Pind Hospitality IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Pind Hospitality

Price band

₹93 – ₹99

Lot size

1200 shares

Min investment

₹1,18,800

Issue size

₹17.82 Cr

About the company

Pind Hospitality Limited was incorporated on 15 June 2021 and works in hotels and restaurants. Together with its partnership firm Pind Punjab it operates six restaurants in Pune, Maharashtra, and says none has closed permanently since 2016. It reaches customers in several ways. Dine-in is the core, and delivery runs through third-party food delivery apps as well as its own mobile app, online bookings and telephone orders. It also offers mobile pre-ordering for pick-up within a six kilometre radius. It has completed more than five lakh deliveries and is described by third-party delivery apps as one of the long-standing restaurant partners in Pune. Its third line is outdoor catering for special events and workplace canteens, which has grown quickly, bringing in Rs 528.61 lakh in FY2026 against Rs 125.37 lakh in FY2025 and Rs 64.38 lakh in FY2024. Its advertising targets middle and upper-middle-class customers on the promise of fresh, affordable food, using internet, print, direct marketing and social media.

Pind Hospitality Limited runs six restaurants in Pune along with its partnership firm Pind Punjab, serving dine-in, delivery through its own and third-party apps, and outdoor catering. It has completed over 5 lakh deliveries and is raising money to build a hotel-cum-banquet hall at Lonavala.

IPO details

Issue price: ₹99
Price band: ₹93 – ₹99
Face value: ₹10
Lot size: 1200
Min investment: ₹1,18,800
Issue size: ₹17.82 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8012
NSE symbol: PIND.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,18,800
Retail (Max)	1	1,200	₹1,18,800
HNI (Min)	2	2,400	₹2,37,600

Investor reservation

CATEGORY	RESERVED
QIB	18,000 shares (1.05% of the Offer)
NII	8,44,800 shares (49.44% of the Offer)
Retail	8,46,000 shares (49.51% of the Offer)

Objects of the issue

1Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra (Haveli Project12.70

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	37.72	28.33	26.04
Total Income	24.91	23.17	20.87
Profit After Tax	2.27	2.56	2.21
EBITDA	3.95	3.69	3.10
NET Worth	14.52	12.25	9.69
Reserves and Surplus	10.32	8.05	5.49
Total Borrowing	12.74

Key performance indicators

P/E Ratio

26.12

EPS (₹)

3.79

RoE

15.65%

RoCE

15.83%

RoNW

15.65%

PAT Margin

9.30%

EBITDA Margin

16.14%

Debt / Equity

0.88

NAV (₹)

34.59

✓ Strengths

• The outdoor catering business has grown very fast, from Rs 64.38 lakh in FY2024 to Rs 125.37 lakh in FY2025 and Rs 528.61 lakh in FY2026.

• The restaurants have proved durable, with six outlets running in Pune and no permanent closures since 2016.

• It reaches customers through several channels, including third-party delivery apps, its own mobile app, online bookings, telephone orders and pick-up.

• More than five lakh deliveries completed shows an established delivery operation rather than a new entrant.

• The margin is reasonable for a restaurant business, with a PAT margin of 9.30% and an EBITDA margin of 16.14%.

• Net worth has grown steadily, from Rs 9.69 crore in FY2024 to Rs 14.52 crore in FY2026.

• The whole issue is fresh capital, with Rs 12.70 crore going into a hotel-cum-banquet project at Lonavala.

⚠ Risks

• Profit is flat to falling. Profit after tax was Rs 2.21 crore in FY2024, Rs 2.56 crore in FY2025 and Rs 2.27 crore in FY2026.

• The issue is priced at about 26.12 times earnings on an EPS of Rs 3.79, which is high for a six-restaurant business whose profit is not growing.

• The company was incorporated only in June 2021, so it has a short corporate history even though the restaurants are older.

• The whole business is six restaurants in a single city, so it depends heavily on the Pune market.

• The Lonavala hotel-cum-banquet project is a different business from running restaurants. Hotels need far more capital and different skills, and Rs 12.70 crore of the Rs 17.82 crore issue goes into it.

• Third-party delivery apps take a substantial commission and own the customer relationship, so a change in their terms directly affects profitability.

• Borrowing of Rs 12.74 crore is high against a net worth of Rs 14.52 crore, and restaurants also carry rent whether or not tables fill.

• Food inflation raises costs quickly while menu prices can only be raised occasionally.

• Promoter holding will come down from 84.72% to 59.31% after the issue.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.19 lakh at the upper band of Rs 99, and SME shares usually trade in low volume after listing.

Promoters & holding

Nimish Parveen Malhotra, Chirag Parveen Malhotra and Anita Malhotra

Pre-issue promoter holding

84.72%

Post-issue promoter holding

59.31%

Promoters hold 84.72% before the issue and will hold 59.31% after it.

Data refreshed 07 Nov 2026, 04:50 pm IST. GMP is unofficial market sentiment, not investment advice.