Papadmalji Agro Foods Ltd.

PAFLSME

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Overview

Papadmalji Agro Foods Limited is a Bikaner, Rajasthan-based ISO 22000:2018 certified food company manufacturing papads and allied traditional snacks. It produces hand-made and machine-made papads, rice papads (khichiya), vrat special papads and moongodi, and also trades ready-to-fry cereal pellets under its own brands (including Zhakaas, Vishal, Rozana, Diamond and Papadmalji). Sales are executed through a multi-channel network spanning general trade distributors/wholesalers, modern trade, quick commerce, a direct-to-consumer website, and indirect exports to Middle Eastern markets via a merchant exporter, with hand-made production supported by a contractor-led Batara–Batari home-based model for women workers.

Opening Date

Sep 29, 2026

Closing Date

Oct 01, 2026

Listing Date

Oct 07, 2026

IPO Type

SME

IPO Status

Closing tomorrow

Issue Size

20.18 Cr

Fresh Issue

18.52 Cr

Offer for Sale

1.66 Cr

Price Band

₹69 - ₹72

Lot Size

1600

Grey Market PremiumGMP

₹0.00

Est. Listing gains

+0.00%

GMP Trend

Last updated 2 days ago

IPO Timeline

Sep 29, 2026

Open Date

Oct 01, 2026

Close Date

Oct 05, 2026

Allotment Date

Oct 06, 2026

Initiation of Refunds

Oct 07, 2026

Listing Date

Financials

Revenue

Profit After Tax (PAT)

Use of IPO funds

Total IPO size₹20.18 Cr

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 Bachhshar, Bikaner₹7.82 Cr

Installation of 125 kW Rooftop Solar Power System at existing Garsisar Unit, Bikaner₹0.31 Cr

Funding incremental working capital requirements of our Company₹2.81 Cr

Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks₹8.6 Cr

General Corporate Purposes₹0 Cr

To selling shareholders₹0.03 Cr

Key Performance Indicator

P/E Ratio

9.42

EPS

7.64

ROE

38.51%

ROCE

46.47%

RONW

32.29%

Debt to Equity Ratio

0.62

PAT Margin

15.54%

EBITDA Margin

25.16%

P/B

3.04

Bull vs Bear

Bull case

•
A focused papad maker with multiple brands and channels can spread demand risk, so growth isn’t tied to only one buyer type.
•
Using both handmade and machine production helps scale while keeping traditional differentiation, which can be hard for smaller unorganised players to match consistently.
•
Planned consolidation into a larger unit plus rooftop solar aims to lower unit costs and improve control, which matters for long-term margins in price-sensitive foods.

Bear case

•
Customer concentration is high, so losing a top customer can quickly hit revenue, cash collections, and production planning.
•
Supplier concentration without long-term contracts can cause input shortages or price spikes, squeezing margins and disrupting deliveries.
•
Licenses and approvals must be renewed and new ones are pending for expansion, so delays can push back capacity plans and raise compliance costs.

Subscription Rate

Category	Shares Bid For	Shares Offered	Times Subscribed
Qualified Institutional Buyers	27.79 L	32.00 K	86.85x
Non-Institutional Investors	4.80 K	7.87 L	0.01x
Retail Individual Investors	9.38 L	18.40 L	0.51x
Total	37.22 L	26.59 L	1.40x

Application Details

Category	Price Band	Application Range	Lot Size
Regular	/₹[] - ₹[]/	/Upto ₹2 Lakhs/	0
High Networth Individual	/₹[] - ₹[]/	/Above ₹2 Lakhs/	0

Frequently Asked Questions

The Papadmalji Agro Foods Ltd. IPO is scheduled to open for subscription on Sep 29, 2026 and close on Oct 01, 2026. Investors can apply for shares during this period through eligible platforms.

The price band for the Papadmalji Agro Foods Ltd. IPO is ₹69 to ₹72. Investors can place bids within this range once the issue opens.

The minimum lot size for the Papadmalji Agro Foods Ltd. IPO is 1600 shares. The minimum investment amount ₹1,15,200.

The total issue size of the Papadmalji Agro Foods Ltd. IPO is approximately ₹20.18 Cr. Issue size represents the total value of shares offered to the public.

As per the latest available information, the Papadmalji Agro Foods Ltd. IPO has been subscribed 1.4 times. Subscription levels can change significantly during the offer period.

The Grey Market Premium (GMP) for the Papadmalji Agro Foods Ltd. IPO is ₹0. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.

The shares of Papadmalji Agro Foods Ltd. are expected to list on stock exchanges on Oct 07, 2026, subject to completion of the allotment process and regulatory approvals.

The net proceeds from the Papadmalji Agro Foods Ltd. IPO are proposed to be used for Our Company proposes to utilize the Proceeds from Fresh Issue up to ₹ [●] lakhs, after deducting the Offer related expenses to the extent payable by our Company with respect to the Fresh Issue, towards funding the following objects:, 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., Installation of 125 kW Rooftop Solar Power System at existing Garsisar Unit, Bikaner., Funding incremental working capital requirements of our Company., Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks., General Corporate Purpose.

Before applying for the Papadmalji Agro Foods Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.