Pind Hospitality Ltd Management Discussions

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

You should read the following discussion of our financial condition and results of operations together with the Restated Financial Statements as of and for the Fiscal 2026, Fiscal 2025 and Fiscal 2024 including the notes and significant accounting principles thereto and the report thereon, which appear beginning on page 160 of this Red Herring Prospectus. Our Restated Financial Statements differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries, and our assessment of the factors that may affect our prospects and performance in future periods. Accordingly, the degree to which our Restated Financial Statements will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level offamiliarity with Ind GAAP. These regulations may also vary with ICDS, which may be material to an investors assessment of our results of operations and financial condition. Our fiscal year ends on March 31 of each year, so all references to a particular Fiscal or fiscal year are to the twelve-month period ended March 31 of that year.

The following discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those set forth in the chapter titled “Forward Looking statements ” and “Risk Factors” on page 25 and 28 respectively of this Red Herring Prospectus and elsewhere in this Red Herring Prospectus.

Some of the information contained in this section, including information with respect to our strategies, contain forward- looking statements that involve risks and uncertainties. You should read the chapter titled “Forward-Looking Statements” beginning on page 25 of this Red Herring Prospectus for a discussion ofthe risks and uncertainties related to those statements and also the chapter titled “Risk Factors” and “Business Overview” beginning on pages 28 and 117 respectively, of this Red Herring Prospectus for a discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward- looking statements.

Unless otherwise stated, references to “the Company”, “our Company”, “we”, “us”, and “our” are to Pind Hospitality Limited.

Overview

Our Company was originally incorporated as a private limited company in the name and style of “Pind Hospitality Private Limited” under the provisions of the Companies Act, 2013 vide certificate of incorporation dated June 15, 2021 issued by Deputy Registrar of Companies, Central Registration Centre. Subsequently, our Company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the Extraordinary general meeting of our members held on May 27, 2023 and consequently, the name of our Company was changed to “Pind Hospitality Limited”, and a fresh certificate of incorporation consequent upon conversion from private company to public company dated June 1, 2023 was issued by the Registrar of Companies, Pune. The Corporate Identification Number of the Company is U55202PN2021PLC201771. For details of change in name and registered office of the Company, see “History and Corporate Matters” on page 140 of this Red Herring Prospectus.

With over 5 lakhs deliveries and recognized as one among the long-standing restaurant partners in Pune by third-party food delivery app, we have served around 4.31 lakhs, 4.30 lakhs, and 4.23 lakhs orders through the multiple food delivery apps during the Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. We believe that the increasing internet and mobile penetration within India, the advent of food delivery apps, changing lifestyles and consumer eating patterns in the recent past are key factors to lead consumers to consider convenience-driven options to traditional dine-in experiences. Further, our revenue from third-party food delivery apps were Rs. 1,916.48 lakhs, Rs. 1,929.20 lakhs and Rs. 1,795.18 lakhs for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. We intend to continue to focus on enhancing our operations with the increased adoption of digital and technology measures to ensure greater customer satisfaction. Our service and diverse menu including various value offerings such as paneer tikka masala dal makhani meal combo, veg and non-veg thali has led to steady increase in our revenue from operations.

Further, as on the date of this Red Herring Prospectus, our Company owns 4 (four) restaurants (“PHL Restaurants”) on leave and license basis in Pune, Maharashtra and 1 (one) restaurant is owned on leave and license basis by Pind Punjab (“PP Restaurants”). While all the above 5 (five) restaurants are currently being operated by our partnership firm under the brand “Pind Punjab”, going forward, the operations of these 5 (five) Restaurants and our new restaurant located at Eleven West (Panchshil) will be undertaken by our Company.

For Fiscal 2026, Fiscal 2025, and Fiscal 2024, our revenue from operations was Rs. 2,445.09 lakhs, Rs. 2,264.56 lakhs and Rs. 2,077.79 lakhs, respectively, and our profit after tax for the period was Rs. 227.30 lakhs, Rs. 256.23 lakhs, and Rs. 221.41 lakhs, respectively. Our EBITDA in Fiscal 2026, Fiscal 2025 and Fiscal 2024 was Rs. 394.72 lakhs, Rs. 368.71 lakhs and Rs. 310.35 lakhs, respectively.

Principal Factors affecting our Results of Operations:

Except as otherwise stated in this Red Herring Prospectus and the “Risk Factors” on page 28 in the Red Herring Prospectus, the following important factors could cause actual results to differ materially from the expectations include, among others:

1. Competition

We operate in a competitive atmosphere. Our Company may face stiff competition from domestic market. Some of our competitors may have greater resources than those available to us. While service quality, performance records, etc are key factors in client decisions among competitors, however, price & quality are the deciding factor in most cases. As we seek to diversify into new geographical areas, new territories, new emerging markets, we face competition from competitors from domestic markets and also from cloud kitchen. The markets in which we compete and intend to compete are undergoing, and are expected to continue to undergo, rapid and significant change. We expect competition to intensify as technological advancement and consolidations continue. Increased competition could result in reduced demand for our brand, increased expenses, reduced margins and loss of market share. Failure to compete successfully against current or future competitors could harm our business, operating cash flows and financial condition.

2. Regulatory Framework

We believe we have obtained all regulatory permissions which are necessary to run our business, Further, some of the approvals are granted for fixed periods of time and need renewals, which are obtained in the course of business, however, there may be change in statutory regulations at any time which cannot be predicted by us. There can be no assurance that the change in regulations will not impact our operations in the future.

3. Ability of Management

Our success depends on the continued services and performance of the members of our management team and other key employees. Competition for senior management in the industry is intense, and we may not be able to retain our existing Key Managerial Personnel or attract and retain them in the future. The loss of any member of our Key Managerial Personnel may adversely affect our business, results of operations and financial condition.

Market & Economic conditions

India is one of the largest economies and is growing at a rapid pace. But in this globalised economy, all the businesses face an uncertain level of volatility from unexpected global events which ranges from global pandemics to wars, to weather changes to supply chain disruption, which may change the economic dynamics and the purchasing capability of the end customers. At the time of market slowdown, the demand falls which has adverse impact on our business.

Significant Accounting Policies

For details in respect of Statement of Significant Accounting Policies, please refer to Annexure V of Restated Financial Statements under chapter titled “Restated Financial Statements” beginning on page 160 of this Red Herring Prospectus.

Corporate information

This Restated financial statements of Pind Hospitality Limited (formerly Pind Hospitality Private Limited), for the Financial Year ended March 31, 2026, March 31 2025 and March 31, 2024. Pind Hospitality Limited is a company incorporated in India on June 15, 2021, having its registered office at "Plot 5, Sairang Woods, Phase 2, Infotech Park (Hinjewadi), Pune, Haveli, Maharashtra, India, 411057". Though the Company was incorporated as a private limited company, the status of the Company has been changed to public limited company w.e.f. June 1, 2023.

The activities involves chain of dining restaurants spread across Pune, Maharashtra through 6 (six) restaurants and multiple corporate clients. Company focuses on providing their guests with an affordable dining experience with authentic north Indian cuisine, particularly Punjabi dishes, quality food and service with a mix of modern ambience and traditional feel. We also offer fixed price vegetarian and non-vegetarian fixed meals (Thali System) at all of our Restaurants, in addition to a la carte, to reduce the bite size encouraging consumption of a greater variety of dishes. While our restaurants focus to offer authenticate Punjabi dishes, it also offers oriental cuisine such as Chinese and Thai and have added around 250+ dishes to the current menu. .

1. Significant accounting policies

1.1. Basis of preparation

The restated financial information of the Company of the Restated Statement of Assets and Liabilities as at March 31, 2026, March 31 2025 and March 31, 2024, the restated statement of profit and loss, restated statement of cash flows for the Financial Years ended March 31, 2026, March 31, 2025, and March 31, 2024, Notes to the Restated Financial Information and Statement of adjustments to audited standalone financial statements (collectively, the ‘Restated Financial Information).

These Restated Financial Information have been prepared by the management of the Company for the purpose of inclusion in the Red Herring Prospectus (‘RHP)/ Prospectus to be filed by the Company with the SME platform of BSE Limited (“BSE- SME”) in connection with proposed Initial Public Offering (“IPO”) of its equity shares.

The Restated Financial Information, which have been approved by the Board of Directors of the Company, have been prepared in accordance with the requirements of:

(a) Section 26 of the Companies Act, 2013 ("the Act") as amended from time to time;

(b) Paragraph A of Clause 11 (I) of Part A of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended to date (the “SEBI ICDR Regulations”) issued by the Securities and Exchange Board of India (the “SEBI”); and

(c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance Note”).

The Restated Financial Information have been prepared from the audited financial statements of the Company as at and for the Financial Years ended March 31, 2026, March 31, 2025, and March 31, 2024 which are prepared in accordance with Accounting Standards (AS) specified under the Section 133 of the Companies Act, 2013 read together with the rule 7 of the companies (Accounts) Rules 2014 and Companies (Accounting Standard) amendment Rules 2016, which have been approved by the Board of Directors of the Company at their meetings on which an unmodified audit opinion was issued.

The Restated Financial Information has been prepared on a historical cost basis.

The accounting policies have been consistently applied by the Company in preparation of the Restated Financial Information. This Restated Financial Information do not reflect the effects of events that occurred subsequent to the respective dates of auditors reports on the audited financial statements mentioned above.

The Restated Financial Information:

a) have been prepared after incorporating adjustments for the changes in accounting policies, material errors, if any, and regrouping/reclassifications retrospectively in the Financial Year ended March 31, 2024 to reflect the same accounting treatment as per the accounting policies and grouping/classifications followed as at and for the year ended March 31, 2025 and March 31, 2026.

b) do not require any adjustment for qualification as there are no qualifications in the underlying audit reports.

All the amounts included in the Restated Financial Information are presented in Indian Rupees (‘Rupees or ‘Rs. Or ‘INR) and are rounded to the nearest Lakhs, except per share data and unless stated otherwise 1.1. Summary of significant accounting policies

(a) Current versus non-current classification

The Company presents assets and liabilities in the restated statement of assets and liabilities based on current / non-current classification.

An asset is classified as current when it is expected to be realised or intended to be sold or consumed in normal operating cycle, held primarily for the purpose of trading, expected to be realised within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when it is expected to be settled in normal operating cycle, it is held primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities, are classified as non-current assets and liabilities.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

(b) Foreign currencies Functional and presentation currency

Items included in the Restated Financial Information of the Company are measured using the currency of the primary economic environment in which it operates i.e. the “functional currency”. The Companys restated financial information is presented in INR.

Transactions and balances

Transactions in foreign currencies are initially recorded by the Companys at their respective functional currency at exchang e rates prevailing at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are recognised in restated statement of profit and loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in restated statement of profit and loss).

(c) Revenue recognition

Revenue is measured based on the consideration specified in a contract with a customer net of variable consideration e.g. discounts, volume rebates, any payments made to a customer (unless the payment is for a distinct good or service received from the customer) and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over a product or service to a customer. Revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.

The Company provides incentives to its users in various forms. Incentives which are consideration payable to the customer that are not in exchange for a distinct good or service are generally recognized as a reduction of revenue.

Where the Company acts as an agent for selling goods or services, only the commission income is included within revenue. The specific revenue recognition criteria described below must also be met before revenue is recognized. Typically, the Company has a right to payment before or at the point that services are delivered. Cash received before the services are delivered is recognised as a contract liability. The amount of consideration does not contain a significant financing component as payment terms are less than one year.

Sale of services

Revenue from services is recognized when the control in services is transferred as per the terms of the agreement with customer i.e. as and when services are rendered. Revenues are disclosed net of the Goods and Service tax charged on such services. In terms of the contract, excess of revenue over the billed at the year-end is carried in the restated statement of assets and liabilities as unbilled revenue under other financial assets where the amount is recoverable from the customer without any future performance obligation. Cash received before the services are delivered is recognised as a contract liability.

Other operating revenue

Where the Company is contractually entitled to receive claims/compensation in case of non-discharge of obligations by customers, such claims/compensations are measured at amount receivable from such customers and are recognised as other operating revenue when there is a reasonable certainty that the Company will be able to realize the said amounts.

Interest income

Interest income is recognised on a time proportion basis taking into account the amount outstanding and the applicable interest rate. Interest income is included under the head “other income” in the restated statement of profit and loss account.

(d) Taxes

Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the India where the Company operates and generates taxable income.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred tax

Deferred tax is provided using the liability method on timing differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences.

Deferred tax assets are recognised for all deductible timing differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Minimum alternate tax

Credit of MAT is recognised as deferred tax asset only when it is probable that taxable profit will be available against which the credit can be utilised. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of a credit to the restated statement of profit and loss account. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent it is no longer probable that the Company will pay normal income tax during the specified period.

Taxes paid on acquisition of assets or on incurring expenses

Assets are recognised net of the amount of GST paid, except when the tax incurred on a purchase of assets is not recoverable from the taxation authority, in which case, the tax paid is recognised as part of the cost of acquisition of the asset.

Expenses are recognised net of the amount of GST paid, except when the tax incurred on a purchase of services is not recoverable from the taxation authority, in which case, the tax paid is expensed off in restated statement of profit and loss.

The net amount of tax recoverable from, or payable to, the taxation authority is included as part of other current/ non- current assets or other current liabilities in the restated statement of assets and liabilities.

(e) Property, plant and equipment

Property, plant and equipment are carried at cost less accumulated depreciation and any accumulated impairment, if any. Property, plant and equipment is depreciated on WDV basis to its residual value over its estimated useful life.

Cost directly attributable to acquisition are capitalised until the property, plant and equipment are ready for use, as intended by the management.

Subsequent costs are capitalised on the carrying amount or recognised as a separate asset, as appropriate, only when future economic benefits associated with the item are probable to flow to the Company and cost of the item can be measured reliably. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All repair and maintenance are charged to restated statement of profit and loss during the reporting period in which they are incurred.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under the non-current assets and the cost of assets not ready to use before such date are disclosed under ‘Capital work in progress.

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the restated statement of profit and loss on the date of disposal or retirement.

Depreciation and amortisation are provided using the written-down value method and charged to statement of profit and loss as per the useful life prescribed under Schedule II of the Companies Act, 2013.

Assets	Useful life (Years)
Building	15
Computer Software	6
Computers	15
Furniture & Fixtures	15
Office equipment	15
Plant & equipment	15

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

(f) Capital Work-in-progress

Cost and direct expense incurred for construction of assets or assets to be acquired and which are not ready for use are disclosed under “Capital Work-in-progress”

(g) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in the restated statement of profit and loss in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

(h) Impairment

An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the assets recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.

(i) Provisions and contingencies Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the restated statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingencies

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does have recognized a contingent commitment in the restated financial information.

(j) Retirement and other employee benefits

For defined benefit plans, the liability or asset recognised in the restated statement of assets and liabilities on the basis of actuarial valuation at each year-end. Separate actuarial valuation is carried out for each plan using the projected unit credit method. Actuarial gains and losses for both defined benefit plans are recognized in full in the period in which they occur in the restated statement of profit and loss.

The Companys contributions to defined contribution plans (provident fund) are recognized in restated statement of profit and loss when the employee renders related service. The Company has no further obligations under these plans beyond its periodic contributions.

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as salary and wages payable under other current liabilities in the restated statement of assets and liabilities.

(k) Earnings/ (loss) per share (EPS)

Basic EPS amounts are calculated by dividing the profit/ (loss) for the year attributable to equity holders by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit/ (loss) attributable to equity holders by the weighted average number of Equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.

(l) Segment reporting

Based on our assessment and the criteria outlined in Accounting Standards and applicable regulations, the company operates in a single business segment. Therefore, no separate segment reporting is required in the financial statements for the Financial year ended March 31, 2026.

(m) Inventories

Items of inventories are measured at lower of cost or net realizable value after providing for obsolescene if any. Inventories are kept on higher side according to the size and nature of business.

(n) Use of estimates

The Company is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, disclosure of contingent liabilities at the date of the Restated Financial Information and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience.

(o) Exceptional Items

On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the Company is such that its disclosure improves the understanding of the performance of the Company. Such income or expense is classified as an exceptional item and accordingly disclosed in the Restated Financial Information.

(p) Government grants and subsidies

i) Grants and subsidies from the government are recognized when there is reasonable assurance that (a) the company will comply with the conditions attached to them, and (b) the grant/subsidy will be received.

ii) Where the grant relates to an asset, it is shown as a reduction from the gross value of the asset concerned in arriving at its book value. The grant is thus recognised in the statement of profit and loss over the useful life of the asset by way of reduced depreciation charge.

iii) Where the grant relates to reimbursement of interest on term loan, it is recognised as a reduction from the finance cost of the term loan concerned.

(q) Investments

i) Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made, are classified as current investments. All other investments are classified as Non-Current investments.

ii) On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable acquisition charges such as brokerage, fees and duties.

iii) Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the investments.

iv) On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of profit and loss.

KEY PERFORMANCE INDICATORS OF OUR COMPANY

Particulars	As at March 31, 2026	As at March 31, 2025	As at March 31, 2024
Revenue from Operations (Rs. in lakhs)	2,445.09	2,264.56	2,077.79
Growth in Revenue from Operations (%) (1)	7.97	8.99	8.87
EBITDA (Rs. in lakhs) (2)	394.72	368.71	310.35
EBITDA Margin (%) (3)	16.14	16.28	14.94
Restated Profit after Tax (Rs. in lakhs)	227.30	256.23	221.41
PAT Margin (%) (4)	9.30	11.31	10.66
Net Worth (Rs. in lakhs) (5)	1,452.30	1225.00	968.78
Capital Employed (Rs. in lakhs)	2,726.05	2,091.21	1,920.92
ROE (%)(6)	15.65	20.92	22.85
ROCE (%)(7)	15.83	19.64	16.18

Notes:

Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.

1) Growth in Revenue from Operations (%) is calculated as Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period.

2) EBITDA is calculated as Restated Profit before tax + Depreciation & amortisation + Interest expenses ? Other Income

3) EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations

4) PAT Margin (%) is calculated as PAT for the period/year divided by revenue from operations.

5) Net worth is aggregate value of the paid-up equity share capital of the Company and all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, excluding revaluation reserves if any, as per Restated Financial Statements.

6) Return on Equity (%) refers to restated profit for the year/period attributable to equity shareholders of our Company divided by Shareholder Equity.

7) Return on Capital Employed is calculated as earnings before interest and taxes divided by Capital Employed.

-Earnings before interest and tax is calculated as restated profit / (loss) for the period /year before tax plus finance costs.

-Capital Employed is calculated as total equity plus total borrowings and deferred tax liabilities minus intangible assets.

Overview of Revenue and Expenditure Results of Operations

The following table sets forth our income statement data, the components of which are expressed as a percentage of total income for the periods indicated, for our operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024.

(Rs. in lakhs)

		For the financial year ended March 31,
		2026		2025		2024
Particulars		Rs. in lakhs	% of Total Income	Rs. in lakhs	% of Total Income	Rs. in lakhs	% Total Income
Revenue from operations		2,445.09	98.15	2,264.56	97.74	2,077.79	99.55
Other income		46.08	1.85	52.41	2.26	9.32	0.45
Total income	2,491.17		100.00	2,316.97	100.00	2,087.11	100.00
Expenses
Cost of Material Consumed	612.43		24.58	593.77	25.63	639.05	30.62
Employee benefit expense	355.96		14.29	359.63	15.52	349.88	16.76
Finance Costs	81.85		3.29	52.63	2.27	16.43	0.79
Depreciation and Amortization Expense	9.33		0.37	10.39	0.45	8.86	0.42
Other Expenses	1,079.70		43.34	940.58	40.60	778.43	37.30
Total expenses	2,139.27		85.87	1,957.01	84.46	1,792.68	85.29
Profit before tax	351.90		14.13	359.96	15.54	294.43	14.11
Current tax	94.72		3.80	101.62	4.39	76.01	3.64
Deferred tax	(4.63)		(0.19)	2.12	0.09	(2.98)	(0.14)
- Short /(Excess) provision for income tax of earlier year	34.51		1.39	0.00	0.00	0.00	0.00
Total tax expenses	124.60		5.00	103.73	4.48	73.03	3.50
Profit for the year	227.30		9.12	256.23	11.06	221.41	10.61

The following descriptions set forth information with respect to key components of our income statement.

Revenue

Revenue from operations

Revenue from operations primarily comprises income from: a. Delivery sales of food Other income

Other income primarily comprises interest income and discount.

Expenditure

Our expenditure comprises the following

1. Cost of raw materials consumed: Cost of raw materials consumed comprises of purchase of raw material and increase/decrease in inventories of raw material.

2. Employee benefit expenses: Employee benefit expenses comprises of salaries & wages, remuneration to Directors, staff welfare expenses, gratuity, provident fund and ESIC.

3. Finance costs: Finance costs comprises of interest expenses and bank charges.

4. Depreciation and amortization expenses: Depreciation and amortization expenses comprises of depreciation of tangible assets including our office equipments, furniture and computers.

5. Other expenses: Other expenses comprise primarily of commission, rent, packing expenses, repair & maintenance, travelling expenses, etc.

Financial Year 2026 compared to Financial Year 2025

(Rs. in lakhs)

Particulars	For the financial year ended March 31, 2026 2025		Change (%)
Income
Revenue from operations	2,445.09	2,264.56	7.97
Other income	46.08	52.41	(12.08)
Total Income	2,491.17	2,316.97	7.52
Expenses
Cost of Material Consumed	612.43	593.77	3.14
Employee benefit expense	355.96	359.63	(1.02)
Finance Costs	81.85	52.63	55.51
Depreciation and Amortization Expense	9.33	10.39	(10.19)
Other Expenses	1,079.70	940.58	14.79
Total expenses	2,139.27	1,957.01	9.31
Profit before tax	351.90	359.96	(2.24)
Tax expenses
Current tax	94.72	101.62	(6.79)
Deferred tax	(4.63)	2.12	(318.66)
Short /(Excess) provision for income tax of earlier year	34.51	0.00	100.00
Total tax expenses	124.60	103.73	20.11
Profit for the year	227.30	256.23	(11.29)

Total Income

Total income increased by 7.52 % from Rs. 2,316.97 lakhs for the Financial Year 2025 to Rs. 2,491.17 lakhs for the Financial Year 2026 primarily due to increase in revenue from operations.

Revenue from operations

Revenue from operations increased 7.97% from Rs. 2,264.56 lakhs for the Financial Year 2025 to Rs. 2,445.09 lakhs for the Financial Year 2026 mainly due to an increase in revenue from delivery sales of food, which was mainly attributable to increase in number of orders executed.

Other Income

Other Income includes interest income, gratuity reversal and share in profits of partnership firm. Other income has decreased from Rs. 52.41 lakhs for the Financial Year 2025 to Rs. 46.08 lakhs for the Financial Year 2026.

Total expenses.

Total expenses increased by 9.31 % from Rs. 1,957.01 lakhs for the Financial Year 2025 to Rs. 2,139.27 lakhs for the Financial Year 2026.

Cost of Material Consumed

Our cost of material consumed increased by 3.14 % from Rs. 593.77 lakhs for the Financial Year 2025 to Rs. 612.43 lakhs in for the Financial Year 2026.

Employee Benefits Expense

Our employee benefits expense decreased by 1.02 % from Rs. 359.63 lakhs for the Financial Year 2025 to Rs. 355.96 lakhs for the Financial Year 2026 primarily due to decrease in staff welfare expense, gratuity, provident fund for the employees.

Finance Costs

Our finance costs increased by 55.51% from Rs. 52.63 lakhs for the Financial Year 2025 to Rs. 81.85 lakhs for the Financial Year 2026, due to increase in total secured borrowings from Rs. 783.63 lakhs in Fiscal 2025 to Rs. 1,258.24 lakhs in Fiscal 2026.

Depreciation and Amortization Expenses

Our depreciation and amortization expense decreased by 10.19 % from Rs. 10.39 lakhs for the Financial Year 2025 to Rs. 9.33 lakhs for the Financial Year 2026.

Other expenses

Our other expenses mainly includes business promotion expenses, auditor remuneration, commission, electricity expenses, packing expenses, rent expenses, repair & maintenance and travelling expenses, etc. Other expenses increased by 14.79 % from Rs. 940.58 lakhs for the Financial Year 2025 to Rs. 1,079.70 lakhs for the Financial Year 2026. The detail of other expenses are set herein below:

Particulars	For the financial year ended on March 31, 2026	For the financial year ended on March 31, 2025	Change(%)
Business Promotion expenses	1.92	2.68	(28.45)
Audit fees	4.20	5.20	(19.23)
Security & Housekeeping charges	7.74	7.78	(0.51)
Commission	810.78	636.37	27.41
Freight and Octroi	0.76	1.21	(37.54)
Interest on GST payment	0.06	0.00	--
Electricity Expenses	27.23	30.92	(11.91)
Misc. expenses	0.40	1.01	(60.48)
Pest Control expenses	3.22	2.28	41.54
Fuel Charges	3.74	3.80	(1.44)
Printing & Stationery	1.19	1.47	(19.10)
Packing material	25.30	80.28	(68.49)
Repair & maintenance	8.85	9.40	(5.83)
Rent	180.27	150.01	20.18
Telephone expenses	0.04	0.64	(94.15)
Travelling expenses	0.17	1.41	(88.12)
Courier Expenses	0.47	0.36	32.40
Fees & Taxes	0.00	1.24	--
Legal & Professional Fees	3.10	3.57	(13.30)
Insurance	0.24	0.22	6.35
Professional Tax (PTEC)	0.03	0.03	--
Tissue Paper Bags	0.00	0.70	--
TOTAL	1,079.70	940.58	14.79

Profit before Extraordinary Items and tax

As a result of the foregoing, we have recorded marginal decrease of 2.24 % in our profit before extraordinary items and tax, which amounted from Rs. 359.96 lakhs for the Financial Year 2025 to Rs. 351.90 lakhs for the Financial Year 2026. The profit before extraordinary items and tax was 14.13 % & 15.54 % of total income of our Company for the financial year ended on March 31, 2026 & March 31, 2025 respectively.

Tax expenses

Our tax expenses (current and deferred provision for income tax of earlier year) increased by 20.11 % from Rs. 103.73 lakhs for the Financial Year 2025 to Rs. 124.60 lakhs for the Financial Year 2026. This is primarily due to an increase in profit before tax.

Restated Profit for the period

As a result of the foregoing, we recorded a marginal decrease of 11.29 % in our profit for the year from Rs. 256.23 lakhs for the Financial Year 2025 to Rs. 227.30 lakhs for the Financial Year 2026. PAT was 9.12 % & 11.06 % of total income of our Company for the year ended on March 31, 2026 & March 31, 2025 respectively.

Financial Year 2025 compared to Financial Year 2024

(Z in lakhs)

Particulars	For the Financial year ended March 31,		Change (%)
	2025	2024
Income
Revenue from operations	2,264.56	2,077.79	8.99
Other income	52.41	9.32	462.04
Total Income	2,316.97	2,087.11	11.01
Cost of material consumed	593.77	639.05	(7.09)
Employee benefit expense	359.63	349.88	2.79
Finance Costs	52.63	16.43	220.28
Depreciation and Amortization Expense	10.39	8.86	17.18
Other Expenses	940.58	778.45	20.83
Total expenses	1,957.01	1,792.68	9.17
Profit before tax	359.96	294.43	22.25
Current tax	101.62	76.01	33.69
Deferred tax	2.12	(2.98)	(171.02)
Total tax expenses	103.73	73.03	42.04
Profit for the year	256.23	221.41	15.72

Total Income

Total income increased by 11.01 % from t 2,087.11 lakhs for the Financial Year 2024 to t 2,316.97 lakhs for the Financial Year 2025 primarily due to increase in revenue from operations and other income.

Revenue from operations

Revenue from operations increased 8.99 % from t 2,077.79 lakhs for the Financial Year 2024 to t 2,264.56 lakhs for the Financial Year 2025 mainly due to an increase in revenue from delivery sales of food and outdoor catering services, which was mainly attributable to increase in number of orders executed.

Other Income

Other Income includes interest income. Other income increased from t 9.32 lakhs for the Financial Year 2024 to t 52.41 lakhs for the Financial Year 2025. Such increase in other income was due to the share in profits of our partnership firm.

Total expenses.

Total expenses increased by 9.17 % from t 1792.68 lakhs for the Financial Year 2024 to t 1957.01 lakhs for the Financial Year 2025.

Cost of Material Consumed

Our cost of material consumed decreased by 7.09 % from t 639.05 lakhs for the Financial Year 2024 to t 593.77 lakhs in for the Financial Year 2025.

Employee Benefits Expense

Our employee benefits expense increased by 2.79 % from t 349.88 lakhs for the Financial Year 2024 to t 359.63 lakhs for the Financial Year 2025 primarily due to increase in staff welfare expense and ESIC provision for the employees.

Finance Costs

Our finance costs increased by 220.28 % from t 16.43 lakhs for the Financial Year 2024 to t 52.63 lakhs for the Financial Year 2025, due to increase in unsecured loan, current maturities amount and bank overdraft from t 97.80 lakhs in Fiscal 2024 to t 118.11 lakhs in Fiscal 2025.

Depreciation and Amortization Expenses

Our depreciation and amortization expense increased from t 8.86 lakhs for the Financial Year 2024 to t 10.39 lakhs for the Financial Year 2025, primarily due to additions made in kitchen equipments & CCTV Kharadi by t 6.52 lakhs.

Other expenses

Our other expenses mainly includes business promotion expenses, auditor remuneration, commission, electricity expenses, packing expenses, rent expenses, repair & maintenance and travelling expenses, etc. Other expenses increased by 20.83 % from Rs. 778.45 lakhs for the Financial Year 2024 to Rs. 940.58 lakhs for the Financial Year 2025. The detail of other expenses are set herein below:

Particulars	For the financial year ended on March 31, 2025	For the financial year ended on March 31, 2024	Change (%)
Business Promotion expenses	2.68	1.88	42.77
Audit fees	5.20	1.00	420.00
Security & Housekeeping charges	7.78	4.04	92.44
Commission	636.37	539.29	18.00
Freight and Octroi	1.21	0.00	--
Interest on GST payment	0.00	0.05	--
Electricity Expenses	30.92	26.85	15.13
Misc. expenses	1.01	0.55	83.33
Pest Control expenses	2.28	3.44	(33.85)
Fuel Charges	3.80	1.34	182.69
Printing & Stationery	1.47	1.39	5.80
Packing material	80.28	71.05	13.00
Repair & maintenance	9.40	10.50	(10.47)
Rent	150.01	107.72	39.26
Telephone expenses	0.64	0.88	(27.02)
Travelling expenses	1.41	4.42	(68.14)
Courier Expenses	0.36	0.15	144.11
Festival Expenses	0.00	0.13	--
Donation	0.00	0.00	--
Fees & Taxes	1.24	0.60	108.62
Legal & Professional Fees	3.57	3.16	13.17
Software Expenses	0.00	0.00	NA
Insurance	0.22	0.00	--
Transport Expenses	0.00	0.00	NA
Professional tax	0.03	0.03	--
Tissue Paper Bags	0.70	0.00	--
TOTAL	940.58	778.45	20.83

Profit before Extraordinary Items and tax

As a result of the foregoing, we recorded an increase of 22.25 % in our profit before extraordinary items and tax, which amounted from ?294.43 lakhs for the Financial Year 2024 to Rs. 359.96 lakhs for the Financial Year 2025. The profit before extraordinary items and tax was 15.54 % & 14.11 % of total income of our Company for the year ended on March 31, 2025 & March 31, 2024 respectively.

Tax expenses

Our tax expenses (current and deferred provision for income tax of earlier year) increased from Rs. 73.03 lakhs for the Financial Year 2024 to Rs. 103.73 lakhs for the Financial Year 2025. This is primarily due to an increase in profit before tax.

Restated Profit for the period

As a result of the foregoing, we recorded an increase of 15.72 % in our profit for the year from Rs. 221.41 lakhs for the Financial Year 2024 to Rs. 256.23 lakhs for the Financial Year 2025. PAT was 11.06 % & 10.61% of total income of our Company for the year ended on March 31, 2025 & March 31, 2024 respectively.

CASH FLOWS

The following table summarizes our cash flows for the Fiscal 2026, Fiscal 2025 and Fiscal 2024:

(Rs. in lakhs)

Particulars	For the financial year ended March 31,
	2026	2025	2024
Net Cash generated from operating Activities	305.15	190.44	427.01
Net Cash from/(used in) investing Activities	(646.68)	(216.92)	(1,575.71)
Net Cash from/ (used in) financing Activities	325.68	(138.57)	1,240.01
Net Increase/(Decrease) in Cash and Cash Equivalents	(15.85)	(165.05)	91.31
Cash and Cash Equivalents at the beginning of the year	17.17	182.22	90.92
Cash and Cash Equivalents at the end of the year	1.32	17.17	182.22

Cash flows generated from operating activities

Net cash generated from operating activities in for the financial year ended March 31, 2026 was Rs. 305.15 lakhs. Our operating profit before working capital changes was Rs. 397.00 lakhs, which was primarily adjusted by increase in inventories, loans advances & other assets, trade payables other liabilities and other provisions.

Net cash outflow from operating activities in for the financial year ended March 31, 2025 was Rs. 190.44 lakhs. Our operating profit before working capital changes was Rs. 370.57 lakhs, which was primarily adjusted by increase in inventories, loans advances & other assets, trade payables, other liabilities and other provisions.

Net cash outflow from operating activities in for the financial year ended March 31, 2024 was Rs. 427.01 lakhs. Our operating profit before working capital changes was Rs. 310.41 lakhs, which was primarily adjusted by increase in inventories, trade receivables, loans advances & other assets, trade payables, other liabilities and other provisions.

Cash flows used in investing activities

Net cash used in investing activities was Rs. (646.68) lakhs for the financial year ended March 31, 2026, which primarily comprised of purchase of tangible assets of Rs. 65.70 lakhs and purchase of equity instrument Rs. 627.06 lakhs.

Net cash used in investing activities was Rs. (216.92) lakhs for the financial year ended March 31, 2025, which primarily comprised of purchase of tangible assets of Rs. 155.95 lakhs, and purchase of equity instruments of Rs. 103.30 lakhs and from and from advance payment to capital creditors of Rs. 10.00 lakhs.

Net cash used in investing activities was Rs. (1,575.71) lakhs for the financial year ended March 31, 2024, which primarily comprised of purchase of tangible assets of Rs. 1,145.36 lakhs, and from and from advance payment to capital creditors of Rs. 439.67 lakhs .

Cash flows generated from / (used in) financing activities

Net cash generated from financing activities for the financial year ended March 31, 2026 amounted to Rs. 325.68 lakhs, which primarily comprised of proceeds from long-term borrowings of Rs. 394.63 lakhs and from short term borrowings of Rs. 110.45 lakhs and repayment of borrowing of Rs. (88.20) lakhs.

Net cash generated from financing activities for the financial year ended March 31, 2025 amounted to Rs. (138.57) lakhs, which primarily comprised of proceeds of long-term borrowings of Rs. (117.91) lakhs and proceeds of short-term borrowings of Rs. 31.98 lakhs and repayment of long-term borrowings of Rs. 52.63 lakhs and interest and other borrowing cost.

Net cash generated from financing activities for the financial year ended March 31, 2024 amounted to Rs. 1,240.01 lakhs, which primarily comprised of proceeds from issue of share capital of Rs. 4.80 lakhs, proceeds of long-term borrowings of Rs. 718.81 lakhs, increase in securities premium of Rs. 300.00 lakhs.

Contingent Liabilities

Contingent Liabilities - Income Tax

The contingent liabilities in respect of Income Tax amounting to Rs. 17.46 lakhs comprise Rs. 8.93 lakhs for AY 2024 and Rs. 8.53 lakhs for AY 2023.

Contingent Liabilities - TDS

The contingent liabilities in respect of Tax Deducted at Source (TDS) amounting to Rs. 6.66 lakhs comprise ?0.06 lakhs for FY 2021-22, Rs. 0.45 lakhs for FY 2022-23, Rs. 4.03 lakhs for FY 2023-24 and Rs. 2.12 lakhs for FY 2024-25.

Details of material developments after the date of last balance sheet i.e., March 31, 2026.

After the date of last Balance sheet i.e., March 31, 2026, the following material events have occurred:

1. Our Company has approved the audited financial statements for the Financial Year ended March 31, 2026 in the Board meeting dated September 7, 2026 .

2. Our Company has approved the Restated Financial Statements for the Financial Year ended March 31, 2026, March 31, 2025, and March 31, 2024 in the Board meeting dated September 9, 2026.

3. Our Company has approved the Red Herring Prospectus vide resolution in the Board Meeting dated September 19, 2026. AUDITOR OBSERVATIONS

Below is a summary of the reservations, qualifications, matters of emphasis or adverse remarks for the periods included in the examination report for the periods indicated:

i. “Note 10 to restated financial information regarding the professional tax payable, professional tax remains payable by the company for period beginning from September 2021, the same remains unpaid for the restated period.”

iv. “Note 10 to restated financial information, regarding the provident fund, the Company recognized a provision for unpaid employees provident fund for the years FY 2022-23, FY 2024-25 and FY 2025-26. The same remains unpaid for the restated period.”

v. “Note 10 to restated financial information, regarding the Employees State Insurance Corporation (ESIC) payable, the Company recognized a provision for unpaid ESIC contribution for the periods, FY 2022-23, FY 2023-24, FY 2024-25 and for FY 2025-26. The same remains unpaid for the restated period.”

Information required as per Item (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

An analysis of reasons for the changes in significant items of income and expenditure is given here under:

1. Unusual or infrequent events or transactions

Except as described in this Red Herring Prospectus, to our knowledge, there have been no unusual or infrequent events or transactions that have in the past or may in the future affect our business operations or future financial performance.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in “Factors Affecting our Results of Operations” and the uncertainties described in “Risk Factors” page 28 of this Red Herring Prospectus. To our knowledge, except as we have described in this Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.

Our business has been subject, and we expect it to continue to be subject, to significant economic changes arising from the trends identified above and the uncertainties described in the chapter titled “Risk Factors” beginning on page 28 of this Red Herring Prospectus. To our knowledge, except as discussed in this Red Herring Prospectus, there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.

4. Future changes in relationship between costs and revenues

Other than as described in the chapter titled “Risk Factors”, “Business Overview” and “Managements Discussion and Analysis of Financial Condition and Results of Operations” on pages 28, 117 and 206 respectively of this Red Herring

Prospectus, to our knowledge, no future relationship between expenditure and income is expected to have a material adverse impact on our operations and finances.

5. Status of any publicly announced New Products or Business Segment

Except as set out in this Red Herring Prospectus, we have not announced and do not expect to announce in the near future any new business segments.

6. Seasonality of business

Our Companys business is seasonal in nature or cyclicality. However, demand for delivery of food in India tends to fluctuate between different periods within a fiscal year. This seasonality of business will also impact our revenue from operations may be delayed or reduced. For more details please refer to “Riskfactor - Our restaurant sales are subject to seasonality andjob market trends”, “Industry Overview” and “Business Overview” on page 46, 107 and 117 respectively of this Red Herring Prospectus.

7. Competitive conditions

Competitive conditions are as described under the chapters titled “Industry Overview” and “Business Overview” beginning on pages 107 and 117 respectively of this Red Herring Prospectus.

8. Any significant dependence on a single or few suppliers.

The proportion of our revenues have historically been derived from the number of Suppliers. The % contribution of our Company suppliers vis a vis the purchases for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024 are tabulated as follows:

Particulars	As at March 31, 2026		As at March 31, 2025		As at March 31, 2024
	(Rs. in lakhs)*	%	(Rs. in lakhs)*	%	(Rs. in lakhs)*	%
Top 2 suppliers	446.75	56.80	375.70	46.45	294.88	41.08
Top 5 suppliers	615.38	78.24	650.91	80.49	495.91	69.08
Top 10 suppliers	735.61	93.52	806.53	99.73	592.92	82.59

* Our top 2, top 5 and top 10 suppliers includes suppliers of packing material. As on the date of this Red Herring Prospectus, we have not received consent from our suppliers.