Hunger Pangs (Burma Burma) IPO
Hunger Pangs Limitedhungerpangs.com
- Price band
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- Issue size
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- Lot size
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- Bidding
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- Grey market
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Face value ₹2.00
Split not disclosed
Listing date to be set
No quote recorded
Market data to 27 Oct 2026. Company figures are as filed, sourced 27 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Burma Burma nearly doubled its restaurant count in FY26 and grew revenue from operations 46.56% to ₹155.50 Cr, yet the year ended ₹15.37 Cr in loss and like-for-like growth slowed to 2.27%, so the question this offer poses is whether the 27 further restaurants it funds will mature into the restaurant-level economics of the older network or extend a pattern in which expansion costs outrun the margin it adds.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Scaling fast, not yet earning
50% of the scoring model was backed by disclosed data for Hunger Pangs (Burma Burma), giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Loss-making in the latest full year
The company reported a net loss of ₹15.4 Cr in FY26. P/E is undefined, so valuation is scored on sales instead of earnings.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2013 · Mumbai, Maharashtra · 1,574 employees
Hunger Pangs owns and operates "Burma Burma Restaurant & Tea Room", which the DRHP, citing a Frost & Sullivan report the company commissioned, describes as India's largest specialty Burmese casual dining restaurant chain, positioned in the premium Pan-Asian casual dining segment. The first restaurant opened in Mumbai in 2014; as on 31 July 2026 the company operated 22 restaurants across nine cities - New Delhi, Gurugram, Noida, Chandigarh, Bengaluru, Hyderabad, Kolkata, Mumbai and Ahmedabad - plus one delivery kitchen in Mumbai and three warehouses. Every restaurant is company-owned and company-operated, and the business is anchored in dine-in, which supplied 88.82% of FY26 revenue from operations; delivery through aggregators such as Zomato and Swiggy, started in 2016, supplied 10.76%. A direct-to-consumer site, Burma Burma Shop, sells packaged teas, snacks and ice cream. At 30 June 2026 the company had 1,574 full-time employees and 141 contractual or third-party staff.
Revenue is covers multiplied by spend, earned in leased premises. Dine-in covers rose from 0.58 million in FY24 to 1.18 million in FY26, average spend per cover from ₹1,061.39 to ₹1,165.04, and revenue from operations from ₹71.92 Cr in FY24 to ₹106.10 Cr in FY25 and ₹155.50 Cr in FY26, a disclosed CAGR of 47.05%. Food cost is small - the disclosed gross margin was 80.47% in FY26 - so the cost base is people, rent and the fit-out of new sites: the company opened nine restaurants in FY26, taking the count from 12 to 21, at an average restaurant capital expenditure the DRHP puts at ₹46.6 million. Because restaurants are leased and accounted for under Ind AS 116, rent sits largely below EBITDA as depreciation of right-of-use assets and interest on lease liabilities. On that basis the business reported a 16.51% EBITDA margin in FY26, but depreciation and amortisation rose from ₹20.05 Cr to ₹39.41 Cr with the new openings and the year closed at a loss of ₹15.37 Cr. Rent including lease payments and common-area charges was ₹33.95 Cr in FY26, 21.83% of revenue from operations. Bank borrowings are negligible - ₹0.10 million at 31 March 2026 - while lease liabilities stood at ₹757.59 million.
What makes it hard to copy
Category creation: the DRHP presents Burma Burma as the creator of the Burmese food category in India and one of the few restaurant brands present in all four geographic zones, built around a single cuisine with no central kitchen, a fully company-operated network and Burmese tea culture as part of the format.
Where the revenue comes from
Share of revenue by business line, latest full year
- Dine-in88.8%
- Delivery10.8%
Hover or focus a segment for its share and what it covers.
Where it operates
- Restaurants (company-owned, company-operated)22
New Delhi · Gurugram · Noida · Chandigarh · Bengaluru · Hyderabad · Kolkata · Mumbai · Ahmedabad
- Delivery kitchens1
Santacruz, Mumbai
- Warehouses3
Markets served
Who runs it
- Shivakumar DegaChairman and Independent Director · since 2026Director since 27 July 2026. Also on the boards of Yes Bank, Intellect Design Arena, PGP Glass and ID Fresh Food (India).
- Ankit Virendra GuptaJoint Managing Director · since 2013Promoter and director since incorporation; 17 years of experience in the food service industry according to the DRHP.
- Chirag Narendra ChhajerJoint Managing Director · since 2013Promoter and director since incorporation; 12 years of experience in the food service industry according to the DRHP.
- Kushal BudhiaIndependent Director
- Lavanya Nalli RamanathanIndependent Director
- Pavitra Joshi SinghIndependent Director
- Vishnu Kumar AgarwalChief Financial Officer · since 2026With the company since 1 April 2014; designated Chief Financial Officer on 29 August 2026.
- Abhinav AgarwalCompany Secretary and Compliance Officer · since 2026Joined 20 April 2026; previously with Pantomath Advisory Services Group.
The company on paper
- Legal name
- Hunger Pangs Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 9 Oct 2013
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U55101MH2013PLC249004
- Sector
- Consumer Discretionary · Specialty Burmese casual dining restaurant chain (Burma Burma)
- Employees
- 1,574
- Registered office
- Unit No. 3 SW, 3rd Floor, The Ruby, 29, Senapati Bapat Marg, Dadar West, Shivaji Park, Mumbai 400 028, Maharashtra
- Statutory auditorWho signed the restated financial information
- Jain V. & Co., Chartered Accountants
- Promoters
- Ankit Virendra Gupta, Chirag Narendra Chhajer
- Promoter holding, pre-issue
- 66.7%
- Website
- hungerpangs.com
The numbers
Financial performance
Revenue has compounded at 47.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
Profit against cash generated
Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.
- Profit after tax
- Operating cash flow
Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
The company is loss-making, so there are no earnings to price
1 of the 5 listed companies the prospectus names — the others disclose no multiple
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- −₹1.41
- EPS, post-issueDiluted for the fresh issue
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- Price / sales
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- Net asset value per shareBook value behind one share — a floor, not a target
- ₹5.86
What it earns on what it has
Returns and margins on FY26. These are the figures that say whether the multiple above is deserved.
- Return on net worthAs disclosed in the prospectus, on its own formula — Indian issuers define RoNW on average net worth, not closing.
- −24.0%
- Return on capital employed
- —
- EBITDA margin
- 16.5%
- Net margin
- −9.9%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equityComputed as total borrowings over net worth attributable to owners, from this record’s own balance sheet.
- 0.00×
Valuation against listed peers
P/E against operating margin
The peer table does not carry both a P/E and an operating margin for enough companies to plot.
The terms
How the issue is structured
- Fresh issueNew shares — proceeds go to the company
- ₹150 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- —
- Total issue size
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- Shares offered in the OFS
- 2,79,29,760
- Pre-issue shares outstanding
- 15,43,12,620
- Employee discount
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Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- General corporate purposes, capped at 25% of the gross proceeds of the fresh issue — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
Who owns it before the issue
17 holders of record. Percentages are of pre-issue paid-up equity, as stated in the offer document.
Pre-issue. The offer document leaves the post-issue column to be filled at the prospectus stage, so it is not shown here.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples
No dates have been set yet, so bidding has not opened.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
The lot size and price band are not fixed yet, so there is nothing to calculate.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Fast, consistent top-line growth: revenue from operations went from ₹71.92 Cr in FY24 to ₹106.10 Cr in FY25 and ₹155.50 Cr in FY26, a disclosed CAGR of 47.05%, driven by dine-in covers rising from 0.58 million to 1.18 million and spend per cover from ₹1,061.39 to ₹1,165.04.
- Food cost is low for the format - the disclosed gross margin has held between 79.16% and 81.03% across FY24 to FY26 and was 80.79% in the June 2026 quarter.
- Each restaurant has made money at the store level: the DRHP states all restaurants were EBITDA-positive in each of the last three fiscals and the June 2026 quarter, with a disclosed restaurant-level EBITDA margin of 29.95% in FY26 and 33.07% in the June 2026 quarter.
- Operating cash flow has been positive every year - ₹16.97 Cr in FY24, ₹16.52 Cr in FY25 and ₹35.31 Cr in FY26 - although under Ind AS 116 lease payments are classed as financing, not operating, cash flow.
- There is almost no bank debt: borrowings were ₹0.10 million at 31 March 2026, down from ₹122.94 million at 31 March 2024, over two years in which the cash flow statement records share-issue proceeds of ₹34.25 Cr in FY25 and ₹36.82 Cr in FY26.
- The June 2026 quarter turned a profit of ₹1.09 Cr with a 21.28% EBITDA margin and same-store sales growth of 21.35%.
- The ₹117.29 Cr capex object is backed by an architect's certificate and vendor quotations, and the format is single-brand, fully company-operated and without a central kitchen - each new site replicates a known template.
What to weigh against it
- Losses widened as the network grew: profit after tax was a loss of ₹5.69 Cr in FY24, ₹0.51 Cr in FY25 and ₹15.37 Cr in FY26, as depreciation and amortisation rose from ₹13.40 Cr to ₹20.05 Cr to ₹39.41 Cr with the leased restaurants added.
- Rent is larger than reported EBITDA. Rent including lease payments and common-area charges was ₹33.95 Cr in FY26, against EBITDA of ₹25.68 Cr that under Ind AS 116 is struck before most of that cost, and rent rose from 17.42% of revenue from operations in FY24 to 21.83% in FY26.
- Like-for-like growth slowed sharply in FY26: same-store sales growth was 5.95% in FY24, 5.92% in FY25 and 2.27% in FY26, and average bill value fell from ₹2,560.38 in FY25 to ₹2,400.01.
- The EBITDA margin fell from 20.13% in FY25 to 16.51% in FY26, and the disclosed average payback period on a restaurant lengthened from 3.00 years in FY24 to 3.21 in FY25 and 3.81 in FY26.
- The plan more than doubles the network again - 27 new restaurants in Fiscals 2028 and 2029 against 21 operating at 30 June 2026 - and the DRHP's own risk factor says the funding estimate has not been independently appraised.
- Lease liabilities are the real leverage: ₹757.59 million at 31 March 2026 and ₹729.25 million at 30 June 2026, against total equity of ₹649.19 million at that date.
- Staff turnover is high: overall employee attrition was 48.35% in FY26 and restaurant-level attrition 49.57%, in a format that depends on trained kitchen and service teams.
- Part of the offer is an exit: the offer for sale of up to 27,929,760 shares includes 12,000,000 from the two promoters, whose weighted average cost of acquisition the DRHP states as negligible, and 9,765,630 from three angel funds at a disclosed average cost of ₹11.90 to ₹13.18 a share.
- Capital commitments for restaurants under construction were ₹187.78 million at 30 June 2026, outside the balance sheet.
Easy to miss in the prospectus
- The June 2026 quarter's profit of ₹1.09 Cr came from a deferred-tax credit of ₹1.98 Cr. Before tax the quarter was still a loss of ₹0.89 Cr; EBITDA is above PAT in every period here.
- Return on net worth is disclosed on CLOSING net worth, not average: the FY26 figure of -24.00% is the year's loss divided by total equity of ₹640.62 million at 31 March 2026. The disclosed PAT margin of -9.79% is on total income rather than revenue from operations.
- Total borrowings in this record exclude lease liabilities, which were ₹757.59 million at 31 March 2026 against bank borrowings of ₹0.10 million. Any leverage reading that ignores leases understates this company's fixed obligations.
- The share count is not settled. 109,381,650 equity shares were outstanding at the date of the DRHP; 427,914 compulsorily convertible preference shares convert into up to 44,930,970 more before the RHP, for up to 154,312,620 shares fully diluted. Pre-issue shares are left blank here for that reason.
- Promoter holding of 66.70% is on that fully diluted basis. The two promoters each hold 51,459,555 shares (33.35%); the promoter group, including Bbigplas Poly Private Limited, takes the total to about 70.50%.
- A pre-IPO placement of up to ₹300.00 million is permitted before the RHP, and any amount raised is deducted from the ₹1,500.00 million fresh issue.
- Allocation is not the usual mainboard split. The company does not meet the profitability test in Regulation 6(1), so the offer is made under Regulation 6(2): at least 75% to QIBs, no more than 15% to non-institutional bidders and no more than 10% to retail.
- The DRHP's peer table prints a positive 29.64% return on net worth for Restaurant Brands Asia alongside a loss per share of ₹3.19 and a positive NAV of ₹11.81 - figures that cannot all hold together. That cell is left blank here. Only Westlife Food World has a positive P/E in the set (130.29 times on 14 October 2026 prices); the other four peers were loss-making in FY26.
- The headline employee table in the risk factors counts staff at the start of each period plus everyone who joined, not headcount: it reads 2,734 for FY26. Actual headcount at 30 June 2026 was 1,574 full-time employees plus 141 contractual staff.
- The company secretary was previously with Pantomath Advisory Services Group, and Pantomath Capital Advisors is the sole book running lead manager. The DRHP states the BRLM is not an associate of the company.
- The 'largest specialty Burmese chain' and 'category creator' claims come from a Frost & Sullivan report dated 20 March 2026 that the company commissioned and paid for for this offer.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Pantomath Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
How these figures were checked
Reconciled to Hunger Pangs (Burma Burma)'s own prospectus and to exchange disclosures. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Hunger Pangs Limited — Draft Red Herring Prospectus dated 16 October 2026 (cover, the offer, summary restated financial information, capital structure, objects of the offer, basis for offer price, KPIs and peer comparison, our business, our management, risk factors) · read 27 Oct 2026
- SEBI — Draft Offer Documents filed with SEBI: Hunger Pangs Limited DRHP, posted 21 October 2026 · read 27 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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