Vegorama Punjabi Angithi Limited

Consumer Cyclical — Restaurants · BSE

₹237.00+₹0.15 (+0.06%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of Vegorama Punjabi Angithi Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Vegorama Punjabi Angithi Limited operates as a cloud kitchen and takeaway service provider in India. The company offers fine dining restaurant and corporate thali services, as well as vegetarian North Indian and other cuisines directly to customers homes.

IndustryRestaurants

SectorConsumer Cyclical

Employees306

Annual revenue₹101 Cr

How does it make money?

Turns over ₹101 Cr a year. Of every ₹100 of sales, about ₹8 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 306 employees supports ₹33.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹33.1 lakh

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 63.4%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 59.1% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE25.9%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 2 years revenue moved +500% while net margin moved +64% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+500%

Margin effect+64%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 47.9x is demanding — it needs sustained high growth to justify
✗ P/B of 11.34x is a steep premium to book

Quality vs. Valuation

Company Quality

67/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

47.9x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 31% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -31%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

33.3x

PEG

0.22

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 7.0% to 11.6% over 2 years.
High return on capital employed
ROCE of 63.4% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.17x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 69.5% to 63.4% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 2075% over 2 years, from ₹0 Cr to ₹5 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 63.4% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 7.0% to 11.6%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 31% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 109% a year✓ 144.9% CAGR
Latest reported year was 53.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 11.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 60%✓ 63.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 2 neutral · 3 weak

Market Cap

₹394 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

47.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

11.34x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹4.95

Profitable

Profitable on a per-share basis

ROE

59.1%

Strong

Strong capital efficiency

ROCE

63.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.17x

Low

Conservative leverage

Revenue Growth (YoY)

53.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

77.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

34.0%

Good

Assets are working hard

Operating Margin

11.0%

Average

Average margins

Net Margin

8.5%

Average

Average bottom-line conversion

Current Ratio

4.70

Comfortable

Healthy short-term liquidity

52W Range Position

84%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

241.9 / 227.9

Bullish alignment (short > long)

RSI (14)

49.2

Neutral momentum

Financial Trend (3-Year)

Metric	FY23	FY24	FY25	2Y CAGR
Revenue	₹17 Cr	₹66 Cr	₹101 Cr	+144.9%
EBITDA	₹1 Cr	₹6 Cr	₹12 Cr	+214.6%
EBITDA Margin	7.0%	9.8%	11.6%	—
PAT (Net Profit)	₹1 Cr	₹5 Cr	₹8 Cr	+213.6%
EPS	₹0.5	₹2.79	—	—
ROE	56.7%	75.9%	57.3%	—
ROCE	69.5%	63.2%	63.4%	—
Total Debt	₹0 Cr	₹4 Cr	₹5 Cr	+366.3%
Free Cash Flow	₹3 Cr	₹2 Cr	₹1 Cr	-32.5%

🟢 Revenue has grown at 144.9% a year over 2 years.

🟢 EBITDA has grown at 214.6% a year over 2 years.

🟢 EBITDA Margin has risen from 7.0% to 11.6% over 2 years (+4.6 pts).

🟢 PAT (Net Profit) has grown at 213.6% a year over 2 years.

🟡 ROE has held roughly flat at 57.3% over 2 years.

🔴 ROCE has fallen from 69.5% to 63.4% over 2 years (-6.0 pts).

🔴 Total Debt has grown at 366.3% a year over 2 years.

🔴 Free Cash Flow has shrunk at 32.5% a year over 2 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹25 Cr

Total Liabilities

₹10 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹5 Cr

Capex

-₹4 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.6%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 general

Vegorama Punjabi Angithi Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Vegorama Punjabi Angithi Ltd. Upper Circuit: Price and Key Data

Univest, 05 Oct

Vegorama Punjabi Angithi shares list at 53% premium over IPO price, extend rise to hit 5% upper band

Livemint, 27 May

Vegorama Punjabi Angithi IPO Date, Price Band, GMP, Subscription & Allotment

IndiaIPO, 14 May

Vegorama Punjabi Angithi (BSE:544765) - Stock Analysis

Simply Wall Street, 27 May

Vegorama Punjabi Angithi Limit Share Price - Live VPAL Stock Price & Chart

Upstox, 27 May

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑