Pind Hospitality
What they do: Hospitality and related operations, with revenue primarily from operations; IPO proceeds are planned for capex on a new hotel-cum-banquet hall and general corporate purposes.
By IPO Milega Research · Published · Updated
Profitable and fast-growing hospitality company with strong FY2024 margin and healthy ROE, but leverage is meaningful and liquidity is tight.
- Listing gain
- -20%
- Listed at ₹79.2
- Subscribed
- 2.71x
- Total
- Retail odds
- 23%
- 1 in 4.3
GMP is an unofficial grey market indication. GMP updated 11 Oct, 18:05 IST.
- Price band
- ₹93-99
- Lot size
- 2400 shares
- Min. investment
- ₹2,37,600
- Issue size
- Approx 17.82 Crores
- Open28 Sept 2026
- Close30 Sept 2026
- Allotment1 Oct 2026
- Listing6 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 1x
- NII
- 1.15x
- Retail
- 4.31x
₹100 (+1.01%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹17 Cr
- Fresh issue
- To selling shareholders
- ₹0 Cr
- No offer for sale
- Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra (Haveli Project₹12.7 Cr71%
- General Corporate Purposes₹2.66 Cr15%
- Issue Expenses₹2.46 Cr14%
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance6.0
- Flexibility6.0
- Timing5.0
- Risk4.0
GMP is संकेतive of about 20.20% listing upside. This is supported by improving profitability, strong revenue growth, and an IPO structure with no OFS; however, the upside is tempered by geographic concentration, lease dependence, leverage, weak liquidity, and negative operating cash flow in the latest period.
Strengths5
- Over 5 lakh deliveries and about 550,000 delivery milestone on third-party apps
- Recognized as a long-standing restaurant partner in Pune by a third-party food delivery app
- Zero permanent restaurant closures since opening the first restaurant in 2016
- Expanded restaurant count from 4 in FY22 to 5 in FY24, with 6 restaurants including the new Eleven West outlet
- Customer billed through third-party food delivery apps increased from 0.96 lakhs in FY22 to 4.23 lakhs in FY24
Concerns5
- Heavy dependence on third-party food delivery apps for most revenue.
- Restaurant operations rely on short leave-and-license arrangements, creating renewal and rent escalation risk.
- Secured and unsecured borrowings impose repayment, covenant and default-related constraints.
- Outstanding direct tax and TDS-related disputes exist for the company and partnership firm.
- Regulatory, tax and foreign investment law changes may increase compliance burden and costs.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,37,6002 lots, 2400 shares
- Retail Maximum2,37,6002 lots, 2400 shares
- S-HNI Minimum3,56,4003 lots, 3600 shares
- S-HNI Maximum9,50,4008 lots, 9600 shares
- B-HNI Minimum10,69,2009 lots, 10,800 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2400 | 2,37,600 |
| Retail Maximum | 2 | 2400 | 2,37,600 |
| S-HNI Minimum | 3 | 3600 | 3,56,400 |
| S-HNI Maximum | 8 | 9600 | 9,50,400 |
| B-HNI Minimum | 9 | 10,800 | 10,69,200 |
Timing
5.0/10Strategically, the IPO seems timed to raise growth capital from a business that has shown revenue and profit improvement, but the offering lacks strong stabilizing features such as a green shoe option and does not have a monitoring agency due to size. For an SME issue, this suggests a practical capital-raising moment, yet the overall market timing is tempered by uncertainty around trading stability, valuation sensitivity, and potential post-listing price volatility.
- Time to market
- The company has moved to the public market after building a track record of profitability and positive operating cash generation, which supports a reasonable entry point. Still, the timing is not especially compelling because the issue is small, operational risks remain visible, and the prospectus itself highlights possible surveillance measures and market-price uncertainty.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE SME
Key milestones
- 28 Sept 2026IPO Opens
- 30 Sept 2026IPO Closes
- 1 Oct 2026Basis of Allotment
- 5 Oct 2026Refunds Initiated
- 5 Oct 2026Credit to Demat Account
- 6 Oct 2026Listing Date
Financials
7.0/10- Revenue
- ₹24.91 Cr
- +7.5%
- Profit after tax
- ₹2.27 Cr
- -11.3%
- Net margin
- 9.1%
- -1.9 pts
- Assets
- ₹37.72 Cr
- +33.1%
- Return on equity
- 20.9%
- Debt to equity
- 0.86
- Current ratio
- 0.58x
- Revenue CAGR
- 101.32%
- ROCE
- 15.83%
- Return on net worth
- 15.65%
- NAV per share (₹)
- 34.59
- Price to book
- 4.29
Financial performance trend
Amount ₹ in croresProfitable and fast-growing hospitality company with strong FY2024 margin and healthy ROE, but leverage is meaningful and liquidity is tight. IPO is for expansion, not for promoter exit.
Borrowings are moderate at about ₹9.04 Cr, comprising long-term and short-term debt. The IPO proceeds are for capex and general corporate purposes, not for debt repayment, so debt remains a monitoring point but not an immediate stress based on profitability.
Fresh issue goes to the company. OFS goes to the selling shareholders.
The company is raising capital for funding capex for a hotel-cum-banquet hall in Lonavala and general corporate purposes. There is no OFS, so existing holders are not cashing out.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks3
- Market risks2
- Operational risks3
- Regulatory risks3
Elevated concentration, lease dependence, borrowing obligations, tax disputes and regulatory uncertainty create meaningful execution and compliance risk, though litigation appears limited and mostly tax-related.
How the company offsets these
Diversify sales channels, secure longer-term premises, maintain covenant discipline, and strengthen tax/regulatory compliance and contingency planning.
Financial risks3
- Heavy dependence on third-party food delivery apps for most revenue.
- Secured and unsecured borrowings impose repayment, covenant and default-related constraints.
- Outstanding direct tax and TDS-related disputes exist for the company and partnership firm.
Market risks2
- Natural disasters, pandemics, war or civil unrest could disrupt operations and affect share price.
- Heavy dependence on third-party food delivery apps for most revenue.
Operational risks3
- Restaurant operations rely on short leave-and-license arrangements, creating renewal and rent escalation risk.
- Secured and unsecured borrowings impose repayment, covenant and default-related constraints.
- Natural disasters, pandemics, war or civil unrest could disrupt operations and affect share price.
Regulatory risks3
- Regulatory, tax and foreign investment law changes may increase compliance burden and costs.
- Labour-code implementation uncertainty and limited precedent could create additional compliance risk.
- Outstanding direct tax and TDS-related disputes exist for the company and partnership firm.
Performance
6.0/10Pind Hospitality has shown strong top-line growth from a small base, with revenue rising from ₹513.14 lakhs in FY22 to ₹2,077.79 lakhs in FY24 and profitability improving materially. Execution appears decent, supported by zero permanent restaurant closures, delivery-led scaling, and a stable Pune cluster model. However, growth is concentrated in one geography, margins softened in FY24 and the six months ended September 2024, and operating cash flow turned negative in the latest period.
- Historical growth
- Revenue grew 271.93% in FY23 and 8.87% in FY24; PAT rose from ₹5.13 lakhs in FY22 to ₹221.41 lakhs in FY24. EBITDA increased from ₹10.87 lakhs in FY22 to ₹310.35 lakhs in FY24, though EBITDA margin moved from 2.12% to 14.94% and then 12.08% in the latest half-year., Very high growth from FY22 to FY24 off a low base, but growth moderated in FY24 and margin compression was visible in the latest period.
- Market comparison
- Compared with larger Indian restaurant chains and national delivery-led brands, the company is much smaller in scale and geographically concentrated in Pune. Relative to local standalone restaurants, it appears better organized, more digitally integrated, and more structured in rollout and branding, but it lacks the scale, diversification, and purchasing power of leading peers.
- Future potential
- Growth potential is moderate to strong if it can successfully consolidate operations under the company, expand beyond Pune, and improve unit economics; execution risk remains meaningful.
- Operational consistency
- The business has operated since 2016 with no permanent closures, a stable Pune cluster model, and improving profitability. Still, performance is sensitive to delivery commissions, rent, and expansion execution, and cash generation weakened in the latest period.
- Experience
- Promoters collectively have over 25 years of restaurant management experience, and the business states about 8 years of operating experience in its geography.
- Track record
- Track record is positive at the operating level: delivery scale-up, new restaurant rollouts, and multi-year revenue/profit growth. The whole-time director has hotel management training and restaurant/QSR exposure.
Key achievements
- 01Over 5 lakh deliveries and about 550,000 delivery milestone on third-party apps
- 02Recognized as a long-standing restaurant partner in Pune by a third-party food delivery app
- 03Zero permanent restaurant closures since opening the first restaurant in 2016
- 04Expanded restaurant count from 4 in FY22 to 5 in FY24, with 6 restaurants including the new Eleven West outlet
- 05Customer billed through third-party food delivery apps increased from 0.96 lakhs in FY22 to 4.23 lakhs in FY24
Flexibility
6.0/10It adapts to changing demand through delivery channels, combo meals, digital discovery, and selective format expansion from dine-in to catering and banquet-led hospitality. However, its operations are still largely anchored to north Indian cuisine and Pune, limiting broader market responsiveness.
Revenue and profitability have grown, with FY24 revenue from operations of ₹2,077.79 lakhs, EBITDA of ₹310.35 lakhs and PAT of ₹221.41 lakhs, and net worth rising to ₹968.78 lakhs. But the business is still small, lease-heavy, and the issue depends materially on funding the Haveli Project, indicating only moderate balance-sheet flexibility.
The company has a defined restaurant roll-out process, standardized layouts, multiple vendor partners, local sourcing, and routinely uses renovations and menu adjustments. Agility is supported by delivery, catering, in-house app usage and proposed FOCO franchising, though execution remains concentrated and promoter-dependent.
Moderately flexible. The company has shown menu innovation, delivery-led expansion, a cluster rollout model, and plans to add a hotel-cum-banquet hall, but it remains concentrated in Pune, dependent on restaurant operations and third-party delivery platforms, and has limited geographic/product breadth so far.
- Product diversification
- Moderate. Core focus remains Punjabi/north Indian cuisine, but the menu also includes oriental dishes like Chinese and Thai, fixed-price thalis, combo meals, catering, and a planned hotel-cum-banquet hall in Lonavala. This is diversification within the food-service theme rather than across unrelated businesses.
- Future adaptability
- Moderately positive. The company has room to improve flexibility through FOCO expansion, digital engagement, delivery optimization, and new format launches. The main constraints are geographic concentration, limited scale, and dependence on promoter-led execution, so future adaptability is promising but not yet proven at a wider scale.
Latest on Pind Hospitality IPO
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