Devyani International Limited (DEVYANI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+44.0%

₹170.67

vs ₹118.55 price

Levered DCF

₹124.62

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.85

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-305.13×	1,872.63×	398.21×	65.75×	132.77×	-268.48×	-123.5×	-162.5×
P/B	7.65×	15.65×	17.77×	17.96×	30.26×	119.43×	-72.67×	-407.92×
P/S	2.1×	3.48×	5.31×	5.86×	10.06×	12.14×	7.2×	9.09×
EV / EBITDA	17.33×	23.76×	37.37×	28.46×	47.02×	49.31×	41.71×	53.3×
Gross margin	42.0%	48.2%	49.8%	52.1%	52.5%	50.0%	53.9%	54.6%
Operating margin	3.6%	5.4%	7.3%	12.3%	12.0%	0.2%	3.4%	5.9%
Net margin	-0.7%	0.2%	1.3%	8.9%	7.6%	-4.9%	-5.8%	-5.6%
Current ratio	0.51×	0.43×	0.53×	0.58×	0.8×	0.39×	0.19×	0.28×
Debt / equity	2.49×	2.91×	2.75×	1.61×	1.83×	11.67×	-10.1×	-48.51×
Interest coverage	0.73×	0.99×	1.36×	2.5×	1.94×	0.02×	0.35×	0.71×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.5%	0.8%	4.5%	27.3%	22.8%	-48.5%	59.0%	249.8%
Return on invested capital	2.6%	-3.1%	-15.5%	14.3%	12.6%	0.2%	3.8%	5.1%
Return on assets	-0.6%	0.2%	1.0%	8.9%	6.9%	-3.3%	-4.8%	-4.1%
Free cash flow yield	3.5%	2.4%	0.6%	1.1%	0.7%	0.8%	1.5%	0.9%
Earnings yield	-0.3%	0.1%	0.3%	1.5%	0.8%	-0.4%	-0.8%	-0.6%
Enterprise value	₹151.3B	₹201.4B	₹215B	₹189.3B	₹219.6B	₹148.8B	₹149.3B	₹165.9B
Net debt / EBITDA	3.83×	3.55×	4.76×	2.26×	2.56×	4.27×	5.08×	5.59×
Cash conversion cycle (days)	-46	-39	-45	-59	-31	-59	-36	-34