Vegorama Punjabi Angithi SME IPO Review | APPLY or AVOID?
Vegorama Punjabi Angithi started in March 2022. It operates in the food and beverage industry and provides North Indian cuisine, particularly Punjabi-style dishes, to its customers across Delhi NCR and Dehradun. This business is based in New Delhi. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio.
Vegorama Punjabi Angithi Ltd. shows rapid growth but the sustainability of boosted margins remains a key point to consider investors. The company operates in a highly competitive segment and the sudden profit jump from FY24 onward raises doubts.
| IPO Details | |
|---|---|
| Issue Type | Book Building |
| IPO Category | SME |
| Face Value | ₹10 Per Share |
| Fresh Issue | ₹30.70 Cr. |
| Offer for Sale | ₹7.68 Cr. |
| Refunds Initiation | May 26, 2026 |
| Credit of Shares | May 26 2026 |
| Listing At | BSE SME |
| Reservation & Lot Size | |
|---|---|
| Retail (Min) Small Investor Quota | 2 Lot | 3,200 Shares ₹2,46,400 |
| Retail (Max) Retail Investment Limit | 2 Lot | 3,200 Shares ₹2,46,400 |
| S-HNI (Min) Small HNI (₹2L – ₹10L) | 3 Lot | 4,800 Shares ₹3,69,600 |
| S-HNI (Max) Small HNI (Up to ₹10 L) | 8 Lot | 12,800 Shares ₹9,85,600 |
| B-HNI (Min) Big HNI (Above ₹10L) | 9 Lot | 14,400 Shares ₹11,08,800 |
| Market Maker Designated Broker | 2,51,200 Shares Reserved portion |
✅ Strengths
⚠️ Challenges
Financial Update
The company released its restated financial statements for the year ending March 31, 2025. Total revenue was ₹102.06 crore increased from ₹66.37 crore in previous year. The net profit for the same period was ₹8.22 crore increased from ₹4.64 crore in previous year. Assets increased by 34.93% compared to the previous year. The total income stood at ₹16.91 crore and net profit stood at ₹0.84 crore during FY23. The total income rose to ₹105.35 crore during the nine months ending December 31, 2025. The net profit reached ₹9.04 crore during this same nine month period. The profit margins grew from 4.95% in FY23 to 8.60% in the latest nine month period. This trend should be carefully studied prior to any investment.
IPO Valuation
The upper price band is ₹77. This price leads to a Price-to-Earnings (P/E) ratio of 15.56 based on FY25 earnings. The average P/E for the industry is -. The asking price shows a P/E ratio of 10.62 if we calculate it using the annualized earnings of FY26. The company is seeking a total market capitalization of ₹127.90 crore at the higher price limit. The price to book value ratio is 4.16 based on the net asset value of ₹18.52 per share. The official offer documents contain conflicting numbers regarding the net asset value figures at the floor price and cap price.
IPO Objective
The company will use the proceeds of the offer to meet stated objectives:
- ₹11.82 crores will be used for Capital Expenditure for the construction of a banquet and fine dining restaurant.
- ₹4.93 crores will be used for Capital Expenditure for the construction of a centralised kitchen.
- ₹4.27 crores will be used for Capital Expenditure for rolling out a new cloud kitchen.
- ₹2.30 crores will be used for Capital Expenditure for the upgradation of the existing cloud kitchen facilities.
- The remaining amount will go toward General Corporate Purposes and Issue Expenses.
Promoters & Lead Manager
- Mr. Deepak Chadha and Mr. Subash Chander Chadha act as promoters along with Mrs. Teenu Chadha.
- The average cost of acquisition for the promoters stands at ₹0.04 per share and ₹- per share.
- The company issued bonus shares in a ratio of 250 for 1 in May 2025.
- Corporate Makers Capital Ltd managed 7 listings in the last three fiscal years.
- Five previous public issues opened at a discount and two opened at par value.
Peer Comparison
Below is the comparison of the company with its listed peers using data from May 15, 2026. The company listed Speciality Restaurants Limited and Vikram Kamats Hospitality Limited as peers. The listed competitors operate under completely different business models. This peer comparison does not provide an accurate comparison for investors.
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|
| Vegorama Punjabi Angithi | 6.51 | 6.51 | 2,850.34 | 57.34 | |
| Speciality Restaurants Ltd. | 4.45 | 4.45 | 68.13 | 6.52 | 1.88 |
| Vikram Kamats Hospitality Limited | 0.48 | 0.48 | 28.34 | 0.01 | 2.29 |
Financial data sourced from annual reports and stock exchange data, using restated financial statements for 2024-25. NAV per share (closing net worth divided by weighted average number of paid-up equity shares) and RoNW (net profit after tax divided by closing net worth).
IPO Review & Analyst Rating
The company started its business journey in 2014 as a simple cloud kitchen service provider. It later expanded into corporate catering services and compact party catering. It opened its first premium fine dining restaurant outlet in the year 2024. The brand currently operates 27 cloud kitchen units and 2 fine dining restaurants. The company maintains a total headcount of 306 employees on its payroll. The outlet pictures show differing name styles and lack a uniform brand logo across locations. The lead manager possesses a poor track record with zero premium listings recently. The issue is fully priced based on earnings, but aggressively priced overall. Experts say only well-informed investors with surplus funds should consider investing for the medium term.
| Analyst Name | Recommendation |
|---|---|
| – | – |
| – | – |
Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.
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