Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin is founder of Trudence Capital with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai.  Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Indian Accounting Research Analyst

Barbeque Nation Update: Discomforts Still Prevalent

Barbeque Nation Pre-IPO - Not Really a Feast

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Barbeque Nation Hospitality / Equity Capital Markets

Barbeque Nation Hospitality (BARBEQUE IN)

<a href="https://www.smartkarma.com/entities/barbeque-nation-hospitality-ltd" target="_blank" data-smartkarma-citation="entities:28868:1" rel="noopener">Barbeque Nation Hospitality (0823884D IN)</a> or BBQ Nation (BNHL), in one of the last IPOs for Fiscal 2021, plans to raise INR 4.5 bn from public which consists of fresh issue worth INR 1.8 bn and offer for sale worth INR 2.7 bn.
BNHL is one of the largest casual dining chain in the country, with a portfolio of 147 BBQ Nation Restaurants across 77 cities in India and 6 international outlets. The company also operates 9 restaurants and 11 restaurants under the brands 'Toscano' and 'UBQ by Barbeque Nation'.
The chain casual dining market has thrived in the last few years and so did the company, as its topline has expanded at % CAGR from F18-F20. However, the pandemic has completely shifted the ball game throughout the industry; for a company that was already loss-making, the main problem would be value generation given subdued expected recovery due to the second wave. 
In this insight, we focus on some of the balance sheet and a lot of governance cautions, mainly on the promoter profile that one should consider before taking any action on the stock. Like always, we do not comment on the valuation of IPO.

Barbeque Nation Hospitality (0823884D IN) or BBQ Nation (BNHL), in one of the last IPOs for Fiscal 2021, plans to raise INR 4.5 bn from public which consists of fresh issue worth INR 1.8 bn and offer for sale worth INR 2.7 bn.
BNHL is one of the largest casual dining chain in the country, with a portfolio of 147 BBQ Nation Restaurants across 77 cities in India and 6 international outlets. The company also operates 9 restaurants and 11 restaurants under the brands 'Toscano' and 'UBQ by Barbeque Nation'.
The chain casual dining market has thrived in the last few years and so did the company, as its topline has expanded at % CAGR from F18-F20. However, the pandemic has completely shifted the ball game throughout the industry; for a company that was already loss-making, the main problem would be value generation given subdued expected recovery due to the second wave. 
In this insight, we focus on some of the balance sheet and a lot of governance cautions, mainly on the promoter profile that one should consider before taking any action on the stock. Like always, we do not comment on the valuation of IPO.

Barbeque Nation Hospitality

Barbeque Nation IPO: Not Grilling Fine