Devyani International Ltd. · NSE:DEVYANI
Devyani International — Merger or Acquisition (January 2026)
20 slides from Devyani International's merger presentation, Jan 1, 2026
Slide 1: Devyani International Limited - Regulation 30 Investor Presentation Cover Letter
Devyani International Limited ________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Corporate Office: Plot No-18, Sector-35, Guru
Slide 2: Investor Presentation: Merger Announcement
Investor Presentation Merger Announcement 01 January 2026
Slide 3: Safe Harbor
Safe Harbor The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities (“Securities”) of Devyani International Limited (the “Company”) in India, the Un
Slide 4: Agenda
Agenda 01 Transaction Highlights 03 02 Merger Rationale 03 Overview of Entities 04 Expected Timelines 3
Slide 5: Transaction Summary
01. Transaction Summary
Slide 6: Transaction Highlights – Creating one of the largest QSR operators
Transaction Highlights – Creating one of the largest QSR operators ➢ Sapphire Foods India Limited (SFIL) to merge with and into Devyani International Limited (DIL) ➢ Merger through Share Swap. ➢ Swap Ratio – 177 shares of DIL to be issued for every 100 share of SFIL ➢ SFIL Promoters currently own 25
Slide 7: Yum approval highlights – strengthening Yum brands in India
Yum approval highlights – strengthening Yum brands in India ➢ PH – ✓ Certain waivers to support and strengthen the brand. ✓ DIL to manage PH operations fully – inc. Marketing, Technology and SCM. ➢ Technology and SCM for KFC & PH will be transitioned to DIL in a phased manner, as DIL builds internal
Slide 8: Transaction Summary – Consummation expected in 12–15 months
Transaction Summary – Consummation expected in 12 – 15 months 01 02 03 Rationale Approvals Timelines ➢ Create one of the largest QSR company in India ➢ Stock Exchanges & SEBI ➢ Pan-India operations across ➢ CCI multiple cuisines and Merger shall be effective once ➢ NCLT formats. NCLT approval is rec
Slide 9: Merger Rationale
02. Merger Rationale
Slide 10: Creating one of the largest QSR players in India
Creating one of the largest QSR players in India Pro-forma4 Store Count2 2,039 963 3,002 Revenues 49,511 28,754 78,265 Gross Profit 34,122 19,750 53,872 GPM (%) 68.9% 68.7% 68.8% Op. EBITDA 4,943 2,616 7,559 Op. EBITDA (%) 10.0% 9.1% 9.7% EBITDA 8,422 4,925 13,347 EBITDA (%) 17.0% 17.1% 17.0% Net Wo
Slide 11: Portfolio of leading brands spanning top global cuisines and local favorites
Portfolio of leading brands spanning top global cuisines and local favorites India will continue to drive most Contribution by Cuisine of the revenues Chicken 73% 22% Pizza Thailand India 19% 74% 3% Cafe Sri Lanka 5% Nigeria 1% Nepal 3% 1% Local cuisine 10 Ratios are basis FY25 figures
Slide 12: Scaled-up F&B operator - Multi-brand, Multi-format
Scaled-up F&B operator - Multi-brand, Multi-format Mall & Food KFC High Street Court #1 Chicken brand Own Brands Potential to scale up with attractive returns Pizza Hut Multiple offline formats #2 Pizza brand Other Franchise Brands Airports Highways Opportunistic expansion. Future optionality Bevera
Slide 13: Potential synergies of ~2.5% at EBITDA level
Potential synergies of ~2.5% at EBITDA level Unified tech platform led initiatives to drive growth Reduced corporate Improved geographical overheads diversification Centralized procurement Strengthened balance across same brand stores sheet to support growth Cohesive brand campaigns Stronger cashflo
Slide 14: Overview of Entities
03. Overview of Entities
Slide 15: Pro-forma financials - merged entity
Pro-forma financials - merged entity India International Consolidated Pro-forma4 Thailand Nigeria Nepal Sri Lanka Store Count3 1,664 836 2,500 306 40 29 127 502 3,002 Revenues1 33,493 24,489 57,982 14,881 808 647 4,228 20,564 78,265 Gross Profit 23,298 17,109 41,037 9,581 477 436 2,585 13,079 53,872
Slide 16: Current Shareholding Pattern – DIL & SFIL
Current Shareholding Pattern – DIL & SFIL Shareholding Pattern Top 5 Non-Promoter Shareholders Promoter Group 61.35% 25.35% Nippon Mutual Fund 4.95% HDFC Mutual Fund 9.34% Public Shareholders 38.65% 74.65% Dunearn Investments 2.87% GIC/ Govt. of Singapore 7.60% Foreign Portfolio Investors 6.54% 30.4
Slide 17: Approvals needed & expected Timelines
04. Approvals needed & expected Timelines
Slide 18: Approvals & Timelines
Approvals & Timelines ~12 -15 months Board Approval Filing of scheme with Stock exchanges Application for Receipt of NOC from stock exchanges change in RO Approval for change in RO Filing with NCLT Shareholders/creditor meeting NCLT, CCI and other regulatory processes for Merger CCI Approval NCLT Ap
Slide 19: About Us
About Us About Devyani International Limited (DIL) Devyani International Limited is one of India’s largest chain quick service restaurant (QSR) operators, with a network of over 2,000 stores across more than 280 cities in India, Thailand, Nigeria, and Nepal. The Company’s portfolio represents a comp
Slide 20: For more information, you may also reach out to
For more information, you may also reach out to: Manish Dawar / Rajiv Kumar Kaushik Vankadkar Devyani International Limited Sapphire Foods India Limited +91 124 478 6000 / +91 88601 68600 kaushik.vankadkar@sapphirefoods.in rajiv.kumar@dil-rjcorp.com Ms. Himani Singla Investor.relations@dil-rjcorp.co
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