Hunger Pangs Limited, which owns and operates Burma Burma Restaurant & Tea Room, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The proposed offering comprises a fresh issue of equity shares aggregating up to ₹150 crore and an offer for sale of up to 27,929,760 equity shares by existing shareholders. Proceeds from the fresh issue will be used to establish new Burma Burma restaurants across India and for general corporate purposes.
The company operates in the premium Pan-Asian casual dining segment, offering Burmese cuisine alongside cultural storytelling and experiential dining. Its restaurant concepts draw inspiration from Burmese heritage, supported by culinary research, menu development and standardised operating processes.
As of July 31, 2026, Hunger Pangs operated 22 restaurants, one delivery kitchen and three warehouses across nine Indian cities. Its restaurants are located in premium malls, high streets and corporate parks.
The company reported revenue from operations of ₹1,554.97 million in FY2026, compared with ₹1,060.99 million in FY2025, registering growth of 46.56%. EBITDA increased from ₹213.54 million to ₹256.77 million during the same period, with an EBITDA margin of 16.51% in FY2026.
Its growth strategy includes expanding its restaurant network, exploring new brands and cuisines, investing in menu innovation and strengthening delivery and direct-to-consumer offerings. The company’s delivery business contributed 10.76% of revenue from operations in FY2026.
According to the F&S Report cited in the DRHP, India’s full-service dining market was valued at approximately ₹1.52 trillion in FY2026 and is projected to reach ₹2.18 trillion by FY2030.
Panthomath Capital Advisors Private Limited is the sole Book Running Lead Manager to the issue.
