Papadmalji Agro Foods IPO
Updated 24 Sept 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,30,400
2 lots · 3,200 shares at the upper price band
Price band
₹69–72
Latest GMP
₹0
0.0% of the ₹72 upper band
Est. listing price
₹72
Issue size
₹19.15 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 24 Sept 2026, 6:50 pm | ₹0 | ₹72 |
| 24 Sept 2026, 6:45 pm | ₹0 | ₹72 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹69–72
- Issue size
- ₹19.15 Cr
- Lot size
- 1,600
- Opens
- 29 Sept 2026
- Closes
- 1 Oct 2026
- Allotment
- 5 Oct 2026
- Listing
- 7 Oct 2026
- Est. listing price
- ₹72
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MAS Services Ltd.
- Minimum investment
- ₹2,30,400 (2 lots · 3,200 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Offer for sale
- ₹2 Cr
- Listing at
- NSE SME
- Refunds
- 6 Oct 2026
- Shares credited
- 6 Oct 2026
- Promoter holding
- 60.98% before · — after
- Lead managers
- Kreo Capital Pvt.Ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 24 Sept 2026, 9:05 am. Verify against the RHP before applying.
IPO Details
| IPO Date | 29 Sep to 1 Oct, 2026 |
|---|---|
| Listing Date | Wed, Oct 7, 2026 T |
| Face Value | ₹ 10 per share |
| Price Band | ₹69 to ₹72 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 28,03,200 shares (agg. up to ₹ 20 Cr) |
|---|---|
| Reserved for Market Maker | 1,44,000 shares (agg. up to ₹ 1 Cr) |
| Fresh Issue (Ex Market Maker) | 24,28,800 shares (agg. up to ₹ 17 Cr) |
| Offer for Sale | 2,30,400 shares of ₹ 10 (agg. up to ₹ 2 Cr) |
| Net Offered to Public | 26,59,200 shares (agg. up to ₹ 19 Cr) |
| Share Holding Pre Issue | 68,19,588 shares |
| Share Holding Post Issue | 93,92,388 shares |
IPO Timetable (Tentative)
- IPO Open
- Tue, Sep 29, 2026
- IPO Close
- Thu, Oct 1, 2026
- Allotment
- Mon, Oct 5, 2026
- Refund
- Tue, Oct 6, 2026
- Credit of Shares
- Tue, Oct 6, 2026
- Listing
- Wed, Oct 7, 2026
Issue Reservation
| Investor Category | Shares |
|---|---|
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 3200 | ₹2,30,400 |
| Individual investors (IND) (Max) | 2 | 3200 | ₹2,30,400 |
| S-HNI (Min) | 3 | 4800 | ₹3,45,600 |
| S-HNI (Max) | 8 | 12800 | ₹9,21,600 |
| B-HNI (Min) | 9 | 14400 | ₹10,36,800 |
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereof.
IPO Subscription Details
About Papadmalji Agro Foods Ltd.
Papadmalji Agro Foods Ltd is engaged in the processing and manufacturing of agro-based food products, focusing on quality-driven production, sourcing raw agricultural inputs, and delivering packaged food items to consumers.
The company offers services including food processing, grading, packaging, storage, and supply of agricultural and processed food products, catering to wholesalers, retailers, and institutional buyers across regional markets.
Papadmalji Agro Foods Ltd emphasizes hygiene, consistent quality, and efficient distribution, supporting farmers and food supply chains while meeting regulatory standards and growing demand for processed and value-added agro food products.
In addition to in-house manufacturing, they also undertake white label manufacturing of Handmade Papads for clients, wherein products are produced by the Company and marketed by clients under their respective brand names and packaging, tailored to their target market.
As of June 30, 2025, the distribution network comprises 68 distributors and 25 wholesalers, collectively servicing 5,965 retail outlets in the general trade channel through distributors and wholesalers.
Competitive Strengths:
They are amongst the few organized players exclusively in the papad segment leveraging strategically located manufacturing facilities.
Extensive and well-established sale and distribution network
Multi Channel Presence
Wide Range of Products with diverse variants
Purity, Health & Wellness Focus
Company Financials (Restated Consolidated)
Total Income
Profit After Tax
NET Worth
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 14.10 | 20.07 | 25.05 | 26.86 |
| Total Income | 8.10 | 31.76 | 26.29 | 25.00 |
| Profit After Tax | 1.81 | 4.72 | 2.11 | 0.25 |
| NET Worth | 12.74 | 10.93 | 6.20 | 4.10 |
| Reserves and Surplus | 11.98 | 10.17 | 5.45 | 3.34 |
| Total Borrowing | 8.93 | 8.97 | 10.28 | 6.51 |
| Amount in ₹ Crore |
Recently Listed IPOs in Other Food Products
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Elfin Agro India Ltd. | SME | ₹25.03 Cr | ₹47 | 13.05 | ₹47.60 | +1.28% | ₹92.05 |
| Shyam Dhani Industries Ltd. | SME | ₹38.49 Cr | ₹70 | 13.19 | ₹139.65 | +99.50% | ₹54.50 |
| Pajson Agro India Ltd. | SME | ₹74.45 Cr | ₹118 | 10.11 | ₹130.20 | +10.34% | ₹213.00 |
| Mother Nutri Foods Ltd. | SME | ₹39.59 Cr | ₹117 | 17.78 | ₹124.30 | +6.24% | ₹162.00 |
| Orkla India Ltd. | Mainboard | ₹1,667.33 Cr | ₹730 | 39.11 | ₹713.65 | -2.24% | ₹557.45 |
View More »
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 | 7.82 |
| 2 | Installation of 125 kW Rooftop Solar Power System at existing Garsisar Unit, Bikaner | 0.31 |
| 3 | Funding incremental working capital requirements of the Company | 2.81 |
| 4 | Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks | 8.60 |
| 5 | General Corporate Purposes | — |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 55.15% |
| ROCE | 44.51% |
| Debt/Equity | 0.82 |
| RoNW | 43.23% |
| PAT Margin | 14.88% |
| NAV | 16.03 |
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| Market Cap at Offer Price | - | ₹67.63 Cr |
Shareholding Structure
Pre IPO
- Promoter and Promoter Group60.98%
- Public39.02%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 60.98% | — |
| Public | 39.02% | — |
| Total | 100% | — |
Company Promoters: Jai Agarwal and Premlata Agarwal.
Offer For Sale - Selling Shareholder
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| India Customer Insight Fund | Corporate | 2,30,400 | 1.66 |
| Total | — | 2,30,400 | 1.66 |
Papadmalji Agro Foods IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Registrar
MAS Services Ltd.
011-2638728182
ipo@masserv.com
IPO Lead Manager(s)
Kreo Capital Pvt.Ltd.
Contact Details
Papadmalji Agro Foods Ltd. Address
Opp. Manav Bharti School,
Garsisar,
Bikaner, Rajasthan , 334001
+91 7300071153
cs@papadmalji.com
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Papadmalji Agro Foods: common questions
Answered from this issue's own record.
