Papadmalji Agro Foods IPO
Papadmalji Agro Foods IPO Details
-
Open Date
29 Sep 2026
-
Close Date
01 Oct 2026
- IPO Price Range
₹ 69 to ₹72
- IPO Size
₹ 20.18 Cr
Papadmalji Agro Foods IPO Timeline
Papadmalji Agro Foods IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 29-Sep-2026 | 86.85 | 0.01 | 0.51 | 0.51 |
Last Updated: 29 September 2026 5:20 PM by 5paisa
Papadmalji Agro Foods Limited is a Bikaner-based food manufacturing company primarily engaged in producing papads and related traditional food products. Its portfolio includes handmade papads, machine-made papads, rice papads or khichiya, vrat-special papads and moongodi. The company also undertakes white-label manufacturing of handmade papads for other brands.
The business traces its origins to 2012, when promoter Jai Agarwal started a proprietorship named Vishal Namkeen Bhandar. Papadmalji Agro Foods Private Limited was subsequently incorporated in December 2017 and acquired the proprietorship business through a business transfer agreement in February 2018. It was converted into a public limited company in January 2025.
The company operates two FSSAI-licensed manufacturing units in Bikaner. Its Garsisar facility is also ISO 22000:2018 certified. Handmade papad production follows the company's Batara-Batari model, under which contractors known as Bataras supervise women workers engaged in home-based hand rolling. Machine-based production is used alongside this model for greater scale, standardisation and hygiene.
Papadmalji Agro Foods markets its products under brands including Zhakaas, Vishal, Rozana, Diamond and Papadmalji. Its distribution mix covers general trade, modern trade, quick commerce and its direct-to-consumer platform, while products are also supplied to selected Middle Eastern markets through a merchant exporter. As of June 30, 2025, the company's products were sold across 20 states and two Union Territories in India.
Established in: 2017
Managing Director: Jai Agarwal
Papadmalji Agro Foods Objectives
The company proposes to utilise the net proceeds from the fresh issue towards:
1. Funding capital expenditure for construction of a building, mechanical and electrical works, procurement of plant and machinery, and installation of a 250 kW rooftop solar power system for a new manufacturing facility at Bachhasar, Bikaner – approximately ₹7.82 crore.
2. Installation of a 125 kW rooftop solar power system at the existing Garsisar unit in Bikaner – approximately ₹0.31 crore.
3. Funding incremental working capital requirements – approximately ₹2.81 crore.
4. Repayment or prepayment, in full or in part, of borrowings availed from banks – approximately ₹8.60 crore.
5. General corporate purposes.
Papadmalji Agro Foods IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹20.18 Cr |
| Offer For Sale | ₹1.66 Cr |
| Fresh Issue | ₹18.52 Cr |
Papadmalji Agro Foods IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 3,200 | 2,30,400 |
| Individual investors (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 |
Papadmalji Agro Foods IPO Reservation
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| QIB (Ex Anchor) | 86.85 | 32,000 | 27,79,200 | 20.010 |
| Non-Institutional Buyers | 0.01 | 7,87,200 | 4,800 | 0.035 |
| bNII (> ₹10L) | 0.00 | 5,23,200 | 0 | 0 |
| sNII (< ₹10L) | 0.02 | 2,64,000 | 4,800 | 0.035 |
| Retail | 0.51 | 18,40,000 | 9,37,600 | 6.751 |
| Total** | 1.40 | 26,59,200 | 37,21,600 | 26.796 |
*The "Shares Offered" and "Total Amount" are calculated using the upper limit of the issue price range.
**Shares allocated to anchor investors (or market makers) are excluded from the total number of shares offered.
| Particulars | FY23 | FY24 | FY25 |
| Revenue From Operations | 24.99 | 26.27 | 31.75 |
| EBITDA | 1.59 | 3.31 | 5.98 |
| PAT | 0.25 | 2.11 | 4.72 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Total Assets | 14.10 | 20.07 | 25.05 |
| Share Capital | 0.76 | 0.76 | 0.76 |
| Total Equity & Liabilities | 14.10 | 20.07 | 25.05 |
| Particulars (In ₹ Crores) | FY23 | FY24 | FY25 |
| Net Cash Generated From / (Used In) Operating Activities | -0.08 | -2.75 | 2.42 |
| Net Cash Generated From / (Used In) Investing Activities | -0.19 | -0.15 | -0.21 |
| Net Cash Generated From / (Used In) Financing Activities | 0.23 | 2.92 | -2.23 |
| Net Increase / (Decrease) In Cash And Cash Equivalents | -0.04 | 0.02 | -0.02 |
Strengths
1. Established product portfolio: The company manufactures handmade and machine-made papads, rice papads, vrat-special papads and moongodi, giving it exposure to multiple product variants within the traditional foods segment.
2. Multi-brand presence: Its portfolio includes Zhakaas, Vishal, Rozana, Diamond and Papadmalji, allowing the company to address different consumer segments and distribution channels.
3. Established distribution network: As of June 30, 2025, its general trade network included 68 distributors and 25 wholesalers, collectively servicing 5,965 retail outlets. Its wider sales presence extends across 20 states and two Union Territories through different channels.
4. Traditional and mechanised production: The business combines its Batara-Batari handmade production model with machine-based manufacturing intended to support scalability, standardisation and hygiene.
Weaknesses
1. Dependence on key brands: A significant portion of revenue depends on the Vishal, Zhakaas and Rozana brands. Any weakening in their acceptance or reputation could affect sales.
2. Geographic concentration of manufacturing: Both existing manufacturing units are located in Bikaner, Rajasthan, creating dependence on operations within a single geographic region.
3. Historical operating cash-flow volatility: Net cash from operating activities was negative in FY23 and FY24 before becoming positive in FY25.
4. Working capital requirements: The company has identified incremental working capital as one of the uses of fresh issue proceeds, with approximately ₹2.81 crore proposed for this purpose.
Opportunities
1. Manufacturing capacity expansion: The proposed new manufacturing facility at Bachhasar can provide additional infrastructure for future production requirements.
2. Expansion across newer sales channels: The company's presence in modern trade, quick commerce and direct-to-consumer sales provides additional channels alongside its established general trade network.
3. White-label manufacturing: Manufacturing products for third-party brands can help broaden the customer base and support utilisation of production capacity.
4. Brand expansion: The company is working to expand its Papadmalji brand, which currently contributes a relatively small share of revenue, creating scope to diversify its existing brand mix.
Threats
1. Brand and consumer preference risk: Changes in consumer preferences, increased competitive pressure, pricing pressures or negative publicity affecting key brands could influence demand.
2. Food-quality and compliance risks: Quality deviations, packaging issues or non-compliance with food-safety requirements could affect consumer confidence and brand reputation.
3. Input and operating cost inflation: Changes in material costs, operating costs and staff expenses can influence margins.
4. Financing and interest-rate exposure: The company has outstanding borrowings and remains exposed to changes in borrowing costs and interest rates.
1. The company recorded revenue from operations of ₹31.75 crore in FY25, up from ₹24.99 crore in FY23, while PAT increased from ₹0.25 crore to ₹4.72 crore during the same period.
2. Its product portfolio is sold under multiple brands, including Zhakaas, Vishal, Rozana, Diamond and Papadmalji, alongside white-label manufacturing for third parties.
3. Fresh issue proceeds are proposed to be used for manufacturing expansion, rooftop solar systems, incremental working capital, repayment or prepayment of bank borrowings and general corporate purposes.
4. The business has an established multi-channel model spanning distributors, wholesalers, modern trade, quick commerce, D2C sales and merchant exports.
Papadmalji Agro Foods operates in the traditional packaged-food segment with a specific focus on papads and related products. Its business combines handmade manufacturing methods with mechanised production and sells through general trade as well as newer channels such as modern retail, quick commerce and direct-to-consumer platforms.
The company's existing reach spans multiple Indian markets, while merchant-export arrangements provide exposure to selected Middle Eastern markets. The proposed Bachhasar manufacturing facility is intended to expand its manufacturing infrastructure, while the planned solar installations at the new and existing facilities form part of the company's capital-expenditure programme.
Its ability to scale will depend on factors including successful execution of the new facility, wider distribution, continued acceptance of its principal brands, management of working capital and input costs, and compliance with food-quality standards.
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FAQs
Papadmalji Agro Foods IPO opens for subscription on September 29, 2026 and closes on October 1, 2026.
The Papadmalji Agro Foods IPO is approximately ₹20.18 crore at the upper end of the price band. The offer comprises up to 28,03,200 equity shares, including a fresh issue of up to 25,72,800 shares and an offer for sale of up to 2,30,400 shares.
The price band of Papadmalji Agro Foods IPO is fixed at ₹69 to ₹72 per equity share.
To apply for Papadmalji Agro Foods IPO, follow the steps given below:
1. Login to your 5paisa demat account and select Papadmalji Agro Foods IPO in the current IPO section.
2. Enter the number of lots and the price at which you wish to apply within the ₹69 to ₹72 price band.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. You will receive a mandate notification on your UPI app to block the application amount.
The market lot size is 1,600 shares. The minimum application for an individual investor is two lots, or 3,200 shares, requiring an investment of ₹2,30,400 at the upper price band of ₹72 per share.
The basis of allotment for Papadmalji Agro Foods IPO is tentatively scheduled for October 5, 2026. Refunds are expected to be initiated on October 6, 2026.
Papadmalji Agro Foods IPO is tentatively scheduled to list on October 7, 2026 on the NSE Emerge platform.
Kreo Capital Private Limited is the book-running lead manager to the Papadmalji Agro Foods IPO. MAS Services Limited is the registrar to the issue.
Papadmalji Agro Foods proposes to use the fresh issue proceeds primarily for:
1. Setting up a new manufacturing facility at Bachhasar, Bikaner, including building works, plant and machinery and a 250 kW rooftop solar system.
2. Installing a 125 kW rooftop solar system at its existing Garsisar unit.
3. Funding incremental working capital requirements.
4. Repaying or prepaying certain bank borrowings.
5. General corporate purposes.