Devyani International Limited (DEVYANI) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Devyani International Limited stock ₹158, price ₹127, upside +25.0%, quality 33 out of 100. Rating: undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range ₹94.59 – ₹224.70 · fair‑value band ₹103.95 – ₹277.09 · the ₹126.63 price screens below the ₹158.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Devyani International Limited develops, manages, and operates quick service restaurants and food courts in India, Nepal, Nigeria, Thailand, and internationally. It operates outlets under the KFC, Pizza Hut, Costa Coffee, Vaango and other brands.
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The company was incorporated in 1991 and is based in Gurugram, India. Devyani International Limited is a subsidiary of RJ Corp Limited.
Stock analysis
Devyani International Limited (DEVYANI) currently trades at ₹126.63, while our model-based Fair Value estimate is ₹158.31, implying the stock looks roughly 20% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹87.81 per share, and 0 of the 12 models we run sit above the ₹126.63 price.
Bear case: the Multiples group reads lowest at ₹29.23, and 12 of the 12 models stay below the price. Data coverage for this calculation is low.
Scenario range: ₹103.95 (bear) to ₹277.09 (bull), the price of ₹126.63 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 33/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Devyani International Limited reported revenue of ₹56.1B in FY2026 versus ₹20.6B in FY2022, a compound +28.4%/yr. Reported net income was −₹386M in FY2026.
Key figures
Market cap ₹155B (≈ $1.6B) Small · P/S ratio 2.65 · EPS (TTM) ₹−0.0600 · Net margin −0.1% · Return on equity −0.2% · Return on assets (EBIT) 7.3% (5-year average) · Operating margin 4.4% · Revenue (TTM) ₹59.9B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 26 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −15% fair-value upside, at 25%, DEVYANI screens cheaper than that median.
Fair Value models
Bear₹103.95Fair Value ₹158.31Bull₹277.09
Price ₹126.63 · Upside +25.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF₹61.83₹87.95₹164.3378
Growth DCF₹57.75₹92.30₹153.9476
EPV₹8.23₹9.52₹10.5774
All 13 models by family
DCF Models
FCF DCF₹61.83₹87.95₹164.3378
Owner Earnings₹43.24₹87.67₹165.6572
5Y Revenue Exit₹30.00₹45.01₹74.4871
5Y EBITDA Exit₹59.53₹106.06₹194.6472
10Y Revenue Exit₹40.52₹68.24₹84.6967
10Y EBITDA Exit₹59.34₹120.39₹231.0064
Earnings-Based
EPV₹8.23₹9.52₹10.5774
Multiples
EV/EBITn/a₹2.30>₹9.2061
EV/EBITDA₹35.34₹56.15₹76.9666
EV/Revenuen/an/a₹0.500050
Growth DCF
Growth DCF₹57.75₹92.30₹153.9476
Rev-Margin DCF₹30.00₹51.91₹86.0771
Economic Profit
ROIC Compounder₹8.23₹9.52₹10.5772
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+14.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+38.0%
Start year 2021 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
0.2% (2021) → 3.6% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +24.4% a year for the price and +7.3% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Restaurants · 203 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score33 · Bottom 25%
Fair Value upside+25.0% · Above median
Profitability
Return on assets−0.6% · Below median
Net margin (12 months)−0.1% · Below median
Operating margin (12 months)4.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)11.2% · Above median
Balance sheet
Debt / equity0.51× · Highest 25%
Valuation Multiplesvs Restaurants median · lower = cheaper
P/B10.02× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Devyani International Limited Fair Value". https://www.fairvalue-calculator.com/stock/DEVYANI
Frequently asked questions
Is Devyani International Limited (DEVYANI) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ₹158.31 versus a price of ₹126.63, about +25% upside (undervalued).
What is the fair value of DEVYANI?
Our model-based fair value for Devyani International Limited is ₹158.31 (as of Nov 6, 2026), built from audited fundamentals. The current price: ₹126.63.
What is the quality score of DEVYANI?
Devyani International Limited has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Devyani International Limited (DEVYANI)?
Our model-based price target is the fair value of ₹158.31 (as of Nov 6, 2026) from 13 valuation models. Cautious scenario ₹103.95, optimistic scenario ₹277.09. It is a calculation from audited fundamentals, not an analyst target.
What is the Devyani International Limited stock forecast for 2026?
Our models put fair value at ₹158.31, about +25% upside versus a price of ₹126.63 (undervalued). Cautious scenario ₹103.95, optimistic scenario ₹277.09. The calculation is refreshed regularly with new filings.
What is the revenue of Devyani International Limited (DEVYANI)?
Devyani International Limited reported trailing-twelve-month revenue of about ₹59.9B (latest available figure, as of Nov 6, 2026).
What growth is priced into Devyani International Limited (DEVYANI)?
For today's price to be fair in a discounted-cash-flow model, Devyani International Limited would have to grow free cash flow by +29.6 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +38.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of DEVYANI use?
Our models discount Devyani International Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.33, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Devyani International Limited that is +29.6 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Devyani International Limited (DEVYANI) delivered so far?
Over the past 5 years revenue at Devyani International Limited grew +38.0 % a year. The price currently implies free-cash-flow growth of +29.6 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Devyani International Limited (DEVYANI) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into Devyani International Limited (+29.6 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Devyani International Limited (DEVYANI)?
The free-cash-flow yield on the price is 2.66 %: that much free cash flow Devyani International Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Devyani International Limited (DEVYANI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Devyani International Limited it is ₹158.31 per share (as of Nov 6, 2026), against a price of ₹126.63. It is the blended result of 13 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit).
Is Devyani International Limited stock overvalued or undervalued in 2026?
As of Nov 6, 2026, DEVYANI trades below its calculated fair value: price ₹126.63, fair value ₹158.31, a gap of about +25% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DEVYANI?
No. The price is what the market pays today (₹126.63); the fair value is what the company's own numbers justify (₹158.31). For Devyani International Limited the two are ₹31.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Devyani International Limited worth?
The market values Devyani International Limited at about ₹155B (market capitalisation, as of Nov 6, 2026). Per share that is ₹126.63; our models calculate a fair value of ₹158.31 per share.
What do the bullish and bearish scenarios say about DEVYANI?
Our models span a range for Devyani International Limited: cautious scenario ₹103.95, base ₹158.31, optimistic ₹277.09 per share (as of Nov 6, 2026, price ₹126.63). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Devyani International Limited (DEVYANI)?
Balance-sheet figures for Devyani International Limited (as of Nov 6, 2026): return on equity −0.2%, debt of 0.51 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is DEVYANI from its 52-week high?
Devyani International Limited trades at ₹126.63, about 16% below its 52-week high of ₹149.90 and 34% above the low of ₹94.59 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ₹158.31 is for.
Which stocks are comparable to Devyani International Limited?
From the same area (Consumer Cyclical) we also value McDonald's Corporation, Starbucks Corporation, Yum! Brands, Inc, Chipotle Mexican Grill, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Devyani International Limited stock attractive at the current price?
The data as of Nov 6, 2026: price ₹126.63, calculated fair value ₹158.31 (+25%), Quality Score 33/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DEVYANI calculated?
We run Devyani International Limited through 13 models from 5 families: DCF Models, Earnings-Based, Multiples, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of ₹158.31 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Devyani International Limited currently trades 20% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Devyani International Limited (DEVYANI)?
The closing price on Nov 9, 2026 was ₹126.63. Our model-based fair value is ₹158.31, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Devyani International Limited right now?
The model range is unusually wide (₹103.95 to ₹277.09). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Devyani International Limited
How large is the market capitalisation of Devyani International Limited (DEVYANI)?
The market capitalisation of Devyani International Limited is ₹155B (≈ $1.6B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Devyani International Limited (DEVYANI)?
The price-to-sales ratio of Devyani International Limited is 2.65 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Devyani International Limited (DEVYANI)?
Earnings per share at Devyani International Limited are ₹−0.0600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Devyani International Limited (DEVYANI)?
The net margin of Devyani International Limited is −0.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Devyani International Limited (DEVYANI)?
The return on equity (ROE) of Devyani International Limited is −0.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Devyani International Limited (DEVYANI)?
On an EBIT basis the return on assets of Devyani International Limited is 7.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Devyani International Limited (DEVYANI)?
The operating margin of Devyani International Limited is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Devyani International Limited (DEVYANI)?
Revenue at Devyani International Limited is growing +11.2% versus a year earlier (3y avg +23.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Devyani International Limited (DEVYANI)?
Earnings per share at Devyani International Limited are growing +300% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Devyani International Limited (DEVYANI) carry?
The net debt of Devyani International Limited is ₹33.4B (fiscal year 2026, ≈ 8.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 6, 2026