Analysts/Institutional Investor Meet/Con. Call Updates

November 5, 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 Sub: Transcript of Investors & Analysts Conference Call Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, transcript of the Investors & Analysts Conference Call held on November 2, 2026, post declaration of Unaudited Financial Results of the Company for the Quarter and Half Year ended September 30, 2026, is enclosed. The same is also being uploaded on website of the Company at www.dil-rjcorp.com. You are requested to take the above on record. Yours faithfully, For Devyani International Limited Pankaj Virmani Chief Sustainability Officer & Company Secretary Encl.: As above Devyani International Limited Q2 & H1 FY27 Earnings Conference Call November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Devyani International's Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, sir. Anoop Poojari: Good afternoon everyone, and thank you for joining us on Devyani International's Q2 & H1 FY27 Earnings Conference Call. The Chairman has excused himself from today's call due to personal reasons. We have with us Mr. Raj Gandhi, Non-Executive Director; Mr. Manish Dawar, President and Group CEO; and Mr. Anupam Kumar, CFO of the Company. We will initiate the call with opening remarks on behalf of Mr. Ravi Jaipuria. Since the Chairman could not join us today, Mr. Manish Dawar will read the comments on his behalf. This will be followed by key business and financial highlights by him. Thereafter, we will have the forum open for a question-and- answer session. Before we begin, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation shared with you earlier. I will now request Mr. Manish Dawar to read the Chairman's opening remarks. Manish Dawar: Thanks, Anoop. Good afternoon everyone. So I am going to read the comments on behalf of Mr. Jaipuria, and then I will come to the detailed business and financial highlights. Good afternoon everyone, and thank you for joining us. It gives me great pleasure to welcome you to Devyani International's earnings call for the second Page 1 of 12 quarter of FY26-27. Our growth momentum carried on firmly into the second quarter. We have had a good quarter with positive SSSGs ranging from 4% to 9% across our brand portfolio in India, except Pizza Hut, which also saw sequentially better numbers. We added 70 net new stores during the quarter. KFC led the store additions, with 50 net new units added in India. This takes our store footprint to 1,923 stores in India and 2,325 stores globally. We are on track to meet our full-year guidance of 200 to 220 net new additions with the same discipline, the right locations and a clear line of sight to profitability. Consistent performance across brands, quarter-after-quarter tells us that the steps we have taken to sharpen our consumer proposition are taking hold. Building on the positive SSSG performance, we delivered consolidated sales of INR 1,519 crore, growing 10.4% year-on-year. Despite steep inflation in raw materials and wages, the leverage from higher same-store sales and tight cost control helped us lift EBITDA by nearly 18% to INR 229 crore. This is one of the best Q2 operating EBITDA numbers that we have seen and the same helped us post profit before taxes of INR 5.7 crore for the quarter against a loss last year. Your Company delivered a PBT of INR 29 crore in H1 versus a loss of INR 24 crore in the previous year. Equally encouraging is the quality of growth that we are observing. Across brands, we witnessed transaction-led growth and growth in our on premise channel sales. Both these trends are very heartening and are key to long-term sustainable growth trajectory. On a macro basis, India's food services industry remains one of the most exciting opportunities globally. Redseer's latest report puts the market at about USD 90 billion, growing to USD 150 billion by FY31. Within this, the organized players are expected to grow at 17% to 18% per annum, against just 3% to 4% for the unorganized market, a good tailwind for a company of our scale. The broader economy supports this trajectory. Real GDP grew 7.8% in the first quarter of this financial year, and Bain estimates that private consumption growth accelerated from 8% over 2022-24 to 10.5% in 2025. Indian consumers also remain amongst the most confident in the world with net optimism of 27% against a global average of minus 12% in the current scenario. More importantly, this growth is broad-based. Tier 2 and smaller cities now account for about 65% of India's online shoppers and Gen Z for 40% to 45%, a clear sign that aspiration is spreading across and well beyond the metros. Page 2 of 12 The headroom in emerging India is vast. India's 30 largest cities have about 20 branded QSR outlets per million people, while the national figure is closer to 4. The brands that combine trust, value and scale will lead this next phase of growth, and we are confident that DIL, post-merger with Sapphire Foods will be at its forefront. While the India opportunity is real, the near-term challenges are also far from over. We have seen strong food and fuel inflation and job losses because of AI adoption. The household budgets are under pressure. With this, we also need to reorient ourselves more in favor of value, given the macroeconomic reality in the Country and a strong K-shaped economy that India is turning into. The regulatory environment also continues to evolve rapidly. A heightened inspection drive from the food authorities across the country disrupted store operations during the inspections. While we strongly believe that a strong focus on hygiene and operational control is needed and will help formalization journey for the industry, there needs to be consistent application of the same. With food inflation firming and interest rates beginning to rise, we expect discretionary spending to stay under pressure as our peers have also already indicated. By providing sharper value at entry price points, consistent marketing and a concerted effort on bringing guests back into our restaurants, we feel we are well positioned to perform in the coming quarters. Our new management team is settling in, and we are confident that our plans with respect to pre-merger preparations are progressing well. We are expecting that the merger should get approvals in line with our initial plans. You will be pleased to know that we have received CCI approval for the merger from the authorities. With this, I will now go to the detailed business and financial highlights. The current macroeconomic environment in India presents a complex, and highly polarized economic landscape. Coupled with this, the uncertain regulatory environment also poses additional complexity. If we analyse the data, we see a stark divergence between current micro realities and macro expectations. Basis the above, we have already started work on some specific initiatives on our key brands. At KFC, we have taken concerted steps to up our recruitment engine through the INR 99 and INR 149 meal combos. While we continue with our abundant value proposition on Wednesdays, the same has been Page 3 of 12 supplemented by targeted BOGO (buy one get one) offer in the relevant markets. We have t [Showing first 8,000 characters — download PDF for full document]