Annual Report for FY 2025-26

July 23, 2026 National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Block G, C/1, Bandra Kurla Phiroze Jeejeebhoy Towers, Complex, Bandra (E), Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Email: cmlist@nse.co.in Email: corp.relations@bseindia.com Symbol: DEVYANI Security Code: 543330 Subject: Notice of 35th Annual General Meeting and Annual Report of the Company for the Financial Year ended March 31, 2026 Dear Sir/Madam, Pursuant to the Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’), please find enclosed the following: 1. Annual Report (including Business Responsibility and Sustainability Report) of the Company for the Financial Year ended March 31, 2026; and 2. Notice of the 35th Annual General Meeting of the Company scheduled to be held on Friday, August 14, 2026 at 11:00 A.M. (IST) through Video Conferencing/ Other Audio-Visual Means facility, pursuant to the circulars issued by the Ministry of Corporate Affairs and the provisions of the SEBI Listing Regulations. You are requested to kindly take the same on record. Yours faithfully, For Devyani International Limited Pankaj Virmani Chief Sustainability Officer & Company Secretary Encl: As above Annual Report 2025-26 TRANSFORMING FOR THE FUTURE. AI POWERED. TECHNOLOGY DRIVEN CONTENTS 01-40 CORPORATE OVERVIEW 01 Theme Introduction 02 Key Highlights 04 Business Overview 08 Key Strengths 10 Chairman’s Message 12 DIL India Performance 20 Franchise Brands Performance 25 Own Brands Performance 30 International Business Performance 34 Safety & Nutrition 36 Performance Highlights Forward-looking statements 37 Human Resources This report may contain some statements on 38 Board of Directors the Company’s business or financials which 40 Corporate Information may be construed as forward-looking based on the management’s plans and assumptions. The 41-136 actual results may be materially different from these forward-looking statements, although we believe we have been cautious. STATUTORY REPORTS 41 Board’s Report 58 Corporate Governance Report 81 Management Discussion & Analysis 91 Business Responsibility & Sustainability Report 137-329 FINANCIAL STATEMENTS 137 Consolidated Financial Statements 233 Standalone Financial Statements To view this report online and to know more about us, please visit: www.dil-rjcorp.com IS EVOLVING. DIL is in the midst of a defining transformation shaped by evolving market dynamics, changing consumer preferences, and the convergence of tradition with innovation. As India's food consumption landscape evolves, so do we. We are reimagining our business to serve the diverse and dynamic needs of today's consumers across regions, cuisines and occasions, while building a resilient platform for sustained growth. Our transformation extends across every aspect of the organization. From expanding beyond pure-play cuisine formats to creating a more diversified food portfolio, we are redesigning our operating model, enhancing our digital ecosystem, and strengthening our supply chain. Every initiative is focused on delivering superior customer experiences, greater agility and operational excellence. At the heart of this transformation lies technology. By increasing automation and use of advanced analytics and digital platforms across our value chain, we are enabling smarter decision- making, improving productivity, optimizing costs, and creating more personalized consumer experiences. Data-driven insights are empowering us to respond faster to market shifts while continuously innovating our offerings to delight customers. Our ambition is clear – to evolve into a future-ready, consumer- centric platform that combines the scale of a leading food services company with the intelligence of a technology-enabled enterprise. The future presents limitless opportunities. With innovation as our catalyst, technology as our foundation, and our people as the driving force... WE ARE TRANSFORMING TODAY TO LEAD TOMORROW. KEY HIGHLIGHTS PERFORMANCE SNAPSHOT FY 2025-26 HIGHLIGHTS Merger with Acquisition of Sky Gate Sapphire Foods Hospitality Proposed merger will consolidate KFC and Pizza Hut Successfully acquired and integrated Sky Gate operations in India, creating one of Yum’s largest Hospitality operations. Sky Gate Hospitality owns franchise partners globally and one of the top QSR brands like “Biryani by Kilo” and “Goila Butter operators in India. Chicken”. Turned around the brands’ profitability from a loss-making portfolio to break-even, demonstrating strong execution capabilities. ~30 2,256 Years of association with Yum! Brands Total stores as of March 31, 2026. 1,857 1,169 Total stores in India as of March 31, 2026 Total number of KFC stores operated globally. 399 22,500+ International stores as on March 31, 2026. Employees globally. Added 24 stores across Thailand and Nepal. Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 FINANCIAL HIGHLIGHTS ` 56,115 Million Revenue from Operations ` 38,396 Million Gross Profit ` 8,554 Million EBITDA 15.2% EBITDA margin BUSINESS OVERVIEW TRANSFORMING FOR AN EXCITING FUTURE The Indian food landscape is undergoing a profound transformation. Today's consumers seek far more than great taste and quality – they expect variety across cuisines and formats, seamless omnichannel convenience, personalized experiences, and engaging dine-in environments. As lifestyles evolve, so do expectations. As one of the largest QSR operators in the world, we operate at the heart of everyday food occasions, combining scale, speed, and choice to serve Millions across global and Indian quick service brands. Our network of over 2,256 stores in India, Thailand, Nigeria, and Nepal showcases our extensive presence. Corporate Overview Statutory Reports Financial Statements Annual Report 2025-26 Our strategic ambition extends beyond just growth journey. At the core of this relevant insights as we penetrate deeper operating successful restaurant brands – strategy is the transformation of DIL into into the country. we are building India's leading integrated a truly diversified, technology-enabled Food & Beverage (F&B) platform – one that and consumer-centric enterprise. We are building a multi-cuisine, brings together multiple cuisines, formats Our investments in building the “DIL multi-format portfolio that caters to and occasions under a future-ready Commerce” platform are guided by this diverse consumer tastes, occasions operating model. Keeping pace with this philosophy. This platform is envisaged as and price points. Simultaneously, we evolving landscape, Devyani International the backbone for DIL’s tech ambitions – are modernizing our supply chain, Limited (DIL) has embarked on a bold one that will allow a unified, 360-degree strengthening our production capabilities, journey of transformation. Guided by a view of customers across the dine-in, digitizing our operations, and embedding consumer-first mindset and powered by takeaway and online channels. We have AI across critical business processes to technology, we are continuously expanding already covered more than 80% of our enable smarter decisions, greater agility, our portfolio, introducing innovative food dine-in stores in KFC with kiosks that and improved operational excellence. offerings, entering new markets, and enable us to effectively connect with This strategic transformation enhances strengthening our digital capabilities. offline customers as well – and we are our resilience by diversifying across looking to expand this further. With access brands and geography, while positioning Our ability to understand and adapt to high-frequency data around demand, we us to capture the immense opportunities to India's diverse and evolving food believe the platform will also improve our emerging from India's rapidly evolving preferences continues to shape our capital allocation efficiency [Showing first 8,000 characters — download PDF for full document]