Quick-service restaurantsHistorical case study · data as of 28 Jul 2026 · published 31 Oct 2026 (95 days later)
Devyani International — 100-point case study
How Devyani International looked on 50 technical and 50 fundamental measures on 28 Jul 2026 — and what happened over the next three months. Education only; not a current view.
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: A merger of Sapphire Foods into Devyani International (177 Devyani shares per 100 Sapphire shares) was announced but not complete at the time of writing; the data here is for Devyani on its own. Trailing earnings were negative, so P/E is not meaningful.
Technical analysis — 50 points
Calculated by code from daily prices up to 28 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Trend
#
Point
Reading
Tag
Commentary
1
Short-term trend (20 days)
slope -0.09%/day
Neutral
Over the last 20 sessions the regression line of closing prices was falling about 0.09% a day — a flat, sideways phase.
Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2
Medium-term trend (~5 months)
3M return +1.8%
Neutral
The 100-session trend line was up (+0.04%/day) and the stock was +1.8% over three months, so the medium-term picture was neutral.
Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3
Long-term trend (1 year)
1Y return -33.1%
Bearish
Compared with a year earlier the price was -33.1%. A weak year for the stock.
Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4
Weekly chart trend
10W 113.23 / 30W 115.96
Neutral
On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages.
Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5
Swing structure (highs/lows)
last highs 121.38→117.80; lows 105.42→110.60
Neutral
The two most recent swing points showed a lower high but a higher low — mixed structure.
Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6
ADX (14) — trend strength
12.5
Neutral
ADX at 12.5 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction.
Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7
+DI vs –DI
+DI 23.8 / –DI 14.4
Bullish
+DI was above –DI: upward price pressure outweighed downward pressure.
Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.
B. Moving averages
#
Point
Reading
Tag
Commentary
8
Price vs 20-day SMA
112.60 (+1.0%)
Bullish
Close of 113.72 was 1.0% above the 20-day SMA — the short-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
9
Price vs 50-day SMA
113.30 (+0.4%)
Bullish
Close of 113.72 was 0.4% above the 50-day SMA — the medium-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
10
Price vs 200-day SMA
126.63 (-10.2%)
Bearish
Close of 113.72 was 10.2% below the 200-day SMA — the long-term trend filter was negative.
Bullish close above the average · Bearish close below the average · No neutral zone.
11
9 / 21 EMA crossover
9E 112.60 / 21E 112.57
Bullish
The 9-day EMA was above the 21-day EMA; the last crossover happened on 28 Jul 2026.
The 50-day average was 10.5% below the 200-day. No 50/200 crossover occurred in the data window.
Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13
50-day SMA slope
-1.1% in 20 sessions
Bearish
The 50-day average fell 1.1% over the past month — declining.
Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14
MA ribbon alignment
113 / 113 / 112 / 127
Neutral
The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range.
Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15
Monthly anchored VWAP
113.20 (+0.5%)
Bullish
Anchored to the start of July, the volume-weighted average price was 113.20; the close was above it — buyers that month were on average in profit.
Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.
C. Momentum
#
Point
Reading
Tag
Commentary
16
RSI (14)
52.6
Neutral
RSI at 52.6 was in the neutral 45–55 zone.
Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17
RSI divergence (last 40 days)
none
Neutral
Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price.
Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18
MACD line vs signal
MACD -0.17 / signal -0.47
Bullish
MACD was above its signal line — momentum turning or staying positive.
Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19
MACD histogram (5-day change)
-0.25 → 0.30
Bullish
The histogram rose over the last five sessions, meaning momentum was improving.
Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.
D. Volatility
#
Point
Reading
Tag
Commentary
25
Bollinger Band position (%B)
%B 0.65 (bands 108.92–116.27)
Neutral
%B of 0.65 — inside the bands, upper half.
How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26
Bollinger width / squeeze
width 6.5% (2nd pct of 6M)
Caution
Band width was at the 2nd percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown).
How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27
ATR (14)
₹3.44 (3.0% of price)
Neutral
A typical day's range was about ₹3.44, or 3.0% of the price — useful for judging how much 'normal noise' to expect.
How to read: Information only. A higher % means bigger normal daily swings.
28
Historical volatility (30-day)
24.6% vs 1Y 36.7%
Neutral
Annualised 30-day volatility was 24.6%, below the one-year level of 36.7%.
How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29
Keltner Channel (20, 2×ATR)
105.73–119.39
Neutral
The close was inside the channel, so no volatility breakout.
Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30
Beta vs Nifty 50 (1Y daily)
1.22
Neutral
A beta of 1.22 means the stock tended to move more than the Nifty 50 day to day.
How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.
E. Volume & money flow
#
Point
Reading
Tag
Commentary
31
Volume vs 20-day average
last day 0.47× / 5-day 1.23×
Neutral
The final session traded 0.47× its 20-day average volume and the last five sessions averaged 1.23× — heavier than usual participation.
How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32
Up-day vs down-day volume (20d)
ratio 2.59
Bullish
Average volume on up days was 2.59× that on down days — accumulation-leaning.
Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33
On-Balance Volume (20d)
OBV rising
Bullish
OBV rose over the month while price rose — volume confirmed the price move.
About ₹19 crore changed hands per day on average over 20 sessions — moderately liquid.
How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.
F. Price levels
#
Point
Reading
Tag
Commentary
38
Support levels (S1/S2/S3)
111.36 / 106.21 / 102.60
Neutral
Nearest support (prior swing lows) sat at 111.36, 2.1% below the close, then 106.21, 102.60.
How to read: Information only. Levels to watch, not good or bad.
39
Resistance levels (R1/R2/R3)
115.64 / 119.79 / 129.97
Neutral
Nearest resistance (prior swing highs) sat at 115.64, 1.7% above the close, then 119.79, 129.97.
How to read: Information only.
40
Monthly pivot points (for next month)
P 112.84 | R1 118.68 | S1 107.88
Neutral
Classic pivots from July's high/low/close gave a pivot of 112.84; the close was above it.
How to read: Information only.
41
Fibonacci retracement (6M swing)
23.6% 102 | 38.2% 109 | 50.0% 114 | 61.8% 120
Neutral
Measuring the 6-month fall from 137.42 to 91.55, the close was nearest the 50.0% retracement at 114.48.
How to read: Information only.
42
52-week high / low
H 191.00 / L 91.55
Neutral
The close was 40.5% below the 52-week high and 24.2% above the 52-week low.
Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43
Unfilled price gaps (6M)
1 open; latest gap-up 08 Apr at 100.00
Neutral
There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 100.00 that price had not revisited.
How to read: Information only.
G. Patterns
#
Point
Reading
Tag
Commentary
44
Price structure / chart pattern
broad sideways range
Neutral
Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45
Breakout / breakdown (20-day)
range 107.00–117.80
Neutral
The close was inside the prior 20-day range of 107.00–117.80.
Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46
Latest candlestick
Ordinary red candle
Neutral
On 28 Jul the candle opened 116.00, ranged 113.41–117.24 and closed 113.72: Ordinary red candle. Single candles are weak signals on their own.
Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47
Ichimoku Cloud
cloud 112.21–113.40; Tenkan 112.12 / Kijun 113.44
Bullish
Price was above the cloud and the Tenkan line was below the Kijun line — a bullish Ichimoku setup.
Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.
H. Relative strength & summary
#
Point
Reading
Tag
Commentary
48
Relative strength vs Nifty 50
1M +2.3% / 3M +2.2%
Bullish
The stock outperformed the Nifty 50 by 2.2 points over three months and outperformed by 2.3 points over one month.
Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49
Relative strength vs Nifty 50 (6M)
6M -3.9%
Bearish
No sector index in today's data set, so we show the 6-month comparison instead: 3.9 points behind the Nifty 50.
Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50
Technical summary
16 bullish · 6 bearish · 26 neutral · 1 caution
Bullish
Across the 49 readings the technical picture leaned positive. Levels that mattered: support 111.36, resistance 115.64. This is a description of the chart on 28 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
Fundamental analysis — 50 points
Uses only results published by 28 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 28 Jul 2026 close.
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Valuation
#
Point
Reading
Tag
Commentary
1
P/E (trailing 12 months)
-326.9×
Neutral
At ₹113.72 the market valued the company at about ₹14,056 crore, or -326.9× the ₹-43 crore profit of the four quarters to Mar 2026. That is a low multiple in absolute terms.
How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2
Price / Book
9.12×
Neutral
Market cap was 9.12× the Mar 2026 book value (equity + reserves) of ₹1,542 crore.
How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3
Price / Sales
2.50×
Neutral
The company was valued at 2.50× its trailing-12-month sales of ₹5,612 crore.
How to read: Information only.
4
EV / EBITDA (approx.)
21.1×
Neutral
Enterprise value (market cap + ₹3,833 cr borrowings; cash not netted) was 21.1× trailing operating profit of ₹849 crore.
How to read: Information only. Lower means cheaper relative to operating profit.
5
Earnings yield
-0.3%
Neutral
The inverse of P/E: each ₹100 invested bought about ₹-0.3 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6
PEG (P/E ÷ 3-yr profit CAGR)
n/m
Neutral
PEG is not meaningful because 3-year profit growth was not available. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it.
Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7
Dividend yield (trailing 12M)
n/a
Neutral
Dividend history in our data window was not available.
Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8
Market capitalisation
₹14,056 cr
Neutral
At about ₹0.14 lakh crore the company was a small-cap.
How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9
Graham number vs price
n/m
Neutral
Not meaningful with negative earnings or book value.
Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).
B. Growth
#
Point
Reading
Tag
Commentary
10
Revenue growth FY26 (YoY)
+13.3%
Bullish
Revenue for FY26 was ₹5,611 crore, +13.3% versus FY25.
Revenue compounded at 23.2% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it.
Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15
Profit CAGR (3 years)
n/a
Neutral
Not available. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it.
Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16
Revenue CAGR (5 years)
37.7%
Caution
Over five years (FY21–FY26) revenue compounded at 37.7% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it.
Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17
EPS growth FY26 (reported)
-487.5%
Bearish
Reported EPS went from ₹0.08 to ₹-0.31 (-487.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues).
Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49
Automated screen flags
0 strength(s) · 4 weakness(es)
Neutral
No strengths flagged. Weaknesses: Stock is trading at 9.65 times its book value; Company has low interest coverage ratio; Company has a low return on equity of -3.47% over last 3 years; Company might be capitalizing the interest cost. (Flags generated by the data source’s rule screen.)
How to read: Information only.
50
Fundamental summary
4 bullish · 9 bearish · 31 neutral · 5 caution
Bearish
On the numbers published by 28 Jul 2026 the fundamental picture leaned negative. Valuation: P/E -326.9×, P/B 9.12×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
News in the three months before the snapshot
Company news from 28 Apr 2026 – 28 Jul 2026 that an investor could have known on the snapshot date.
28 Apr 2026Sapphire Foods board approves merger into Devyani International alongside FY26 results — Sapphire Foods India's board meeting disclosure covered its merger into Devyani via a scheme of arrangement at 177 Devyani shares per 100 Sapphire shares. Sapphire reported FY26 consolidated revenue of Rs 31,253.17 million and a consolidated net loss of Rs 319.54 million. source
15 May 2026Devyani International Q4 FY26: revenue Rs 1,436.9 crore, net loss Rs 10 crore — Consolidated Q4 FY26 revenue from operations was Rs 1,436.9 crore and net loss attributable to owners Rs 10 crore. FY26 consolidated revenue was Rs 5,611.5 crore (up 13.3%) with a net loss of Rs 42.5 crore versus Rs 6.9 crore in FY25. source
16 Jun 2026NSE and BSE clear Devyani-Sapphire Foods merger scheme; shares rise — NSE issued a no-objection letter and BSE a no-adverse-observations letter (dated 12 Jun 2026) for the scheme merging Sapphire Foods into Devyani. The shares traded about 5% higher intraday on 16 Jun. CCI clearance, shareholder/creditor and NCLT approvals remain required. source
23 Jul 2026Devyani International schedules 35th AGM for 14 August 2026 — The company set its 35th AGM for 14 Aug 2026 via video conference to adopt the FY26 accounts. The board did not recommend a dividend for FY2025-26, citing standalone losses. source
What happened next (28 Jul 2026 → 29 Oct 2026)
Price went from ₹113.72 to ₹121.57 by 29 Oct 2026 (+6.9%) while the Nifty 50 moved -4.4% — outperforming by 11.3 points.
Highest ₹155.95 on 27 Aug 2026; lowest ₹112.55 on 03 Aug 2026.
S1 111.36: held on a closing basis.
S2 106.21: held on a closing basis.
R1 115.64: cleared on a closing basis on 29 Jul 2026.
R2 119.79: cleared on a closing basis on 05 Aug 2026.
200-day SMA: price was below it at the snapshot and crossed above on 07 Aug 2026.
Apr–Jun 2026 results (reported 29 Jul 2026): revenue ₹1,581 crore (+16.5% YoY), net profit ₹17 crore (+750.0% YoY), operating margin 16% vs 15% a year earlier (Screener consolidated figures).
Later news
29 Jul 2026Devyani International Q1 FY27: net profit Rs 17.10 crore, total income up 16.7% — For the quarter ended 30 Jun 2026, consolidated total income was Rs 1,599.71 crore (up 16.7% YoY) and net profit Rs 17.10 crore versus Rs 2.23 crore a year earlier; EPS Rs 0.12. Shares traded about 5% higher intraday on the day. source
26 Aug 2026Devyani and Sapphire Foods amend merger scheme after secondary sale agreement is terminated — The share purchase agreement between Sapphire Foods Mauritius and Arctic International was terminated by mutual agreement, and the board approved an amended scheme removing that sale as a condition. The 177:100 swap ratio is unchanged; post-scheme promoter holding is stated at 41.99%. source
31 Aug 2026Devyani International to meet investors in Mumbai on 3 September — The company disclosed a physical analyst and investor meeting at the Elara India Dialogue 2026 on 3 Sep 2026. The update also noted subsidiary Devyani RK was struck off on 25 Aug 2026 and Sanook Kitchen's CEO resigned effective 31 Aug 2026. source
27 Oct 2026Devyani International schedules Q2 FY27 investor call for 2 November — An exchange intimation dated 27 Oct 2026 said the company will host an investor and analyst call on 2 Nov 2026 at 2:00 PM IST to discuss results for the period ended 30 Sep 2026, with results to be announced earlier that day. source
Educational summary. On 28 Jul 2026 the technical picture leaned positive and the fundamental picture leaned negative. Over the next three months the stock moved +6.9% against -4.4% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Devyani International today.
Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.
Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 31 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction