A Delhi NCR-based cloud kitchen chain under the “Punjabi Angithi” brand plans to raise Rs 36.44 crore via the BSE SME platform.
Vegorama Punjabi Angithi Ltd., a quick service restaurant and cloud kitchen operator under the “Punjabi Angithi” brand offering affordable North Indian cuisine, opens for subscription on May 20 with the issue closing on May 22. The company is listing on the BSE SME platform.
What the Company Does
Incorporated in March 2022 — barely four years old — Vegorama Punjabi Angithi operates 27 cloud kitchens primarily across Delhi NCR with select presence in Dehradun, alongside two fine-dining restaurants. It is an almost entirely delivery-first business, with approximately 92% of revenue in FY25 derived from online food delivery platforms, primarily Zomato and Swiggy. This structural dependence on third-party aggregators is the central risk of the business model. The company serves affordable Punjabi-style food with a focus on value-for-money meals and operates on a multi-brand setup from shared kitchen infrastructure.
From the fresh issue proceeds, Rs 11.82 crore is earmarked for building a premium banquet and fine-dining location — a meaningful strategic pivot from the company’s core cloud kitchen model that brings with it higher capital requirements and different operational risks.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 20, 2026 |
| Issue Closes | May 22, 2026 |
| Listing | BSE SME (May 27, 2026) |
| Price Band | Rs 73 – Rs 77 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 36.44 crore |
| Fresh Issue | Rs 28.77 crore |
| OFS | Rs 7.68 crore |
| Lot Size | 1,600 shares (min 2 lots = 3,200 shares) |
| Min. Retail Investment | Rs 2,46,400 |
| BRLM | Corporate Makers Capital Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Pace Stock Broking Services Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 16.88 | 65.94 | 101.31 | 105.35 |
| PAT | 0.84 | 4.64 | 8.22 | 9.04 |
| PAT Margin | 4.97% | 7.04% | 8.12% | 8.58% |
Revenue has grown strikingly fast — from Rs 16.88 crore in FY23 to Rs 101.31 crore in FY25, and then 9M FY26 alone has already exceeded full-year FY25. This is a genuine growth story for a four-year-old company, driven largely by rapid cloud kitchen additions and the aggregate delivery boom. However, the company was incorporated only in March 2022, making the FY23 figures cover less than a full financial year and limiting the historical context available. The jump from Rs 0.84 crore PAT in FY23 to Rs 8.22 crore in FY25 is sharp.
Risks to Consider
Approximately 92% of revenue flows through Zomato and Swiggy — any commission revision, algorithm change, or policy shift by either platform can directly and materially impact revenues and profitability without any buffer. The company was incorporated only in 2022, giving it a very short operating track record to evaluate. The fine-dining and banquet expansion funded by IPO proceeds is a strategic pivot from what is essentially a delivery-only model, carrying its own execution and capital risk. The merchant banker, Corporate Makers Capital, has a poor track record on listings.
Analyst View
Independent analysts note that the company has delivered growth in its top and bottom lines, but that the boosted bottom lines from FY24 onward raise eyebrows and concern over sustainability in a highly competitive QSR and cloud kitchen segment. The poor track record of the merchant banker is also flagged. The issue appears aggressively priced on overall parameters, as per analysts.