Papadmalji Agro Foods Limited is a Bikaner, Rajasthan-based food products company engaged in the manufacturing and marketing of papads and related food products, including hand-made, machine-made, ready-to-fry and rice papads, along with vrat-special papads and moongodi. It also undertakes white-label manufacturing and trades in cereal pellets.
The Company combines traditional hand-made production with semi-automated and automated processes and markets its products under the brands Zhakaas, Vishal, Rozana, Diamond and Papadmalji.
It operates two FSSAI-licensed manufacturing units in Bikaner, with the Gharsisar unit certified under ISO 22000:2018. Its products are distributed through general trade, modern trade, quick-commerce and its D2C website, with a presence across 21 states and 3 Union Territories as of March 31, 2026.
As of March 31, 2026, the Company had a total workforce of 118 employees across management, finance, production, quality control, sales and marketing, supply chain, maintenance and other functions.
Papadmalji Agro Foods IPO – Details
| IPO Opening Date | 29 September 2026 |
| IPO Closing Date | 01 October 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 28,03,200 Shares Worth ₹20.18 Crore Fresh Issue: 25,72,800 Shares Worth ₹18.52 Crore Offer For Sale: 2,30,400 Shares Worth ₹1.66 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹69 – ₹72 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | MAS Services Ltd. |
| QIB Shares Offered | 1.20% |
| NII Shares Offered | 29.60% |
| Retail Shares Offered | 69.19% |
Papadmalji Agro Foods IPO – Date Schedule
| IPO Open Date | 29 September 2026 |
| IPO Close Date | 01 October 2026 |
| Basis of Allotment | 05 October 2026 |
| Initiation of Refund | 06 October 2026 |
| Credit of Shares to Demat | 06 October 2026 |
| IPO Listing Date | 07 October 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 01, 2026 |
Papadmalji Agro Foods IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3200 | ₹2,30,400 |
| Retail (Max) | 2 | 3200 | ₹2,30,400 |
| S-HNI (Min) | 3 | 4800 | ₹3,45,600 |
| S-HNI (Max) | 8 | 12800 | ₹9,21,600 |
| B-HNI (Min) | 9 | 14400 | ₹10,36,800 |
Competitive Strength
- Focus on purity, health and wellness.
- Wide range of products with diverse variants.
- Experienced Promoters and professional management team.
- Extensive and well-established sales and distribution network.
- Women-led hand-made production model supporting traditional manufacturing.
- Multi-channel presence across general trade, modern trade, quick commerce and direct-to-consumer channels.
Company Promoters
- Jai Agarwal
- Premlata Agarwal
- Aanya Agarwal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹26.29 Cr | ₹24.16 Cr | ₹2.11 Cr | ₹10.28 Cr |
| 31 March 2025 | ₹31.76 Cr | ₹27.04 Cr | ₹4.72 Cr | ₹8.97 Cr |
| 31 March 2026 | ₹33.54 Cr | ₹26.29 Cr | ₹5.21 Cr | ₹9.99 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 38.51% |
| ROCE | 46.47% |
| Debt/Equity | 0.62 |
| RoNW | 32.29% |
| PAT Margin | 15.54% |
| EBITDA Margin | 25.16% |
| NAV | 23.67 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 7.64 | 5.55 |
| P/E (x) | 9.42 | 12.97 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery and installation of 250 kW Rooftop Solar Power System for setting up a new manufacturing facility at Bachhasar, Bikaner. | ₹7.90 |
| Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks. | ₹5.80 |
| General Corporate Purposes. |
✅Strengths
- Strong Distribution Network with 76 distributors and 30 wholesalers.
- Diverse Brand Portfolio across five brands and multiple consumer segments.
- Wide Product Range including handmade, machine-made and specialty papads.
- Scalable Manufacturing combining traditional and automated production.
- Experienced Promoters with over a decade of industry experience.
⚠️Risks
- Customer Concentration with dependence on limited customers.
- Raw Material Risk from price volatility and supply disruptions.
- Supplier Concentration with sourcing concentrated among limited suppliers.
- Manufacturing Risk from machinery, power and labour disruptions.
- Inventory Risk from wastage, storage and product deterioration.
Papadmalji Agro Foods IPO Promoter Holding
| Pre-Issue Share Holding | 60.98% |
| Post Issue Share Holding | 44.28% |
Papadmalji Agro Foods IPO Prospectus
Company Contact Information
| Papadmalji Agro Foods Limited Opp. Manav Bharti School, Garsisar, Bikaner, Rajasthan, 334001 Phone: +91 7300071153 Email: cs@papadmalji.com Website: https://papadmalji.com/ |
Papadmalji Agro Foods IPO Registrar
| MAS Services Ltd. Phone: 011-2638728182 Email: ipo@masserv.com Website: https://www.masserv.com/opt.asp |
Papadmalji Agro Foods IPO Lead Manager(s)
| 1. Kreo Capital Pvt. Ltd. |
Papadmalji Agro Foods IPO FAQ
| What is the Papadmalji Agro Foods IPO? Papadmalji Agro Foods IPO is an SME IPO. The issue is priced at ₹69 – ₹72 per equity share. The IPO is to be listed on NSE SME. |
| When will Papadmalji Agro Foods IPO open? The IPO is to open on 29 September 2026 for QIB, NII and Retail Investors. |
| What is Papadmalji Agro Foods IPO Investors’ Portion? The Investors portion for QIB – 1.20%, NII – 29.60%, and Retail – 69.19%. |
| What is the Papadmalji Agro Foods IPO Size? Papadmalji Agro Foods IPO size is ₹20.18 Crore. |
| What are the Papadmalji Agro Foods IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 3200 Shares for ₹2,30,400, while the maximum bid is 3200 Shares for ₹2,30,400. |
| What is the Papadmalji Agro Foods IPO Allotment Date? Papadmalji Agro Foods IPO allotment date is 05 October 2026. |
| What is the Papadmalji Agro Foods IPO Listing Date? Papadmalji Agro Foods IPO listing date is 07 October 2026. The IPO is to be listed on the NSE SME. |
