Devyani International Limited narrows first-half loss to Rs 4.7 lakh

Devyani International Limited reduced its standalone loss after tax to Rs 4.7 lakh in the six months ended 30 September 2026, from Rs 8.119 crore a year earlier. Revenue from operations rose to Rs 1,950.294 crore from Rs 1,787.494 crore, although the September quarter produced a standalone loss after tax of Rs 8.548 crore.

What were DIL's standalone first-half results?

DIL reported a standalone loss before tax of Rs 5.8 lakh for the six months ended 30 September 2026, compared with a Rs 12.864 crore loss before tax in the corresponding 2025 period. After a tax credit of Rs 1.1 lakh, the loss after tax was Rs 4.7 lakh, against Rs 8.119 crore a year earlier. Basic and diluted loss per share for the 2026 half-year were both reported as Rs 0.00, compared with Rs 0.07 in the prior-year half.

Revenue from operations increased by Rs 162.8 crore year on year to Rs 1,950.294 crore, while other income rose to Rs 41.615 crore from Rs 25.229 crore. Total income therefore reached Rs 1,991.909 crore, up from Rs 1,812.723 crore. Total expenses increased to Rs 1,991.967 crore from Rs 1,825.587 crore, leaving the business marginally loss-making before tax rather than at the larger loss reported in the first half of 2025.

Why did DIL report a standalone loss in September?

DIL recorded a standalone loss after tax of Rs 8.548 crore in the quarter ended 30 September 2026 because total expenses of Rs 979.256 crore exceeded total income of Rs 968.546 crore. The pre-tax loss was Rs 10.71 crore, narrower than the Rs 20.062 crore pre-tax loss in the September 2025 quarter. A tax credit of Rs 2.162 crore reduced the post-tax loss.

September-quarter revenue from operations was Rs 951.771 crore, up from Rs 870.606 crore a year earlier but below Rs 998.523 crore in the June 2026 quarter. Employee benefits expense rose to Rs 131.913 crore from Rs 120.242 crore in September 2025, depreciation and amortisation rose to Rs 117.634 crore from Rs 104.616 crore, and other expenses increased to Rs 400.05 crore from Rs 357.734 crore. Finance costs declined to Rs 54.238 crore from Rs 55.902 crore.

How did DIL's consolidated result differ from standalone performance?

DIL reported consolidated profit after tax of Rs 3.462 crore for the September 2026 quarter, while the standalone entity recorded a Rs 8.548 crore loss after tax. However, the consolidated result attributable to owners of DIL was a Rs 24.2 lakh loss. Non-controlling interests accounted for Rs 3.704 crore of consolidated profit for the quarter.

Consolidated revenue from operations was Rs 1,519.425 crore in the September quarter, compared with standalone revenue of Rs 951.771 crore. For the six months ended 30 September 2026, consolidated profit after tax was Rs 20.566 crore, against a Rs 21.718 crore loss in the previous-year period, while consolidated revenue rose to Rs 3,099.941 crore from Rs 2,733.72 crore. The filing identifies food and beverages as the group’s single reportable business segment and provides no segment-level profit split.

What happened to DIL's standalone cash position?

DIL's standalone cash and cash equivalents fell to Rs 4.652 crore at 30 September 2026 from Rs 17.398 crore at 31 March 2026. Operating activities generated Rs 396.54 crore during the six-month period, compared with Rs 318.559 crore a year earlier. The cash-flow reconciliation included Rs 242.875 crore of depreciation and amortisation and Rs 112.494 crore of finance costs alongside the Rs 5.8 lakh loss before tax.

Investing activities used Rs 176.906 crore in the first half, including Rs 183.419 crore spent on property, plant, equipment and intangible assets. Financing activities used Rs 232.38 crore, including Rs 95.694 crore in lease-interest payments, Rs 78.045 crore in lease-principal payments and Rs 51.887 crore in non-current borrowing repayments. These movements resulted in a net decrease in cash and cash equivalents of Rs 12.746 crore.

What did DIL's standalone balance sheet show?

DIL reported standalone current assets of Rs 252.993 crore at 30 September 2026, down from Rs 274.078 crore at 31 March 2026. The reduction included cash and cash equivalents falling by Rs 12.746 crore and trade receivables declining to Rs 34.487 crore from Rs 51.602 crore. Inventories were Rs 106.404 crore, compared with Rs 106.946 crore at the March year-end.

Standalone current liabilities increased to Rs 957.887 crore at 30 September from Rs 897.237 crore at 31 March. Current borrowings rose to Rs 169.229 crore from Rs 153.045 crore, while trade payables to creditors other than micro and small enterprises rose to Rs 387.021 crore from Rs 358.527 crore. Non-current investments increased to Rs 1,043.065 crore from Rs 921.295 crore over the same period.

What corporate actions are pending for DIL?

DIL said it remains in the process of obtaining regulatory and other approvals for the proposed amalgamation of Sapphire Foods India Limited with DIL, which has an appointed date of 1 April 2026. Under the scheme, DIL would issue 177 equity shares with a face value of Rs 1 each for every 100 Sapphire Foods India Limited equity shares with a face value of Rs 2 each. The filing does not disclose a completion date.

A separate scheme proposes the amalgamation of Sky Gate Hospitality Private Limited and its wholly owned subsidiaries, Blackvelvet Hospitality Private Limited and Say Chefs Eatery Private Limited with DIL, with an appointed date of 1 April 2025. The National Company Law Tribunal's Chandigarh Bench approved DIL's first motion on 23 July 2026. The second motion was heard on 28 October 2026, and the order was reserved when the board approved the results on 2 November 2026.

Conclusion

DIL's standalone first-half accounts show a sharp reduction in loss, with revenue reaching Rs 1,950.294 crore and loss after tax reduced to Rs 4.7 lakh from Rs 8.119 crore a year earlier. The September-quarter loss of Rs 8.548 crore, following a Rs 8.501 crore profit in June 2026, meant that the half-year result remained just below break-even.

The next disclosed matters are regulatory and other approvals for the Sapphire Foods India Limited scheme and the reserved tribunal order on the Sky Gate Hospitality Private Limited amalgamation. DIL's subsequent results will also show whether revenue and expense movements return to the June 2026 quarterly pattern after the September-quarter income shortfall.