Papadmalji Agro Foods IPO
Papadmalji Agro Foods IPO is a ₹20.18 Cr book-built SME issue comprising a fresh issue and offer for sale, opening on September 29, 2026, with a price band of ₹69 to ₹72 per share and listing on NSE SME.
Papadmalji Agro Foods IPO Details
Papadmalji Agro Foods Limited is a Bikaner, Rajasthan-based food manufacturing company engaged in the in-house manufacturing of hand-made papads, machine-made papads, rice papads (khichiya), vrat special papads and moongodi. The company also undertakes white-label manufacturing of handmade papads for clients, with products marketed under their respective brands and packaging. The company is ISO 22000:2018 certified and operates its manufacturing activities from Bikaner.
Papadmalji Agro Foods IPO GMP
Papadmalji Agro Foods IPO GMP is reported at ₹0 by current third-party grey-market trackers as of September 24, 2026. GMP is unofficial and unregulated and may change before the IPO listing.
Papadmalji Agro Foods IPO Timeline (Tentative)
Papadmalji Agro Foods Limited was incorporated as Papadmalji Agro Foods Private Limited in December 2017 and was subsequently converted into a public limited company in January 2025. Over the years, the company has developed its manufacturing capabilities in the papad and traditional Indian snacks segment and expanded its product portfolio to include hand-made and machine-made papads, rice papads, vrat special papads and moongodi. The following timeline highlights key milestones in Papadmalji Agro Foods’ journey.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tue, Sep 29, 2026 |
| IPO Close Date | Thu, Oct 1, 2026 |
| Basis of Allotment | Mon, Oct 5, 2026 |
| Initiation of Refunds | Tue, Oct 6, 2026 |
| Credit of Shares to Demat | Tue, Oct 6, 2026 |
| Listing Date | Wed, Oct 7, 2026 |
| IPO Opens | September 29, 2026 |
| IPO Closes | October 1, 2026 |
| Basis of Allotment | October 5, 2026 |
| Refund Initiation | October 6, 2026 |
| Credit of Shares to Demat | October 6, 2026 |
| Listing Date | October 7, 2026 |
Papadmalji Agro Foods IPO Lot Size
The Papadmalji Agro Foods IPO lot size is 1,600 shares. Individual investors need to apply for at least 2 lots, or 3,200 shares, requiring ₹2,30,400 at the upper price band. S-HNI investors can apply for a minimum of 3 lots, while B-HNI applications begin at 9 lots.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹2,30,400 |
| Retail (Max) | 2 | 3,200 | ₹2,30,400 |
| S-HNI (Min) | 3 | 4,800 | ₹3,45,600 |
| S-HNI (Max) | 8 | 12,800 | ₹9,21,600 |
| B-HNI (Min) | 9 | 14,400 | ₹10,36,800 |
Papadmalji Agro Foods IPO Reservation
Papadmalji Agro Foods IPO is structured as an SME book-built issue with 50% of the net offer reserved for QIBs, 15% for NII investors and 35% for retail investors. The issue combines a fresh issue with an offer for sale by an existing shareholder.
Papadmalji Agro Foods IPO Subscription
Subscription data is not yet available because the Papadmalji Agro Foods IPO is scheduled to open on September 29, 2026.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Papadmalji Agro Foods
Papadmalji Agro Foods Limited is a Bikaner-based food manufacturing company focused primarily on the production of papads and related traditional Indian food products. Its product portfolio includes handmade papads, machine-made papads, rice papads or khichiya, vrat-special papads and moongodi.
The company operates a hybrid manufacturing model combining traditional handmade production with semi-automated and automated manufacturing processes. It also undertakes white-label manufacturing of handmade papads for clients, where products are manufactured by Papadmalji Agro Foods and marketed by customers under their own brands and packaging.
The company's products are marketed under brands including Zhakaas, Vishal, Rozana, Diamond and Papadmalji. Its distribution network includes general trade, modern retail, quick-commerce and direct-to-consumer channels. As of June 30, 2025, the company had 68 distributors and 25 wholesalers servicing 5,965 retail outlets in the general trade channel.
The company has two FSSAI-licensed manufacturing facilities in Bikaner, with one facility certified under ISO 22000:2018. Its products are distributed across multiple Indian states and the company also has exports to the Middle East.
Strengths
- Focused product portfolio covering multiple papad and related food-product variants.
- Presence in both traditional handmade and mechanised manufacturing.
- White-label manufacturing capability for third-party brands.
- Established distribution network covering distributors, wholesalers and retail outlets.
- Multi-channel presence across general trade, modern retail, quick commerce and direct-to-consumer channels.
- Manufacturing facilities located in Bikaner, Rajasthan.
- ISO 22000:2018-certified manufacturing facility.
- Presence across multiple states with exports to the Middle East.
- The company identifies its specialised focus on the papad segment and diversified product range as competitive strengths.
Risks to Consider
- The company's business is dependent on demand for packaged food and papad products.
- Raw material prices, particularly pulses and spices, may affect operating costs and margins.
- The company operates in a competitive food-products market with both organised and unorganised participants.
- A significant portion of revenue is generated from Rajasthan, making the company exposed to regional concentration.
- Changes in consumer preferences can affect demand for individual products.
- Manufacturing operations are dependent on maintaining required food-safety and regulatory approvals.
- The company is exposed to working-capital requirements and borrowings.
- Expansion projects, including the proposed Bachhasar manufacturing facility, are subject to execution and implementation risks.
- Distribution and sales performance depends on relationships with distributors, wholesalers, retailers and other sales channels.
Papadmalji Agro Foods Financials (₹ Cr)
The company's reported revenue increased across FY2023 to FY2025, while PAT increased substantially over the same period. Total assets declined from ₹26.86 Cr in FY2023 to ₹20.07 Cr in FY2025, while net worth increased to ₹10.93 Cr.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2023 | ₹25.00 Cr | ₹0.25 Cr | ₹26.86 Cr | ₹4.10 Cr |
| FY2024 | ₹26.29 Cr | ₹2.11 Cr | ₹25.05 Cr | ₹6.20 Cr |
| FY2025 | ₹31.76 Cr | ₹4.72 Cr | ₹20.07 Cr | ₹10.93 Cr |
KPIs & Valuation
The key performance indicators (KPIs) and valuation metrics of Papadmalji Agro Foods Limited provide an overview of the company’s financial performance, profitability, capital efficiency and valuation in relation to its IPO. The company’s key metrics include revenue, EBITDA margin, PAT margin, EPS, return on equity, return on capital employed, return on assets, debt-to-equity ratio and net asset value. For FY2025, the company reported revenue of approximately ₹31.75 crore, PAT of approximately ₹4.72 crore, EPS of ₹6.93, RoNW of 43.23% and RoCE of 44.51%.
Objects of the Issue
The Papadmalji Agro Foods IPO comprises a Fresh Issue and an Offer for Sale. The company proposes to use the proceeds from the Fresh Issue primarily for setting up a new manufacturing facility at Bachhasar, Bikaner, installation of rooftop solar power systems, funding incremental working capital requirements and repayment or prepayment of borrowings. The remaining proceeds are proposed to be used for general corporate purposes.
- The company proposes to utilise the IPO proceeds for:
- Funding capital expenditure towards construction of building, mechanical and electrical works, procurement of plant and machinery and installation of a 250 kW rooftop solar power system for setting up a new manufacturing facility at Bachhasar, Bikaner — approximately ₹7.82 crore.
- Installation of a 125 kW rooftop solar power system at the existing Garsisar Unit, Bikaner — approximately ₹0.31 crore.
- Funding incremental working capital requirements of the company — approximately ₹2.81 crore.
- Repayment or prepayment, in full or in part, of borrowings availed by the company from banks — approximately ₹8.60 crore.
- General corporate purposes.
Promoters, Lead Managers & Registrar
The Promoters, Book Running Lead Manager (BRLM) and Registrar play important roles in the Papadmalji Agro Foods IPO process. The promoters of the company are Jai Agarwal and Premlata Agarwal. Kreo Capital Private Limited is the Book Running Lead Manager to the issue, while MAS Services Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MAS Services Limited |
|---|---|
| Phone | 011-26387281-83 / 011-41320335 |
| ipo@masserv.com | |
| Website | https://www.masserv.com/ |
Papadmalji Agro Foods IPO Review
Papadmalji Agro Foods is an NSE SME IPO operating in the packaged and traditional Indian food-products segment. The company's principal product categories include handmade and machine-made papads, rice papads, vrat-special papads and moongodi. Its business combines in-house manufacturing with white-label production for other brands.
The company's revenue from operations increased from ₹24.99 Cr in FY2023 to ₹26.27 Cr in FY2024 and ₹31.75 Cr in FY2025. PAT increased from ₹0.25 Cr in FY2023 to ₹2.11 Cr in FY2024 and ₹4.72 Cr in FY2025. Net worth increased from ₹4.10 Cr in FY2023 to ₹10.93 Cr in FY2025.
For FY2025, the company reported RoNW of 43.23%, ROCE of 44.51%, PAT margin of approximately 14.88%, EBITDA margin of 18.84% and debt-to-equity of 0.82. The offer-document-based valuation data available from current IPO sources indicates a pre-issue P/E of 10.39x and post-issue P/E of 9.36x at the upper price band.
The IPO proceeds are intended to support a new manufacturing facility at Bachhasar, installation of rooftop solar systems, working capital and repayment or prepayment of bank borrowings. Investors reviewing the issue should consider the company's financial performance, product concentration, raw-material exposure, distribution network, expansion plans and the risks disclosed in the offer documents.
How to Apply
Through UPI
- Log in to your supported IPO application platform through your broker or bank.
- Select the Papadmalji Agro Foods IPO from the IPO section.
- Enter your investor category and application details.
- Select the number of lots you wish to apply for.
- Enter your UPI ID linked to your bank account.
- Submit the IPO application.
- Wait for the UPI mandate request from your bank.
- Open your UPI application and approve the mandate.
- Ensure sufficient funds are available in the linked bank account.
- Keep your application and UPI mandate details for future reference.
Prospectus & Documents
The key prospectus and IPO-related documents of Papadmalji Agro Foods Limited provide detailed information about the company, its business operations, financial performance, risk factors, management, objects of the issue and the terms of the proposed public offering. Investors can refer to the Draft Red Herring Prospectus, subsequent offer documents and other relevant filings for comprehensive information about the IPO. The company’s DRHP was dated December 27, 2025 and was filed in connection with its proposed public issue.
Last updated Sep 24, 2026.