
Minimum Investment
About Company
Company Name: Papadmalji Agro Foods Limited
Industry / Sector: Food Processing / Papad & Ready-to-Fry Snacks Manufacturing
Founded Year: December 2017
Promoters: Jai Agarwal, Premlata Agarwal, Aanya Agarwal
Papadmalji Agro Foods Limited is engaged in the manufacturing and marketing of papads and related food products. The Company manufactures a range of products including hand-made papads, machine-made papads, machine-made ready-to-fry papads, rice papads (Khichiya), vrat-special papads and moongodi. It also undertakes white-label manufacturing of hand-made papads for clients and trades in cereal pellets under its own brand. The Company combines traditional hand-made production with semi-automated and automated machinery for dough preparation, sheeting, rolling, cutting, drying and packaging. Its products are marketed under the brands Zhakaas, Vishal, Rozana, Diamond and Papadmalji. The Company operates through two FSSAI-licensed manufacturing units in Bikaner, Rajasthan, with its Gharsisar unit also certified under ISO 22000:2018. Hand-made papads are produced through the Batara–Batari model. The Company sources key raw materials such as urad dal, moong dal, spices and edible oils primarily from domestic markets in Rajasthan. Its products are distributed through general trade, modern trade, quick-commerce platforms and its direct-to-consumer website. The Company has a pan-India distribution network and had a presence across 21 states and 3 Union Territories as of March 31, 2026. Since 2018, the Company has also been supported by an equity investment from India Customer Insight Fund. As of March 31, 2026, the Company had a total workforce of 118 employees.
IPO Basic Details
| Company Name | Papadmalji Agro Foods Limited |
| IPO Type | SME IPO |
| Price Band | ₹69 – ₹72 |
| Lot Size | 1600 Shares |
| Total Issue Size | 28,03,200 Equity Shares (₹20.18 Cr) |
IPO Strengths & Risks
Strengths
- 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
Risks
- Top 10 customers contributed 34.07% of revenue from operations in FY26, creating some concentration risk
- The company operates in a highly competitive papad and snack food industry with numerous organised and unorganised players
- Product recalls, contamination, or food safety incidents could harm the brand and business
- The company's working capital requirements are significant and may increase with business expansion
- The company has not entered into long-term contracts with its customers
IPO Important Dates
| IPO Open Date | 29 Sep 2026 |
| IPO Close Date | 01 Oct 2026 |
| Basis of Allotment | 05 Oct 2026 |
| Refund Initiation | 06 Oct 2026 |
| Demat Credit Date | 06 Oct 2026 |
| Listing Date | 07 Oct 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – Balance Amount
Investor Reservation
| QIB Quota | 1.20% of Net Issue (32,000 shares) |
| Retail Quota | 69.19% of Net Issue (18,40,000 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 3200 | ₹2,30,400 |
| Retail Maximum | 2 Lots | 3200 | ₹2,30,400 |
| S-HNI Minimum | 3 Lots | 4800 | ₹3,45,600 |
| S-HNI Maximum | 8 Lots | 12800 | ₹9,21,600 |
| B-HNI Minimum | 9 Lots | 14400 | ₹10,36,800 |
Key Performance Indicators (KPI)
| ROE | Not explicitly stated in the source |
| ROCE | Not explicitly stated in the source |
| RoNW | - |
| PAT Margin | 15.54% (FY26) |
| EBITDA Margin | 25.17% (FY26) |
| EPS | ₹7.64 (Pre-IPO), ₹5.55 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | Not explicitly stated in the source |
| P/E Ratio | - |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| FY2026 | ₹33.50 Cr | ₹33.54 Cr | ₹5.21 Cr | ₹8.44 Cr | ₹16.14 Cr | ₹9.99 Cr |
| FY2025 | ₹25.05 Cr | ₹31.76 Cr | ₹4.72 Cr | ₹5.98 Cr | ₹10.93 Cr | ₹8.97 Cr |
| FY2024 | ₹20.07 Cr | ₹26.29 Cr | ₹2.11 Cr | ₹3.31 Cr | ₹6.20 Cr | ₹10.28 Cr |
Grey Market Premium
| GMP Price | Not Available |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | Not Available |
| Estimated Listing Price | TBA |
IPO Subscription Data
| Total Subscription | Pending |
| QIB (Ex Anchor) | Pending |
| HNI Subscription | Pending |
| Retail Subscription | Pending |
| Anchor | - |
IPO Intermediaries
Registrar: MAS Services Ltd.
Registrar Website: Not explicitly stated in the source
IPO Lead Manager(s)
Company Information
Address: Opp. Manav Bharti School, Garsisar, Bikaner, Rajasthan - 334001
Website: https://papadmalji.com
Email: cs@papadmalji.com
Phone: +91 7300071153
IPO Documents
Frequently Asked Questions (FAQ)
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