Pind Hospitality Ltd

Pind Hospitality Ltd IPO

Pind Hospitality Ltd

₹2,23,200 /2400 sharesMinimum investment

IPO listing details

Listed on
6 Oct '26
Issue price
₹99.00
Listing price
₹79.20
Listing gains
-₹19.80 (20.00%)
Exchange
--

IPO details

Minimum investment
₹2,23,200
Price range
₹93 - ₹99
Lot size
1,200
Issue size
17.82 Cr
Face value
10
IPO document

Subscription rate

Qualified Institutional Buyers1.00x
Non-Institutional Investor1.14x
Retail Individual Investor4.22x
Total2.58x
As of 30 Sep'26, 04:55 PM

Schedule

28 Sep 2026
IPO open date
30 Sep 2026
IPO close date
1 Oct 2026
Allotment date
1 Oct 2026
Funds unblock or debit
6 Oct 2026
Tentative listing date

About

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.;
Founded in
2021
MD/CEO
Mr Nimish Parveen Malhotra
Parent organisation
Pind Hospitality Ltd

Pind Hospitality Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
20.7822.6424.45202420252026

Strengths & Risks

Strengths
Risks
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.
Pind Hospitality has developed meal combos as a separate delivery offering. These combos help the company cater to lunch-hour demand. Revenue from delivery sales of combo options stood at Rs 4.71 crore, Rs 5.12 crore, and Rs 4.79 crore in FY26, FY25, and FY24, respectively.
The company serves customers through multiple channels beyond its restaurants. These include third-party food delivery apps, its in-house mobile application, online and telephonic bookings, bulk corporate orders, and catering services. It also operates a food counter at an IT park in Pune.
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.
The company has had delays in filing statutory returns and depositing statutory dues, including GST, provident fund, and employee state insurance dues. The prospectus states that PF dues, except for FY24, and ESIC dues were outstanding as of the relevant date, although the company has stated that corrective measures have been taken. Continued delays could result in additional interest, penalties, and regulatory action.
Pind Hospitality has reported instances of regulatory and corporate filing non-compliances. These include non-filing of DPT-3, delays in certain RoC filings, non-disclosure of certain related-party transactions in the FY23 financial statements, and inaccuracies in certain statutory forms and corporate records. Similar non-compliances in the future could result in regulatory proceedings and affect the company’s financial position or reputation.
Pind Punjab, a partnership firm in which the company holds an interest, faced suspension of a restaurant licence in June 2026 following deficiencies identified during a surprise inspection by the Maharashtra Food and Drugs Administration. The deficiencies were subsequently rectified, and the Bombay High Court set aside the suspension in July 2026. Similar regulatory action in the future could disrupt restaurant operations, result in loss of revenue and affect the Pind Punjab brand.
Certain regulatory approvals and licences for restaurants operated by Pind Punjab were yet to be obtained as of the RHP date. These included Health Trade Licences for its Camp and Hinjewadi restaurants and signage licences, environmental clearances, and fire NOCs for certain restaurants at Camp, Hinjewadi, Kharadi, and Viman Nagar. Failure to obtain or renew the required approvals could lead to fines or interruption of restaurant operations.
As of August 31, 2026, the company had outstanding financial indebtedness of Rs 12.39 crore. Failure to service or repay these loans on time can harm the company’s operations and financial position.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.

Application details

For Pind Hospitality IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹93 - ₹99₹2 - ₹5 Lakhs1200

About

Objectives of Pind Hospitality IPO Proceeds

Particulars

Estimated Amount

(in ₹ Cr.)

Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra ("Haveli Project")

12.70

General corporate purposes

[.]

Total

[.]

Book Running Lead Manager & Registrar of Pind Hospitality IPO

Book Running Lead Manager

Fedex Securities Private Limited

Registrar to the Issue

Bigshare Services Private Limited

Market Maker to the Issue

Bhansali Value Creations Private Limited

Key Performance Indicators (KPIs) of Pind Hospitality Ltd.

KPI

Value (for the fiscal year ended March 31, 2026)

ROE (%)

15.65

ROCE (%)

15.83

EBITDA Margin (%)

16.14

PAT Margin (%)

9.30

Debt-to-equity Ratio (times)

0.88

Return on Net Worth (RoNW) (%)

15.65

Net Asset Value (NAV) per Equity Share (₹)

34.59

Pind Hospitality IPO Contact Details

Company Name

Pind Hospitality Limited

Registered Office

Plot no. 5, Sairung Woods, Hinjewadi Phase 2, Mulshi, Pune- 411057, Maharashtra India

Phone

+91 84373 76655

Email

www.pindpunjab.in

Website

[email protected]

Pind Hospitality IPO Registrar Contact Details

Company Name

Bigshare Services Private Limited

Phone

+91 22 6263 8200

Email

[email protected]

Website

www.bigshareonline.com

Frequently Asked Questions