Restaurant chain Burma Burma’s parent entity, Hunger Pangs Limited, saw its net loss skyrocket nearly 31X to ₹15.4 Cr in the fiscal year 2025-26 (FY26) compared to ₹50 Lakh in the previous fiscal year.

According to its draft red herring prospectus (DRHP), the restaurant chain’s revenue from operations also zoomed 46.6% to ₹155.5 Cr in the fiscal under review from ₹106.1 Cr in FY25. 

Including other income of ₹1.5 Cr, Burma Burma’s total income stood at ₹157 Cr in FY26. 

On the operational front, the restaurant chain’s EBITDA also climbed 20.2% to ₹25.7 Cr in FY26 from ₹21.4 Cr in the year ago fiscal. 

Besides its FY26 financials, the DRHP also shed light on the company’s Q1 FY27 numbers. Burma Burma’s parent reported a net profit of ₹1.1 Cr in the quarter under review against an operating revenue of ₹53.7 Cr. 

Given total expenses of ₹55.2 Cr during the quarter, what helped the company mint a profit in Q1 FY27 was ₹1.98 Cr in deferred tax credits. Burma Burma also reported an EBITDA profit of ₹11.4 Cr in the quarter ended June 2026, while the EBITDA margin stood at 21.3%. 

Founded in 2013 by Ankit Gupta and Chirag Chhajer, Hunger Pangs operates premium casual restaurant chain Burma Burma, which serves vegetarian Burmese cuisine. It competes with the likes of brands such as Mainland China, Mamagoto, Yum Yum Cha, and Berco’s.

At the end of July 2026, it operated 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata, and Delhi NCR. 

After raising $4 Mn at a valuation of over $50 Mn earlier this year, the hospitality chain has now filed its DRHP with markets regulator SEBI. Its proposed IPO comprises a fresh issue of shares worth up to ₹150 Cr and an offer for sale (OFS) of up to 2.8 Cr shares.

Of the fresh IPO proceeds, Burma Burma plans to use ₹117.3 Cr to open 27 new company-owned outlets by FY29. The remaining capital will be used for general corporate purposes. 

Notably, Hunger Pangs disclosed in its DRHP that it plans to launch a new brand. “We have conceptualised a premium casual dining chain of Japanese restaurants and noodle shops, with influences of Buddhist traditions,” read the document.

Where Did Burma Burma Spend In FY26?

In line with its revenue growth, Burma Burma’s spending also saw a major uptick. The company’s total expenses zoomed 61.8% YoY to ₹175.8 Cr in FY26. Let’s dive deeper into the company’s expenditure. 

Employee Benefits Expenses: Representing the company’s largest cost head, Burma Burma’s personnel costs surged 53.3% YoY to ₹50.7 Cr in FY26 from ₹33.1 Cr in the previous fiscal year.

Cost Of Materials Consumed: Burma Burma spent ₹30.4 Cr on raw materials and kitchen supplies in the fiscal under review, 51% higher than ₹20.1 Cr in FY25. 

Finance Cost: The restaurant chain’s interest and borrowing-related expenses grew 70% YoY to ₹6.6 Cr in the year under review. 

Other Expenses: Spending under this line item also grew 54.6% YoY to ₹48.8 Cr in the fiscal year ended March 2026. 

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