Vegorama Punjabi Angithi Lists at ₹118.10, Up 61.04%

Vegorama Punjabi Angithi Ltd, incorporated in March 2022 as a food and beverage company operating chain of restaurants under "Punjabi Angithi" brand offering affordable North Indian cuisine in quick-service restaurant (QSR) format with 19 cloud kitchens (400-870 sq ft) and 2 fine-dining restaurants (2,397 sq ft) in Delhi NCR providing dine-in, takeaway, and online delivery through Swiggy, Zomato, and in-house delivery with 306 employees catering to broad customer base in urban and semi-urban areas, made a stellar debut on BSE SME on Wednesday, May 27, 2026. The Vegorama Punjabi Angithi share price opened at ₹118.10 representing premium of 53.38% from issue price of ₹77.00, immediately hit upper circuit at ₹124.00 (up 61.04%).

Vegorama Punjabi Angithi Listing Details

Vegorama Punjabi Angithi launched its IPO comprising fresh issue of ₹30.70 crore and OFS of ₹7.68 crore at ₹77 per share with minimum investment of 3,200 shares costing ₹2,46,400 raising ₹38.38 crore including ₹10.90 crore from anchor investors.

First-Day Trading Performance

Listing Price: Vegorama Punjabi Angithi stock price opened at ₹118.10 representing premium of 53.38% from issue price, immediately hit upper circuit at ₹124.00 (up 61.04%), with VWAP at ₹119.08. The stellar listing delivered exceptional gains for IPO investors with turnover of ₹29.66 crore, traded volume of 24.91 lakh shares, delivery of 100%, and market capitalisation of ₹205.98 crore against pre-IPO market cap of ₹127.90 crore.

Growth Drivers and Challenges

Growth Drivers:

Exceptional Revenue Growth: Revenue growing from ₹16.91 crore in FY23 to ₹102.06 crore in FY25 (6x growth), 9M FY26 revenue of ₹105.35 crore already exceeding full FY25, PAT of ₹9.04 crore for 9M FY26 exceeding full FY25 PAT of ₹8.22 crore.

Scalable Cloud Kitchen Model: 19 cloud kitchens enabling expansion with low infrastructure costs, delivery-only kitchens servicing high-demand areas with minimal overhead, partnerships with Swiggy and Zomato for wide reach.

Expansion Plans: IPO proceeds funding banquet and fine-dining restaurant construction (₹11.82 crore), centralized kitchen (₹4.27 crore), new cloud kitchen rollout (₹4.93 crore), and existing facility upgradation (₹2.30 crore) for comprehensive growth.

Challenges:

Geographic Concentration: Operations limited to Delhi NCR market with need for expansion into other cities to diversify revenue base and reduce regional dependency.

Competitive QSR Segment: Operating in highly competitive quick-service restaurant and cloud kitchen segment with established players and food aggregator dependence impacting margins.

Utilisation of IPO Proceeds

Banquet & Fine Dine Restaurant: ₹11.82 crore for capital expenditure towards construction of banquet and fine dine restaurant expanding premium dining segment.

Cloud Kitchen Rollout: ₹4.93 crore for rolling out new cloud kitchens expanding delivery footprint.

Centralized Kitchen: ₹4.27 crore for construction of centralized kitchen improving operational efficiency.

Cloud Kitchen Upgradation: ₹2.30 crore for upgradation of existing cloud kitchen facilities.

General Corporate Purposes & Issue Expenses: Remaining amount.

Financial Performance

Revenue: ₹105.35 crore for 9 months ended December 2025 (already exceeding full FY25), ₹102.06 crore for FY25, remarkable growth from ₹66.37 crore in FY24 and ₹16.91 crore in FY23.

Net Profit: ₹9.04 crore for 9 months FY26 (already exceeding full FY25), ₹8.22 crore in FY25, growth from ₹4.64 crore in FY24 and ₹0.84 crore in FY23. 

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