Sapphire Foods India Limited, along with Devyani International Limited (DIL), has released the transcript of their joint merger announcement conference call, held on January 6, 2026. The merger, announced on January 1, 2026, aims to create one of India's largest F&B platforms with over 3,000 stores globally and an annualized turnover of approximately ₹8,000 crore.

The merged entity anticipates crossing $1 billion USD in annual revenues upon consummation. Key management from both companies and Samara Capital were present during the call. Discussions focused on the operational integration, capability building in marketing, technology, and supply chain, particularly for brands like Pizza Hut and KFC. The companies are building internal capabilities and have shortlisted a technology partner, expecting readiness by June.

Financial aspects discussed included the share swap ratio (177 DIL shares for 100 Sapphire shares) and a bilateral transaction for a 18.5% stake by RJ Corp. Synergies are projected between ₹210 crore and ₹225 crore, expected to be realized substantially within the first year post-merger approval and fully within two years.

The strategy for reviving Pizza Hut involves restructuring and driving same-store sales growth (SSSG), with a target of positive brand contribution margin in the first year, moving towards low double digits. For KFC, the focus will be on calibrated expansion and leveraging unified technology and supply chain management. The merger is expected to take approximately 9 to 15 months for full approval.