This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Incorporated in 2021 and based in Pune, Maharashtra, Pind Hospitality Limited operates dining restaurants and online delivery outlets under the brand 'Pind Punjab', serving authentic North Indian/Punjabi cuisine along with oriental dishes across 250+ menu items. As of the RHP date, the company operates 6 outlets/restaurants (4 leased directly by the company, 1 by its partnership firm Pind Punjab in which the company holds a 97.50% interest, plus 1 food court counter at ITPP-Kharadi IT Park). Food delivery via third-party aggregators (Swiggy, Zomato, etc.) forms the dominant channel, generating 78.38% of FY26 revenue from operations (Rs. 19.1648 crore out of Rs. 24.4509 crore), with outdoor catering contributing 21.62% (Rs. 5.2861 crore). In FY26, the company served over 4.31 lakh orders through online platforms. The company does not own manufacturing facilities and sources perishable raw materials locally. Promoters Nimish Parveen Malhotra, Chirag Parveen Malhotra, and Anita Malhotra manage operations. The company is developing 'Haveli Project'—a hotel-cum-banquet hall facility in Lonavala spread across 23,998 sq. ft.
Strong brand recall of 'Pind Punjab' in the Pune market, high online delivery order volume (over 4.31 lakh orders in FY26), strategic high-street and corporate park outlet locations, and integrated hybrid dining and delivery model.
Pind Hospitality Limited is a Pune-based restaurant chain operator running casual dining restaurants and online food delivery outlets under the 'Pind Punjab' brand, specializing in authentic North Indian and Punjabi cuisine.
Source: p.117, 118, 121, 128, 172
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Listed on | Source |
|---|---|---|---|---|---|---|
| United Foodbrands Ltd (formerly Barbeque-Nation) | 4.62 | -19.27 | mainboard | p.100, 101 | ||
| Speciality Restaurants Ltd | 4.35 | 31.7 | 5.78 | mainboard | p.100, 101 | |
| Vikram Kamats Hospitality Ltd (formerly Vidli Restaurants) | 0.26 | 351.44 | 0.24 | sme | p.100, 101 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| standalone | FY26 | 0 | 2.273 | 9.3% | 24.4509 | yes | 3.2568 |
| standalone | FY25 | 2.0999 | 2.5623 | 11.31% | 22.6456 | yes | -1.3857 |
| standalone | FY24 | 2.1823 | 2.2141 | 10.66% | 20.7779 | yes | 12.4001 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How are the fresh issue IPO proceeds allocated across capital expenditure and general corporate purposes?
Fresh issue proceeds are allocated as: Rs. 12.6981 crore for funding capital expenditure towards setting up a hotel-cum-banquet hall in Lonavala, Maharashtra ('Haveli Project'), and the balance for General Corporate Purposes (capped at 15% of gross issue proceeds or Rs. 10.00 crore, whichever is lower).
p.84, 85
What is the promoters' shareholding pre-issue and post-issue, and their acquisition history?
Promoters Nimish Parveen Malhotra, Chirag Parveen Malhotra, and Anita Malhotra hold 84.72% pre-issue equity (3,557,162 shares) and 59.30% post-issue equity. Promoter shareholding was expanded through bonus issues in March 2023 (10:1 ratio) and preferential allotments at Rs. 60 per share.
p.78, 101, 155, 162
What are the key related-party transactions, partnership investments, and promoter debt support?
The company holds a 97.50% capital interest in partnership firm Pind Punjab (investment value Rs. 7.3044 crore). Raw material sales to Pind Punjab totaled Rs. 2.0999 crore in FY25 and Rs. 2.1823 crore in FY24. Directors/promoters provided personal guarantees and co-borrower mortgages over personal residential properties for corporate term loans and bank overdrafts.
p.26, 27, 172, 178, 327, 331
How did operating cash flow perform relative to restated net profits over FY24 to FY26?
Restated PAT stood at Rs. 2.2141 crore in FY24, Rs. 2.5623 crore in FY25, and Rs. 2.2730 crore in FY26. Operating Cash Flow (CFO) remained positive across all three years (+Rs. 4.2701 crore in FY24, +Rs. 1.9044 crore in FY25, and +Rs. 3.0515 crore in FY26), though investing cash flow saw heavy capital expenditure outflows of -Rs. 15.76 crore in FY24 for property, plant, equipment, and CWIP.
p.28, 126, 130
What secretarial, statutory compliance, litigation, and tax findings exist for the company?
The company defaulted on 4 loan installments totaling Rs. 0.1662 crore to Aditya Birla Finance Ltd due to shortage of funds. Outstanding Income Tax demand of Rs. 0.0853 crore for AY 2023-24 and TDS payable of Rs. 0.9168 crore remain pending. Outlets lack health trade licenses and Fire NOCs. Statutory auditor M/s Ratan Chandak & Co. LLP, Chartered Accountants, served continuously without auditor change.
p.27, 30, 43, 354, 358, 360, 361
What are the application lot terms, retail ticket requirements, market maker details, and exit constraints for public investors?
The offer is listed on BSE SME with a minimum retail application requirement of 2 lots (2,400 equity shares, minimum application size above Rs. 2.00 lakhs). Trading occurs strictly in standardized market lots of 1,200 shares, and because lots are indivisible, partial exit or fractional lot trading is impossible. Bhansali Value Creations Private Limited is the Market Maker with 91,200 reserved shares (5.07%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.10, 11, 69, 72, 251, 260
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2021-06-15 | Initial Subscribers to MOA | 50000 | 10 | promoter | initial | p.73 |
| 2021-09-15 | Existing Shareholders | 90000 | 10 | promoter | rights | p.73 |
| 2021-10-30 | Existing Shareholders | 60000 | 10 | promoter | rights | p.73 |
| 2023-02-27 | Preferential Allottees | 169582 | 60 | promoter group | preferential | p.73 |
| 2023-03-11 | Unsecured Loan Lenders | 230220 | 60 | promoter | transfer | p.74 |
| 2023-03-17 | Existing Shareholders | 2999010 | 0 | promoter | bonus | p.74 |
| 2023-05-04 | Preferential Allottees | 372000 | 60 | financial investor | preferential | p.74, 75 |
| 2023-06-27 | Preferential Allottees | 114000 | 60 | financial investor | preferential | p.74, 75 |
| 2023-08-08 | Preferential Allottees | 114000 | 60 | financial investor | preferential | p.74, 75 |
Ceo: Nimish Parveen Malhotra
Outstanding Income Tax demand of Rs. 0.0853 crore for AY 2023-24 against the Company. Default in payment of 4 loan installments totaling Rs. 0.1662 crore to Aditya Birla Finance Ltd due to shortage of funds. Non-renewal/suspension issues and non-possession of health trade license, signage license, Fire NOC, and environmental clearance across certain restaurant premises operated by partnership firm Pind Punjab.
Auditor name: M/s Ratan Chandak & Co. LLP, Chartered Accountants
Skin in game: Promoters hold 84.72% pre-issue shareholding (3,557,162 equity shares out of 4,198,812 pre-issue shares).
Auditor changed last 3y: No
Source: p.2, 9, 27, 78, 125, 160, 360, 361
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Pind Punjab | 2.0999 | sale | group company | yes | p.27, 186 |
| Pind Punjab | 5.8436 | loan given | group company | no | p.186 |
| Nimish Parveen Malhotra | 0.18 | remuneration | director | yes | p.186 |
| Chirag Parveen Malhotra | 0.18 | remuneration | director | yes | p.186 |
| Anita Malhotra | 0.18 | remuneration | director | yes | p.186 |
| Nimish Parveen Malhotra | 0.055 | loan taken | director | no | p.44, 186 |
Disclosed instances of administrative delays in depositing statutory dues including PF, ESIC, Professional Tax, and TDS. TDS payable outstanding as at March 31, 2026 stood at Rs. 0.9168 crore. Outstanding income tax liability for AY 2023-24 stood at Rs. 0.0853 crore. Employer/employee share of ESIC and Professional Tax were not regularly deposited in certain months.
Defaults disclosed: Yes
Source: p.27, 354, 358
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
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What this sector is read on: Keys, Occupancy, ADR, RevPAR, Signed pipeline, Managed keys share. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Hotels and hospitality framework (from the listed sector). Primary valuation lens: EV/EBITDA, owned and managed separately.
Read more closely in this sector: ADR against occupancy in RevPAR growth.