Devyani International Limited — PPTs, 01-01-2026: Investor Presentation

Devyani International (DIL) and Sapphire Foods (SFIL) are set to merge, forming one of India's largest QSR players. The swap ratio is 177 DIL shares for every 100 SFIL shares. Yum Brands fully backs the deal, highlighting India as a key market.

**Business Performance:** The combined entity's pro-forma FY25 financials project over 3,000 stores, revenues of 7,826.5 Cr, and operational EBITDA of 755.9 Cr. The net worth is estimated at 2,798.5 Cr, with borrowings of 951.7 Cr. India remains the primary revenue driver.

**Growth Drivers & Strategy:** The merger prioritizes KFC expansion, Pizza Hut strengthening (with DIL fully managing its operations, including marketing and tech), and growing the non-Yum brand portfolio. DIL will also acquire 19 KFC outlets from Yum in Hyderabad.

**Recent Developments:** Significant operational synergies are expected, aiming for annual savings of 210-225 Cr at the EBITDA level within two years. This move is poised to create a stronger balance sheet for faster growth and enhanced investor appeal.

**Management Outlook:** The merger process is anticipated to conclude in 12-15 months, with an appointed date of April 1, 2026.