Vegorama Punjabi Angithi Limited is a food and beverage company engaged in the vegetarian food services business. The company operates under the brand name “Punjabi Angithi”, which is known for serving vegetarian North Indian and multi-cuisine food, with a strong focus on Punjabi-style dishes.
The company started its operations in 2014 under the name Deepak Chadha HUF and later commenced operations as Vegorama Punjabi Angithi Private Limited in 2022. It was converted into a public limited company in April 2025. Initially, the company operated as a cloud kitchen and takeaway service provider, focusing on delivering vegetarian North Indian and other cuisines directly to customers.
Over the years, Vegorama Punjabi Angithi expanded its business model by adding corporate thali services, bulk meal solutions, compact catering services for office parties, team lunches, and home gatherings. In 2024, the company entered the fine-dining restaurant segment to offer a premium vegetarian dining experience with a wider menu, better ambience, and dine-in service.
The company operates through multiple food service formats, including cloud kitchens, takeaway, online delivery, dine-in restaurants, corporate thali services and catering services. Its business model allows it to serve different customer categories such as families, working professionals, corporate clients, office groups and customers looking for vegetarian meals through both offline and online channels.
Key Services Offered:
- Dine-In Services: The company operates fine-dine restaurants under the Punjabi Angithi brand, offering vegetarian North Indian and multi-cuisine food in a restaurant format.
- Takeaway Services: Customers can place orders and collect food from nearby outlets, making it convenient for quick meals and family orders.
- Online Food Delivery: The company uses online platforms and delivery channels to serve customers at home, helping it reach a wider customer base beyond physical restaurant footfall.
- Cloud Kitchen Operations: Vegorama Punjabi Angithi operates delivery-focused cloud kitchens, which help the company expand into different locations with comparatively lower infrastructure cost than traditional restaurants.
- Corporate Thali Services: The company provides bulk meal solutions for corporate clients, offices and institutions, helping it diversify revenue beyond regular takeaway and delivery sales.
- Catering Services: The company also offers catering solutions for office parties, team lunches, home gatherings, and small events, supporting its presence in the vegetarian catering segment.
As per the RHP, Vegorama Punjabi Angithi has 27 cloud kitchens, out of which 2 cloud kitchens in Noida are yet to commence operations and 1 cloud kitchen in Dwarka is closed, along with 2 fine-dine restaurants in Delhi NCR. Its cloud kitchens are spread across approximately 400 sq. ft. to 870 sq. ft., while its fine-dine restaurant is built over approximately 2,397 sq. ft.
The company focuses on offering quality, taste, affordability and consistency across its food offerings. Its future growth strategy includes expanding fine-dining and corporate catering services, strengthening online delivery channels, and entering new markets to increase its presence in the Indian vegetarian food services industry.
As of February 28, 2026, the company had 306 employees across departments such as kitchen, operations, finance, quality assurance, legal and management.
Vegorama Punjabi Angithi IPO – Details
| IPO Opening Date | 20 May 2026 |
| IPO Closing Date | 22 May 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 49,84,000 Shares Worth ₹38.38 Crore Fresh Issue: 39,87,200 Shares Worth ₹30.70 Crore Offer For Sale: 9,96,800 Shares Worth ₹7.68 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹73 – ₹77 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Vegorama Punjabi Angithi IPO – Date Schedule
| IPO Open Date | 20 May 2026 |
| IPO Close Date | 22 May 2026 |
| Basis of Allotment | 25 May 2026 |
| Initiation of Refund | 26 May 2026 |
| Credit of Shares to Demat | 26 May 2026 |
| IPO Listing Date | 27 May 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 22, 2026 |
Vegorama Punjabi Angithi IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,46,400 |
| Retail (Max) | 2 | 3,200 | ₹2,46,400 |
| S-HNI (Min) | 3 | 4,800 | ₹3,69,600 |
| S-HNI (Max) | 8 | 12,800 | ₹9,85,600 |
| B-HNI (Min) | 9 | 14,400 | ₹11,08,800 |
Competitive Strength
- Prominent Location of the Cloud Kitchens/ Fine Dine Restaurant.
- Recognised brand in the food industry.
- Attractive offering at competitive prices based on constant menu innovation and customer focus.
- Experienced staff and value-oriented business culture led by our Management.
- Healthy financial position with proven track record of revenue growth and profitability.
Company Promoters
- Mr. Deepak Chadha
- Mr. Subash Chander Chadha
- Mrs. Teenu Chadha
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹16.91 Cr | ₹14.72 Cr | ₹0.84 Cr | ₹0.23 Cr |
| 31 March 2024 | ₹66.37 Cr | ₹10.15 Cr | ₹4.64 Cr | ₹4.00 Cr |
| 31 March 2025 | ₹102.06 Cr | ₹29.30 Cr | ₹8.22 Cr | ₹5.05 Cr |
| 31 December 2025 | ₹105.35 Cr | ₹19.75 Cr | ₹9.04 Cr | ₹3.62 Cr |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | 47.93% |
| ROCE | 53.73% |
| RoNW | 47.93% |
| PAT Margin | 8.60% |
| EBITDA Margin | 11.81% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.51 | 7.25 |
| P/E (x) | 11.82 | 10.61 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital Expenditure for the construction of a banquet and fine dining restaurant. | ₹11.82 |
| Capital Expenditure for the construction of a centralized kitchen. | ₹4.27 |
| Capital Expenditure for rolling out a new cloud kitchen. | ₹4.93 |
| Capital Expenditure for the upgradation of the existing cloud kitchen facilities. | ₹2.30 |
| Issue Expenses. | – |
| General corporate purposes. | – |
✅Strengths
- Pure vegetarian food brand with no cross-contamination focus.
- Strong presence in North Indian and Punjabi vegetarian cuisine.
- Operates through cloud kitchens, dine-in, takeaway, delivery and catering.
- Multi-brand portfolio with brands like Punjabi Angithi, Dilli Tawa Parantha, Chinese Veg Crunch and Dum Biryani.
- Around 63% repeat customer base shows good customer loyalty.
- Cloud kitchen model helps expansion with lower infrastructure cost.
- Strong presence on food delivery platforms.
- Offers affordable and value-for-money vegetarian meals.
- Standardized recipes help maintain taste consistency.
- Experienced promoter-led business with local market understanding.
⚠️Risks
- Food and restaurant industry is highly competitive.
- Competition from organized and unorganized players may affect margins.
- Many cloud kitchens and restaurants are on leased properties; non-renewal can affect operations.
- Business requires multiple licenses like FSSAI, health trade license, fire NOC and eating house license.
- Delay in obtaining or renewing approvals may impact business operations.
- Expansion plans may face delay, cost escalation or execution risk.
- Food aggregators may charge high commissions, which can impact profitability.
- Internal control failure may affect operations due to high transaction volume.
- Insurance coverage may not be enough for all possible losses.
- Majority of directors do not have listed company experience, which may create compliance challenges.
Vegorama Punjabi Angithi IPO Promoter Holding
| Pre-Issue Share Holding | 99.41% |
| Post Issue Share Holding | – |
Vegorama Punjabi Angithi IPO Prospectus
Company Contact Information
| Vegorama Punjabi Angithi Limited B-376, Third Floor, Meera Bagh, Outer Ring Road Paschim Vihar, New Delhi, New Delhi, 110063 Phone: +91-11-46112637 Email: compliance@punjabiangithi.in Website: https://punjabiangithi.in/ |
Vegorama Punjabi Angithi IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshare.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Vegorama Punjabi Angithi IPO Lead Manager(s)
| 1. Corporate Makers Capital Ltd. |
Vegorama Punjabi Angithi IPO FAQ
| What is the Vegorama Punjabi Angithi IPO? Vegorama Punjabi Angithi IPO is an SME IPO. The issue is priced at ₹73 – ₹77 per equity share. The IPO is to be listed on BSE SME. |
| When will Vegorama Punjabi Angithi IPO open? The IPO is to open on 20 May 2026 for QIB, NII, and Retail Investors. |
| What is Vegorama Punjabi Angithi IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Vegorama Punjabi Angithi IPO Size? Vegorama Punjabi Angithi IPO size is ₹38.38 Crore. |
| What are the Vegorama Punjabi Angithi IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 3200 Shares for ₹2,46,400, while the maximum bid is 3200 Shares for ₹2,46,400. |
| What is the Vegorama Punjabi Angithi IPO Allotment Date? Vegorama Punjabi Angithi IPO allotment date is 25 May 2026. |
| What is the Vegorama Punjabi Angithi IPO Listing Date? Vegorama Punjabi Angithi IPO listing date is 27 May 2026. The IPO is to be listed on the BSE SME. |
