Devyani International Q3 FY26: Revenue up 11.3% to ₹1,441 Crore; CEO Transition Announced
Devyani International reported Q3 FY26 revenue of ₹1,441 crore, up 11.3% YoY. The company added 92 net new stores across its brands. Virag Joshi will superannuate as CEO on March 31, 2026, with Manish Dawar to become President and CEO from April 1, 2026. The proposed merger with Sapphire Foods is progressing.
The announcement includes strong financial performance, significant leadership changes impacting future strategy, and progress on a major merger, all of which have a high impact on the company's outlook.
The company reported positive revenue growth, accelerated store openings, and achieved key operational milestones like break-even for Biryani by Kilo ahead of schedule. The leadership transition is to a capable internal candidate, and the merger progress is on track.
Devyani International Limited (DIL) announced its financial results for the third quarter and nine months ended December 31, 2025. The company reported consolidated revenues of ₹1,441 crore for Q3 FY26, an increase of 11.3% year-on-year. India operations grew by 12.1% year-on-year.
The company saw accelerated new store openings in India, with 54 net new KFC outlets and 18 net additions to Pizza Hut. Additionally, 17 new stores were added to Biryani by Kilo and Vaango. The international business added 20 new stores across Thailand and Nepal, bringing the total store count to 2,279.
Biryani by Kilo achieved break-even brand EBITDA ahead of schedule. DIL also launched new product ranges, the ‘Dunked Range’ in KFC and ‘Crafted Flatzz’ pizzas. The proposed merger with Sapphire Foods, expected to create a combined entity with over 3,000 stores and a turnover approaching USD 1 billion, is progressing with applications submitted for exchange approvals and soon for CCI approval.
In a significant leadership update, Virag Joshi will superannuate as CEO effective March 31, 2026, and will continue as a Non-Executive Director. Manish Dawar will be elevated to President and CEO effective April 1, 2026. Anupam Kumar will take over as CFO.
Consolidated gross profit increased by 11.7% year-on-year to ₹993 crore, with margins at 68.9%. Consolidated brand contribution improved to ₹200 crore. Sky Gate brands achieved breakeven brand EBITDA, ahead of expectations. Consolidated operating EBITDA was ₹124 crore on a pre-Ind AS basis.
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