Pind Hospitality Ltd. IPO

Pind Hospitality 

• Pind Hospitality is coming out with an initial public offering (IPO) of 18,00,000 shares in a price band of Rs 93-99 per equity share.  
• The issue will open for subscription on September 28, 2026 and will close on September 30, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.30 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Fedex Securities.
• Compliance officer for the issue is Harleen Kaur. 

Profile of the company 

With over 5 lakhs deliveries and recognized as one among the long-standing restaurant partners in Pune by third-party food delivery app, Pind Hospitality has served around 4.31 lakh, 4.30 lakh, and 4.23 lakh orders through multiple food delivery apps during the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The increasing internet and mobile penetration within India, the advent of food delivery apps, changing lifestyles and consumer eating patterns in the recent past are key factors to lead consumers to consider convenience-driven options to traditional dine-in experiences. Further, the company’s revenue from third-party food delivery apps were Rs 1,916.48 lakh, Rs 1,929.20 lakh and Rs 1,795.16 lakh for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. The company’s service and diverse menu including various value offerings such as paneer tikka masala dal makhani meal combo, veg and non-veg thali has led to steady increase in its revenue from operations.

The company has taken four restaurants on leave and license basis in Pune, Maharashtra (PHL Restaurants) and one restaurant are taken on leave and license basis by Pind Punjab in Pune, Maharashtra (PP Restaurants). PHL Restaurants and PP Restaurants will be collectively referred to as Restaurants. Of the above five restaurants, three Restaurants are being operated by its partnership firm under the brand ‘Pind Punjab’, and its restaurants located at Eleven West (Panchshil) and Viman Nagar are being operated by the company. It discontinued its restaurant in Baner during the Fiscal 2026, due to non-renewal of lease. Further, the company also operates a food counter in an IT park in Pune. 

Proceed is being used for: 

• Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra (Haveli Project) 
• General corporate purpose

Industry overview

The India Food Services Industry has seen a rapid growth and evolution in the last few years, driven by rising incomes, urbanization, a young population, and changes in lifestyle and food habits. The sector is highly fragmented with organized chains, organized stand-alone restaurants, and international food services brands competing, while a large chunk of business comes from many local restaurants and food stalls in the unorganized sector. The India Food Services Industry is recognized as a significant contributor to the job market in India, and is, in fact, one of the top employers for migrant labourers and gig workers in India. It offers a diverse array of jobs suited for various skill sets. Ranging from core operations, which includes chefs, waiters, and housekeeping to support roles such as information technology, finance, administration, etc. - each role comes together to serve their patrons. 

The rise of Online Food Delivery Services in India have had a significant impact on the Restaurant Industry, both before and during the pandemic. The convenience and accessibility of online delivery platforms like Zomato and Swiggy have revolutionized the way people order food. The online food delivery market in India is rapidly growing, with an estimated 6.6 crore food delivery platform users among the urban population. This number has seen mid-double-digit growth in the last two years. Geographically, the majority of food delivery platform users are based in the top nine cities of India, although the demand is coming from across 300+ cities. The continuous growth in the Food Services can be attributed to rising in the disposable income of the people, rising presence of global fast-Food brands, which have expanded through both company-operated and franchised outlets, contributing to their extensive footprint in the country.

Pros and strengths 

Experienced Promoters, management team and dedicated staff: The company’s management team includes employees who have significant industry experience. Its management team’s experience provides it with the skills required to implement its corporate practices and growth strategies. To assist its management, it has a dedicated team of staff who are critical link to its guests and it seeks to develop skills that can enhance their work experience by providing on job training as well as appropriate recognition. It places strong emphasis on instilling its core values in each of its staff. In addition, it emphasises organic growth, having promoted a number of its staff who joined the company as trainees to chefs or management ranks based on their performance which is a motivating factor towards continued staff engagement. 

Attractive offerings at competitive prices based on constant menu innovation, customer focus: The company continues to offer menu options, both vegetarian and non-vegetarian, largely based on Indian cuisine and use seasonal guest preferences to introduce new dishes. Considering the delivery services that it experiences during lunch hours it introduced the ‘combo options’ where it offers paneer tikka dal makhani meal, butter chicken dal makhani meal, chilli paneer with fried rice meal, offering healthy meal at an affordable price, which it has pioneered over the years. In addition, corporate group dining is very popular among relatively larger groups, due to the guest’s perception of high value for money and the comfort of certainty over the bill amount. Some of its dishes may vary in taste based on the location keeping local tastes and preferences in mind.

Strong on-line presence: The company primarily operates and serves its customers through third-party food delivery apps including Swiggy. It has achieved a delivery milestone of 550,000 delivery on third-party food delivery app. Further, recently, Swiggy, a third-party food delivery app recognized it as one among the long-standing restaurant partners in Pune. Additionally, it serves its customers through other food delivery apps including, its in-house mobile application, online booking and also through telephonic bookings. Further, it also serves its corporate customers in bulk or as catering services. It has also started food counter in an IT park in Pune, which would increase its visibility and brand recall for online booking.

Risks and concerns 

Depends on third-party food delivery app: The company delivers food directly to its customers and has also entered into tie-ups with third-party food delivery apps to accept delivery orders placed on their mobile applications. Third-party food-delivery aggregators are expected to play an important role, as customers continue to prefer the convenience of home deliveries. For instance, third-party food delivery apps contributed to 78.38%, 85.19% and 86.40% of company’s revenue from operations, in the Fiscal 2026, Fiscal 2025 and Fiscal 2024 which represented Rs 1,916.48 lakh, Rs 1,929.20 lakh and Rs 1,795.16 lakh, respectively. The company is required to pay food delivery apps a commission on orders placed through the platform. Further, the presence of delivery apps has increased competition with other QSR brands, dining brands and new food service platforms, such as cloud kitchens, which do not offer in-restaurant services and only serve food through delivery apps, requiring less capital expenditure to offer food services. If food delivery through delivery apps continues to increase, it is possible that its demands for its services could decrease, unless it adapts its business model to account for this change in consumer preference.

Rely on third-party logistics providers: The company does not have an in-house transportation facility and it relies on third party transportation and other logistic facilities at every stage of its business activity including for procurement of products from its vendors. For this purpose, it hires services of transportation companies. However, it has not entered into any definitive agreements with any third-party transport service providers and engage them on a need basis. Additionally, availability of transportation solutions in the markets it operates in is typically fragmented. It rarely enters into written documentation in relation to the transportation services it hire which poses various additional risks including its inability to claim insurance. 

Operate in competitive and fragmented industry: In the dynamic landscape of food delivery and restaurants business, one of the formidable challenges arises from competition from local food stalls, cloud kitchen, and other unorganized players. The company generates majority of its revenue from operations from food delivery operations constituting 78.38%, 85.19% and 86.40% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024. The business in which it operates is highly competitive and fragmented and it competes with a range of unorganized players in the region where it operates. Further, it competes against established players also, which may have greater access to financial, technical and marketing resources and expertise available to them than it in the products and services in which it competes against them. 

Outlook

Pind Hospitality is engaged in the hospitality sector, specifically in hotels and restaurants. The company has completed over 5 lakh deliveries and is recognized as one of the long-standing restaurant partners in Pune by third-party food delivery apps. The company, along with its partnership firm Pind Punjab, operates six restaurants in Pune, Maharashtra, with no permanent closures since 2016. The company serves customers through third-party food delivery apps, its own mobile app, online bookings, and phone orders. It also offers mobile pre-ordering for pick-up within a 6 km radius. On the concern side, the company generates all its revenues from the city of Pune, Maharashtra and nearby location. Any event negatively affecting the consumer food services industry in the city of Pune and nearby location could have a material adverse effect on its overall business and results of operations. Besides, changes in consumer preferences and food habits as well as negative perception of the food delivery and dining industry could decrease the demand for its products.

The company is coming out with a maiden IPO of 18,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 93-99 per equity share. The aggregate size of the offer is around Rs 16.74 crore to Rs 17.82 crore based on lower and upper price band respectively. On performance front, total income increased by 7.52% from Rs 2,316.97 lakh for the Financial Year 2025 to Rs 2,491.17 lakh for the Financial Year 2026 primarily due to increase in revenue from operations. The company recorded a marginal decrease of 11.29% in its profit for the year from Rs 256.23 lakh for the Financial Year 2025 to Rs 227.30 lakh for the Financial Year 2026.

Meanwhile, as the company grows, it plans to maintain and focus the brand ‘Pind Punjab’, while targeting a few new market segments in a measured and disciplined way, subject to market conditions. Accordingly, to address differences in guests’ spending patterns, tastes and dining preferences in the region where it operates, it would constantly endeavor to introduce new dining concept to meet the expectation of every stature of its customers. The company will continue to focus on innovation and strengthen its value proposition of innovative product offerings. It also intends to launch targeted marketing campaigns for such value products. 

Jetking Infotrain has submitted Corrigendum to the Notice of 42nd Annual General Meeting of the Members of the Company scheduled to be held on Tuesday, September 29, 2026 at 11:30 a.m.

The above information is a part of company’s filings submitted to BSE.

Desh Rakshak Aushdhalaya has submitted intimation for re-appointment of Mr. Arihant Kumar Jain (DIN: 06401053) as whole-time director of the Company liable to retire by rotation in the 45th AGM of the Company pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The above information is a part of company’s filings submitted to BSE.

IFCI has informed about retirement of Prof. Narayanaswamy Balakrishnan (DIN: 00181842) as Non-Executive, Non-Independent Director of the Company w.e.f. September 25, 2026.

The above information is a part of company’s filings submitted to BSE.

Tyche Industries has informed that the Trading window of the Company shall remain closed w.e.f. October 1, 2026 till the expiry of 48 hours after the declaration of the Financial results of the Company for the 2nd quarter and half-year ended September 30, 2026.

The above information is a part of company’s filings submitted to BSE.