Spice Lounge Food Works Limited (formerly **Shalimar Agencies Limited**) is a diversified hospitality, lifestyle, and technology platform. Following a strategic pivot in **FY 2024-25**, the company transitioned from a legacy IT services firm into an integrated ecosystem focused on food, beverage, nightlife, and experiential entertainment. The company operates a hybrid model of proprietary and franchised brands across **3 Indian states** while maintaining a global technology services arm. --- ### **Strategic Pivot and Corporate Evolution** The company has undergone a fundamental transformation, moving from a non-operational entity to a high-growth hospitality and tech player. This evolution was facilitated by aggressive capital restructuring and inorganic growth. * **Name Change & Rebranding:** Rebranded from **Shalimar Agencies Limited** to **Spice Lounge Food Works Limited** to align with its new core focus on the food and hospitality sectors. * **Stock Split (May 2025):** Executed a **1:10 stock split**, reducing the face value from **₹10** to **₹1** per share. This resulted in **69,71,22,600** outstanding equity shares to improve market liquidity. * **Major Acquisitions (August 2024):** Allotted **6,67,11,260 equity shares** at **₹15/share** (including a **₹5 premium**) via a share swap to acquire 100% ownership of: * **Teksoft Systems Inc. (USA)** * **Chicken Wild Wings Private Limited** * **Mirchi Wild Wings Private Limited** * **Lifestyle Expansion (October 2025):** Acquired **Rightfest Hospitality LLP**, the operator of premium lifestyle brands including **XORA** and **SALUD**. --- ### **The 360° Hospitality & Lifestyle Ecosystem** The company utilizes a comprehensive hospitality model (in partnership with **Blackstone Management LLC**) covering concept creation, franchise development, and end-to-end operational management. #### **1. Quick Service Restaurants (QSR) & Casual Dining** The company operates and scales **13+ outlets** across various formats, focusing on "flavor-focused" products for urban millennials. * **Wing Zone:** An American fast-casual chain specializing in chicken wings and burgers. The company launched India’s first outlet in **Koramangala, Bangalore** (Jan 2026), with a roadmap for **Hyderabad** and **Chennai** via high-street stores and cloud kitchens. * **Buffalo Wild Wings:** Operated through subsidiaries, leveraging global brand equity in the sports-bar and casual dining segment. * **Proprietary Concepts:** Includes **Blaze Kebabs**, **Xora Bar & Kitchen**, and **Salud**. #### **2. Experiential Entertainment (XORA World)** This vertical focuses on large-format cultural experiences and global music IPs to drive ecosystem traffic. To date, these properties have hosted over **1.6 lakh patrons**. * **Upcoming Global IPs:** * **Circoloco Mumbai 2026:** Bringing the underground music icon to **Jio World Garden** (**9,000+ capacity**). * **Black Coffee India Tour:** A **50,000 sq. ft.** immersive event in Hyderabad (April 2026). * **Cultural Milestones:** **Maestro Ilaiyaraaja’s 50-year journey** (March 2026) and **Harris Jayaraj’s** debut Hyderabad concert. * **Past Productions:** Successful events featuring **B Praak**, **Mika Singh**, and electronic artists like **Ben Böhmer**. --- ### **Global Technology & Software Services** Technology is treated as both a revenue generator and a strategic backbone for the hospitality business, driving supply chain efficiency and customer analytics. * **Prisha Infotech (Singapore):** Acquired for **$150,000** to serve as the digital backbone for data-led decision-making and direct-to-consumer channels. * **Teksoft Systems Inc. (USA):** A wholly-owned subsidiary focused on IT staffing and software solutions. * **Revenue Performance:** Through **Prisha Infotech**, the company recorded IT turnovers of **USD 10.82 million** in **FY2024** and **USD 7.86 million** in **FY2025**. * **Service Models:** Revenue is recognized via **"Right to Use"** (upfront) and **"Right to Access"** (over time) licensing models, alongside managed data centers and BPO services. --- ### **Financial Performance & Capital Allocation** The company has transitioned from a period of zero operations to significant revenue generation. #### **Comparative Standalone Financials** | Particulars | FY 2024-25 (Audited) | FY 2023-24 (Audited) | FY 2022-23 (Audited) | | :--- | :--- | :--- | :--- | | **Total Income** | **₹66.21 Lakhs** | **Nil** | **Nil** | | **Total Expenditure** | **₹46.80 Lakhs** | **₹5.20 Lakhs** | **₹8.61 Lakhs** | | **Profit After Tax (PAT)** | **₹19.41 Lakhs** | **(₹5.15 Lakhs)** | **(₹8.57 Lakhs)** | #### **Consolidated Performance (9M Ended Dec 31, 2025)** * **Total Revenue:** **₹113.37 Crore** * **Net Profit After Tax:** **₹4.48 Crore** * **Total Assets:** **₹163.85 Crore** * **Gearing Ratio:** **30.05%** (as of March 2024) #### **Fundraising & Investment Targets** To fund global acquisitions and expansion, the company has established the following headrooms: * **FCCB Issuance:** Approved raising up to **$50 Million** via **Foreign Currency Convertible Bonds**. * **US Investment:** Invested **$5,000,000** into **Teksoft Systems Inc.** in **Q3 FY2026**, funded via FCCBs at a **1% per annum** interest rate. * **Borrowing Limits:** Increased to **₹1,000 Crore** (split equally between fund-based and non-fund-based limits). --- ### **Corporate Structure & Subsidiaries** The company operates through a network of wholly-owned and step-down subsidiaries: | Entity | Relationship | Primary Focus | | :--- | :--- | :--- | | **Teksoft Systems Inc. (USA)** | Wholly Owned | IT Services & Staffing | | **Mirchi Wild Wings Pvt Ltd** | Wholly Owned | F&B Operations | | **Chicken Wild Wings Pvt Ltd** | Wholly Owned | F&B Operations | | **Prisha Infotech Pte. Ltd.** | Wholly Owned | Software Development | | **MWW Gachibowli Pvt Ltd** | Step-down | Restaurant Operations | --- ### **Risk Management & Governance Framework** The company employs an **Enterprise Risk Management (ERM)** framework overseen by the Board and a dedicated Risk Management Committee. * **Financial Risks:** Managed through monitoring **Market Risk**, **Liquidity Risk**, and **Interest Rate Risk**. Assets are primarily held in **cash, cash equivalents, and FVTPL investments**. * **Operational Controls:** Internal audits are conducted by independent **Chartered Accountant firms**. A centralized **Compliance Department** manages legal risks and **Insider Trading** policies. * **Human Capital:** Mitigation of talent retention risk through industry-standard compensation and continuous training. * **Regulatory/Listing Risks:** * **Open Offer:** Subject to **SEBI (SAST) Regulations**; failure to obtain approvals could lead to withdrawal. * **Public Shareholding:** The company must maintain **Minimum Public Shareholding** per **SCRR** and **SEBI LODR** guidelines following corporate actions to protect equity share prices. * **Related Party Transactions:** As of March 31, 2025, significant advances were noted from **IT Trial Blazers Resources Private Limited** (**₹82.73 Lakhs**) and **Chicken Wild Wings Private Limited** (**₹30.06 Lakhs**).