Pind Hospitality Limited

Incorporated in March 2018, Pind Hospitality Limited (formerly known as Pind Hospitality Private Limited) is a fast-growing casual dining restaurant and food service enterprise. Operating under its flagship brand "Pind Punjab", the company specializes in authentic North Indian cuisine, traditional Punjabi delicacies, and tandoori specialties. Its core value proposition centers on delivering a rich culinary heritage, standardized flavor profiles, generous portions, and an immersive cultural dining experience at accessible price points.

The company operates an integrated multi-channel food delivery and hospitality model combining traditional dine-in outlets, express takeaway counters, and dedicated delivery-focused cloud kitchens. Its revenue model is dual-structured: direct walk-in and table-service sales generated at physical dining locations, alongside high-volume online food order fulfillments executed through leading aggregator platforms such as Swiggy and Zomato. Additionally, the company provides indoor and outdoor catering services for corporate events, private celebrations, and social gatherings.

Pind Hospitality caters primarily to a broad demographic of urban consumers, including young working professionals, corporate employees, college students, nuclear families, and food delivery enthusiasts seeking authentic regional Indian meals. Geographically, its operational footprint is concentrated in Pune, Maharashtra, serving high-density residential and commercial IT hubs across key commercial corridors. In FY26, the company processed over 4.3 lakh online delivery orders alongside thousands of walk-in dining patrons across its multi-outlet network.

As a pure-play hospitality and food service provider, traditional manufacturing units, factory infrastructure, and industrial capacity utilization metrics are not applicable. Operational capacity is instead defined by restaurant seating counts, kitchen processing throughput, central food prep facilities, and table turnover rates. As of March 31, 2026, the company operates five strategically located outlets in Pune:

Kothrud: Dine-in and delivery

Baner: Dine-in and delivery

Wakad: Dine-in and delivery

Kharadi: Cloud kitchen delivery

Hinjewadi: Cloud kitchen delivery

Operational highlights are anchored by standardized central procurement and recipe formulation systems that ensure consistent taste, quality, and portion control across all outlets. The company leverages digital point-of-sale (POS) systems, automated inventory tracking, and integrated kitchen display software to optimize order preparation times, minimize food wastage, and streamline supply chain logistics. To scale its business model, Pind Hospitality is undertaking the "Haveli Project"—a greenfield capital expenditure initiative to establish a flagship Punjabi-themed resort, hotel, and banquet facility in Lonavala, Maharashtra.

As per financial performance, Pind Hospitality Limited has posted total income / net profits of ₹20.87 Cr / ₹2.21 Cr (FY24), ₹23.17 Cr / ₹2.56 Cr (FY25), and ₹24.91 Cr / ₹2.27 Cr (FY26). So as per previous financials data, the company has shown steady top-line revenue growth from ₹20.78 Cr in FY24 to ₹24.45 Cr in FY26, while net profit margins softened slightly from 11.31% in FY25 to 9.30% in FY26 due to higher finance costs; total borrowings increased from ₹9.52 Cr in FY24 to ₹12.74 Cr in FY26 to finance ongoing capital expenditure for the Haveli Project. Company has an average EPS of ₹5.64 and average RoNW of 18.61% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.86 as per NAV of ₹34.59 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.84 (based on an expanded post-issue NAV of ₹53.92 per share). If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue (59,98,812 shares), then the asking price is at a Post-Issue P/E of around 26.82, 23.18, and 26.13 respectively. According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Fedex Securities Private Limited, which has handled 27 public issues to date. Out of its last 10 managed IPOs, three listed below the issue price, while the remaining seven listed at or above it. As of September 23, 2026, six of these recent issues are currently trading below their issue price, while the remaining four are trading at or above it.

• 1 Nimish Parveen Malhotra
• 2 Chirag Parveen Malhotra
• 3 Anita Malhotra