Vegorama Punjabi Angithi Ltd. IPO

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Vegorama Punjabi Angithi has informed that the Company will commence operations of a new cloud kitchen outlet on 17th June, 2026 at Shop No. 1, 59, Main Road, Near HDFC Bank, Shahdra Garhi, Sector 141, Gautam Buddha Nagar, Noida, Uttar Pradesh-201306. The new outlet has been established as part of the Company's ongoing business expansion strategy and is expected to strengthen its presence in the region and enhance its service capabilities. The opening of the aforesaid outlet is in the ordinary course of business of the Company and is expected to contribute positively to the Company's growth and operational reach. 

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

Vegorama Punjabi Angithi

• Vegorama Punjabi Angithi is coming out with an initial public offering (IPO) of 49,84,000 shares in a price band of Rs 73-77 per equity share. 
• The issue will open on May 20, 2026 and will close on May 22, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 7.30 times of its face value on the lower side and 7.70 times on the higher side.
• Book running lead manager to the issue is corporate makers capital.
• Compliance officer for the issue is Yashi Goyal.

Profile of the company

Vegorama Punjabi Angithi is a Delhi-based food services company renowned for its pure vegetarian offerings under its flagship brand, Punjabi Angithi. Its business model includes dine-in restaurants, cloud kitchens, and outdoor catering services.  Initially, the company operated as a cloud kitchen and takeaway service provider, focusing on delivering high-quality vegetarian North Indian and other cuisines directly to customers' homes. By 2020, it established itself as one of the prominent players in the cloud kitchen segment, successfully fulfilling thousands of orders across multiple outlets. In 2021, it expanded its operations by including ‘corporate thali services’ targeting bulk orders from the corporates. This marked its entry into institutional catering, diversifying its revenue streams beyond the traditional cloud kitchen and takeaway model. Further in 2022, after shifting its business model from a HUF Firm to a Private Limited Company, it also introduced compact catering solutions for smaller events such as ‘office parties, team lunches, and home gatherings’, offering flexibility and affordability while further expanding its reach in the catering market. Finally, in 2024, it opened its first fine dining restaurant, offering a premium dining experience with varied dishes, elegant presentation, and impressive ambience.

The fine dining model allowed its brand to tap into an upscale customer demographic providing an immersive dining experience that showcases Vegorama Punjabi Angithi’s rich heritage. The company is an evolving brand in the Indian food industry, known for its rich vegetarian North Indian and other cuisines. Since its establishment in 2014, the company has grown from a cloud kitchen and take away service provider to a multi-vertical segment, catering to the diverse customer needs. The brand has successfully adapted to changing market trends, offering a range of services from corporate catering to fine dining experiences.

It is committed to delivering high-quality, flavor-full and affordable multi-cuisine food, ensuring an authentic and immersive dining experience while maintaining operational efficiency and customer satisfaction. Its core values revolve around authentic taste, quality, and affordability ensuring that every customer enjoys a memorable meal. With its unique recipe blend, operational efficiency and customer-centric approach, it is well-positioned for continued growth and success in the competitive Indian food industry. The brand’s future strategies focus on expanding its fine dining and corporate catering services, leveraging digital transformation through online platforms to expand customer base and provide home delivery services, and entering new markets to further solidify its position as a key player in the industry.

Proceed is being used for:

• Capital expenditure for construction of banquet and fine dine restaurant
• Capital expenditure for construction of centralized kitchen
• Capital expenditure for roll out new cloud kitchens
• Capital expenditure for upgradation of the existing cloud kitchen equipment
• General corporate purposes

Industry overview

The food service industry in India is one of the country’s most dynamic and rapidly evolving sectors, driven by a young population, rising disposable incomes, and changing consumer lifestyles. Eating out is no longer limited to special occasions it's becoming a regular part of urban life, especially among millennials and Gen Z. The industry spans a broad spectrum, including quick-service restaurants (QSRs), casual and fine dining establishments, cafes, food courts, and a booming food delivery ecosystem powered by digital platforms.

The Indian food service industry is witnessing robust growth, fuelled by rapid urbanization, rising disposable incomes, evolving consumer lifestyles, and a growing preference for dining out and convenience-based food consumption. According to the National Restaurant Association of India (NRAI) and Indian Food Services Report (IFSR) 2024, the industry is valued at Rs 5,69,487 crore in FY 2024 and is projected to expand to Rs 7,76,511 crore by FY 2028, registering a compound annual growth rate (CAGR) of 8.1%.

The food service industry has undergone a dramatic transformation in recent years, propelled by digital innovation, changing consumer preferences, and a dynamic competitive landscape. Central to this evolution are three pivotal stakeholders’ food aggregators, cloud kitchens, and restaurants whose roles, interactions, and strategies are redefining how food is accessed, prepared, and delivered. Understanding the qualitative dynamics among these stakeholders provides a deeper insight into the structural shifts and emerging opportunities in the modern food ecosystem.

Pros and strengths

Prominent location of cloud kitchens/ fine dine restaurant: Its team identifies prominent location and conducts feasibility study on the prospective location for the opening of its cloud kitchens / fine dine restaurant. It has a comprehensive location selection process which comprises factors like visibility, presence of competition, footfall of prospective customers or riders in vehicles, etc. Depending on such research and factors, it moves ahead and develop its cloud kitchens and Fine Dine Restaurant.

Recognised brand in the food industry: The company stands out as the growing brands in the food industry. Its rapid expansion and strong brand presence are driven by a commitment to authentic flavors, exceptional service and a customer-centric approach. With a growing network of cloud kitchens/ fine dine restaurant, it has successfully positioned itself as a preferred choice for experiencing vegetarian cuisines. Its ability to adapt to evolving consumer preferences while maintaining high-quality standards has fueled its growth and reinforced its reputation as a trusted name in the industry.

Attractive offering at competitive prices based on constant menu innovation and customer focus: The company is dedicated to provide a great quality food experience with a diverse and creative menu at affordable prices. Its commitment to constant menu innovation ensures that it offers fresh, flavourful dishes while maintain authenticity and high-quality standards. By prioritizing customer preferences and evolving with market trends, it creates offerings that cater to a wide audience, delivering both value and satisfaction. Its ability to combine great taste with affordability makes it a popular choice and a trusted brand in the food industry.

Risks and concerns

Dependent upon online food platforms: Substantial portion of its revenues has been dependent upon online food platforms. For the period ended December 31, 2025, the company delivered orders aggregating to Rs 9,656.75 lakh from online platforms which accounted for around 91.93%, of its revenue from operations. However, the loss of any significant orders through such online platforms would have a material effect on its financial results. Its business from customers based on online food platforms is dependent on quality of its food products and its ability to deliver their orders on time, there can be no assurances that such customers will continue to order food from the company in the future on commercially acceptable terms or at all. The loss of any one or more of its major customer or online food platforms would have a material effect on its business operations and profitability.

Significant dependence on top customers could weigh on operations: Its revenues have been significantly dependent on few customers. For the period ended on December 31, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, its revenue from operations from its top 10 customers contributed to 92.85%, 92.57%, 95.36% and 99.91% respectively of its revenues from operations as per its Restated Financial Statements. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

Rising LPG prices and supply disruptions may impact profitability: The company is engaged in the restaurant and food service business and is dependent upon uninterrupted availability of LPG and other fuel sources for preparation of food items across its restaurant operations. The availability and pricing of LPG in India is influenced by various factors beyond its control, including international crude oil prices, geopolitical developments, war-like situations, sanctions imposed on oil and gas producing nations, disruptions in global shipping and logistics, government regulations, allocation policies, transportation constraints and fluctuations in domestic supply and demand. Any disruption, shortage or significant increase in the prices of LPG and other fuel sources used in its cloud kitchen/ restaurant operations, including due to geopolitical tensions or war-like situations in major oil producing regions such as Iran and the Middle East, may adversely affect its business, operations and profitability. 

Outlook

Vegorama Punjabi Angithi is engaged in the business of operating restaurants and follows a cloud kitchen model. Its business model includes dine-in restaurants, cloud kitchens, and outdoor catering services. The company operates through a cluster-based expansion strategy, establishing strongholds in locations like Noida, Gurgaon, South Delhi, East Delhi, and Dehradun. Its focus on handcrafted recipes, hygienic kitchens have positioned it as a trusted name in North Indian and Indo-Chinese vegetarian cuisine. On the concern side, its significant operations are geographically located in one area i.e. Delhi NCR and any localized social unrest, natural calamities, etc. could have material adverse effect on business and financial operations. Additionally, its significant operations are geographically located in one area i.e. Delhi NCR and any localized social unrest, natural calamities, etc. could have material adverse effect on business and financial operations.

The company is coming out with a maiden IPO of 49,84,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 73-77 per equity share. The aggregate size of the offer is around Rs 36.38 crore to Rs 38.38 crore based on lower and upper price band respectively. On performance front, total income has increased from Rs 6,636.80 lakh for year ended March 31, 2024 to Rs 10,205.79 lakh in year ended March 31, 2025 with a resultant increase of 53.78% in year ended March 31, 2025. Net Profit after tax increased from Rs 464.14 lakh in year ended March 31, 2024 to Rs 822.04 lakh in year ended March 31, 2025 with a resultant increase of 77.11% in year ended March 31, 2025.

Meanwhile, it strictly adheres to industry quality standards, which has been instrumental in maintaining and enhancing its brand image in the market. Its ability to maintain and improve the quality of food it offers to customers which enables it to generate stable revenue and minimize customer complaints. It is now focusing on enriching the overall customer experience, aiming to elevate engagement and satisfaction levels. It is very particular and stringent about hygiene of it processes. Its dedicated efforts towards the quality helped it gains a competitive advantage over others. Its quality dishes have earned the company a goodwill from its customers, which has resulted in repeated customer in its business segment comprising of corporates and families.

Sham Foam 

• Sham Foam is coming out with an initial public offering (IPO) of 31,14,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 130 per equity share.
• The issue will open on August 11, 2026 and will close on August 13, 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 13 times higher to its face value of Rs 10.
• Book running lead managers to the issue are Corporate Makers Capital and Navigant Corporate Advisors.
• Compliance Officer for the issue is Reetika Dhain.

Profile of the company

Sham Foam is primarily engaged in the business of manufacturing, distribution, marketing and selling of polyurethane foam (PU Foam), mattresses and other allied home comfort products targeted primarily at Indian consumers. It also manufactures Industrial grades of PU Foam that is used in a wide range of industries in India. It offers a diversified product portfolio catering to consumers with varied preferences and requirements. Its foam-based product line comprises mattresses, pillows, furniture-cushions, cushions as well as PU foam cores utilised for manufacturing finished home comfort products. It specializes in manufacturing of customized PU Foam and Mattress to suit the specific requirements of its customers. Its mattresses are primarily offered under its brand Featherfresh and Restivia range, includes both pure foam mattresses as well as hybrid mattress combining spring and rebounded foam, that are capable of bespoke customisation as per the requirements of consumers. Further, its pillow and cushions are primarily offered under the brand Featherfresh range, comprises PU Foam that constitutes upholstery material of different densities to ensure greater comfort and durability.

It is engaged in the manufacture and supply of PU Foam, catering primarily to the mattress and furniture industry, as well as applications in sports products, seat cover, Shoes, innerwear, jackets and related apparel. It also specializes in PU foam production, supplying customized grades/ density as per customer requirements. Certain finished products, such as pillows, are manufactured on a job-work basis through third-party manufacturers, as per customer specifications. It is a full-stack vertically integrated company, enabling it to control every aspect of its operations, from conceptualizing, designing and engineering its products to manufacturing, distributing and providing customer experience and engagement.

It currently owns and operates from its state of art manufacturing facility accredited with ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems and situated at Khasra No. 18/16/2, Shahzadpur Yamunanagar Road, Nh-344, Village Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India. Its installed capacity for foam production in India is currently at 15,000 TPA. Its manufacturing facility is strategically located near to majority of its customers’ manufacturing facilities allowing it to optimise its deliveries, reduce lead times and facilitate greater interaction with its customers.

Proceed is being used for:

• Financing the capital expenditure requirements for civil construction and purchase of machineries and equipment for existing manufacturing facility
• Part financing the requirement of working capital
• Metting general corporate purposes

Industry Overview

The India mattress market is segmented by product type (Innerspring/Coil, Foam Including Memory Foam, Latex, Hybrid, Other Mattress Types), Mattress Size (Single-Size, Double-Size, Queen Size, King-Size, Custom & Specialty Sizes), End User (Residential, Commercial), Distribution Channel (B2C/Retail, B2B/Project), and Geography. The India mattress market size is $2.40 billion in 2025 and is forecast to reach $3.65 billion by 2030, expanding at an 8.80% CAGR across the period. Surging sleep-health awareness, higher urban disposable income, and an expanding omnichannel retail network have repositioned mattresses from basic furniture to health investments. Organized players are capitalizing on the trend by integrating AI enabled products, tightening supply chains and widening show-room footprints to reach digitally-savvy consumers in Tier-II and Tier-III cities. Hospitality growth linked to India’s G20 tourism push and the hotel sector’s $31.01 billion 2029 revenue target is creating incremental B2B volume that supports factory utilization rates. Meanwhile, direct-to-consumer (D2C) brands have disrupted legacy pricing by offering 25-50% lower ticket sizes and reinforcing the premiumization narrative through health-centric positioning.

Urban population share is poised to exceed 50% by 2047, requiring 78 million new housing units and driving consistent bedding demand. Real-estate value is projected to climb from $482 billion in 2024 to $1.5 trillion in 2034, catalyzing mattress replacement and first-time purchases. Luxury housing’s share rose from 16% in 2018 to 34% in 2023, lifting average selling prices. Smart-home integrations encourage the adoption of IoT-enabled mattress technologies. Developers bundling fully-furnished apartments further stimulate B2B sales. Real estate developers' focus on wellness amenities creates B2B opportunities for mattress manufacturers to supply furnished apartments and corporate housing projects. The urbanization trend establishes sustainable demand fundamentals that support long-term market expansion while creating geographic diversification opportunities for manufacturers seeking growth beyond traditional metropolitan markets. 

Meanwhile, more than 35% of volumes originate from unorganized producers operating at 30-40% lower price points. Their agile customization and low overheads help capture buyers, prioritizing affordability over brand. Distribution reach into remote geographies gives them a defensive moat against larger brands. Quality gaps have narrowed as local firms adopt improved foaming and spring units. Inconsistent enforcement of safety and labeling standards perpetuates an uneven competitive field. Regulatory enforcement variations across states create inconsistent competitive environments that complicate strategic planning for organized players seeking national market expansion and standardized positioning strategies.

Pros and strengths

In-house manufacturing facility supported by technology driven process: It presently carry all its manufacturing operations through its state of art manufacturing facility accredited with ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems situated at Shahzadpur Yamunanagar Road, Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India, which manufacture PU Foam and has 15,000 TPA installed capacity. It has established an efficient, technology-driven manufacturing process that enables it to produce its products in accordance with the specific requirements and specifications of its customers in a cost-effective manner. This includes the integration of QR codes on PU foam sheets and cushions, allowing carpenters to easily access product information and benefit from associated schemes. Additionally, it has integrated QR codes across its mattress range, enabling customers to access product details and complete warranty registration with a simple scan, making its offerings transparent, reliable, and truly tech-enabled.

Extensive and well-developed pan-India sales and distribution network: It has established a strong and far-reaching sales and distribution network that spans 13 states and union territories, supported by a robust base of dealers. Its distribution network provides support to its business operations. It sells its products through a pan-India network of dealers. Its well-developed sales and distribution network gives it a standing in a market where the lack of distribution channels can create natural entry barriers. It conducts periodic training programmes for sales personnel of its dealers to ensure appropriate marketing and showcase of its brands. It also provides sales incentives to its dealers, whereby, incentive coupons/credits are provided to dealers who achieve sales targets during a specified period. Such initiatives encourage its dealers to effect greater sales, and increase its brand visibility.

Focus on quality and timely delivery: Meeting deadlines along with managing quality are bed rock of successful strategy. It stresses on and constantly strives to maintain and improve its quality. Its focus on quality and innovation helps it to complete in the segment it deals. Intensive care is taken to determine the standard of every material/ product dispatched. Further, as a certification of the quality assurance, it has received ISO 9001:2015 and BIS Certification no. IS 7933:2022 for quality management systems. Its focus on quality of products has enabled it to sustain its business model to benefit its customers.

Risks and concerns

Operational disruption risk: Its business is dependent on its manufacturing facility. Any shutdown of operations of its manufacturing facility may have an adverse effect on its business and results of operations. It has a Manufacturing Facility situated at Khasra No. 18/16/2, Shahzadpur Yamunanager Road, Nh-344, Village Rajpura, Tehsil Shahzadpur, Ambala, Shahzadpur, Ambala, Ambala City, Haryana, India. Its manufacturing facility is supported by infrastructure for storage of raw materials and finished goods, together with quality control equipment and processing team. This manufacturing facility is subject to the normal risks of industrial production, including natural disasters, directives from government agencies and power interruptions.

Reliance on limited customers for revenue: Its revenues have been significantly dependent on few customers and its inability to maintain such business may have an adverse effect on its results of operations. For the period ended March 31, 2024, March 31, 2025 and March 31, 2026 its revenue from operations from its top 10 customers contributed to 28.02%, 26.83% and 25.06% respectively of its revenues from operations as per its Restated Financial Statements. Its reliance on a limited number of customers for its business exposes it to risks, that may include, but are not limited to, reductions, delays or cancellation of orders from its significant customers, a failure to negotiate favourable terms with its key customers or the loss of these customers, all of which would have a material adverse effect on the business, financial condition, results of operations, cash flows and future prospects of the company.

High working capital requirements: Its business requires significant amount of working capital and major portion of its working capital is utilized towards inventories and trade receivables. Its growing scale and expansion, if any, may result in increase in the quantum of current assets. Its inability to maintain sufficient cash flow, and other sources of funding, in a timely manner, or at all, to meet the requirement of working capital, could adversely affect its financial condition and result of its operations. Further, it has high outstanding amount due from its debtors which may result in a high risk in case of non-payment by these debtors. In case of any such defaults from its debtors, may affect its business operations and financials.

Outlook

Sham Foam is engaged in the business of manufacturing of PU Foam, Mattress, Pillow and Other comfort products. It has established a strong and far-reaching sales and distribution network that spans 13 states and union territories, supported by a robust base of dealers. Its distribution network provides support to its business operations. It sells its products through a pan-India network of dealers. Its well-developed sales and distribution network gives it a standing in a market where the lack of distribution channels can create natural entry barriers. On the concern side, it derives a significant portion of its revenue from the sale of PU Foam. It manufactures, markets and sells PU Foam to various dealers across India. For Fiscals 2026, 2025 and 2024, its revenue from its sale of PU Foam amounted to Rs 7,960.10 lakh, Rs 7,184.30 lakh and Rs 6,782.23 Lakh representing 86.22%, 88.53% and 91.99% of its revenue from operations, respectively. Consequently, any reduction in demand from the costumers of PU Foam or lack of preference could have an adverse effect on its business, results of operations and financial condition.

The company is coming out with an IPO of 31,14,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 130 per equity share to mobilize Rs 40.48 crore. On performance front, its revenue from operations increased by 13.77% to Rs 9,231.92 lakh for FY 2026 from Rs 8,114.82 lakh for FY 2025. Profit after tax has increased by 141.51% from Rs 358.19 lakh for FY 2025 to Rs 865.06 lakh for FY 2026.

Meanwhile, a key strategy for increasing and growing its business is to increase the strength of its relationship with its existing customers, reaching out for new customers & widen its customer base. Its strategy is to widen its customer base geographically as well as demographically. It intends to continue to invest in its existing products so as to provide better experiences to its existing clients and also provide products for increasing the client base of the company. Going forward, it intends to expand its geographical reach and enter the large domestic market for growth opportunities of its business. Currently, it has presence in the state of Bihar, Chandigarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Uttar Pradesh and Uttarakhand and it plans to deepen its presence in the existing market and expand its reach and penetrate into the large available market by giving scale down low-price solution and grab major market share.

In continuation of letter dated August 03, 2026, pursuant to regulation 33 read with Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Aryaman Capital Markets has informed that the Board of Directors of the Company at its meeting held today, Monday, August 10, 2026, considered and approved the following: 1. The Unaudited Financial Results set out in compliance with Indian Accounting Standards (Ind–AS) for the quarter ended June 30, 2026 together with Limited review report thereon. 2. The Material Transactions with Related Parties under the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 3. The Board’s Report and other annexures to the reports for the Financial Year ended 2025-26. 4. The Notice of 18th Annual General Meeting of the members of the Company to be held on Wednesday, September 02, 2026 through Video Conferencing. 5. Appointment of JNG&CO.LLP (Firm Registration Number L2024MH017500) Practising Company Secretaries (COP No. 8108, Membership No. 7569), as Scrutinizer for the purpose of 18th Annual General Meeting. The Unaudited Financial Results, duly approved by the Board of Directors of the Company in their meeting held today on Monday, August 10, 2026, together with Limited review report thereon are enclosed as - Annexure A. The Board Meeting commenced at 01.30 PM and concluded at 02.30 PM. The aforesaid results are also being disseminated on Company’s website at https://afsl.co.in/acml/investor.php.

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