Vegorama Punjabi Angithi Limited traces its origins to 2014, when it initially commenced operations as a Hindu Undivided Family (HUF) firm under the name "Deepak Chadha HUF". It later transitioned into a corporate structure as a Private Limited Company under its current brand name. The company is driven by its promoters—Mr. Deepak Chadha, Mr. Subash Chander Chadha, and Mrs. Teenu Chadha. Collectively, the promoter group holds over 99% of the pre-issue equity, demonstrating a tightly held ownership structure prior to the public offering. The company's business model centers on the cloud kitchen and takeaway service sector. It leverages digital fluency and growing consumer demand for home delivery to reach its client base, primarily serving the general retail customer looking for high-quality vegetarian food options. This model allows for high operational flexibility and reduced overhead costs compared to traditional large-scale restaurant formats, though it is currently transitioning toward a more integrated hospitality model. Currently, the company manages multiple operational nodes, including existing cloud kitchen facilities. To enhance efficiency and maintain consistency across its product offerings, the management has established standardized processes for food preparation and delivery. These operations have driven significant revenue growth, with revenue from operations increasing from Rs 1,688.46 Lakhs in FY 2023 to Rs 10,130.52 Lakhs in FY 2025. Looking toward the future, the company is embarking on a comprehensive expansion plan funded by the IPO proceeds. This includes moving into the physical dining segment by constructing a new banquet and fine-dine restaurant. Additionally, it is scaling its production units through the setup of a centralized kitchen and the rollout of new cloud kitchen outlets across strategic locations to further increase its market penetration and capacity utilization. As per financial performance, Vegorama Punjabi Angithi Limited has posted total income / net profits of Rs 16.90 / 0.83 Cr (FY23), Rs 66.36 / Rs 4.64 Cr (FY24), Rs 102.05 Cr / 8.22 Cr (FY25) and Rs 105.34 Cr / 9.03 Cr (upto Q3 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 4.59 and average RoNW of 90.42% for last three fiscals. Issue is priced at a P/BV of 2.27 as per NAV of Rs 33.94/- as on post Issue If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 27.56, 15.56 and 10.61 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Corporate Makers Capital Limited is associated with this IPOs and has handled 7 IPOs in last three fiscal years. From last 7 IPOs, five opened below issue price and remaining all above issue price or at par, on the day of listing. As of now, from last 7 IPOs, six are trading below issue price and remaining all are trading above issue price or at par. (as on 15.05.26) As per financials, Vegorama Punjabi Angithi Limited has shown good results, RoNW is 80.39% and P/E is 27.56, 15.56 and 10.61 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fairly priced. Company's business model centers on the cloud kitchen and takeaway service sector, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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