Hunger Pangs’ net loss widened to ₹15.4 crore in fiscal 2026 despite a 46.6% jump in revenue, as rising costs outpaced growth ahead of its proposed ₹150 crore IPO.
Hunger Pangs, the company behind the Burma Burma restaurant chain, swung to a net loss of ₹15.4 crore in fiscal 2026, a sharp deterioration from the ₹50 lakh loss it posted a year earlier, according to its draft red herring prospectus filed with India’s markets regulator. Even so, the operator of the vegetarian Burmese dining brand grew revenue from operations by 46.6% to ₹155.5 crore, while EBITDA rose 20.2% to ₹25.7 crore, indicating that the business expanded quickly even as costs accelerated.
The filing comes as Hunger Pangs prepares for an initial public offering. The proposed share sale includes a fresh issue of equity worth up to ₹150 crore and an offer for sale of up to 2.8 crore shares, with several reports placing the OFS size at slightly below or around that level. According to the prospectus and subsequent reporting, the proceeds from the new shares are intended mainly to fund the opening of 27 company-owned restaurants by fiscal 2029, with the rest earmarked for general corporate purposes.
The company’s latest numbers also show how quickly spending rose alongside sales. Total expenses increased 61.8% to ₹175.8 crore in fiscal 2026, driven by higher employee costs, stronger material consumption, rising finance charges and other operating expenses. Staff-related spending climbed to ₹50.7 crore, raw material and kitchen supply costs reached ₹30.4 crore, finance costs increased to ₹6.6 crore and other expenses rose to ₹48.8 crore, underscoring the cost of scaling a premium dining format.
Hunger Pangs, founded in 2013 by Ankit Gupta and Chirag Chhajer, operates Burma Burma as a premium casual dining brand focused on vegetarian Burmese food. The chain had 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata and Delhi-NCR, at the end of July 2026. The business competes in an increasingly crowded market for upscale Asian dining, going up against established names such as Mainland China, Mamagoto, Yum Yum Cha and Berco’s.
The prospectus also points to broader ambitions beyond the existing concept. Hunger Pangs said it has developed plans for a new premium casual dining brand centred on Japanese restaurants and noodle shops with Buddhist influences, suggesting that the company is preparing to widen its footprint if the IPO goes ahead as planned.
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