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Devyani International Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2.56Overvalued by 97.58%vs CMP ₹106.00

P/E (15.0) × ROE (1.7%) × BV (₹12.50) × DY (2.00%)

Defaults: P/E=15

₹17.88Overvalued by 83.13%vs CMP ₹106.00
MoS: -492.8% (Negative)Confidence: 63/100 (Moderate)Models: All 7: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2.1024%Over (-98%)
Graham NumberEarnings₹4.7421%Over (-95.5%)
Net Asset ValueAssets₹12.4514%Over (-88.3%)
EV/EBITDAEnterprise₹84.5812%Over (-20.2%)
Earnings YieldEarnings₹0.809%Over (-99.2%)
ROCE CapitalReturns₹3.919%Over (-96.3%)
Revenue MultipleRevenue₹39.9711%Over (-62.3%)
Consensus (7 models)₹17.88100%Overvalued
Key Drivers: EPS CAGR -17.7% drags value — could be higher if earnings stabilize. | ROE 1.7% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -17.7% · Defaults: P/E=15

*Investments are subject to market risks

Analyst Summary

Devyani International Ltd operates in the Hotels, Resorts & Restaurants segment, NSE: DEVYANI | BSE: 543330, current market price is ₹106.00, market cap is 13,130 Cr.. At a glance, ROE is 1.67 %, ROCE is 4.66 %, book value is 12.5, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹17.88, around 83.1% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹4,951 Cr versus the prior period change of 39.2%, while latest net profit is about ₹-7 Cr with a prior-period change of 30.0%. The 52-week range shown on this page is 191/91.6, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisDevyani International Ltd. is a Public Limited Listed company incorporated on 13/12/1991 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L…

This summary is generated from the stock page data available for Devyani International Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

39
Devyani International Ltd scores 39/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health22/100 · Weak
ROCE 4.7% WeakROE 1.7% WeakD/E 3.28 High debtInterest Coverage 0.0x RiskyProfitable 2/5 years Inconsistent
Smart Money45/100 · Moderate
FII holding down -4.69% (6mo) SellingDII holding up 2.57% MF buyingPromoter holding at 61.4% Stable
Earnings Quality40/100 · Moderate
OPM contracting (23% → 17%) Declining
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +13% YoY Growing
Industry Rank40/100 · Moderate
ROCE 4.7% vs industry 10.7% Below peersROE 1.7% vs industry 10.7% Below peers3Y sales CAGR: 33% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: June 12, 2026, 8:19 am

Market Cap 13,130 Cr.
Current Price 106
Intrinsic Value₹17.88
High / Low 191/91.6
Stock P/E
Book Value 12.5
Dividend Yield0.00 %
ROCE4.66 %
ROE1.67 %
Face Value 1.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Devyani International Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Devyani International Ltd 13,130 Cr. 106 191/91.6 12.50.00 %4.66 %1.67 % 1.00
Chalet Hotels Ltd 15,883 Cr. 725 1,082/69024.6 1690.14 %17.1 %19.2 % 10.0
Lemon Tree Hotels Ltd 8,214 Cr. 104 181/99.633.1 17.60.00 %14.0 %19.4 % 10.0
EIH Ltd 18,111 Cr. 290 435/27125.3 84.20.52 %20.7 %14.5 % 2.00
India Tourism Development Corporation Ltd (ITDC) 4,965 Cr. 579 714/36859.7 49.30.50 %29.9 %21.1 % 10.0
Industry Average7,736.92 Cr477.77313.66114.850.31%10.68%10.72%6.81

All Competitor Stocks of Devyani International Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 7917558478198431,0471,2221,2221,2941,2131,3571,3771,441
Expenses 6176047216656979171,0061,0261,0811,0271,1511,1851,210
Operating Profit 174151126154146130216196213186206192231
OPM % 22%20%15%19%17%12%18%16%16%15%15%14%16%
Other Income -1117-7514105913133-10
Interest 38424042485763656770676970
Depreciation 7178808693126132139147152150155167
Profit before tax 6541131910-3831-49-223-29-16
Tax % -10%-45%112%-88%48%29%27%26%190%-25%19%-18%-31%
Net Profit 7160-2365-4922-5-8-172-24-11
EPS in Rs 0.590.500.100.280.08-0.060.250.00-0.00-0.120.03-0.18-0.08

Last Updated: March 3, 2026, 11:00 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 3:46 am

MetricMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,0121,0481,1111,3111,5161,1352,0842,9983,5564,9515,387
Expenses 1,0131,0081,0151,1061,2549451,6082,3412,9914,1124,573
Operating Profit -13996205262189476657565839815
OPM % -0%4%9%16%17%17%23%22%16%17%15%
Other Income -0823422131-312183319
Interest 438834137161155129149189267275
Depreciation 8513755203223229221278391592623
Profit before tax -129-17830-93-120-64123242413-65
Tax % 1%1%-3%1%2%-2%-26%-9%363%154%
Net Profit -130-18031-94-121-63155263-10-7-49
EPS in Rs -11.98-11.314.33-7.46-11.46-0.481.302.200.390.08-0.35
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-38.46%117.22%-403.23%-28.72%47.93%346.03%69.68%-103.80%30.00%
Change in YoY Net Profit Growth (%)0.00%155.68%-520.45%374.50%76.66%298.10%-276.35%-173.48%133.80%

Devyani International Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:27%
3 Years:33%
TTM:29%
Compounded Profit Growth
10 Years:%
5 Years:15%
3 Years:-68%
TTM:-116%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:-1%
1 Year:-2%
Return on Equity
10 Years:%
5 Years:%
3 Years:6%
Last Year:1%

Last Updated: September 5, 2025, 3:11 pm

Balance Sheet

Last Updated: June 2, 2026, 1:30 am

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 106106106106106115120120121121123
Reserves 70-1933-176-295-25668509359741,419
Borrowings 3483063714881,8321,3361,2541,5652,9063,1883,833
Other Liabilities 1962022181,3902402193224509711,0571,375
Total Liabilities 7205967281,8071,8841,6682,2632,9854,9325,3396,750
Fixed Assets 4914064451,5781,6351,3921,7562,4274,2164,6225,686
CWIP 3815561214147151138
Investments 00000000012
Other Assets 1921742262182352625005437057121,054
Total Assets 7205967281,8071,8841,6682,2632,9854,9325,3396,750

Reserves and Borrowings Chart

Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 9091278301240451637766900919
Cash from Investing Activity + -67-140-165-91-355-375-349-1,551-461-440
Cash from Financing Activity + -3256-130-223142-58-283889-425-197
Net Cash Flow -97-18-132717510514282
Free Cash Flow 21-49137202107158213305418478
CFO/OP 232%99%136%115%126%97%104%140%107%108%

Free Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-349.00-267.00-275.00-283.00261.00188.00475.00656.00563.00836.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 5666454453
Inventory Days 45394852576652524535
Days Payable 12712913912812917111998130105
Cash Conversion Cycle -77-85-84-70-68-100-64-42-79-66
Working Capital Days -31-70-65-95-108-95-26-37-65-60
ROCE %-19%15%7%6%2%16%18%6%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 62.78%62.76%62.74%62.74%62.74%62.73%62.72%62.72%62.72%62.62%61.41%61.37%
FIIs 9.77%12.05%13.34%12.47%12.44%11.68%11.17%11.17%10.46%9.42%6.55%5.77%
DIIs 9.66%8.74%8.23%8.52%12.20%14.19%15.38%15.46%16.87%18.09%19.76%19.44%
Public 17.78%16.46%15.69%16.27%12.64%11.41%10.73%10.65%9.95%9.86%12.29%13.42%
No. of Shareholders 3,06,3552,71,6892,64,7142,95,9033,34,0753,01,3762,68,1252,65,1842,56,3792,45,8272,38,1902,43,363

Shareholding Pattern Chart

No. of Shareholders

Devyani International Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Multi Cap Fund 36,257,037 0.86 452.2328,745,3842026-06-11 02:12:3626.13%
Kotak Small Cap Fund 18,787,282 1.35 234.3317,049,8792026-06-12 01:01:0110.19%
Nippon India Growth Mid Cap Fund 17,700,000 0.48 220.7716,604,9412026-02-23 07:11:396.59%
Nippon India Large Cap Fund 13,642,678 0.33 170.1713,640,8782026-06-11 02:12:360.01%
Axis Small Cap Fund 11,311,741 0.52 141.09N/AN/AN/A
Sundaram Mid Cap Fund 6,919,293 0.65 86.35,147,3462025-11-03 01:52:4734.42%
Nippon India Flexi Cap Fund 5,968,835 0.8 74.456,091,4502025-11-03 01:52:47-2.01%
Nippon India Multi Asset Allocation Fund 5,828,199 0.49 72.7N/AN/AN/A
Tata Large & Mid Cap Fund 5,203,000 0.83 64.9N/AN/AN/A
Aditya Birla Sun Life Consumption Fund 3,573,569 0.74 44.57N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 0.080.392.201.32-0.55
Diluted EPS (Rs.) 0.080.392.191.32-0.55
Cash EPS (Rs.) 4.673.114.493.121.44
Book Value[Excl.RevalReserv]/Share (Rs.) 9.0711.187.995.660.62
Book Value[Incl.RevalReserv]/Share (Rs.) 9.0711.187.995.660.62
Revenue From Operations / Share (Rs.) 41.0429.4924.8817.309.84
PBDIT / Share (Rs.) 7.035.635.714.062.11
PBIT / Share (Rs.) 2.302.443.402.220.11
PBT / Share (Rs.) 0.100.032.011.02-0.71
Net Profit / Share (Rs.) -0.05-0.082.181.29-0.54
NP After MI And SOA / Share (Rs.) 0.070.392.201.30-0.47
PBDIT Margin (%) 17.1219.0922.9523.4421.41
PBIT Margin (%) 5.618.2713.6512.821.19
PBT Margin (%) 0.260.108.075.90-7.26
Net Profit Margin (%) -0.13-0.278.757.44-5.55
NP After MI And SOA Margin (%) 0.181.328.837.50-4.86
Return on Networth / Equity (%) 0.834.4827.3522.77-48.52
Return on Capital Employeed (%) 6.577.3116.6914.501.08
Return On Assets (%) 0.170.958.866.90-3.30
Long Term Debt / Equity (X) 0.610.680.070.153.09
Total Debt / Equity (X) 0.850.860.070.193.28
Asset Turnover Ratio (%) 0.960.891.140.960.57
Current Ratio (X) 0.420.530.570.790.39
Quick Ratio (X) 0.290.380.330.590.24
Inventory Turnover Ratio (X) 35.468.088.307.684.70
Interest Coverage Ratio (X) 3.203.634.673.851.59
Interest Coverage Ratio (Post Tax) (X) 0.971.502.922.360.09
Enterprise Value (Cr.) 19025.6419164.3117403.7521180.950.00
EV / Net Operating Revenue (X) 3.845.395.8110.160.00
EV / EBITDA (X) 22.4428.2225.2943.350.00
MarketCap / Net Operating Revenue (X) 3.635.105.8110.130.00
Price / BV (X) 16.4217.2017.9830.770.00
Price / Net Operating Revenue (X) 3.635.105.8110.130.00
EarningsYield 0.000.000.010.010.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Devyani International Ltd. is a Public Limited Listed company incorporated on 13/12/1991 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L15135DL1991PLC046758 and registration number is 046758. Currently Company is involved in the business activities of Food and beverage service activities. Company's Total Operating Revenue is Rs. 3572.64 Cr. and Equity Capital is Rs. 123.29 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
Hotels, Resorts & RestaurantsF-2/7, Okhla Industrial Area, Phase-I, New Delhi Delhi 110020Contact not found
Management
NamePosition Held
Mr. Ravi JaipuriaNon Executive Chairman
Mr. Manish DawarWhole Time Director
Mr. Virag JoshiWhole Time Director
Mr. Varun JaipuriaNon Exe.Non Ind.Director
Mr. Raj Pal GandhiNon Exe.Non Ind.Director
Mr. Pradeep Khushalchand SardanaInd. Non-Executive Director
Mr. Prashant PurkerInd. Non-Executive Director
Dr. Girish Kumar AhujaInd. Non-Executive Director
Dr. Ravi GuptaInd. Non-Executive Director
Ms. Rashmi DhariwalInd. Non-Executive Director

FAQ

What is the intrinsic value of Devyani International Ltd and is it undervalued?

As of 20 June 2026, Devyani International Ltd's intrinsic value is ₹17.88, which is 83.13% lower than the current market price of ₹106.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.67 %), book value (₹12.5), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Devyani International Ltd?

Devyani International Ltd is trading at ₹106.00 as of 20 June 2026, with a FY2026-2027 high of ₹191 and low of ₹91.6. The stock is currently near its 52-week low. Market cap stands at ₹13,130 Cr..

How does Devyani International Ltd's P/E ratio compare to its industry?

Devyani International Ltd has a P/E ratio of , which is below the industry average of 313.66. This is broadly in line with or below the industry average.

Is Devyani International Ltd financially healthy?

Key indicators for Devyani International Ltd: ROCE of 4.66 % is on the lower side compared to the industry average of 10.68%; ROE of 1.67 % is below ideal levels (industry average: 10.72%). Dividend yield is 0.00 %.

Is Devyani International Ltd profitable and how is the profit trend?

Devyani International Ltd reported a net profit of ₹-7 Cr in Mar 2025 on revenue of ₹4,951 Cr. Compared to ₹155 Cr in Mar 2022, the net profit shows a declining trend.

Does Devyani International Ltd pay dividends?

Devyani International Ltd has a dividend yield of 0.00 % at the current price of ₹106.00. The company is currently not paying meaningful dividends.

Last Updated: June 12, 2026, 8:19 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543330 | NSE: DEVYANI
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Devyani International Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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