Story perspectives

India's Largest QSR Merger: Sapphire and Devyani Unite

1/1/2026

Summary

Story summary

Sapphire Foods India Limited and Devyani International Limited announced a merger to form India's largest quick-service restaurant operator.
The deal is an all-stock merger, with Sapphire shareholders receiving 177 Devyani shares for every 100 Sapphire shares.
The merger takes effect on April 1, 2026, regulatory approvals are expected to take 12 to 15 months, and both companies reported losses in the last quarter, with Sapphire's loss at INR12.77 crore.

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Story summary

Sapphire Foods India Limited and Devyani International Limited announced a merger to form India's largest quick-service restaurant operator.
The deal is an all-stock merger, with Sapphire shareholders receiving 177 Devyani shares for every 100 Sapphire shares.
The merger takes effect on April 1, 2026, regulatory approvals are expected to take 12 to 15 months, and both companies reported losses in the last quarter, with Sapphire's loss at INR12.77 crore.