Cheelizza Share Price & FY26 Results: Full Analysis

Cheelizza Pizza India Limited is an unlisted company operating in the quick-service restaurant (QSR) space. With its FY2025–26 annual report now available, investors have a clearer picture of how the business performed during the year and what changed in its financial position.

FY26 presents a mixed picture. Revenue increased from ₹19.35 crore to ₹22.65 crore, the loss before tax narrowed from ₹5.45 crore to ₹3.31 crore, and adjusted EPS improved sharply from ₹(3.43) to ₹(0.44).

At the same time, Cheelizza remained loss-making, operating cash flow was negative, net worth was negative and the company disclosed delayed repayments and certain unpaid statutory dues.

The shares have also been substantially repriced in the unlisted market, from around ₹65–70 in 2025 to an indicative selling quote of around ₹14 today, based on market observations.

So, rather than simply asking whether Cheelizza's FY26 results were good or bad, the more useful question is:

Has Cheelizza's financial improvement become strong enough to support a better investment case, or does the company still have significant financial and execution risks?

Cheelizza FY26 at a glance: Revenue ₹22.65 Cr | PBT loss ₹3.31 Cr | PAT loss ₹4.89 Cr | Adjusted EPS ₹(0.44) | Operating cash flow -₹5.42 Cr.

Financial information in this article is based primarily on Cheelizza Pizza India Limited's FY2025–26 Annual Report, auditor disclosures and Letter of Offer. Current outlet information is based on the company's website. Unlisted-market price information and market-activity observations are based on Unlisted Valley's own market experience.

Cheelizza FY2025–26 Results at a Glance

The headline is mixed.

Revenue and pre-tax performance improved meaningfully, but Cheelizza has not yet reached profitability or positive operating cash flow.

That distinction is important when assessing the company's FY26 results.

Cheelizza Revenue Grew About 17% in FY26

Cheelizza's revenue from operations increased from ₹19.35 crore in FY25 to ₹22.65 crore in FY26, representing growth of approximately 17%.

Total income, including other income, increased from ₹19.45 crore to ₹22.73 crore.

The revenue growth is encouraging because Cheelizza is simultaneously trying to expand its outlet network. However, revenue growth alone does not tell us whether the business is becoming financially stronger.

One encouraging point is that expenses increased from ₹24.89 crore to ₹26.05 crore, or roughly 5%, which was slower than revenue growth. That helped Cheelizza narrow its loss before tax.

The next question is whether this improvement is enough to take the company into profitability.

Did Cheelizza Make a Profit in FY2025–26?

No. Cheelizza remained loss-making in FY2025–26.

The company reported a loss before tax of ₹3.31 crore, compared with a loss before tax of ₹5.45 crore in FY25.

However, the reported net loss increased from ₹3.93 crore in FY25 to ₹4.89 crore in FY26.

Why did Cheelizza's PBT improve but PAT worsen?

The difference is largely explained by deferred tax.

In FY25, Cheelizza recorded a deferred tax benefit of approximately ₹1.51 crore, which reduced the reported loss after tax.

In FY26, the company recorded a deferred tax expense of approximately ₹1.57 crore.

As a result, the improvement in pre-tax performance did not translate into an improvement in reported net profit.

This is an important distinction:

Cheelizza's underlying pre-tax performance improved in FY26, but the company did not become profitable.

The FY26 numbers should therefore be viewed as evidence of improvement rather than evidence of a completed turnaround.

Cheelizza EPS Improved Sharply — Is It Close to Profitability?

Cheelizza's adjusted EPS improved substantially during FY26:

• FY25 adjusted EPS: ₹(3.43)
• FY26 adjusted EPS: ₹(0.44)

That is a significant move toward break-even.

But ₹(0.44) is still negative EPS. The company has not yet reached positive earnings.

This is nevertheless one of the more interesting developments in the FY26 results. If the company can continue improving its earnings while growing revenue, the next milestone investors will want to see is positive EPS rather than simply a smaller loss.

Historical EPS and share-price comparisons also need to be handled carefully because Cheelizza underwent major changes to its share capital during FY26, including a 762:1 bonus issue and a rights issue. Those changes are explained later in this article.

Is Cheelizza Generating Cash?

No. Cheelizza did not generate positive operating cash flow in FY2025–26.

The company reported:

The ₹7.06 lakh increase in cash and cash equivalents should not be confused with positive operating cash generation.

Cheelizza's operating activities actually consumed approximately ₹5.42 crore of cash. The overall cash balance increased because operating, investing and financing cash flows are combined to determine the final cash position.

What does the ₹5.42 crore operating cash outflow actually mean?

The cash-flow statement also shows that a significant part of the operating cash movement was affected by working-capital changes and movements in liabilities, rather than simply representing the accounting loss for the year.

Adjusting the loss before tax for non-cash items such as depreciation, the underlying cash burn from running the pizza business works out to approximately ₹1.60 crore — considerably lower than the headline ₹5.42 crore figure. The difference of roughly ₹3.8 crore is largely explained by working-capital movements: short-term borrowings fell by about ₹2.84 crore during the year, while other current liabilities, including statutory dues, fell by a further ₹1.25 crore. In other words, a significant part of the reported operating cash outflow reflects movements in working capital and liabilities during the year, rather than simply representing fresh operating losses.

However, ₹5.42 crore remains the reported operating cash outflow, and that is the number investors should use when assessing the company's actual cash movement from operations.

The important point is that Cheelizza has not yet demonstrated positive cash generation from its core business.

How Did Cheelizza Fund Its Cash Requirements?

If operating cash flow was negative, the next question is obvious:

Where did the money come from?

The answer is primarily a combination of equity funding and borrowing.

Cheelizza's FY26 financing cash flow was approximately ₹7.02 crore. The major components included the value of the rights shares issued, an increase in long-term borrowings, CCPS application money and interest paid.

A simplified view is:

The ₹5.25 crore figure represents the mathematical value of 43,74,697 rights shares issued at ₹12 each. It should not be confused with the maximum ₹9.97 crore rights issue size, which related to the full offer of up to 83,04,198 shares.

How much did Animesh Lodha lend to Cheelizza?

Managing Director Animesh Lodha lent approximately ₹7.27 crore to the company during FY26.

The company repaid approximately ₹6.01 crore, leaving a closing balance of approximately ₹2.47 crore at year-end.

The outstanding amount was classified within long-term borrowings rather than bank borrowings.

This is relevant because it shows that promoter/related funding played a meaningful role in the company's financing during the year.

Did Cheelizza Delay Loan Repayments or Statutory Payments?

Yes. The CARO annexure to the FY26 auditor's report disclosed repayment delays to several lenders as well as certain delayed or unpaid statutory dues.

The disclosures included delays in repayments to Capitar Ventures India Debt Fund, with reported delays extending up to 84 days across the relevant period, and delays on certain term-loan instalments to Capwise Finance Private Limited, with delays extending to more than 100 days.

The report also disclosed smaller delays involving other lenders.

More importantly, the CARO disclosures also identified delays in certain statutory payments.

TDS deducted from employee salaries for April through August 2025 was deposited only in May 2026. The report also disclosed ₹11.13 lakh of Employees' State Insurance dues and ₹28,689 of Maharashtra Labour Welfare Fund dues that remained unpaid as of the relevant reporting date.

These disclosures matter because they provide additional evidence of liquidity pressure during FY26.

They should not, however, be interpreted as proof that the company cannot meet its obligations altogether. The more precise takeaway is that the company experienced payment delays and working-capital pressure during the year, which investors should consider alongside its negative operating cash flow and balance-sheet position.

Cheelizza's Financial Position: Debt, Liquidity and Net Worth

Cheelizza's balance sheet shows why revenue growth alone is not enough to judge its financial health.

At FY26 year-end, the company reported approximately:

• ₹3.15 crore of long-term borrowings
• ₹2.95 crore of short-term borrowings
• ₹6.10 crore of total borrowings
• ₹2.50 crore of current assets
• ₹6.14 crore of current liabilities
• -₹15.24 lakh of net worth
• ₹9.54 lakh of cash and bank balances

Based on current assets and current liabilities, the current ratio works out to approximately 0.41x.

In simple terms, the company had significantly less current assets than current liabilities at year-end.

That does not determine whether Cheelizza will succeed or fail, but it does mean that liquidity, cash generation and access to funding remain important considerations as the company expands.

What about Cheelizza's deferred tax asset?

Approximately ₹2.56 crore of Cheelizza's assets represents a deferred tax asset.

A deferred tax asset is an accounting asset that can provide future tax benefits if the company generates sufficient taxable profits to use it. It is therefore different from cash sitting in the bank.

On a simple analytical basis, excluding the deferred tax asset would reduce reported net worth of approximately -₹15 lakh to roughly -₹2.7 crore.

This is not the company's reported net worth; it is simply a way of showing why investors should be careful about treating every asset on the balance sheet as equally liquid or immediately realizable.

Why Some Cheelizza Financial Ratios Need to Be Read Carefully

Cheelizza's annual report includes ratios that can look striking if viewed without understanding the underlying balance sheet.

For example, the reported return on equity was 1,471%, while the debt-equity ratio was -40.03x.

Neither figure should be interpreted in the normal way.

When shareholders' equity is very low or negative, ratios that use equity as the denominator can become extremely large, negative or otherwise distorted.

So a 1,471% ROE does not mean Cheelizza generated exceptional returns for shareholders. Similarly, a negative debt-equity ratio does not mean the company has negative debt.

These are mathematical consequences of the company's equity position rather than useful indicators of exceptional financial performance.

For Cheelizza, investors should focus more on the underlying numbers — profitability, cash flow, borrowings, net worth and liquidity — than on headline ratios calculated from a negative-equity base.

Cheelizza Bonus Issue and Share Capital Changes Explained

Cheelizza's share capital underwent substantial changes during FY26, which is important when looking at historical share prices and per-share figures.

The sequence was:

March 31, 2025

1,14,52,567 equity shares

↓

June 2, 2025

Paid-up equity share capital changed to 1,41,490 shares of ₹1 each

↓

June 16, 2025

10,78,15,380 bonus shares issued in a 762:1 ratio

↓

December 29, 2025

43,74,697 rights shares issued

↓

March 31, 2026

11,23,31,567 equity shares outstanding

The post-June 2025 share count therefore reconciles as:

1,41,490 + 10,78,15,380 + 43,74,697 = 11,23,31,567 shares.

This matters because comparing an old Cheelizza share price or EPS directly with today's figures without considering these corporate actions can create a misleading picture.

A bonus issue increases the number of shares held while adjusting the per-share economics accordingly; it does not by itself create additional value for shareholders.

Cheelizza Rights Issue: Price, Size and Purpose

Cheelizza also undertook a rights issue during FY26.

The Letter of Offer provided for up to 83,04,198 equity shares of ₹1 face value at an issue price of ₹12 per share, including a ₹11 premium.

The maximum issue size was ₹9,96,50,376, or approximately ₹9.97 crore.

The rights entitlement was 1 share for every 13 shares held by eligible shareholders as of the November 21, 2025 record date.

The issue opened on November 29, 2025 and closed on December 28, 2025.

The company ultimately issued 43,74,697 rights shares.

It is important to distinguish the two figures:

• 83,04,198: maximum shares offered under the issue
• 43,74,697: rights shares actually issued

The issue price was ₹12 per share, but the ₹9.97 crore figure represents the maximum size of the offer, not the amount actually raised from the 43.75 lakh shares issued.

The rights issue was intended to support purposes including working capital, expansion capex and general corporate requirements.

Cheelizza's Expansion Plan: From 16 Stores Toward 100+

Expansion is an important part of the Cheelizza investment story.

At the time of its Letter of Offer, the company reported 16 stores.

The FY2025–26 annual report reported 23 outlets, while Cheelizza's website currently lists 25 outlets.

These figures refer to different dates, so they should not be treated as measurements taken on the same day. However, they provide a useful indication that the outlet network has continued to expand.

Cheelizza has also stated an ambition to reach 100+ stores within two years.

That is a management target, not a guaranteed outcome or an independent forecast.

For investors, the more important question is whether the company can scale its outlet network while improving store economics, profitability and cash generation.

Opening more stores can increase revenue, but it can also require additional working capital and capital expenditure. Given Cheelizza's FY26 cash flow and balance-sheet position, the economics of that expansion will be particularly important to watch.

Cheelizza Share Price: From Around ₹70 to ~₹14

Cheelizza's unlisted-market price has undergone a substantial repricing since the shares entered the market.

Based on market observations, the shares were available at around ₹65–70 when they entered the unlisted market around August–September 2025, and were around ₹65 in November 2025.

The current indicative selling quote is around ₹14 per share.

That represents a significant decline from the levels seen in 2025.

However, Cheelizza remains a rarely traded and non-mainstream unlisted share. There has been relatively little buying interest, while much of the past year saw selling pressure.

The shares are currently relatively easy to source, although sellers have recently appeared somewhat less willing to sell at the lower levels.

These are market observations from Unlisted Valley, not company-reported figures.

Unlisted share price note: The ~₹14 figure is Unlisted Valley's indicative selling quote at the time of writing. Cheelizza is not continuously traded on NSE or BSE, so actual transaction prices can vary based on availability, quantity and market conditions.

Why Has Cheelizza's Unlisted Share Price Fallen?

There is no reliable basis for attributing the entire decline to one specific factor.

What we can observe is that the shares have been substantially repriced, while the market has experienced selling pressure and limited buying interest.

Based on our experience dealing in Cheelizza shares, pricing and valuation concerns were an important part of the market discussion during the past year.

At the same time, FY26 gives us a more nuanced picture than the share-price movement alone.

What improved?

• Revenue: ₹19.35 Cr → ₹22.65 Cr
• PBT loss: ₹5.45 Cr → ₹3.31 Cr
• Adjusted EPS: ₹(3.43) → ₹(0.44)
• Outlet count: 16 at the time of the Letter of Offer → 23 reported in FY26

What remains weak?

• PAT: ₹3.93 Cr loss → ₹4.89 Cr loss
• Operating cash flow: -₹5.42 Cr
• Net worth: negative
• Current ratio: ~0.41x
• Payment delays: disclosed across certain lender and statutory obligations

This is why the fall in share price should not automatically be interpreted as proof that the stock is undervalued.

At the same time, the improvement in revenue, PBT and EPS means the business deserves to be evaluated based on what it can earn in the future, rather than simply extrapolating its weakest historical numbers.

The key question is whether the FY26 improvement can continue until Cheelizza reaches sustainable profitability and positive operating cash flow.

What Should Investors Know About Cheelizza's Governance?

Cheelizza's FY26 disclosures also contain several governance developments that investors should be aware of.

At the FY26 year-end, certain board-level committees, including the Audit Committee and Nomination and Remuneration Committee, were not yet constituted in their eventual form. The company's governance structure subsequently changed with the appointment of independent directors and the constitution of the relevant committees.

The statutory auditor, Pipara Sancheti & Associates, resigned on April 9, 2026, citing pre-occupation. APRA & Associates LLP was subsequently appointed as the company's statutory auditor.

These developments do not by themselves establish a governance failure, but they are relevant to an investor assessing a relatively young and unlisted company undergoing rapid changes in its capital structure and governance framework.

The important point is simply to know about these developments rather than overlook them.

Cheelizza Owner and Shareholding

Animesh Lodha is the founder and CEO of Cheelizza.

The disclosed shareholding information shows:

The changes in ownership percentages should be considered alongside the company's substantial changes in share capital during FY26.

Is Cheelizza Planning an IPO?

Cheelizza is currently unlisted.

There is currently no confirmed IPO date or IPO price, and we have not identified a DRHP filing establishing an IPO process.

Therefore, investors searching for “Cheelizza IPO price” should be careful not to confuse the current unlisted-market quote with an IPO price.

An indicative unlisted share price is simply the price at which transactions may be discussed in the private market. It is not a confirmed future IPO price.

What Does FY2025–26 Mean for Cheelizza Investors?

The FY26 annual report presents a mixed but more interesting picture than the headline net loss suggests.

What improved

• Revenue increased about 17%.
• PBT loss narrowed substantially.
• Adjusted EPS moved much closer to break-even.
• The outlet network has expanded.
• Management has a stated ambition to reach 100+ stores.

What remains unresolved

• Cheelizza remains loss-making.
• PAT loss increased in FY26.
• Operating cash flow remained negative.
• Net worth was negative.
• Current liabilities were substantially higher than current assets.
• Certain loan and statutory payments were delayed.
• The company continues to require external funding.
• The shares remain thinly traded in the unlisted market.

So, FY26 looks more like a year of financial improvement than a completed turnaround.

That distinction is important.

The business is showing signs that its economics may be moving in the right direction, particularly through the improvement in PBT and adjusted EPS. But it has not yet demonstrated the two things that would make the improvement much more convincing: sustainable net profitability and positive operating cash flow.

What Should Investors Watch Next?

For anyone following Cheelizza, five indicators are particularly important.

1. Positive net profit

The company needs to move from a narrowing loss to sustainable positive PAT.

2. Positive operating cash flow

Revenue growth and accounting earnings are useful, but the ability to generate cash from the core business will be an important test.

3. EPS turning positive

FY26 adjusted EPS of ₹(0.44) is considerably better than FY25's ₹(3.43). The next milestone is positive EPS.

4. Outlet growth and store economics

The 100+ store ambition is meaningful only if the company can expand without putting excessive pressure on cash flow and the balance sheet.

5. Balance-sheet improvement

Borrowings, liquidity, net worth and the company's dependence on additional funding will remain important areas to monitor.

Frequently Asked Questions About Cheelizza

What is the current Cheelizza unlisted share price?

Unlisted Valley's indicative selling quote is around ₹14 per share at the time of writing. Because Cheelizza is not traded on NSE or BSE, this should not be treated as a continuously discovered exchange price.

What was Cheelizza's revenue in FY2025–26?

Cheelizza reported ₹22.65 crore of revenue from operations in FY2025–26, compared with ₹19.35 crore in FY2024–25.

Did Cheelizza make a profit in FY2025–26?

No. Cheelizza reported a net loss of approximately ₹4.89 crore in FY26. Its loss before tax narrowed to approximately ₹3.31 crore.

What was Cheelizza's FY26 EPS?

Cheelizza's adjusted EPS was ₹(0.44) in FY2025–26. The negative figure means the company had not yet reached positive earnings.

Did Cheelizza delay loan repayments or statutory dues?

Yes. The FY26 CARO disclosures reported delays involving several lenders and certain statutory dues, including unpaid ESIC and Maharashtra Labour Welfare Fund amounts as of the relevant reporting date.

How much did Animesh Lodha lend to Cheelizza?

Animesh Lodha lent approximately ₹7.27 crore during FY26 and received approximately ₹6.01 crore in repayments, leaving a closing balance of approximately ₹2.47 crore.

What was the Cheelizza rights issue price?

The rights issue price was ₹12 per equity share, with a ₹1 face value and ₹11 premium. Up to 83,04,198 shares were offered at a 1:13 entitlement ratio, of which 43,74,697 were ultimately issued.

Is Cheelizza listed or planning an IPO?

Cheelizza is currently unlisted. There is no confirmed IPO date or IPO price at present.

Final Takeaway

Cheelizza's FY2025–26 results are best described as a year of improvement, but not yet a year of profitability.

Revenue grew by approximately 17%, the loss before tax narrowed substantially and adjusted EPS moved much closer to break-even. The company is also expanding its outlet network and has ambitious plans for further growth.

But the other side of the picture matters just as much.

Cheelizza remained loss-making, operating cash flow was negative, net worth was negative, liquidity was stretched and the FY26 audit disclosures showed delays in certain loan repayments and statutory payments. The company also relied on equity and promoter-related funding to support its cash requirements.

The sharp fall in the unlisted share price therefore cannot be evaluated purely by looking at revenue growth or simply by saying that the stock is now cheaper.

The more important question is whether Cheelizza can turn its improving revenue and pre-tax performance into sustainable profit and positive cash generation.

If it can, the improvement seen in FY26 could become the beginning of a stronger investment story. If it cannot, the company's financial and funding pressures could remain a significant constraint on future growth.

For investors following Cheelizza, positive PAT, positive operating cash flow, positive EPS, outlet economics and balance-sheet improvement are likely to be much more important indicators going forward than any single year's revenue growth.

Looking for the latest Cheelizza unlisted share price?

Check our dedicated Cheelizza unlisted share page for the latest indicative price, availability and market information.