Pind Hospitality Limited, the operator of the 'Pind Punjab' North Indian cuisine restaurant chain in Pune, has filed its Draft Red Herring Prospectus for an SME IPO. The company plans to raise ₹12.70 crore through a fresh issue, with no offer for sale component, primarily to fund the construction of a hotel-cum-banquet hall in Lonavala.

About the Company

Incorporated in 2021 and headquartered in Pune, Pind Hospitality operates five restaurants and one food counter under the 'Pind Punjab' brand. The business model relies heavily on delivery-led growth, with third-party aggregators like Swiggy and Zomato accounting for approximately 78% to 86% of revenue from operations in recent fiscal years. The company has processed over 4.31 lakh orders via these platforms in FY2026 and achieved a cumulative milestone of 550,000 deliveries. Promoters bring over 25 years of hospitality experience, managing a workforce of 135 full-time staff as of March 31, 2026.

Financial Performance

The company has demonstrated significant top-line growth over the last four fiscal years, with revenue from operations rising from ₹5.13 crore in FY2022 to ₹24.45 crore in FY2026. This represents a CAGR of 47.50%. Profit After Tax (PAT) grew from ₹0.05 crore to ₹2.27 crore during the same period, marking a CAGR of 158%. However, year-on-year growth moderated in FY2026, with PAT declining by 11.33% compared to FY2025 due to higher operating expenses.

Balance sheet data indicates that total assets grew from ₹26.04 crore in FY2024 to ₹37.72 crore in FY2026. Current liabilities increased sharply by 81.96% in FY2026 to ₹9.08 crore, while cash and cash equivalents stood at just ₹1.32 lakh as of March 31, 2026.

Why the Company Is Raising Funds

The entire fresh issue size of ₹12.70 crore is allocated to funding capital expenditure for the 'Haveli Project,' a themed hotel-cum-banquet hall in Lonavala, Maharashtra. The total project cost, excluding land, is estimated at ₹20.10 crore. The IPO proceeds will cover civil construction, furniture, kitchen equipment, landscaping, and consultancy charges. The remaining balance of net proceeds will be utilized for general corporate purposes, including repayment of borrowings, strategic initiatives, and opening new restaurants.

Business Strengths

The company cites its established brand presence in Pune’s high street and corporate park locations as a key strength. It pioneered combo options on delivery platforms, generating delivery revenues of ₹4.71 crore in FY2026. The cluster-based expansion strategy allows for operational efficiency and strong brand recall within the local market. Additionally, the promoters’ extensive experience in restaurant management supports data-driven menu design and customer retention.

Key Risks

A primary risk factor is the heavy dependence on third-party food delivery apps, which contributed 78.38% of revenue from operations in FY2026. Any adverse changes in commission structures or service disruptions could materially impact financial condition. The company also faces geographic concentration risk, as 100% of its revenues are generated from Pune. Furthermore, the allocation of IPO proceeds to the Haveli Project represents approximately 87.43% of the company’s net worth, exposing it to execution risks in a segment where promoters lack prior hotel and banquet experience. Regulatory compliance history includes delayed GST, EPF, and ESIC filings, and a food license was conditionally suspended by the Food and Drugs Administration in June 2026.

Important IPO Dates

The IPO subscription window opens on September 28, 2026, and closes on September 30, 2026. Allotment and listing dates have not been disclosed in the current filing.

Offer Details

The issue is structured entirely as a fresh issue with no offer for sale component. The price band, lot size, and face value are not available in the provided data. The listing exchange is expected to be on the SME platform.