Papadmalji Agro Foods IPO Shares List at ₹72.30 on NSE SME

Papadmalji Agro Foods shares made their stock market debut on October 7, 2026, listing at ₹72.30 per share on NSE SME compared with the IPO issue price of ₹72 per share. This represented a listing premium of 0.42%.

The listing price was ₹0.30 above the ₹72 issue price, resulting in a largely flat market debut for the company's shares.

The listing followed the company's IPO, which was open from September 29 to October 1, 2026. The ₹20.18 crore issue comprised a fresh issue of ₹18.52 crore and an offer for sale of ₹1.66 crore, with a price band of ₹69 to ₹72 per share.

Papadmalji Agro Foods is a Bikaner-based food products company engaged in manufacturing hand-made papads, machine-made papads, ready-to-fry papads, rice papads, vrat-special papads and moongodi. Its brands include Zhakaas, Vishal, Rozana, Diamond and Papadmalji.

Papadmalji Agro Foods IPO Listing Details

The IPO was a ₹20.18 crore book-built issue comprising a fresh issue of 25.73 lakh equity shares aggregating to ₹18.52 crore and an offer for sale of 2.30 lakh shares aggregating to ₹1.66 crore.

The issue received an overall subscription of 2.54 times based on the final public-category subscription data. QIBs subscribed 86.85 times, Individual Investors 1.59 times and NIIs 1.32 times.

- Issue Price: ₹72 per share
- NSE SME Listing Price: ₹72.30 per share
- Listing Premium: 0.42%
- Overall Subscription: 2.54 times
- Fresh Issue: ₹18.52 crore
- Offer for Sale: ₹1.66 crore
- Price Band: ₹69 to ₹72 per share
- IPO Open Date: September 29, 2026
- IPO Close Date: October 1, 2026
- Listing Date: October 7, 2026
- Exchange: NSE SME

First-Day Trading Performance

Listing Price: Papadmalji Agro Foods share price listed at ₹72.30 compared with the ₹72 issue price, translating into a premium of 0.42%.

Post-listing Price: The shares made a marginally positive debut, with the ₹72.30 listing price standing ₹0.30 above the IPO issue price.

Subscription Context: The IPO received 2.54 times overall subscription, with QIBs leading at 86.85 times, followed by Individual Investors at 1.59 times and NIIs at 1.32 times.

Growth Drivers and Challenges

Growth Drivers

Diversified Food Portfolio: The company manufactures hand-made papads, machine-made papads, ready-to-fry papads, rice papads, vrat-special papads and moongodi.

Multiple Brands: Its product portfolio is sold under brands including Zhakaas, Vishal, Rozana, Diamond and Papadmalji.

Distribution Channels: The company sells through general trade, modern trade, quick-commerce platforms, its direct-to-consumer channel and selected export markets.

Financial Performance: FY26 total income increased to ₹33.54 crore from ₹31.76 crore in FY25, while profit after tax increased to ₹5.21 crore from ₹4.72 crore.

Challenges

Competitive Industry: The packaged food and traditional snack market includes organised and unorganised competitors across regional and national markets.

Raw Material Exposure: Changes in the prices and availability of agricultural commodities used in food production can affect operating costs.

Expansion Execution: The company's proposed new manufacturing facility involves construction, machinery procurement and execution risks.

Working Capital Requirements: Growth in manufacturing and distribution can increase the company's incremental working-capital needs.

Utilisation of IPO Proceeds

The ₹20.18 crore IPO comprised a fresh issue of ₹18.52 crore and an offer for sale of ₹1.66 crore.
The fresh issue proceeds are intended for:

- ₹7.90 crore towards construction, mechanical and electrical works, plant and machinery and installation of a 250 kW rooftop solar power system for a new manufacturing facility at Bachhasar, Bikaner
- Installation of a 125 kW rooftop solar power system at the existing Garsisar unit in Bikaner
- Funding incremental working capital requirements
- Repayment or prepayment of certain bank borrowings
- General corporate purposes

Business and IPO Overview

Papadmalji Agro Foods manufactures a range of traditional food products, including papads, rice papads, vrat-special papads and moongodi.

The company's products are sold through general trade, modern trade, quick-commerce platforms, direct-to-consumer channels and selected export markets.

The company reported FY26 total income of ₹33.54 crore and profit after tax of ₹5.21 crore. Its ₹20.18 crore IPO comprised a fresh issue of ₹18.52 crore and an OFS of ₹1.66 crore and received 2.54 times subscription.
Shares listed at ₹72.30 on NSE SME against the ₹72 issue price, representing a listing premium of 0.42%.