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Sustained weak consumption demand
View Risks →Devyani International Limited — Q2 FY26
Devyani International reported Q2 FY26 consolidated revenue of ₹1,377 crore, up 12.6% YoY, driven by store expansion and international growth.
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Devyani International reported Q2 FY26 consolidated revenue of ₹1,377 crore, up 12.6% YoY, driven by store expansion and international growth. KFC added 30 net stores, while Pizza Hut added 3. Brand contribution margin declined to 11.7% (ex-Skygate: 12.4%) due to Skygate consolidation and promotional intensity. Management reiterated Skygate brand contribution breakeven by March 2026. Demand environment remains weak, with consumers value-conscious; same-store sales for KFC were negative mid-single digits, impacted by Shradh/Navratri overlap and unseasonal rains. International business (Thailand) grew 14% YoY with stable margins. Guidance includes 100-110 KFC store additions for FY26 and 20-21 KFC stores in Thailand. Risk: sustained weak consumption may delay margin recovery.
देवयानी इंटरनेशनल ने दूसरी तिमाही में 1,377 करोड़ रुपये की कमाई की, जो पिछले साल से 12.6% ज्यादा है। यह बढ़ोतरी नए स्टोर खोलने और विदेशी कारोबार से आई। केएफसी ने 30 नए स्टोर जोड़े, जबकि पिज्जा हट ने 3। मुनाफा कम हुआ क्योंकि स्काईगेट को मिलाने और छूट देने से लागत बढ़ी। कंपनी का कहना है कि स्काईगेट मार्च 2026 तक घाटा खत्म कर देगा। मांग कमजोर है, लोग कम खर्च कर रहे हैं। केएफसी की बिक्री पिछले साल से थोड़ी घटी, क्योंकि श्राद्ध-नवरात्रि और बारिश ने असर डाला। थाईलैंड में कारोबार 14% बढ़ा। कंपनी इस साल 100-110 नए केएफसी स्टोर खोलने की योजना बना रही है। लेकिन अगर मांग कमजोर रही, तो मुनाफा सुधारने में देर हो सकती है।
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KFC store count (India)
734
+30 net new stores QoQ
KFC added 30 net new stores in Q2, on track for 100-110 additions in FY26.
Pizza Hut store count (India)
621
+3 net new stores QoQ
Pizza Hut added 3 net stores; management guided muted net additions due to Yum negotiations.
KFC average daily sales (ADS)
₹89,000
Reflects seasonal variance
KFC ADS at ₹89,000 impacted by Shradh/Navratri and unseasonal rains in East India.
International business revenue
₹450 crore
+14% YoY
International revenue grew 14% YoY led by strong performance in Thailand.
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Guidance and risk preview
Management reiterated achieving brand contribution breakeven for Skygate by end of FY26, with steady progress reported.
Management noted demand environment remains weak; consumers are value-conscious and promotional intensity is required to drive transactions.
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