KR Choksey has given Buy recommendation for Devyani International with a target price of Rs. 151 in its research report issued on Sep 14, 2021

KR Choksey’s research report on Devyani International

DIL operates 696 stores across all brands and are present in 26 states and three union territories across 166 cities in India, as of June 30, 2021. DIL has strong presence in key metro regions of Delhi NCR (comprising Faridabad, Ghaziabad, Gurgaon, Delhi and Noida), Bengaluru, Kolkata, Gurgaon, Mumbai and Hyderabad. Over the years, DIL been consistently increasing the number of stores both organically and inorganically. With its cluster-based expansion approach, DIL has been able to address demand in high-potential domestic markets.


We Initiate Coverage on Devyani International Ltd. with a BUY rating for a target price of INR 151 per share valuing at 30x FY24E EV/EBIDTA giving 31% upside from current levels. DIL’s share price has corrected ~18% to its IPO listing price which provides a good opportunity to buy the stock.

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