Vegorama Punjabi Angithi Ltd.
VEGORSME
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Overview
Vegorama Punjabi Angithi Limited is a pure-vegetarian food services company focused on North Indian and allied cuisines under brands such as Punjabi Angithi, Dilli Tawa Parantha, Chinese Veg Crunch, Food of Dreams, Swaad of Punjab and Dum Biryani by Punjabi Angithi. Vegorama Punjabi Angithi Limited began operations in 2014 as a cloud kitchen and takeaway business and has expanded into multiple formats including cloud kitchens, dine-in restaurants, takeaway, corporate thali services and outdoor catering. The company operates across Delhi NCR and nearby markets, with a delivery-led model supported by aggregator platforms, standardized recipes, repeat customers and a growing fine-dining presence.
Opening Date
May 20, 2026
Closing Date
May 22, 2026
Listing Date
May 27, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
—
Fresh Issue
30.7 Cr
Offer for Sale
7.68 Cr
Price Band
₹73 - ₹77
Lot Size
1600
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The main objectives of the issue are to fund expansion-led capital expenditure and strengthen Vegorama Punjabi Angithi Limited’s multi-format vegetarian food business.
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Funding capital expenditure of about ₹11.82 crore for construction and fit-out of a banquet and fine-dine restaurant in Gurugram, including civil works, interiors, kitchen equipment, furniture, cutlery, cold room and HVAC systems, to expand into higher-value dining and event-led revenue streams.
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Funding capital expenditure of about ₹4.27 crore for establishing a centralized kitchen at Bahadurgarh, including civil interiors, kitchen equipment, generator and cold room infrastructure, to improve production efficiency, standardization, procurement scale benefits and support multiple outlets from a central hub.
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Funding capital expenditure of about ₹4.93 crore for rolling out 10 new cloud kitchens across markets such as Delhi, Gurugram, Ghaziabad, Bengaluru and Pune, including kitchen equipment and cold room installations, to broaden geographic reach and strengthen the company’s delivery-led business model.
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Funding capital expenditure of about ₹2.30 crore for upgrading existing cloud kitchen infrastructure through installation of cold rooms, air scrubbers, air washers and related equipment across existing locations, aimed at improving operational efficiency, food preservation, hygiene standards and service quality.
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Meeting general corporate purposes, which may include supporting business operations, brand building, working capital flexibility and other strategic corporate requirements within applicable regulatory limits.
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Achieving the benefits of listing on the SME Platform of BSE Limited, including enhanced corporate image, better visibility with customers and suppliers, increased investor confidence and creation of a public market for the company’s equity shares.
Key Performance Indicator
P/E Ratio
11.82
EPS
6.51
ROE
47.93%
ROCE
53.73%
RONW
47.93%
Debt to Equity Ratio
—
PAT Margin
8.6%
EBITDA Margin
11.81%
P/B
6.78
SWOT Analysis
Strengths
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Strong pure-vegetarian positioning with no cross-contamination across kitchens appeals to a clearly defined customer segment seeking food purity and trust.
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Diversified operating model spanning cloud kitchens, dine-in, takeaway, corporate thalis and catering provides multiple revenue streams and customer touchpoints.
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Recognized in key Delhi NCR markets with significant delivery-platform presence, high repeat customer share and standardized recipes that support consistency.
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Rapid financial growth with improving scale, profitability and cash generation supports expansion into new kitchens, centralized production and fine dining.
Weaknesses
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Revenue concentration on e-commerce aggregators is high, making the business dependent on third-party delivery platforms for a large share of sales.
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Operations are concentrated mainly in Delhi NCR and nearby regions, limiting geographic diversification and exposing the company to local market disruptions.
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Supplier concentration is meaningful, with top suppliers accounting for a high share of purchases, which may affect procurement resilience and bargaining flexibility.
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Expansion plans rely on multiple proposed sites, vendors and project execution timelines, while some planned outlets were yet to commence operations at the time of the RHP.
Opportunities
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Growing demand for organized vegetarian dining, delivery, catering and wedding-related food services creates room to scale cloud kitchens and banquet formats.
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The proposed centralized kitchen can improve consistency, shelf life, procurement economics and supply efficiency across multiple outlets and formats.
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New cloud kitchens in additional cities such as Bengaluru and Pune can help the company extend its delivery-led model beyond existing core territories.
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Fine-dining and banquet expansion offers access to premium occasions, event catering and higher-ticket customer segments beyond regular delivery demand.
Threats
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The food services and cloud kitchen industry is highly competitive and rapidly consolidating, which may intensify pricing pressure and customer acquisition costs.
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Changes in food safety, environmental, taxation and other regulatory requirements may increase compliance costs and affect operating flexibility.
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Macroeconomic slowdown, inflation and volatility in raw material prices could reduce consumer spending and pressure margins in a price-sensitive business.
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Future increases in competition, platform dependence or disruptions involving key suppliers, landlords or new site approvals may affect growth execution and profitability.
Subscription Rate
Frequently Asked Questions about Vegorama Punjabi Angithi Ltd.
Vegorama Punjabi Angithi Limited is a pure-vegetarian food services company focused on North Indian and allied cuisines under brands such as Punjabi Angithi, Dilli Tawa Parantha, Chinese Veg Crunch, Food of Dreams, Swaad of Punjab and Dum Biryani by Punjabi Angithi. Vegorama Punjabi Angithi Limited began operations in 2014 as a cloud kitchen and takeaway business and has expanded into multiple formats including cloud kitchens, dine-in restaurants, takeaway, corporate thali services and outdoor catering. The company operates across Delhi NCR and nearby markets, with a delivery-led model supported by aggregator platforms, standardized recipes, repeat customers and a growing fine-dining presence.
The Vegorama Punjabi Angithi Ltd. IPO is scheduled to open for subscription on May 20, 2026 and close on May 22, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Vegorama Punjabi Angithi Ltd. IPO is ₹73 to ₹77. Investors can place bids within this range once the issue opens.
The minimum lot size for the Vegorama Punjabi Angithi Ltd. IPO is 1600 shares. The minimum investment amount ₹1,23,200.
The total issue size of the Vegorama Punjabi Angithi Ltd. IPO is will be disclosed closer to the issue opening. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Vegorama Punjabi Angithi Ltd. IPO has been subscribed 4.45 times. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Vegorama Punjabi Angithi Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Vegorama Punjabi Angithi Ltd. are expected to list on stock exchanges on May 27, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Vegorama Punjabi Angithi Ltd. IPO are proposed to be used for The main objectives of the issue are to fund expansion-led capital expenditure and strengthen Vegorama Punjabi Angithi Limited’s multi-format vegetarian food business., Funding capital expenditure of about ₹11.82 crore for construction and fit-out of a banquet and fine-dine restaurant in Gurugram, including civil works, interiors, kitchen equipment, furniture, cutlery, cold room and HVAC systems, to expand into higher-value dining and event-led revenue streams., Funding capital expenditure of about ₹4.27 crore for establishing a centralized kitchen at Bahadurgarh, including civil interiors, kitchen equipment, generator and cold room infrastructure, to improve production efficiency, standardization, procurement scale benefits and support multiple outlets from a central hub., Funding capital expenditure of about ₹4.93 crore for rolling out 10 new cloud kitchens across markets such as Delhi, Gurugram, Ghaziabad, Bengaluru and Pune, including kitchen equipment and cold room installations, to broaden geographic reach and strengthen the company’s delivery-led business model., Funding capital expenditure of about ₹2.30 crore for upgrading existing cloud kitchen infrastructure through installation of cold rooms, air scrubbers, air washers and related equipment across existing locations, aimed at improving operational efficiency, food preservation, hygiene standards and service quality., Meeting general corporate purposes, which may include supporting business operations, brand building, working capital flexibility and other strategic corporate requirements within applicable regulatory limits., Achieving the benefits of listing on the SME Platform of BSE Limited, including enhanced corporate image, better visibility with customers and suppliers, increased investor confidence and creation of a public market for the company’s equity shares.
Before applying for the Vegorama Punjabi Angithi Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
