Pind Hospitality SME IPO
Pind Hospitality IPO — date, price band, GMP & allotment 2026
Pind Hospitality Limited runs six restaurants in Pune along with its partnership firm Pind Punjab, serving dine-in, delivery through its own and third-party apps, and outdoor catering. It has completed over 5 lakh deliveries and is raising money to build a hotel-cum-banquet hall at Lonavala.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 22 September.
- Open 28 Sep 2026
- Close 30 Sep 2026
- Allotment 01 Oct 2026
- Refund/credit 05 Oct 2026
- Listing 06 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 28 to 30 Sep, 2026 |
|---|---|
| Price Band | ₹93 – ₹99 |
| Face Value | ₹10 |
| Lot Size | 1200 Shares |
| Issue Size | ₹17.82 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 2,37,600 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1200 shares at the ₹99 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 2,400 | ₹2,37,600 |
| Retail (max) | 2 | 2,400 | ₹2,37,600 |
| HNI (min) | 3 | 3,600 | ₹3,56,400 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01The 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.
- 02The restaurants have proved durable, with six outlets running in Pune and no permanent closures since 2016.
- 03It reaches customers through several channels, including third-party delivery apps, its own mobile app, online bookings, telephone orders and pick-up.
- 04More than five lakh deliveries completed shows an established delivery operation rather than a new entrant.
- 05The margin is reasonable for a restaurant business, with a PAT margin of 9.30% and an EBITDA margin of 16.14%.
- 06Net worth has grown steadily, from Rs 9.69 crore in FY2024 to Rs 14.52 crore in FY2026.
- 07The whole issue is fresh capital, with Rs 12.70 crore going into a hotel-cum-banquet project at Lonavala.
Risks · 10
- 01Profit 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.
- 02The 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.
- 03The company was incorporated only in June 2021, so it has a short corporate history even though the restaurants are older.
- 04The whole business is six restaurants in a single city, so it depends heavily on the Pune market.
- 05The 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.
- 06Third-party delivery apps take a substantial commission and own the customer relationship, so a change in their terms directly affects profitability.
- 07Borrowing 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.
- 08Food inflation raises costs quickly while menu prices can only be raised occasionally.
- 09Promoter holding will come down from 84.72% to 59.3% after the issue.
- 10This 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.
Three years of numbers
All figures in ₹ crore, as reported in the Pind Hospitality offer document.
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 37.72 | 28.33 | 26.04 |
| Total Income | 24.91 | 23.17 | 20.87 |
| Profit After Tax | 2.27 | 2.56 | 2.21 |
| EBITDA | 3.95 | 3.69 | 3.10 |
| NET Worth | 14.52 | 12.25 | 9.69 |
| Reserves and Surplus | 10.32 | 8.05 | 5.49 |
| Total Borrowing | 12.74 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Pind Hospitality RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Pind Hospitality IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹5.41 | ₹3.79 |
| P/E Ratio (x) | 18.30 | 26.12 |
| Market Cap at Offer Price (₹ Cr) | ₹41.54 | ₹59.39 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹99 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹12.70 Cr of the issue is earmarked to named objects.
About the company
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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Company contact
Frequently asked
What is the GMP of Pind Hospitality?
The current Grey Market Premium is ₹0.
What is the Pind Hospitality IPO price band?
₹93 to ₹99, on a face value of ₹10.
When is the allotment?
The basis of allotment is 1 October 2026, with listing on 6 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
