Minerva Capital Research Solutions

Pind Hospitality

ListedListed 6 Oct 2026BSE SMENSE: PINDCheck allotment
Current price₹ 30.12−69.58% since issue
Listing day−20%
Issue price
₹ 99
Issue size
₹ 17.82 Cr.
Min. investment
₹ 1,18,800
Listing price
₹ 79.2
Subscribed
2.63x
Lot size
1,200 shares
P/E
26.12
RoNW
15.65%
RoCE
15.83%
Debt / Equity
0.88
PAT margin
9.30%
EBITDA margin
16.14%
RoE
15.65%
EPS
₹ 3.79
NAV
₹ 34.59
Promoter stake
59.31%

About

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.

Timeline

  1. Opens
    28 Sep
    done
  2. Closes
    30 Sep
    done
  3. Allotment
    1 Oct
    done
  4. Refunds
    5 Oct
    done
  5. Demat credit
    5 Oct
    done
  6. Listing
    6 Oct
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 20 on 29 Sep 2026
Lowest
₹ 0 on 22 Sep 2026
First quoted
₹ 0 on 22 Sep 2026

Subscription

How many times each investor group bid for its share, as of 06 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,18,800
Retail (Max)11,200₹ 1,18,800
HNI (Min)22,400₹ 2,37,600

Company overview

Financials

Financials by year
Assets37.7228.3326.04
Total Income24.9123.1720.87
Profit After Tax2.272.562.21
EBITDA3.953.693.1
NET Worth14.5212.259.69
Reserves and Surplus10.328.055.49
Total Borrowing12.74——

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.

What the money is for

Objects of the issue
Funding towards capital expenditure for setting up a hotel-cum-banquet hall in Lonavala, Maharashtra (Haveli Project12.7
General Corporate Purposes—

Promoters

  • Nimish Parveen Malhotra
  • Chirag Parveen Malhotra
  • Anita Malhotra
Promoter holding84.72%→59.31%before → after the issue · down 25.41 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Bigshare Services Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.