Emkay Global Recommends 'BUY' on Devyani International; Target Rs 190

• Emkay Global Financial reiterates 'BUY' rating for Devyani International (DIL) with a target price of Rs 190.
• DIL and Sapphire Foods held an investor call to detail deal contours, merger synergies, and growth investments.
• DIL secured a favorable agreement with Yum!, including cost waivers for PH and phased tech/SCM transition for PH/KFC.
• Expected synergy benefits of Rs 2.10-2.25bn, with 60% accruing by FY28E and full benefit by FY29E.
• Despite near-term earnings cut due to sluggish demand, the long-term outlook remains positive, maintaining the target price.

Why It Matters: Emkay Global maintains 'BUY' on Devyani International, citing strong synergies and a Rs 190 target.