Cheelizza Pizza India Ltd Unlisted Share

Cheelizza Pizza India Limited is an unlisted vegetarian QSR and pizza brand focused on building a vegetarian food business across India.

Cheelizza's stated vision is to become India's first-choice vegetarian brand and take #IndiakaPizza to every corner of India. The company also aims to offer quality products, quick service and value to customers.

Its broader business model is described as "Brand + Platform + Delivery", combining food brands with technology and delivery capabilities. The model includes dine-in, takeaway and delivery, along with digital ordering through its EatVeg platform and a broader multi-brand food approach.

Cheelizza's operations are primarily concentrated in Maharashtra and Gujarat, with a presence across Mumbai, Pune, Rajkot and Vadodara. The FY2025–26 Annual Report reported 23 outlets, while the company's website currently lists 25 outlets.

The company has stated an ambition to expand to 100+ stores within two years. Expansion and capital expenditure were also among the stated objects of its rights issue, along with working capital requirements and general corporate purposes.

Animesh Lodha is the founder and CEO of Cheelizza Pizza India Ltd.

Cheelizza Pizza India Ltd Company Information

Cheelizza Pizza Unlisted Share Price History

Cheelizza's unlisted share price has declined significantly since the shares entered the unlisted market around August–September 2025. The shares were quoted around ₹65–70 per share during that period, compared with the current indicative price shown above.

For a detailed analysis of the price movement and FY2025–26 financial results, read our Cheelizza FY2025–26 financial analysis →

Cheelizza FY26 Financials

Cheelizza's FY2025–26 financials show revenue growth and an improvement in loss before tax, although the company remained loss-making.

Revenue increased from ₹19.35 crore in FY25 to ₹22.65 crore in FY26, while loss before tax narrowed from ₹5.45 crore to ₹3.31 crore. Adjusted EPS improved from ₹(3.43) to ₹(0.44) per share.

The company nevertheless reported a ₹4.89 crore net loss in FY26 and negative operating cash flow. The improvement in revenue and loss before tax should therefore be considered alongside its cash flow, borrowings and overall financial position.

Read the detailed Cheelizza FY2025–26 results and financial analysis →

Valuation and Financial Position

At the end of FY26, Cheelizza reported negative net worth of approximately ₹15.24 lakh. Based on 11,23,31,567 equity shares outstanding, this translates to an approximate book value of -₹0.014 per share.

As FY26 adjusted EPS was negative, P/E is shown as N/A. Since the company's book value per share is negative, the P/B ratio is also negative and should be interpreted with caution because a conventional P/B comparison is not meaningful when net worth is below zero.

The P/B and market capitalisation shown above are based on the current indicative share price and will change when the indicative price changes.

Cheelizza Share Price and FY26 Financial Context

Cheelizza's share price and valuation should be read alongside its audit disclosures, which flag certain delayed repayments and statutory dues in addition to the company's borrowings and negative net worth.

Read the detailed Cheelizza FY2025–26 results and financial analysis for the full breakdown of cash flow, promoter funding, borrowings and audit disclosures →

Bonus Issue and Rights Issue

Cheelizza undertook significant changes to its equity capital during FY26. These changes are relevant when evaluating its current share capital and historical unlisted share price.

Cheelizza Pizza Bonus Issue

On 16 June 2025, the company issued 10,78,15,380 bonus equity shares in a 762:1 ratio.

Before the bonus issue, the paid-up equity share capital had been changed to 1,41,490 equity shares of ₹1 each.

Cheelizza Pizza Rights Issue

Cheelizza subsequently launched a rights issue of up to 83,04,198 equity shares at ₹12 per share, including a ₹11 premium.

The rights issue was offered in the ratio of 1 rights share for every 13 equity shares held, with 21 November 2025 as the record date.

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

The stated objects of the rights issue were:

• Working capital requirements
• Expansion and capital expenditure
• General corporate purposes

The rights issue and bonus issue substantially changed Cheelizza's equity capital structure during FY26.

Funding and Investors

Cheelizza has raised external capital during its growth phase. Its investment material identifies a number of angel and strategic investors associated with its historical funding.

Investors identified in the company's investment material include Sagar Daryani, Vikas Khemani, Karan Tanna and Rahul Surana, along with investors associated with organisations such as Indian Angel Network.

This reflects historical funding information; current shareholding by any particular investor is unconfirmed and may have changed.

Growth and Expansion

Expansion is an important part of Cheelizza's stated business strategy.

The company had 16 stores at the time of its Letter of Offer and stated an ambition to reach 100+ stores within two years. Expansion and capital expenditure were also identified as one of the proposed uses of its rights issue proceeds.

The company currently has a presence across Mumbai, Pune, Rajkot and Vadodara, with the largest concentration of outlets in Mumbai.

The 100+ store target is a company-stated objective whose achievement will depend on execution, funding, store economics and the company's ability to improve profitability while expanding.

Is Cheelizza Pizza Planning an IPO?

There is currently no confirmed Cheelizza IPO date or IPO price.

There is also no confirmed DRHP establishing an IPO process based on the information currently available. A future Cheelizza listing therefore remains unconfirmed and speculative at this stage.

Any future IPO plans should be evaluated based on a formal company announcement and relevant regulatory filings.

Key Risks of Cheelizza Pizza Unlisted Shares

Cheelizza is an unlisted and loss-making company, so investors should consider the risks before buying its shares.

• Profitability risk: The company reported a net loss of ₹4.89 crore in FY26.
• Cash-flow risk: Operating cash flow remained negative during FY26.
• Negative net worth: FY26 net worth was approximately -₹15.24 lakh.
• Liquidity risk: Unlike listed shares, Cheelizza shares do not have a continuous NSE/BSE order book. Finding a buyer or seller can therefore take time.
• Valuation risk: An unlisted share's transaction price may differ substantially from its accounting book value or from what an investor considers fair value.
• Execution risk: The company's 100+ store expansion target requires significant operational and financial execution.

For a broader explanation of the risks involved in buying and selling unlisted shares, see our guide to the risks and rewards of investing in unlisted shares in India.

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