Devyani International Ltd. (DEVY.BO): 1QFY27: Strong EBITDA growth, beats estimates; Buy

Research evidence excerpt

Devyani International Ltd. (DEVY.BO): 1QFY27: Strong EBITDA growth, beats estimates; Buy

Not Rated, Early-Stage Biotech, Coverage Suspended or Not Covered), is

deemed Neutral. Each region manages Regional Conviction Lists, which are selected from Buy rated stocks on the respective region’s Investment Lists

and represent investment recommendations focused on the size of the total return potential and/or the likelihood of the realization of the return across

their respective areas of coverage. The addition or removal of stocks from such Conviction Lists are managed by the Investment Review Committee or

other designated committee in each respective region and do not represent a change in the analysts’ investment rating for such stocks.

Total return potential represents the upside or downside differential between the current share price and the price target, including all paid or

anticipated dividends, expected during the time horizon associated with the price target. Price targets are required for all covered stocks. The total

return potential, price target and associated time horizon are stated in each report adding or reiterating an Investment List membership.

Coverage Universe: A list of all stocks in each coverage universe is available by primary analyst, stock and coverage universe at

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Not Rated (NR). The investment rating, target price and earnings estimates (where relevant) are removed pursuant to Goldman Sachs policy when

Goldman Sachs is acting in an advisory capacity in a merger or in a strategic transaction involving this company, when there are legal, regulatory or

policy constraints due to Goldman Sachs’ involvement in a transaction, and in certain other circumstances. Early-Stage Biotech (ES). An investment