Hunger Pangs IPO

Yet to be determined Hospitality Mainboard

IPO Details

Bidding Dates

To be announced

Minimum Investment

To be announced

Price Range

To be announced

Maximum Investment

To be announced

Retail Discount

To be announced

Issue Size

To be announced

Investor category and sub category

Qualified Institutional Buyers (QIB) | Retail Individual Investors (RII) | Non-institutional Investors (NII)

About Hunger Pangs IPO

Burma Restaurant & Tea Room is a premium casual dining chain specializing in Burmese cuisine. Founded in 2013, the company opened its first restaurant in Mumbai in 2014. It aims to introduce Indian customers to Burma’s traditional food, tea culture, and heritage through its menu, restaurant interiors, and dining experience.

As of July 31, 2026, the company operated 22 restaurants across 9 Indian cities, including Mumbai, Bengaluru, Delhi, Hyderabad, and Kolkata, along with one delivery kitchen in Mumbai. Its restaurants are located in premium shopping malls, high-street areas, and corporate parks.

The company follows a company-owned and company-operated (COCO) model, meaning it directly manages its restaurants rather than relying on franchise operators. This allows it to oversee food quality, menu planning, staff training, and customer service.

Dine-in services are its primary revenue source, contributing 88.82% of revenue from operations in FY26. Delivery through platforms such as Zomato and Swiggy contributed another 10.76%. The company also sells packaged products, including teas, snacks, and ice cream, through its online store, Burma Burma Shop.

Burma Burma’s revenue from operations increased from ₹71.92 crore in FY24 to ₹155.50 crore in FY26, reflecting a compound annual growth rate (CAGR) of 47.05%.

Hunger Pangs IPO Objectives

Around ₹117.3 crore will be used for capital expenditure to open new Burma Burma restaurants across India. The company plans to add 27 outlets over the next two financial years.

The remaining net proceeds will be used for general corporate needs, subject to applicable regulatory limits.

Industry Outlook

India’s full-service dining market is projected to grow from ₹1.52 trillion in FY26 to ₹2.18 trillion by FY30, at a CAGR of 9.4%.
Casual dining accounts for over 95% of the full-service dining market, with its value expected to increase from ₹1.45 trillion in FY26 to ₹2.08 trillion by FY30.
Growing consumer interest in international cuisines and authentic food experiences is creating opportunities for specialized restaurant concepts.
Demand for premium dining experiences combining food, ambience, and service is supporting the growth of differentiated restaurant formats.
The market for premium Pan-Asian restaurants offering exclusively vegetarian menus is projected to expand from ₹8.45 billion to ₹14.72 billion, although it remains a niche segment.
Greater consumer emphasis on dining experiences and cuisine diversity could create opportunities for specialized brands such as Burma to expand their presence.

Financial Performance of Hunger Pangs Limited

Financial Metric	Q1 FY27 (Jun 2026)	FY26	FY25	FY24
Revenue growth (%)	N.A.	46.56%	47.53%	N.A.
EBITDA margin (%)	21.28%	16.51%	20.13%	13.71%
PAT margin (%)	2.00%	-9.79%	-0.47%	-7.88%
Gross margin (%)	80.79%	80.47%	81.03%	79.16%
Customer rating on Zomato	4.69	4.71	4.74	4.75

Note: Q1 FY27 refers to the three months ended June 30, 2026.

Hunger Pangs Peer Comparison

Key Performance Indicator	Hunger Pangs Ltd. (Burma Burma)	United Foodbrands Ltd.	Devyani International Ltd.
Revenue from operations (₹ million)	1,554.97	13,387.02	56,114.79
YoY revenue growth (%)	46.56	8.57	13.34
EBITDA (₹ million)	256.77	1,929.82	8,497.47
EBITDA margin (%)	16.51	14.42	15.14
PAT (₹ million)	(153.72)	(619.11)	(425.35)
PAT margin (%)	(9.79)	(4.57)	(0.75)
Gross margin (%)	80.47	66.40	68.50

Strengths and Opportunities for Hunger Pangs

It is India’s largest specialty Burmese restaurant chain, with a distinctive vegetarian dining concept rooted in Burmese culture and cuisine.

It operates 22 restaurants across 9 cities, covering all 4 regions of India, as of July 31, 2026. It expanded its restaurant network from 12 outlets in FY25 to 21 in FY26, adding 9 restaurants in a single year.

It reported restaurant-level EBITDA margins ranging from 27.13% to 33.07% across FY24, FY25, FY26, and the quarter ended June 2026.

Food costs accounted for nearly 19–21% of operating revenue between FY24 and FY26, and have remained fairly stable.

It has received numerous awards and mentions by platforms such as Zomato and Swiggy and publications such as Condé Nast Traveler.

It serves high quality of food and ensures consistency in services by maintaining standardised operations supported by 139 recipes, detailed SOPs and structured staff training.

The company-owned, company-operated (COCO) model enables direct control over food quality, service standards and customer experience.

Technology-enabled operations using integrated POS systems, digital inventory tools and business intelligence platforms have improved procurement and operational efficiency.

It is supported by talented professionals from the hospitality and consumer companies. Its promoters have nearly 12–17 years of experience in the food service industry experience.

Risks and Threats for Hunger Pangs

The all-vegetarian, no-alcohol concept may limit its appeal to certain customer segments.

Business performance relies on the continued strength and popularity of the Burma Burma brand.

Dependence on Burmese cuisine and specialty ingredients may create sourcing challenges and limit menu flexibility.

Revenue grew 46.56% in FY26, but past growth may not continue at the same pace.

Dine-in contributed 88.82% of FY26 operating revenue, exposing the company to changes in footfall, customer preferences, and local competition.

Maintaining consistent food quality, service, hygiene and ambience across restaurants may become harder as the business expands.

Difficulty attracting and retaining experienced chefs, managers and service personnel could affect operations and customer experience.

Hunger Pangs IPO Reservation

Investor Category	Shares Offered
QIB	Not less than 75% of the Net Offer
Retail	Not more than 10% of the Net Offer
NII	Not less than 15% of the Net Offer

Hunger Pangs IPO Promoter Holding

Category	Pre-IPO	Post-IPO
Promoter and Promoter Group	70.5%	N.A.

Hunger Pangs IPO Registrar and Lead Managers

Hunger Pangs IPO Lead Managers

Pantomath Capital Advisors Pvt.Ltd.

Registrar for Hunger Pangs IPO

Name: MUFG Intime India Pvt.Ltd.

Phone: 022-49186000

Email ID: hunger.ipo@in.mpms.mufg.com

How To Check the Allotment Status of the Hunger Pangs IPO?

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How To Apply for Hunger Pangs IPO Online?

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Contact Details of Hunger Pangs IPO

Address: Unit No. 3 SW, 3rd Floor, The Ruby, 29, Senapati Bapat Marg, Dadar West, Shivaji Park, Mumbai, Maharashtra, 400028

Phone: +91 22448 07704

Email ID: investorrelations@hungerpangs.com

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Hunger Pangs IPO FAQs

What is the Hunger Pangs IPO?

The Hunger Pangs Ltd. IPO is the proposed public offering of the parent company of Burma Burma. Filed with SEBI on October 16, 2026, it comprises a fresh issue of ₹150 crore and an offer for sale of up to 2.79 crore shares, with listing planned on NSE and BSE.