Severeconcentrationpage 32
100% of revenue concentrated in Pune city
We generated 100% of our revenues in the Fiscal 2026, Fiscal 2025 and Fiscal 2024 from our operations in the city of Pune, Maharashtra
ListedSMEHotelPIND
Pind Hospitality IPO
Pind Hospitality IPO is an SME IPO raising ₹18 Cr at ₹93 – ₹99 a share. It listed on 6 Oct 2026 at ₹79, −20.0% against its issue price of ₹99, and trades at ₹37 today (−62.5% since issue). It was subscribed 2.63× in total.
₹99
Issue price
₹37
Price now
−62.5%
Since issue price
6 Oct 2026
Listed on
2.63×Subscribed (final) · all exchanges
2.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 328-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 13 specific to this company; 230 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 31
Third-party delivery apps drive 78-86% of revenue
third-party food delivery apps contributed to 78.38 %, 85.19 % and 86.40% of Company's revenue from operations, in the Fiscal 2026, Fiscal 2025 and Fiscal 2024 which represented ₹1,916.48 lakhs, ₹1,929.20 lakhs and ₹1,795.16 lakhs, respectively
Severeconcentrationpage 49
Top-10 suppliers formed up to 99.73% of purchases, no consents
purchase from our top ten supplier was ₹ 735.61 lakhs, ₹ 806.53 lakhs and ₹ 592.92 lakhs, (includes suppliers of packing materials) which represented 93.52%, 99.73% and 82.59 %, of our purchases for the Fiscal 2026, Fiscal 2025 and Fiscal 2024.
Severeregulatorypage 48
Years of unpaid statutory dues flagged by auditors
the professional tax payable, professional tax remains payable by the company for period beginning from September 2021, the same remains unpaid... provident fund... recognized a provision for unpaid employees provident fund for the years FY 2022-23, FY 2024-25 and FY 2025-26... ESIC payable... recognized a provision for unpaid ESIC contribution for the periods, FY 2022-23, FY 2023-24, FY 2024-25 and for FY 2025-26.
Severefinancialpage 33
Haveli Project capex near net worth; promoters lack hotel experience
the proposed cost of ₹2,010.03 lakhs for the development of the Haveli Project (excluding land) and the proposed utilization of ₹1,269.81 lakhs from the Net Proceeds of the Issue, is marginally high in comparison with our net worth of ₹1,452.30 lakhs as on March 31, 2026. While our Promoters have experience in operation and management of restaurants, they have no previous experience in operation of hotels and banquet halls
Severefinancialpage 35
Cash and equivalents of just ₹1.32 lakhs at FY26 year-end
Cash and Cash Equivalents at the end of the year 1.32 17.17 182.22
Severemarketpage 58
BRLM's prior IPOs trading below their issue price
the current market price of securities listed pursuant to certain previous initial public offerings managed by the BRLM is below their respective Issue price
Highregulatorypage 36
Pind Punjab restaurant license conditionally suspended in 2026
The license held by Pind Punjab to operate one of its restaurants was conditionally suspended by an order of the Food and Drugs Administration, State of Maharashtra, dated June 23, 2026, on grounds of certain deficiencies identified during a surprise inspection
Highpromoterpage 38
CIBIL shows 'suit filed' status on promoters
The credit information reports issued by TransUnion CIBIL Limited ("CIBIL") in respect of our Promoters, reflect a "suit filed" remark/status in relation to a credit facility. Our Promoters have confirmed, and represented in writing, that they are not aware of any suit having been filed against them
Highoperationalpage 62
Capital work-in-progress stagnant at ~₹1,616 lakhs for Haveli
Capital Work-in-progress ... 1,616.02 ... 1,550.32 ... 1,407.56
Highfinancialpage 41
Promoters are co-borrowers; Lonavala land mortgaged to lenders
Our Promoters, Chirag Parveen Malhotra, Nimish Parveen Malhotra and Anita Malhotra are classified as co-borrowers by our lenders... our Company has also mortgaged its immovable properties including its land at Lonavala, Maharashtra where the proposed Haveli Project is to be developed... As on March 31, 2026, the total outstanding loan availed towards the Haveli Project was ₹ 576.89 lakhs.
Highregulatorypage 72
Statutory auditor changed during IPO over peer-review issues
Sanjay Bansal & Associates ... Resignation as not peer reviewed
Highpromoterpage 45
Promoters retain 84.72% post-Issue at ~₹7 acquisition cost
our Promoters hold approximately 84.72 % of the paid-up Equity Share capital of our Company. Accordingly, our Promoters will continue to exercise significant influence over our business policies and affairs... This concentration of ownership also may delay, defer or even prevent a change in control of our Company.
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 7 | 0 | ₹1.7 Cr |
| Subsidiaries | 0 | 14 | 0 | ₹1.3 Cr |
| Directors | 0 | 0 | 0 | — |
| Promoters | 0 | 9 | 0 | ₹0.3 Cr |
case₹1.4 Crpage 231
Company vs Income Tax Dept: ₹1,44,57,122 demand under section 143(1)(a) of IT Act for AY 2025
case₹0.7 Crpage 232
Partnership firm Pind Punjab vs Income Tax Dept: ₹67,78,219 demand under section 143(1)(a) of IT Act for AY 2025
case₹0.2 Crpage 232
Partnership firm Pind Punjab vs Income Tax Dept: ₹22,75,752 demand under section 143(1)(a) of IT Act for AY 2022
case₹0.1 Crpage 232
Partnership firm Pind Punjab vs Income Tax Dept: ₹14,91,308 demand under section 143(1)(a) of IT Act for AY 2021
case₹0.1 Crpage 233
Anita Malhotra (Promoter) vs Income Tax Dept: ₹13,83,734 demand under section 144 of IT Act for AY 2023
Partnership firm (Pind Punjab), where Company holds majority capital contribution, mapped under 'subsidiaries'. Second 'company' bucket covers KMP/SMP (1 direct-tax case, ₹198 demand against Navanath Shankar Shinde). All amounts converted from lakhs to crore (1 crore = 100 lakhs). Grand total not explicitly stated; arithmetic sum of stated sub-totals is ₹323.182 lakhs ≈ ₹3.23182 crore. No criminal, regulatory/statutory, or material civil proceedings disclosed for any Relevant Party.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.