Pind Hospitality Ltd IPO

Hotels & Restaurants

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Price Band

₹93 – ₹99

Lot Size

1200

Minimum Bid Quantity

2400

Minimum Investment

₹237600

Issue Size

₹17.82Cr

Opens

2026-09-28

Closes

2026-09-30

Listing

06-10-2026

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

ISIN

INE0RNF01016

Pre-Apply Available

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Pind Hospitality Limited is engaged in the restaurant business and operates restaurants in Pune, Maharashtra. Its restaurants primarily serve North Indian and Punjabi cuisine and offer both dine-in and online food delivery through third-party food delivery platforms. The menu includes vegetarian and non-vegetarian dishes, fixed-price thalis, meal combos, and à la carte options. The restaurants also serve Chinese and Thai cuisine, with more than 200 dishes across the menu. The company also operates a food counter at an IT park in Pune. As of the date of the Red Herring Prospectus, the company had taken four restaurants on a “Leave and Licence” basis in Pune, while one restaurant was taken on a leave and licence basis by Pind Punjab, a group entity of Pind Hospitality. Of these five restaurants, three are operated by the partnership firm under the “Pind Punjab” brand, while the Eleven West (Panchshil) and Viman Nagar restaurants are operated by the company.

Pros

• The company has a significant online delivery business. It served around 4.31 lakh customers through third-party food delivery apps in FY26, up from 0.96 lakh in FY22, representing a CAGR of 46%. Revenue from third-party food delivery apps stood at Rs 19.16 crore in FY26.
• Pind Hospitality has recorded growth in revenue from operations and PAT. Revenue from operations increased from Rs 5.13 crore in FY22 to Rs 24.45 crore in FY26, representing a CAGR of 47.50%. PAT increased from Rs 0.05 crore to Rs 2.27 crore during the same period.
• The company has established a concentrated restaurant presence in Pune. As of the date of the RHP, it had five restaurants located across high-street locations, residential clusters, and corporate areas in Pune. It follows a cluster-based approach, establishing operations within a region before expanding to nearby geographies.

Cons

• Pind Hospitality is highly dependent on third-party food delivery platforms, which contributed 78.38%, 85.19%, and 86.40% of its revenue from operations in FY26, FY25, and FY24, respectively. Revenue generated through these platforms stood at Rs 19.16 crore, Rs 19.29 crore, and Rs 17.95 crore, respectively. Higher commissions, changes in commercial terms or disruption in its relationship with these platforms could affect its revenue and profitability.
• The company generates its entire revenue from Pune and nearby locations. It generated 100% of its revenue in FY26, FY25, and FY24 from Pune, while its proposed Haveli Project is located in nearby Lonavala. Any adverse economic, regulatory, or other development in the region could materially affect its overall business and revenue.
• The company has reported negative cash flows from investing activities in each of the last three financial years, primarily due to the purchase of tangible assets and investment in equity instruments. Net cash used in investing activities stood at Rs 6.47 crore, Rs 2.17 crore, and Rs 15.76 crore in FY26, FY25, and FY24, respectively, while financing cash flow was negative at Rs 1.38 crore in FY25. Continued negative cash flows could affect the company’s ability to fund its operations and growth plans.

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