Hunger Pangs IPO

Strengths · 7

• 01Revenue from operations grew at a CAGR of 47.05%, from Rs 71.92 crore in FY2024 to Rs 155.50 crore in FY2026.
• 02EBITDA rose from Rs 9.86 crore in FY2024 to Rs 25.68 crore in FY2026, and the EBITDA margin moved from 13.71% to 16.51% over the same period.
• 03The restaurant count rose from 11 in FY2024 to 21 in FY2026, and seating capacity rose from 982 to 1,991.
• 04Gross margin stayed between 79.16% and 81.03% across FY2024 to FY2026, and was 80.47% in FY2026.
• 05Net cash flow from operating activities was Rs 35.31 crore in FY2026 against Rs 16.52 crore in FY2025.
• 06Total borrowings fell from Rs 12.29 crore in March 2024 to Rs 0.01 crore in March 2026.
• 07The company has a presence in nine cities across all four zones of India, with an average Zomato customer rating of 4.71 in FY2026.

Risks · 9

• 01The company made a loss after tax of Rs 15.37 crore in FY2026, Rs 0.51 crore in FY2025 and Rs 5.69 crore in FY2024. The PAT margin was -9.79% in FY2026.
• 02Return on net worth was -24.00% in FY2026. Net worth was only Rs 1.98 crore in March 2024.
• 03The Rs 117.29 crore object of the fresh issue is to open new restaurants. The document says new restaurants may not become profitable in the expected time, and the cost estimates have not been independently appraised.
• 04Sales depend on one brand, Burma Burma. The all-vegetarian, no-alcohol format may limit the customer base.
• 05Dine-in gave 88.82% of FY2026 revenue and delivery gave 10.76%, so most revenue depends on footfall at the restaurants and on aggregator platforms for delivery.
• 06The offer for sale is up to 2,79,29,760 shares by promoters, an investor group and other holders. That money goes to the sellers and not to the company.
• 07General corporate purposes has no amount fixed yet and can be up to 25% of the gross proceeds.
• 08Average bill value fell from Rs 2,560 in FY2025 to Rs 2,400 in FY2026, even as the restaurant count rose from 12 to 21.
• 09The two promoters each hold 33.35% before the issue, and each is selling up to 60,00,000 shares.

Hunger Pangs Limited owns and operates Burma Burma Restaurant & Tea Room. The company calls it India's largest specialty Burmese casual dining restaurant chain, citing the F&S industry report. Burma Burma was founded in 2013 and started operations in 2014 with its first restaurant in Mumbai. The food is vegetarian and the menu is built around Burmese culinary traditions and tea shop culture.

As of 31 July 2026, the company operates 22 restaurants across nine cities and one delivery kitchen in Mumbai. The cities are New Delhi, Gurugram, Noida, Chandigarh, Bengaluru, Hyderabad, Kolkata, Mumbai and Ahmedabad. This covers all four zones of India. The company has one operating segment, the restaurant and food service business.

Dine-in gave 88.82% of revenue from operations in FY2026. Delivery through Swiggy, Zomato and other platforms gave 10.76%. The company also sells packaged teas, snacks and ice cream through its direct-to-consumer site, Burma Burma Shop. The average bill value was Rs 2,400 excluding taxes in FY2026, against Rs 2,560 in FY2025.

The company also runs a research and development lab in Mumbai and three warehouses in Bhiwandi (Mumbai), Begur (Bengaluru) and Okhla Industrial Estate (New Delhi). The promoters are Ankit Virendra Gupta and Chirag Narendra Chhajer, who are both Joint Managing Directors. Ankit Virendra Gupta has over 17 years of experience in the food service industry and Chirag Narendra Chhajer has over 12 years.

The company says it plans to open 27 additional restaurants over the next two fiscals after the current one. Its other stated strategies include improving same-store sales, building new brands and cuisines, and growing the delivery and direct-to-consumer share of revenue. The registered office is in Dadar West, Mumbai.

The industry

As per the F&S report, the Indian foodservice market was about Rs 8,314,320 million in FY2026 and is projected to reach about Rs 12,887,330 million by FY2030, a CAGR of about 11.6%. The organised segment was about Rs 4,747,960 million, or about 57.1% of the market, and is projected to rise to about 60.2%. The report sizes the opportunity for premium full-service or casual dining Pan-Asian restaurants with a vegetarian-only proposition at about Rs 8,450 million to Rs 14,720 million, which is about 0.6% to 0.9% of the FY2026 full-service restaurant market.

Customer concentration: Not applicable, as the company serves individual retail consumers across its restaurants.