VMS TMT Ltd. IPO

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.