Pind Hospitality
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 1.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.74×
- Retail individualRII · up to ₹2 lakh
- 3.89×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Oct 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 05 Oct 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 04 Oct 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 03 Oct 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 02 Oct 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 01 Oct 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 30 Sep 2026 | ₹1 | — | ₹900 | ₹100 | ₹1,200 |
| 29 Sep 2026 | ₹20 | — | ₹18,200 | ₹119 | ₹24,000 |
| 28 Sep 2026 | ₹0 | — | ₹0 | ₹99 | ₹0 |
| 27 Sep 2026 | ₹0 | — | ₹0 | ₹99 | ₹0 |
| 26 Sep 2026 | ₹0 | — | ₹0 | ₹99 | ₹0 |
| 25 Sep 2026 | ₹0 | — | ₹0 | ₹99 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 18,000 | 18,000 | ₹0.18 Cr | 1.00× |
| Non-institutional | 8,46,000 | 9,76,800 | ₹9.67 Cr | 1.15× |
| Big non-institutionalwithin NII | 5,64,000 | 7,33,200 | ₹7.26 Cr | 1.30× |
| Small non-institutionalwithin NII | 2,82,000 | 2,43,600 | ₹2.41 Cr | 0.86× |
| Retail individual | 8,44,800 | 36,43,200 | ₹36.07 Cr | 4.31× |
| Total | 17,08,800 | 46,38,000 | ₹45.92 Cr | 2.71× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 30 Sept, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Sep 2026 – 30 Sep 2026
- Listing date
- 06 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹93 – ₹99
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹17.82 Cr
- Fresh issue
- ₹16.91 Cr 17,07,600 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹59.39 Cr
- Promoter holding
- 84.72% → 59.31% pre-issue → post-issue
- ISIN
- INE0RNF01016
- CIN
- U55202PN2021PLC201771
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- Plot no. 5, Sairung Woods, Hinjewadi Phase 2, Mulshi, Pune- 411057, Maharashtra India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 18,000 | 1.05% | 1.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 8,46,000 | 49.51% | 47.00% |
| bNII > ₹10L · within NII | 5,64,000 | — | 31.33% |
| sNII < ₹10L · within NII | 2,82,000 | — | 15.67% |
| Retail (RII) | 8,44,800 | 49.44% | 46.93% |
| Employee | 0 | — | 0.00% |
| Market maker | 91,200 | — | 5.07% |
| Total issue | 18,00,000 | — | 100.00% |
Net offer to the public of 17,08,800 shares, out of a total issue of 18,00,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹99
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,18,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,37,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,50,400 |
| B-HNI (min) | 9 | 10,800 | ₹10,69,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹99 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.41 | 3.79 |
| P/E (×) | 18.30 | 26.12 |
| Price to book (×) | 4.29 | — |
| Market cap | — | ₹59.39 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 15.65%
- ROCE
- 18.00%
- Debt / equity
- 0.88
- PAT margin
- 9.30%
- EBITDA margin
- 16.14%
- NAV per share
- ₹34.59
- Price to book
- 4.29
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 24.91 | 23.17 | 20.87 |
| Revenue from operations | 24.45 | 22.65 | 20.78 |
| Other income | 0.46 | 0.52 | 0.09 |
| Total expenses | 21.39 | 19.57 | 17.93 |
| Operating profit | 3.52 | 3.6 | 2.94 |
| Operating margin | 14.13% | 15.54% | 14.09% |
| Profit before tax | 3.52 | 3.6 | 2.94 |
| Profit after tax | 2.27 | 2.56 | 2.21 |
| PAT margin | 9.11% | 11.05% | 10.59% |
| Balance sheet | |||
| Total assets | 37.72 | 28.33 | 26.04 |
| Current assets | 8.19 | 5.59 | 6.33 |
| Current liabilities | 9.08 | 4.99 | 4.1 |
| Total liabilities | 23.2 | 16.08 | 16.35 |
| Net worth | 14.52 | 12.25 | 9.69 |
| Current ratio | 0.90× | 1.12× | 1.54× |
| Return on equity | 15.63% | 20.90% | 22.81% |
| Cash flow | |||
| Operating cash flow | 3.05 | 1.9 | 4.27 |
| Investing cash flow | -6.47 | -2.17 | -15.76 |
| Financing cash flow | 3.26 | -1.39 | 12.4 |
| Net cash flow | -0.16 | -1.65 | 0.91 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding towards Capital Expenditure for Setting Up a Hotel-cum-Banquet Hall in Lonavala, Maharashtra (Haveli Project) ₹12.70 Cr
The company intends to fund capital expenditure for developing a Haveli-themed hotel-cum-banquet hall in Lonavala, Maharashtra, targeting the destination wedding market and corporate conferences, covering civil construction, furniture, kitchen equipment, other capex, landscaping, consultancy charges, and contingencies.
2 General Corporate Purposes —
The company plans to utilize the balance Net Proceeds for general corporate purposes, including but not limited to repayment of borrowings, strategic initiatives, acquisitions, opening restaurants, business development, R&D, fixed asset acquisition, and meeting ordinary course business expenses, not exceeding lakhs or a specified percentage of gross proceeds.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Pind Hospitality
Pind Hospitality Limited, incorporated in June 2021 and converted to public limited company status in June 2023, operates casual dining restaurants and food delivery services under the 'Pind Punjab' brand. The company generates revenue primarily through third-party food delivery apps (78.38% of FY2026 revenue) and operates multiple restaurants in Pune. In April 2024, the company was admitted as a 97.50% partner in Pind Punjab partnership firm, acquiring five restaurants. The company is developing a hotel-cum-banquet hall project (Haveli Project) in Lonavala, Maharashtra. Management is led by Promoter-Directors with experience in the F&B industry.
Management
Nimish Parveen Malhotra
MD
Chirag Parveen Malhotra
COO
Anita Malhotra
Director
Arvind Kumar Kushwaha
Director
Shitij Mukesh Sharma
Director
Ashish Krishan Sharma
Director
Navnath Shankar Shinde
CFO
Harleen Kaur
Director of HR
Strengths
As stated in the offer document
Experienced Promoters, Management Team and Dedicated Staff
The company's promoters collectively have over 25 years of experience in managing restaurants, with the Whole-time Director holding a diploma in hotel management from Niagara College of Canada. As of March 31, 2026, the company employs 135 full-time staff (including Executive Directors) with strong emphasis on organic growth and staff welfare.
Attractive Offerings at Competitive Prices Based on Constant Menu Innovation and Customer Focus
The company offers diverse vegetarian and non-vegetarian menu options with pioneered 'combo options'; revenue from delivery sale of combo options was ₹471.08 lakhs, ₹512.33 lakhs, and ₹479.42 lakhs for Fiscal 2026, 2025, and 2024, respectively. Around 8 years of experience in catering to guest tastes enables the company to carefully design and adjust menus based on customer feedback.
Strong Online Presence
The company has achieved a delivery milestone of 550,000 deliveries on third-party food delivery apps and was recognized by Swiggy as one of the long-standing restaurant partners in Pune. Customers billed through third-party apps grew from 0.96 lakhs in Fiscal 2022 to 4.31 lakhs in Fiscal 2026 at a CAGR of 46%, generating revenue of ₹1,916.48 lakhs in Fiscal 2026.
Strategic Locations
All restaurants are located in Pune, Maharashtra, across high street locations, residential clusters, and upmarket corporate parks, following a cluster-based penetration strategy. The company has maintained and grown its restaurant count from 4 in Fiscal 2022 to 5 in Fiscal 2026, with plans to expand to Lonavala and other cities.
Strong Financial Position and Profitability
The company's revenue from operations grew at a CAGR of 47.50% from ₹513.14 lakhs in Fiscal 2022 to ₹2,445.09 lakhs in Fiscal 2026, while EBITDA grew at a CAGR of 145% from ₹10.89 lakhs to ₹394.72 lakhs. Profit after tax grew at a CAGR of 158% from ₹5.16 lakhs to ₹227.30 lakhs, with PAT margins of 9.30%, 11.31%, and 10.66% for Fiscal 2026, 2025, and 2024, respectively.
Risk factors
As stated in the offer document
Heavy Dependence on Third-Party Food Delivery Apps
Third-party food delivery apps contributed 78.38%, 85.19%, and 86.40% of the company's revenue from operations in Fiscal 2026, 2025, and 2024, representing ₹1,916.48 lakhs, ₹1,929.20 lakhs, and ₹1,795.16 lakhs respectively. Any adverse development in these relationships, increased commission fees, or service disruptions could materially impact the company's business and financial condition.
Geographic Concentration Risk — 100% Revenue from Pune, Maharashtra
The company generates 100% of its revenues from operations in Pune, Maharashtra, making it highly vulnerable to any local economic downturn, natural disaster, contagious disease outbreak, or terrorist attack affecting the city. Any adverse regulatory or competitive developments specific to Pune could have a material adverse effect on overall business and results of operations.
Significant Capital Exposure to Unproven Haveli Project
The company proposes to utilize ₹1,269.81 lakhs of Issue Proceeds toward the Haveli Project (total cost ₹2,010.03 lakhs excluding land), which is marginally high relative to the company's net worth of ₹1,452.30 lakhs as of March 31, 2026. The promoters have no prior experience in hotel and banquet operations, and a significant portion of interior costs are customized with limited resale value, posing material risk if the project is closed or underperforms.
Regulatory Non-Compliance and Statutory Filing Lapses
The company has a history of delayed GST, EPF, and ESIC filings and payments, with ESIC and PF remaining outstanding across multiple fiscal years. Additionally, there have been lapses in company law filings, undisclosed related-party transactions, and a previously deactivated Director Identification Number, which could attract regulatory action and adversely affect the company's financial condition and reputation.
Pending Tax Proceedings Against Company, Partnership Firm, and Promoters
The company, its partnership firm, and promoters are parties to multiple tax proceedings with aggregate amounts of ₹168.69 lakhs (Company), ₹127.81 lakhs (Partnership Firm), and ₹26.68 lakhs (Promoters) involved. Adverse decisions could result in penalties, interest payments, and diversion of management attention from core business operations.
Negative Cash Flows from Investing and Financing Activities
The company has reported negative cash flows from investing activities of ₹646.68 lakhs, ₹216.92 lakhs, and ₹1,575.71 lakhs in Fiscal 2026, 2025, and 2024 respectively, with cash and cash equivalents declining to just ₹1.32 lakhs as of March 31, 2026. Sustained negative cash flows could materially impair the company's ability to fund operations and execute its growth strategy.
Intense Competition in a Fragmented Market with Low Entry Barriers
The company faces competition from organized and unorganized players, cloud kitchens, and global dining brands with greater financial and marketing resources. The low barriers to entry in the food delivery and restaurant industry, combined with the growing presence of dark/cloud kitchens, could erode the company's market share and exert downward pressure on pricing and profitability.
Leasehold Dependency and Real Estate Risks
All business operations are conducted on leased premises with initial terms of 12 to 60 months, exposing the company to renewal risks, escalating rental costs, and potential forced closures — as evidenced by the closure of its Baner restaurant due to non-renewal. Inability to secure or renew leases on acceptable terms could result in restaurant closures, capital losses on fit-outs, and adverse impacts on revenue.
Food Safety, Health Concerns, and Reputational Risk
The company is susceptible to food-borne illness outbreaks, contamination during third-party logistics handling, and negative publicity from real or perceived food quality incidents, which could lead to restaurant closures, regulatory sanctions, and lasting brand damage. A license held by the partnership firm was conditionally suspended by the Food and Drugs Administration in June 2026, highlighting the materiality of this risk.
High Indebtedness and Restrictive Loan Covenants
The company carries secured outstanding debt of ₹1,273.74 lakhs as of March 31, 2026, with long-term borrowings rising to ₹902.23 lakhs in Fiscal 2026, and promoters serving as co-borrowers and guarantors. Restrictive covenants limit capital structure changes and additional borrowings, and any default could result in asset forfeiture, acceleration of repayments, or adverse effects on the company's financial condition.
Company Analysis
from PROSPECTUSPind Hospitality Limited operates casual dining restaurants and food delivery services under the 'Pind Punjab' brand in Pune, Maharashtra, spanning the restaurant and hospitality industries.
Pind Hospitality Limited, incorporated in June 2021 and converted to public limited company status in June 2023, operates casual dining restaurants and food delivery services under the 'Pind Punjab' brand. The company generates revenue primarily through third-party food delivery apps (78.38% of FY2026 revenue) and operates multiple restaurants in Pune. In April 2024, the company was admitted as a 97.50% partner in Pind Punjab partnership firm, acquiring five restaurants. The company is developing a hotel-cum-banquet hall project (Haveli Project) in Lonavala, Maharashtra. Management is led by Promoter-Directors with experience in the F&B industry.
Objects of the Issue
- Funding capital expenditure for construction and development of Haveli Project (hotel-cum-banquet hall in Lonavala, Maharashtra) ₹1,269.81 lakhs p.32
- Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra ('Haveli Project') ₹1,269.81 lakhs p.87
- General Corporate Purposes Not to exceed 15% of Gross Proceeds or ₹1,000.00 lakhs, whichever is lower p.87
- Capex for new restaurant development p.97
- Capex for Haveli Project in Lonavala p.123
- General corporate purposes and working capital p.97
- —
Issue Structure
- Total Issue
- Up to 18,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Up to 18,00,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Offer for Sale
- NA
- Price Band
- ₹ [●] (Floor Price) to ₹ [●] (Cap Price)
- Lot Size
- 1200 Equity Shares and in multiples thereafter; minimum bid lot of 2400 (1200*2) Equity Shares
- Face Value
- ₹ 10/- per Equity Share
Business Model
The company earns revenue through two primary channels: (1) food delivery operations via third-party aggregator apps (contributing 78.38%, 85.19%, and 86.40% of revenue in FY2026, FY2025, and FY2024 respectively), and (2) dine-in restaurant operations. Raw material costs represent 25.05%, 26.22%, and 30.76% of revenue in FY2026, FY2025, and FY2024 respectively, with employee benefits representing 16.64%, 18.38%, and 19.52% of total expenses in the same periods.
Business Segments
SWOT Analysis
- • Established brand recognition in Pune market with significant customer reach(p.32)
- • Hybrid business model combining dine-in and delivery channels(p.32)
- • Positive operating cash flow generation(p.34)
- • Trademark applications pending with objections; logo and brand dependent on partnership firm registration(p.48)
- • Experienced promoters with 25+ years in F&B, diploma in hospitality management from Canadian institution(p.121)
- • Strong online presence with 550k delivery milestone and 46% CAGR in delivery customers from FY22-26(p.122)
- • Strategic cluster approach in high-potential locations (high street, residential, corporate parks)(p.122)
- • Consistent revenue growth at 47.50% CAGR from ₹513.14 lakhs (FY22) to ₹2,445.09 lakhs (FY26)(p.123)
- • Menu innovation with value offerings like combo meals addressing lunch delivery demand(p.121)
- • Strong profitability with PAT CAGR of 158% from ₹5.16 lakhs (FY22) to ₹227.30 lakhs (FY26)(p.123)
- • Dedicated 135 full-time staff with emphasis on organic growth and staff welfare programs(p.121)
- • Low KMP attrition relative to industry(p.157)
- • Stable promoter group with no governance concerns(p.159)
- • Consistent revenue growth trajectory over three years(p.209)
- • Established market presence with over 5 lakhs cumulative deliveries(p.209)
- • Revenue growth trajectory with improving margins(p.221)
- • Improved cost management with declining material costs(p.221)
- • Strong profit growth outpacing revenue growth(p.222)
- • Positive operating cash flow generation(p.223)
- • Meets SME listing profitability criteria across three years(p.242)
- • Healthy leverage ratio well below regulatory threshold(p.242)
- • Significant dependence on third-party food delivery aggregators for majority of revenue(p.31)
- • 100% revenue concentration in single city of Pune(p.32)
- • All restaurant operations on leased premises with no owned properties(p.32)
- • High proportion of revenue consumed by raw material costs(p.39)
- • Negative cash flows from investing and financing activities(p.34)
- • Company and partners subject to multiple tax proceedings(p.33)
- • History of compliance lapses and delayed statutory filings(p.35)
- • Heavy dependence on small number of top suppliers(p.44)
- • Promoters' CIBIL records show 'suit filed' status(p.39)
- • Unregistered trademarks vulnerable to third-party use; inability to enforce intellectual property rights(p.48)
- • Pending professional tax liabilities from September 2021; unpaid employee provident fund contributions across multiple fiscal years(p.47)
- • Unpaid ESIC contributions across multiple fiscal years (FY 2022-23, 2023-24, 2024-25, 2025-26)(p.47)
- • History of loan repayment delays due to liquidity constraints; past failure to meet financial obligations on time(p.52)
- • Concentration of supplier purchases: top 10 suppliers represent 93.52% of FY2026 purchases; lack of long-term supply contracts(p.49)
- • No long-term supplier contracts; procurement on purchase order basis exposes to supply disruption risk(p.49)
- • 100% of FY2026 revenues from Pune city restaurants; high geographic concentration creates business risk(p.50)
- • Board directors lack listed company experience (except one); potential governance and credibility challenges(p.52)
- • Heavy dependence on third-party food delivery apps, particularly Swiggy, for majority of revenue(p.122)
- • Concentrated geographic presence limited to Pune with only 5 restaurants and 1 food counter(p.122)
- • Declining profitability metrics: PAT margin fell from 11.31% (FY25) to 9.30% (FY26) and ROE from 20.92% (FY25) to 15.65% (FY26)(p.123)
- • Trademark applications for 'Pind Punjab' brand have been objected against, creating IP vulnerability(p.135)
- • Reliance on lease agreements for all restaurant properties with no owned real estate except Haveli project land(p.132)
- • Significant outstanding statutory dues across multiple categories(p.167)
- • Default history on loan repayments due to fund shortage(p.184)
- • Deteriorating current ratio indicating liquidity stress(p.200)
- • Rising debt burden with increased leverage(p.200)
- • High capital work-in-progress aging with extended delays(p.188)
- • Declining profitability despite revenue growth(p.220)
- • High supplier concentration risk with top 2 suppliers representing majority of purchases(p.225)
- • Significant increase in finance costs due to rising debt burden(p.221)
- • Unpaid employee benefits and tax liabilities outstanding(p.224)
- • Multiple income tax and TDS demands pending against company(p.231)
- • Partnership firm with significant pending tax liabilities(p.232)
- • Declining cash position despite operational improvements(p.223)
- • Delays in payment obligations to creditors observed(p.242)
- • Expansion into hotel and banquet hall business through Haveli Project(p.38)
- • Growth potential from consolidation of partnership firm restaurants under company(p.34)
- • Expansion within existing Pune market and nearby locations(p.32)
- • Growing food delivery market in India(p.31)
- • Strategic expansion into destination wedding and corporate conference markets via Haveli Project in Lonavala(p.88)
- • Product innovation and menu development as driver of sales growth; regular development of new menu items planned(p.48)
- • Expansion into new geographies beyond Pune, including Tier 1 cities and tourist destinations via FOCO model(p.123)
- • Growing food delivery market with 6.6 crore platform users and mid-double-digit growth over last two years(p.111)
- • Haveli project in Lonavala targeting destination wedding and corporate conference market(p.123)
- • Expansion of food counter concept across IT parks in Pune and Bangalore(p.123)
- • India Food Services industry projected growth from ₹569,487 crores (FY24) with CAGR of 10-15% medium-term(p.112)
- • Increasing consumer preference for online ordering and delivery-driven dining post-pandemic(p.112)
- • New technologies like ONDC providing cheaper delivery alternatives to reduce commission dependency(p.114)
- • Expansion of restaurant operations from 5 to 6 locations(p.210)
- • Growing food delivery app market penetration(p.209)
- • Digital adoption and technology enhancements(p.209)
- • Rising consumer preference for convenient dining(p.209)
- • Expansion of delivery sales and outdoor catering services(p.221)
- • Growing business reflected in increased order execution volumes(p.221)
- • Potential for migration to main board post-listing(p.260)
- • Leverage of food delivery aggregators could force higher commission fees(p.31)
- • Rising real estate and rental costs in Pune market(p.32)
- • Intense competition from organized and unorganized food service players(p.43)
- • Emergence of cloud kitchens and dark kitchens with lower capital requirements(p.31)
- • Volatility in raw material and ingredient costs(p.39)
- • Negative local economic events or natural disasters affecting Pune market(p.32)
- • Food-borne illness and health epidemic risks(p.37)
- • Regulatory risks including licenses and permits suspension(p.36)
- • Changes in consumer preferences and dietary habits(p.38)
- • Dependence on unwritten arrangements with transportation providers(p.44)
- • Pune restaurants vulnerable to severe monsoon flooding and weather-related closure impacts(p.50)
- • Seasonal sales fluctuations; lower turnover in first half due to Diwali/Christmas festive patterns(p.51)
- • Restaurant performance dependent on local employment levels; business hubs affected by city employment trends(p.51)
- • Changing labor laws; four new labor codes yet to fully come into force may increase compliance costs(p.52)
- • Inflation risk; inability to pass cost increases to customers may compress margins(p.53)
- • Economic slowdown in India or global markets could adversely impact restaurant demand and financial performance(p.55)
- • Foreign investment restrictions under FDI policy on land border countries; requirement for GoI approval creates investment uncertainty(p.57)
- • Natural disasters, pandemics, and terror attacks beyond company control; COVID-19 type events could materially adversely affect business(p.53)
- • Competitive and fragmented restaurant industry with low barriers to entry and unorganized sector competition(p.131)
- • GST structure creates burden on restaurants: loss of Input Tax Credit (ITC) and effective OPEX increase of 15-20%(p.114)
- • Significant impact on margins and profitability from high commissions charged by delivery aggregators (Zomato/Swiggy)(p.114)
- • Industry volatility post-pandemic with many restaurant operators still struggling to recover(p.112)
- • Rising food costs, labour costs and rent as key barriers to growth in restaurant industry(p.110)
- • Dependency on seasonal demand and weekday lunch/weekend dinner covers affecting revenue stability(p.128)
- • Intense competition from established and cloud kitchen players(p.210)
- • Regulatory changes affecting operations(p.210)
- • Macroeconomic volatility impacting consumer demand(p.210)
- • Contingent income tax liabilities(p.199)
- • Business seasonality impacting revenue consistency(p.225)
- • High exposure to job market trends affecting customer demand(p.225)
- • Heavy reliance on specific geographic markets through owned and partnership locations(p.238)
- • Missing critical regulatory approvals for operations(p.238)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nimish Parveen Malhotra | Promoter/Chairman & Managing Director | — | — |
| Chirag Parveen Malhotra | Promoter/Whole-time Director | — | — |
| Anita Malhotra | Promoter/Executive Director | — | — |
| Anita Malhotra | Promoter | 33.18% | 23.22% |
| Nimish Parveen Malhotra | Promoter | 27.06% | 18.94% |
| Chirag Parveen Malhotra | Promoter | 24.48% | 17.13% |
| Nimish Parveen Malhotra | Promoter/Chairman & Managing Director | 27.06% | — |
| Chirag Parveen Malhotra | Promoter/Whole-time Director | 24.48% | — |
| Anita Malhotra | Promoter/Executive Director | 33.18% | — |
| Nimish Parveen Malhotra | Promoter | 27.06% | — |
| Chirag Parveen Malhotra | Promoter | 24.48% | — |
| Anita Malhotra | Promoter | 33.18% | — |
| Anita Malhotra | Promoter | — | — |
| Parveen Hansraj Malhotra | Promoter | — | — |
| Nimish Parveen Malhotra | Promoter | — | — |
| Chirag Parveen Malhotra | Promoter | — | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Pind Hospitality Ltd. THIS ISSUE | 5.41 | 34.59 | 26.12, computed at the offer price | 4.29, computed at the offer price | 15.65% |
| −15.13 | 82.80 | 45.99 | 8.48 | -19.27% | |
| 4.52 | 74.33 | 31.70 | 1.93 | 5.78% | |
| 0.09 | 34.19 | 351.44 | 0.91 | 0.24% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.