Sapphire Foods India vs Devyani International: Which Stock Should You Track

Sapphire Foods MCap Rs 6,018 Cr, PE N/A (loss-making), ROE -1.04%. Devyani International MCap Rs 14,395 Cr, PE N/A (loss-making), ROE -1.32%.

Updated: 5 Aug 2026 • 9:56 am

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Sapphire Foods India vs Devyani International: Which Stock Should You Track

Sapphire Foods India vs Devyani International is a comparison quick service restaurant investors look up when evaluating two listed Indian franchisee operators of global QSR brands. Sapphire Foods is the master franchisee of KFC and Pizza Hut in India, Sri Lanka and Maldives, while Devyani International is the master franchisee of KFC, Pizza Hut and Costa Coffee in India and select international markets.

This Sapphire Foods India vs Devyani International article covers reach and market position, key products, latest declared results and stock valuation. The Sapphire Foods India vs Devyani International data below is sourced from Groww and public company filings and reflects the most recently available information at the time of writing.

Table of Contents

Sapphire Foods India vs Devyani International: Reach and Market Position

On the Sapphire Foods India side of the Sapphire Foods India vs Devyani International comparison, Sapphire Foods operates over 700 KFC and Pizza Hut restaurants across India, Sri Lanka and the Maldives under franchise agreements with Yum! Brands. Market capitalisation is Rs 6,018 Cr.

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On the Devyani International side of the Sapphire Foods India vs Devyani International comparison, Devyani International operates over 1,000 KFC, Pizza Hut and Costa Coffee stores across India and international markets. It is backed by RJ Corp promoters. Market capitalisation is Rs 14,395 Cr.

Sapphire Foods India vs Devyani International: Key Products and Business Mix

In the Sapphire Foods India vs Devyani International product comparison, Sapphire Foods India offers: Sapphire Foods earns restaurant revenues from KFC and Pizza Hut franchise operations. ROE is -1.04 percent and the company is loss-making. Debt to equity is 1.02.

For Devyani International in this Sapphire Foods India vs Devyani International breakdown: Devyani International earns restaurant revenues from KFC, Pizza Hut and Costa Coffee franchise operations. ROE is -1.32 percent and the company is loss-making. Debt to equity is 2.49.

Sapphire Foods India vs Devyani International: Latest Results

The Sapphire Foods India vs Devyani International results for Sapphire Foods India: Sapphire Foods has a market cap of Rs 6,018 Cr. It is currently loss-making with EPS of -0.50 and ROE of -1.04 percent.

The Sapphire Foods India vs Devyani International results for Devyani International: Devyani International has a market cap of Rs 14,395 Cr. It is also loss-making with EPS of -0.22 and ROE of -1.32 percent. Debt to equity of 2.49 reflects aggressive store expansion financing.

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Sapphire Foods India vs Devyani International: Stock and Valuation

The Sapphire Foods India vs Devyani International stock comparison uses the latest available market data from Groww. Investors tracking Sapphire Foods India vs Devyani International should verify current prices on NSE or BSE before trading.

Sapphire Foods trades at a market cap of Rs 6,018 Cr and is loss-making. Devyani International trades at Rs 14,395 Cr market cap and is also loss-making. Both operate in the same QSR franchise space but Devyani is twice Sapphire's market cap and has more stores. Both stocks are priced on expected recovery in same-store sales and eventual profitability.

Sapphire Foods India vs Devyani International: Quick Comparison Table

The Sapphire Foods India vs Devyani International comparison table below summarises the key metrics covered in this article side by side.

Parameter	Sapphire Foods India	Devyani International
Sector	QSR franchise operator (KFC, Pizza Hut)	QSR franchise operator (KFC, Pizza Hut, Costa Coffee)
Market Cap	Rs 6,018 Cr	Rs 14,395 Cr
P/E Ratio	N/A (loss-making)	N/A (loss-making)
ROE	-1.04%	-1.32%
Debt to Equity	1.02	2.49
Brands operated	KFC and Pizza Hut	KFC, Pizza Hut and Costa Coffee
Store count	700-plus restaurants	1,000-plus restaurants
Key markets	India, Sri Lanka, Maldives	India and international

Conclusion

The Sapphire Foods India vs Devyani International comparison above covers the key data points on reach, products, results and valuation. Sapphire Foods India vs Devyani International are both QSR franchise operators running KFC and Pizza Hut restaurants, currently loss-making as they invest in store expansion. Devyani is larger with Costa Coffee adding a third brand, while Sapphire has Sri Lanka and Maldives exposure. Investors should review same-store sales recovery and cash burn trends and consult a SEBI-registered advisor before investing.

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Disclaimer: Data and figures in this article are sourced from publicly available information, including company results filings and exchange data, and are current as of the time of writing. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What is the main difference between Sapphire Foods and Devyani International?

Ans. Both operate KFC and Pizza Hut in India. Devyani also operates Costa Coffee and is twice as large by store count and market cap. Sapphire operates outside India in Sri Lanka and the Maldives.

Are both companies profitable?

Ans. No. Both Sapphire Foods and Devyani International are currently loss-making.

Which company operates more stores?

Ans. Devyani International operates over 1,000 stores, compared to over 700 for Sapphire Foods.

Does Devyani International have lower debt?

Ans. No. Devyani has a higher debt to equity of 2.49 versus Sapphire at 1.02.

Why are QSR companies loss-making despite being large?

Ans. QSR companies face high fixed costs from leases and labour, and new store expansion requires significant upfront investment before a restaurant reaches mature profitability levels.

What risks apply to QSR franchise operators?

Ans. Both companies face risk from food inflation raising input costs, lease renewals, franchise agreement renewal risk with Yum! Brands, and competition from other QSR operators.

Should I invest in Sapphire Foods or Devyani International?

Ans. Both are pre-profit turnaround stories in QSR. Review same-store sales growth and cash generation trends and consult a SEBI-registered advisor before investing.