ALFA Finder
| PE TTM | 38.92Sector PE 47.8 |
|---|---|
| Market Cap | ₹468.43 CrSmall Cap |
| Promoter Holding | 69.55%Zero Pledged |
| RSI | 64.72Neutral Zone |
| Metric | H1-27 | H2-26 | H1-26 |
|---|---|---|---|
| Revenue from Operations | 100 | 72.6 | 68.3 |
| Other Income | 0.8 | 0.4 | 0.2 |
| Total Income | 101 | 73.0 | 68.5 |
| Profit Before Tax | 14.0 | 7.5 | 8.5 |
| Net Profit | 10.4 | 5.7 | 6.4 |
| Operating Margin | 13.9% | 10.3% | 12.4% |
| Net Profit QoQ | +82.5% | ||
| Net Profit YoY | +62.5% | ||
| Adj. Profit QoQ | +83.3% | ||
| Adj. Profit YoY | +59.0% | ||
Key highlights
- Revenue from operations grew 46.4% year-on-year to reach ₹100 crore in H1-27
- Net profit increased to ₹10.4 crore, up from ₹6.4 crore in the same period last year
- Operating margins expanded to 13.9% from 12.4% on a year-on-year basis
- The company successfully deployed ₹6.89 crore of its IPO proceeds toward core expansion objects
- Unutilised IPO funds of ₹20.49 crore are currently held in fixed deposits to fund upcoming projects
Revenue Hits ₹100 Crore Milestone as Profits Surge
Vegorama Punjabi Angithi Limited delivered a strong financial performance for the first half of FY27, with revenue from operations climbing to ₹100 crore compared to ₹68.3 crore in H1-26. This 46.4% growth in the top line translated into a 62.5% surge in net profit, which reached ₹10.4 crore. The company's expansion into new dining formats and cloud kitchens since its listing has significantly bolstered its earnings capacity.
Total income for the period stood at ₹101 crore, while profit before tax improved to ₹14.0 crore from ₹8.5 crore in the year-ago period, indicating healthy operational scaling.
Operational Efficiency and Margin Expansion
The company demonstrated improved efficiency with operating margins expanding to 13.9% in H1-27, up from 12.4% in the corresponding half of the previous year. Total expenses for the period were recorded at ₹86.87 crore, with the cost of materials consumed accounting for ₹47.95 crore. Employee benefit expenses stood at ₹6.86 crore, while other expenses amounted to ₹31.39 crore.
This disciplined approach to cost management, alongside the ramp-up in revenue, has allowed the restaurant operator to achieve a net profit margin of approximately 10.4%, up from 9.4% in H1-26.
IPO Fund Deployment for Cloud Kitchen Rollout
- The company has utilised ₹1.77 crore for the rollout of new cloud kitchens by September 30, 2026
- A total of ₹1.01 crore was deployed for the construction of a centralized kitchen facility in Haryana
- The company reported full utilisation of ₹3.30 crore for general corporate purposes, including promotional payments to Zomato
- Remaining unutilised funds of ₹20.49 crore are currently invested in fixed deposits with HDFC Bank
- Capital expenditure for a fine-dine restaurant and banquet hall in Gurugram is currently under implementation
Sector Context and Market Valuation
Operating within the Hotels, Restaurants & Tourism sector, Vegorama Punjabi Angithi currently trades at a P/E ratio of 38.92, which remains below the industry average of 61.39. The stock has exhibited strong momentum, gaining 18.49% over the past month and approaching its 52-week high of ₹290. With a market capitalization of ₹468.43 crore and stable promoter holding at 69.55%, the company maintains a Piotroski Score of 6.
The current valuation reflects investor confidence in the firm's transition from a regional player to an institutional operator following its fresh issue of 39.87 lakh shares in May 2026.
| Date | Announcement | Amount |
|---|---|---|
| 16 Jul 2026 | Management Guidance: Addition of 10 new cloud kitchens in FY27 and 10 in FY28, reaching 50+ kitchens long-termSource: BSE filing | – |
| 12 Jun 2026 | Audited Standalone Financial Results for the financial year ended 31 Mar 2026 (Net Profit)Source: scanx.trade | ₹12.04 Cr |
What to watch next
- Opening of 10 new cloud kitchens targeted for completion during the remainder of FY27
- Final commissioning of the centralized kitchen in Bahadurgarh, Haryana
- Completion of the fine-dine restaurant and banquet project in Sector 89, Gurugram
- Utilization report for the remaining ₹20.49 crore IPO proceeds in the next half-year filing
“The Company successfully completed its Initial Public Offer (IPO), comprising a fresh issue of 39,87,200 equity shares... The proceeds from the fresh issue are being utilised towards the objects specified in the Prospectus.”
| Share price | ₹282 |
|---|---|
| Market capitalisation | ₹468.43 Cr |
| Revenue (annual) | ₹140.87 Cr |
| Net profit (annual) | ₹12.04 Cr |
| P/E (TTM) | 38.92×Sector 47.8× |
| Promoter holding | 69.55% |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Vegorama Punjabi Angithi Ltd announcing its unaudited standalone financial results for the half year ended September 30, 2026. Market figures from a third-party data provider.
