant chains face stiff competition from local cafes and online kitchens.

The restaurant operator posted a net loss of 18 million rupees ($208,345.39) for the first quarter ended June 30, compared to a profit of 85.2 million rupees a year earlier, according to a regulatory filing.

($1 = 86.3950 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Ananta Agarwal in Bengaluru; Editing by Subhranshu Sahu)

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July 4 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL - CO EVALUATES VARIOUS STRATEGIC OPPORTUNITIES FOR GROWTH, EXPANSION

• DEVYANI INTERNATIONAL - NO MATERIAL EVENT REQUIRING DISCLOSURE UNDER SEBI REGULATIONS

Source text: ID:nNSE48zB5G

Further company coverage: DEVY.NS

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June 23 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL - EXECUTES AGREEMENTS TO BUY ADDITIONAL SKY GATE STAKE

• DEVYANI INTERNATIONAL - DEAL FOR UP TO 1.06 BILLION RUPEES FOR SKY GATE SHARES

• DEVYANI INTERNATIONAL - EQUITY STAKE IN SKY GATE TO INCREASE TO 86.13%

Source text: ID:nBSE5ywYzw

Further company coverage: DEVY.NS

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** India's Devyani International DEVY.NS jumps over 6% to one-month high of 175.78 rupees; on course for seventh straight session of gains

** KFC and Pizza Hut operator's board to meet on April 24 to approve acquiring Sky Gate Hospitality, which operates Biryani by Kilo

** Sky Gate has 3 billion rupee revenue (FY2025) from 106 restaurants/cloud kitchens across more than 40 cities

** Emkay Global Financial Services upgrades stock to "buy" from "add" on potential value creation from deal

** Acquisition to mark Devyani's foray into biryani category, which is large, delivery-friendly, and offers an opportunity to scale a quick service restaurant (QSR) biryani brand - Kotak Institutional Equities

** Says Biryani By Kilo has fared well among biryani QSRs and has superior average daily sales

** DEVY trims YTD losses to 3.7%

(Reporting by Vivek Kumar M)

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** India's Devyani International DEVY.NS jumps over 5% to one-month high of 164.3 rupees; set for fourth consecutive session of gains

** Kotak Institutional Equities upgrades KFC and Pizza Hut outlets operator to "buy" from 'add", raises PT to 190 rupees from 175 rupees

** Cites 20% stock correction in three months, expectations of better growth in FY26, portfolio augmentation as key triggers

** Says short-term headwinds aside, KF India's fundamentals are intact

** Analysts on avg rate DEVY "buy", median PT is 195 rupees, as per LSEG data

** YTD, DEVY still down 10%

(Reporting by Vivek Kumar M)

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** Long-term view on Indian QSRs (Quick Service Restaurants)remains constructive and the ongoing prolonged growth slowdown is nearing its end, says Emkay Global

** Sees potential for return of mid-teen growth in FY26E for QSRs, beyond the muted Q4 - Emkay

** Emkay covers Jubilant Foodworks JUBI.NS, Westlife Foodworld WEST.NS and Devyani International DEVY.NS with "add", while Sapphire Foods SAPI.NS gets a "buy" rating.

** JUBI, DEVY and WEST up between 0.8%-4.2%, while SAPI is down close to 1%

** Average recommendation for JUBI, DEVY and SAPI is "buy," while WEST is a "hold", as per LSEG data

** Emkay remains in favor of JUBI and Sapphire, led by relatively better operating performance

** Maintains "add" on Westlife and upgrades Devyani to "add" from "reduce", due to price correction.

(Reporting by Shivani Tanna in Bengaluru)

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** Motilal Oswal sees selective opportunities emerging in equities linked to consumption due to cheaper valuations following the recent drop

** FMCG index .NIFTYFMCG is down 6.4% in 2025 so far compared; Nifty 50 up 0.3%

** In the last two decades, consumer stocks have risen in all 11 phases of corrections in the benchmark Nifty 50 index .NSEI

** However, NIFTYFMCG has fallen 22.65% between the end of September 2024 and February 2025 vs 14.3% drop in Nifty 50

** Recent market drop has offered entry points in several key consumer and retail stocks, says brokerage

** Expects consumer indexes to recover in FY2026 as valuations ease

** Motilal's key small-cap, mid-cap picks include Page Industries PAGE.NS, Devyani International DEVY.NS, Metro Brands METB.NS, V-Mart VMAR.NS, Lemon Tree Hotels LEMO.NS, LT Foods LTOL.NS and Cello World CELO.NS

** Tax cuts and RBI rate cut in February will boost aggregate demand, investor sentiment, according to Motilal

(Reporting by Bharath Rajeswaran in Bengaluru)

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