Buy Devyani International Ltd for the Target Rs. 200 by Motilal Oswal Financial Services Ltd

* Demand remained soft in 2QFY26. Consolidated revenue is expected to grow 7.5%.
* PH same-store sales likely to fall 3% despite a weak base. We model two store additions and flat YoY revenue growth for PH.
* KFC revenue expected to grow 8% YoY, led by store additions. We model 25 store additions (+13% YoY), while same-store sales may decline by 2.5% on a negative base.
* Margin pressure will persist due to lower demand and negative operating leverage.
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