Devyani International Limited, the company operating KFC and Pizza Hut outlets in India as a franchisee of US-based Yum Brands, has announced the appointment of its chief financial officer Manish Dawar as the new CEO and president. The leadership transition marks a significant shift for one of India’s largest quick-service restaurant operators as it navigates a period of expansion and transformation.
The new CEO appointment will take effect from April 1, 2026, according to the company’s recent announcement. Dawar will succeed Viraj Joshi, who will transition to a non-executive director role with Devyani International, according to a Reuters report.
Strategic Leadership Change at Critical Juncture
Non-executive chairman Ravi Jaipuria explained that Devyani International stands at a critical inflection point in its growth trajectory. The board believes the next phase requires bold strategic vision combined with strong execution capability, making Dawar’s elevation to CEO and president necessary for the company’s future direction.
The leadership announcement came as the company prepares to scale into a larger, more diversified, and more complex organization. Additionally, the timing coincides with Devyani International’s recent merger agreement with Sapphire Foods, another major development reshaping India’s quick-service restaurant landscape.
CFO Succession and Financial Performance
Following Dawar’s promotion, Anupam Kumar, currently serving as finance executive vice-president at Devyani International, will assume the CFO position. This internal succession strategy ensures continuity in the company’s financial leadership during the transition period.
The company disclosed these leadership changes alongside its third-quarter financial results for the period ending December 31. Devyani International reported a consolidated net loss of Rs103.9 million (approximately $1.15 million) for Q3 FY26, compared with a loss of Rs4.9 million during the same quarter the previous year.
However, excluding a one-time charge related to India’s new labor laws, the KFC and Pizza Hut operator posted a profit of Rs659.8 million (approximately $7.31 million) for the December quarter. This adjustment highlights the impact of regulatory changes on the company’s financial performance.
Merger with Sapphire Foods Reshapes Industry
Last month, Devyani International entered into a merger agreement with Sapphire Foods, marking a transformative deal in India’s restaurant sector. The transaction brings together two prominent Yum Brands franchise operators in India, creating one of the country’s largest quick-service restaurant groups.
The merger is expected to take approximately 12 to 15 months to become effective, according to company statements. Meanwhile, the combined entity will operate an extensive network of KFC and Pizza Hut locations across India, strengthening its market position in the competitive quick-service restaurant industry.
In contrast to standalone operations, the merged organization will benefit from economies of scale, expanded geographic reach, and enhanced operational efficiencies. The consolidation reflects broader trends in India’s restaurant industry toward larger, more resilient operating platforms.
Industry Implications and Future Outlook
The appointment of Manish Dawar as CEO positions Devyani International to navigate the complexities of integrating two major franchise operations. His background as CFO provides financial acumen that will prove valuable during the merger integration process and subsequent expansion initiatives.
The quick-service restaurant sector in India continues to experience significant growth despite economic headwinds and regulatory challenges. Devyani International’s strategic moves position the company to capitalize on rising consumer demand for branded dining experiences across Indian markets.
The leadership transition will be closely watched by industry observers as Dawar assumes his new role in April 2026, with the merger completion timeline extending into late 2026 or early 2027. The success of both initiatives will significantly impact Devyani International’s competitive position in India’s evolving restaurant landscape.
