| Annual Financials | Mar 2023 | Mar 2024 | Mar 2025 |
| Revenue | 16.88 | 65.95 | 101.31 |
| Expenses | 15.78 | 60.15 | 91.09 |
| Other Income | 0.02 | 0.42 | 0.75 |
| Total Revenue | 16.91 | 66.37 | 102.06 |
| Profit Before Tax | 1.12 | 6.22 | 10.96 |
| Net Profit | 0.84 | 4.64 | 8.22 |
Vegorama Punjabi Angithi
Vegorama Punjabi Angithi IPO
₹2,33,600
33.84 xOver-subscribedBidding Dates 20 May, 26 -22 May, 26
Min Investment ₹2,33,600
Lot Size1,600
Price Range ₹73 – ₹77
Issue Size ₹38.38 Cr.
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IPO Subscription Details
Retail Subscription Details
26.29 x
Non-Institutional Buyers (sHNI)
36.22 x
Non-Institutional Buyers (bHNI)
77.94 x
Qualified Institutional Buyers (QIB)
24.41 x
Total33.84 x
33.84 x IPO Timeline
IPO Offer Start
20 May,26
IPO Offer Ends
22 May,26
Allotment Finalisation
25 May,26
Refund Initiation
26 May,26
Listing of Shares
27 May,26
IPO Analysis
Strengths
The company conducts comprehensive feasibility studies and location selection processes considering factors like visibility, competition presence, and customer footfall to develop strategically positioned cloud kitchens and fine dine restaurants.
The company stands out as a growing brand with rapid expansion and strong brand presence driven by commitment to authentic flavors, exceptional service, and customer-centric approach in vegetarian cuisines.
The company provides great quality food experience with diverse and creative menu at affordable prices through constant menu innovation while maintaining authenticity and high-quality standards.
Risks
The company, its promoters, and promoter group entities have received summons from the Income Tax Department regarding financial transactions for FY 2020-21 to 2024-25. While no adverse findings have been issued yet, any future tax demands, penalties, or prosecution could adversely impact the company's reputation and financial condition.
Approximately 91.93% of revenue (₹9,656.75 lakhs) for the period ended December 31, 2025 comes from online platforms like Swiggy and Zomato. Loss of these major platforms or changes in their terms could materially affect business operations and profitability.
The company's top 10 customers contributed 92.85%, 92.57%, 95.36% and 99.91% of revenue from operations for the periods ended December 31, 2025, March 31, 2025, 2024 and 2023 respectively. Loss of key customers could severely impact financial performance.
Objectives
The company intends to establish a banquet and fine dine restaurant at Plot No. C6 & C7, EBD, Sector – 89, Gurugram, Haryana. The facility will develop Basement, Ground Floor, First Floor, Second, Third and Fourth Floor with an approx. covered area of 16,400 sq. ft. for banquet services and fine dine restaurants.
The company proposes to construct a centralized cloud kitchen at Plot No. 120, Sector – 16, Bahadurgarh, Jhajjar Haryana admeasuring about 450 sq. mtr. The centralized kitchen will help maintain quality of products, increase shelf life and enable bulk purchasing negotiations with vendors.
The company plans to set up 10 new cloud kitchens in Delhi/NCR and Pune. The expansion will leverage the brand equity of 'Punjabi Angithi by Vegorama Group' to increase market share and meet growing demand for casual dining restaurants.
The company will upgrade existing 18 cloud kitchen locations by installing cold rooms and air scrubbers. This upgradation will improve service quality, operational efficiency, and create better working environment for employees while reducing raw material wastage.
The company will utilize proceeds for general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors, subject to applicable regulations.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2023 | Mar 2024 | Mar 2025 |
| Total Assets | 5.59 | 18.35 | 24.77 |
| Current Assets | 5.10 | 11.91 | 11.55 |
| Fixed Assets | 0.49 | 6.44 | 13.22 |
| Total Equity & Liabilities | 5.59 | 18.35 | 24.77 |
| Total Liabilities | 4.11 | 12.23 | 10.44 |
| Current Liabilities | 3.96 | 8.43 | 6.76 |
| Non Current Liabilities | 0.15 | 3.81 | 3.68 |
| Total Equity | 1.47 | 6.12 | 14.34 |
Cash Flow
| Cash Flow | Mar 2023 | Mar 2024 | Mar 2025 |
| Net Cash Flow | 3.40 | 5.23 | -0.21 |
| Investing Activities | -0.51 | -5.81 | -6.36 |
| Operating Activities | 3.05 | 7.31 | 5.47 |
| Financing Activities | 0.86 | 3.73 | 0.67 |
About Vegorama Punjabi Angithi
Vegorama Punjabi Angithi Limited is an evolving brand in the Indian food industry, known for its rich vegetarian North Indian and other cuisines. The company has grown from a cloud kitchen and takeaway service provider since 2014 to a multi-vertical segment, catering to diverse customer needs through cloud kitchens, corporate...more
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Managing DirectorDeepak Chadha
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