Analysts/Institutional Investor Meet/Con. Call Updates

August 4, 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 July 29, 2026, post declaration of Unaudited Financial Results of the Company for the Quarter ended June 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 Q1 FY27 Earnings Conference Call July 29, 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 Q1 FY27 Earnings Conference Call. We have with us Mr. Ravi Jaipuria, Non-Executive Chairman of the Company; Mr. Raj Gandhi, Non-Executive Director; Mr. Manish Dawar, President & Group CEO; and Mr. Anupam Kumar, CFO of the Company. We will initiate the call with opening remarks from the Chairman followed by key business and financial highlights from the Group CEO. 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 would now request Mr. Ravi Jaipuria to make his opening remarks. Ravi Jaipuria: Good afternoon, everyone, and thank you for joining us today. It gives me great pleasure to welcome you to Devyani International's post results earnings conference call to discuss our performance for the first quarter of FY26-27. We begin the new financial year on a strong note. The momentum we built through the second half of FY26, anchored by KFC's strong same-store sales performance has continued into Q1 FY27. I am pleased that most of our brand portfolio delivered positive Page 1 of 16 SSSG during the quarter. KFC continues to post double-digit sales growth and delivered another positive SSSG of 3.3% during the quarter. Our brands in the portfolio like Biryani By Kilo, Costa and Vaango maintained a 7% plus SSSG growth trajectory. Pizza Hut also delivered sequentially better SSSG numbers. The business has improved profitability and posted its highest ever EBITDA of INR 255 crore at 16.1% of the revenues. This is testament to our capability and commitment to deliver sustainable profitable growth despite the cost inflation on LPG and wage hike. Let me briefly touch upon the broader economic backdrop. The quarter presented a mixed macro picture. The external environment became more challenging, the conflict in the Middle East pushed crude oil to elevated levels through April and May, feeding into LPG and fuel costs, while the rupee remained under pressure. The RBI, in its June policy held the repo rate steady but moderated its FY27 growth outlook to 6.6% and raised its inflation projection to 5.1%, reflecting these very pressures. As a result of the macro, the operating environment has remained volatile, along with the usual seasonal complexities. While the demand has remained stable so far, the forecast of a below- normal season, combined with El Niño risk, is a reminder that consumption recovery in India rarely moves in a straight line. The merger process with Sapphire continues to progress along expected timelines. We received approvals from both the NSE and the BSE in June, bringing us closer to the next phase of regulatory filings. The timelines are broadly on track with our stated target of completion by the end of FY 2027. I want to once again thank Yum! Brands for their continued confidence in DIL and RJ Corp as their long-term partners. As an industry, Indian QSR continues to mature and the interplay between aggregator platforms and the dine-in-led brands like ours is an evolving dynamic that we are navigating thoughtfully, brand-by-brand. Our own priority remains unchanged: disciplined profitable growth, a sharper consumer proposition both in-store and online and continued preparation for a stronger, combined DIL-Sapphire platform. I remain confident that the steps we have taken over the past several quarters position us well for the year ahead. Under Manish's leadership, we have continued to strengthen our management team. The new team is fully in place now and settling in well in their respective roles. I am encouraged by the early cultural and operational shifts that I see across the organization as we build what the team has called “DIL 2.0”. Page 2 of 16 With this, I will hand over to Manish for the detailed business and financial highlights. Thank you very much. Manish Dawar: Thank you, Mr. Jaipuria. Good evening everyone and thank you for your time today for our earnings call of Q1 FY27. I am pleased to state that the new leadership team at DIL is fully in place and is settling in well. We are trying to build DIL with the ambition to build great brands and win markets with distinct customer experience and market-first regional operating structure without diluting any focus on the brands that we operate and own. The turnaround strategy at DIL has started to show results and we are confident that as the new team settles down, we will gain momentum in our journey. The key priorities for the remainder part of the year for the new team are – 1) Opening new stores as per the guidance given earlier. 2) Maintain positive SSSG for our brand portfolio. 3) Improve efficiency and margin structure by way of technology adoption and cost control. 4) Build the next level of team and organization structure with right processes and 5) Get ready for the merged entity. Coming to Q1 results. Our business remains firmly on a turnaround and growth track. On a consolidated basis, we delivered a 16.5% year-on-year growth in revenues, reaching INR 1,581 crore. Gross Margin at 69.1% saw an improvement of 0.9% year- on-year. Brand Contribution expanded 1.1% to reach 14.2%, with consolidated Brand Contribution of INR 224 crore, being nearly 26% higher year-on-year. The improvement in Brand Contribution and effective management of G&A costs helped us post our highest ever Operating EBITDA at INR 151 crore. Our consolidated Operating EBITDA grew nearly 38% year-on-year and represents an EBITDA margin of 9.6%. I would like to thank my team for all their efforts in achieving this milestone. We have seen some food commodity inflation along with the hike in minimum wages and annual increments. LPG prices have significantly gone up in the last few months. Our teams have effectively managed the availability of LPG during this period. We have taken slight price increases in KFC and Pizza Hut to mitigate the cost impact, and we are monitoring the raw material and packaging prices as we go forward. Seasonal factors led to higher utility costs during the quarter and higher wage costs. On the marketing side, our brands were active and visible throughout the quarter. At KFC, our media investments focused on positioning the brand at the center of consumption and celebration moments, both in-store and on del [Showing first 8,000 characters — download PDF for full document]