A Pune-based operator of the “Pind Punjab” North Indian restaurants is raising Rs 17.82 crore through a BSE SME issue.
Pind Hospitality runs quick-service restaurants in and around Pune, focused on authentic North Indian and Punjabi cuisine.
It was incorporated on June 15, 2021. Its restaurants are located in high-street areas, residential clusters, upmarket corporate parks and weekend destinations, serving both dine-in customers and online delivery orders, with a consistent look and feel across outlets.
The menu has more than 200 dishes. Besides Punjabi food, it includes Chinese and Thai options and value offerings such as paneer tikka masala, dal makhani meal combos, and fixed-price vegetarian and non-vegetarian thalis, which every restaurant serves alongside à la carte dishes.
The company also takes orders through its own app, online bookings and telephone, and provides outdoor catering for events and workplace canteens.
Delivery is a large part of the business. The company has completed more than 5 lakh deliveries and is recognised as a long-standing restaurant partner in Pune by a third-party food delivery app. It served about 4.23 lakh orders through delivery apps in FY24, 4.30 lakh in FY25 and 4.31 lakh in FY26. Revenue from third-party delivery apps was Rs 17.95 crore in FY24, Rs 19.29 crore in FY25 and Rs 19.16 crore in FY26.
The restaurant group has five restaurants, all on leave-and-licence premises in Pune. The company holds four of the licences and its partnership firm, Pind Punjab, holds the fifth. Three restaurants are run by the partnership firm under the “Pind Punjab” brand.
The company itself runs the Eleven West (Panchshil) outlet, opened in November 2024, and the Viman Nagar outlet, as well as a food counter in a Pune IT park. A restaurant in Baner closed during FY26 after its lease wasn’t renewed. As of March 31, 2026, the company had 135 employees.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 28, 2026 |
| Issue Closes | September 30, 2026 |
| Allotment (expected) | October 1, 2026 |
| Listing | BSE SME |
| Listing Date (tentative) | October 6, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 93 – Rs 99 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 17.82 crore (18,00,000 shares, entirely fresh) |
| Anchor Portion | 5,12,640 shares |
| Lot Size | 1,200 shares |
| Min. Retail Application | 2,400 shares (2 lots) |
| Min. Retail Investment | Rs 2,37,600 |
| Post-IPO Market Cap | Rs 59.39 crore |
| IPO as % of Post-IPO Capital | 30.01% |
| Lead Manager | Fedex Securities Pvt Ltd |
| Market Maker | Bhansali Value Creations Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Syndicate Member | Giriraj Stock Broking Pvt Ltd |
| Underwriting | 15% Fedex Securities, 85% Giriraj Stock Broking |
The issue is entirely a fresh issue. From the net proceeds, PHL will use Rs 12.70 crore for capex on a hotel-cum-banquet hall in Lonavala, Maharashtra, and the rest for general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 4.20 crore (41,98,812 shares) to Rs 6.00 crore (59,98,812 shares).
Price Band Analysis
At the Rs 99 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 26.12x, or 23.19x on FY25 earnings. The P/BV is 2.86 on the March 31, 2026 NAV of Rs 34.59, and 1.84 on the post-IPO NAV of Rs 53.92. The post-IPO market cap is Rs 59.39 crore.
Analysts consider the issue aggressively priced on the basis of its recent average earnings.
GMP Watch
As per market channels, the Pind Hospitality IPO GMP is ₹0. That indicates a listing price of ₹99, flat to the upper band.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 20.87 | 23.17 | 24.91 |
| Net Profit (PAT) | 2.21 | 2.56 | 2.27 |
| PAT Margin (%) | 10.66 | 11.31 | 9.30 |
| RoCE (%) | 16.18 | 19.64 | 15.83 |
Total income rose from Rs 20.87 crore in FY24 to Rs 23.17 crore in FY25 and Rs 24.91 crore in FY26. Net profit rose from Rs 2.21 crore to Rs 2.56 crore in FY25, then fell to Rs 2.27 crore in FY26. The PAT margin dropped from 11.31% in FY25 to 9.30% in FY26, and RoCE fell from 19.64% to 15.83%.
Over the last three fiscals, the company reported an average EPS of Rs 5.64 and an average RoNW of 18.61%. Trade receivables have risen year on year. The company hasn’t paid any dividends since incorporation.
Peer Comparison
| Company | P/E (x) |
|---|---|
| Pind Hospitality (FY26, post-IPO) | 26.12 |
| United Foodbrands | NA |
| Speciality Restaurants | 27.8 |
| Vikram Kamats Hospitality | 38.0 |
Peer P/Es as of September 25, 2026.
Analysts say the listed peers are not comparable on an apples-to-apples basis.
Risks to Consider
Lower FY26 profit. Net profit fell from Rs 2.56 crore in FY25 to Rs 2.27 crore in FY26 even though total income rose, and the PAT margin dropped from 11.31% to 9.30%.
Dependence on delivery apps. Third-party delivery apps brought in Rs 19.16 crore of revenue in FY26, slightly less than the Rs 19.29 crore in FY25. Changes in platform commissions or policies directly affect the business.
Leased premises and the group structure. All restaurants operate from leave-and-licence premises, and the Baner outlet closed in FY26 after its lease wasn’t renewed. Three of the five restaurants are run by the partnership firm Pind Punjab, not by the company itself.
A new segment. Most of the IPO proceeds (Rs 12.70 crore) will go to a hotel-cum-banquet hall in Lonavala, a business the company doesn’t currently operate.
Receivables and disclosure. Trade receivables have risen year on year. Analysts also noted that the human resources data in the offer document has inconsistencies in the total employee figures.
