In Progress
Valuation
Market Cap
₹67.63 Cr
P/E Ratio
9.42x
P/B Ratio
3.04x
Papadmalji Agro IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified enterprise engaged in manufacturing Hand-Made Papads, Machine-Made Papads, Rice Papads (Khichiya), Vrat Special Papads and Moongodi, alongside white-label manufacturing and trading of Cereal Pellets. Its brand portfolio - Zhakaas, Vishal, Rozana, Diamond and the D2C brand Papadmalji - spans General Trade, Modern Trade, Quick Commerce and Middle-East merchant exports. Tracing its roots to the Vishal Namkeen Bhandar proprietorship founded by Jai Agarwal in 2012, the Company operates two Bikaner manufacturing units combining traditional Batara-Batari handmade production with semi-automated machinery. As of March 31, 2026, its products reached 21 states and 3 Union Territories across India.
Lots & IPO Size
Papadmalji Agro IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 3,200 | ₹2,30,400 |
| Ind (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 |
Market Maker
₹1.44 L
Employee
₹0.00
Shareholder
₹0.00
Papadmalji Agro IPO Size
Total
₹20 Cr
Fresh Issue
₹19 Cr
(0.26 Cr
Shares)
Offer For Sale
₹2 Cr
(0.02 Cr
Shares)
Others₹2 Cr
Objects of the Issue
Funding capital expenditure towards construction of building, mechanical & electrical works, procurement of plant & machinery and installation of 250 kW Rooftop Solar Power System for new manufacturing facility at Bachhasar, Bikaner
Repayment/prepayment of borrowings availed by the Company from banks
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The company depends on a limited number of customers; top 10 customers contributed 45.94%, 69.25% and 69.65% of FY26, FY25 and FY24 revenue, and losing key customers could hurt results.
Key Risk Factors
The company depends on a limited number of customers; top 10 customers contributed 45.94%, 69.25% and 69.65% of FY26, FY25 and FY24 revenue, and losing key customers could hurt results.
The company depends on limited suppliers with no long-term agreements; top 10 suppliers were 61.02%, 54.29% and 67.44% of FY26, FY25 and FY24 purchases, exposing it to supply and price risk.
The company relies on a diversified sales network (general trade, modern trade, quick commerce, D2C, Middle-East exporters); disruption in any channel could hurt operations and financials.
Revenue is significantly dependent on key brands 'Vishal', 'Zhakaas' and 'Rozana'; decline in their acceptance, or inability to grow the newer 'Papadmalji' brand, could hurt results.
The company needs significant working capital for growth, which rose from Rs.1,261.59 lakhs (FY24) to Rs.2,131.32 lakhs (FY26); inability to meet this need could hurt operations.
The business requires obtaining and renewing various government registrations, licenses and permits; failure to do so in a timely manner may adversely affect operations.
The company has a history of delayed regulatory filings with the RoC (e.g. PAS-3, MGT-7, AOC-4), later regularised with additional fees but which could still attract penal action.
Revenue is concentrated in papad products (handmade, machine-made, rice papad); any decline in papad demand or shift in consumer preference could materially affect performance.
Manufacturing units are concentrated in Bikaner, Rajasthan; any adverse local development (climate, labour, infrastructure, regulatory) could materially disrupt operations.
Sales are concentrated in Rajasthan, Haryana and Assam, contributing 71.98%, 71.30% and 68.61% of FY26, FY25 and FY24 revenue; adverse developments there could hurt performance.
Papadmalji Agro IPO Details Live GMP
GMP
₹0
Est. Price
₹72
Est. Gain
0.00%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 25 Sep | ₹0 (0%) | ₹72 |
Papadmalji Agro IPO Peer Comparison
There are no comparable listed peers in India as per the company
Papadmalji Agro IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 33.53 | 31.75 | 26.27 |
| Profit | 5.21 | 4.72 | 2.11 |
| Net Worth | 16.14 | 10.93 | 6.20 |
| Borrowings | 9.99 | 8.97 | 10.28 |
| Assets | 33.50 | 25.05 | 20.07 |
| NAV (₹) | 23.67 | 16.03 | 9.10 |
| EPS (₹) | 7.64 | 6.93 | 3.09 |
Key Performance Indicators (KPIs)
Debt to Equity
0.62
Current Ratio
1.81
Manufacturing Facilities
2.00
- All the data pertains to FY 2025-26.
- PE, PB, and Post-Issue Market Capitalization are calculated based on the upper price band.
Papadmalji Agro IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 33.53 | 31.75 | 26.27 |
| Other Income | 0.00 | 0.01 | 0.02 |
| Total Income | 33.54 | 31.76 | 26.29 |
| Cost of Revenue | 16.33 | 19.04 | 16.51 |
| Changes in Inventories | -0.62 | -1.02 | -0.78 |
| Employee Expense | 3.23 | 3.14 | 2.72 |
| Finance Costs | 0.80 | 0.92 | 0.85 |
| Depreciation | 0.40 | 0.35 | 0.34 |
| Other Expenses | 6.16 | 4.61 | 4.52 |
| Total Expenses | 26.29 | 27.04 | 24.16 |
| Profit Before Tax | 7.24 | 4.72 | 2.13 |
| Tax Expense | 2.03 | -0.01 | 0.02 |
| Profit After Tax | 5.21 | 4.72 | 2.11 |
| EPS — Basic (₹) | 7.64 | 6.93 | 3.09 |
| EPS — Diluted (₹) | 7.64 | 6.93 | 3.09 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 6.82 | 0.76 | 0.76 |
| Reserves & Surplus | 9.32 | 10.17 | 5.45 |
| Total Equity | 16.14 | 10.93 | 6.20 |
| Total Borrowings | 9.99 | 8.97 | 10.28 |
| Trade Payables | 4.87 | 4.81 | 3.22 |
| Short Term Provision | 1.79 | 0.03 | 0.02 |
| Other Liabilities | 0.72 | 0.31 | 0.34 |
| Total Equity & Liab | 33.50 | 25.05 | 20.06 |
| Fixed Assets | 4.12 | 3.76 | 3.91 |
| Inventories | 24.99 | 18.15 | 14.69 |
| Trade Receivables | 3.44 | 2.91 | 1.20 |
| Cash & Bank Balances | 0.02 | 0.01 | 0.02 |
| Other Assets | 0.93 | 0.23 | 0.24 |
| Total Assets | 33.50 | 25.05 | 20.07 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 0.56 | 2.42 | -2.75 |
| Cash Flow from Investing Activities | -0.76 | -0.21 | -0.15 |
| Cash Flow from Financing Activities | 0.22 | -2.23 | 2.92 |
| Net Change in Cash & Equivalents | 0.02 | -0.02 | 0.02 |
| Cash & Equivalents at End of Period | 0.02 | 0.01 | 0.02 |
Promoter Holding
Promoter
60.98%
Public
39.02%
Name
Shareholding
Jai Agarwal
52.79%
Prem Lata Agarwal
8.18%
Others
0.01%
Management
Jai Agarwal
Age: 43
MD
Remuneration
₹Up to Rs.5.00 Lakhs p.m. + perquisites, leave encashment & gratuity as per Company policy
Education
B.Com (Maharshi Dayanand Saraswati University, Ajmer)
Prior Experience
13+ years in food processing (papad, namkeen, Indian ethnic snacks); associated with Company since 2017
Prem Lata Agarwal
Age: 46
WTD
Remuneration
₹Up to Rs.4.00 Lakhs p.m. + perquisites, leave encashment & gratuity as per Company policy
Education
M.A. Sociology (University of Bikaner)
Prior Experience
12+ years in food processing industry; heads HR Department of the Company
Priya Mungia
Age: 31
CFO
Remuneration
₹Rs.3.86 Lakhs (FY26 actual paid); Associate Member, ICAI
Education
B.Com; M.Com (Maharaja Ganga Singh University, Bikaner); ACA
Prior Experience
Joined as Chartered Accountant Apr 2024, promoted CFO May 2025; 2+ yrs post-qualification experience
Registrar & Lead Managers
Registrar
MAS Services Limited
Lead Managers (1)
Company Details
Name: Papadmalji Agro Foods Limited
Address: Opp. Manav Bharti School, Garsisar, Bikaner - 334001, Rajasthan, India
Number: +91 9461339855
Email: info@papadmalji.com
Website: https://papadmalji.com
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Frequently Asked Questions (FAQs)
What is Papadmalji Agro IPO?
Papadmalji Agro IPO is a SME IPO having an issue size of
₹20 Crs.
Papadmalji Agro IPO is priced at
₹69 - ₹72 per
share.
The
issue opens on 29 Sep 26
and
closes on 01 Oct 26.
When will Papadmalji Agro IPO open?
Papadmalji Agro IPO opens on
29 Sep 26 and closes on
01 Oct 26.
What is the GMP of Papadmalji Agro IPO?
The estimated Grey Market Premium of Papadmalji Agro IPO is
₹0 per share (0.00%).
What is the lot size of Papadmalji Agro IPO?
The minimum lot size of Papadmalji Agro IPO is
1600 shares & the minimum application amount
is
Rs.
115200.
When is the allotment of Papadmalji Agro IPO?
The allotment date of Papadmalji Agro IPO is
05 Oct 26.
What is the listing date of Papadmalji Agro IPO?
The listing date of Papadmalji Agro IPO is
07 Oct 26.
What is the subscription of Papadmalji Agro IPO?
Papadmalji Agro IPO is subscribed
-.
What is the price band of Papadmalji Agro IPO?
Papadmalji Agro IPO is priced at
₹69 - ₹72 per
share.
How to check allotment status of Papadmalji Agro IPO?
Click the allotment link on Papadmalji Agro IPO page of IPO360.
How to apply Papadmalji Agro IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Papadmalji Agro IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Papadmalji Agro IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Papadmalji Agro IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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