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Papadmalji Agro Foods IPO
📅 Founded: 2017
📍 Bikaner, Rajasthan
📋 Face Value: ₹10
🏦 Market Cap: ₹68 Cr
Price Band
₹69 – ₹72
Issue Size
₹20.18 Cr
Lot Size
1600 shares
Min. Investment
₹2,30,400
GMP
+₹0 (+0%)
Est. Return
+0%
Listing Date
07 Oct 2026
Registrar
MAS Services
Papadmalji Agro Foods IPO at a glance
Papadmalji Agro Foods IPO was an SME issue of ₹20.18 Cr at a price band of ₹69 – ₹72 per share, open from 29 Sep 2026 to 01 Oct 2026. The shares listed on NSE SME on 07 Oct 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
GMP Signal
Moderate Interest
GMP: +0% above issue price
⭐ Overall Signal
Moderate Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
Moderate Interest
0.00x subscribed
Issue Details
Fresh Issue₹18.52 Cr
Offer for Sale (OFS)₹1.66 Cr
Total Issue Size₹20.18 Cr
Face Value₹10
Market Cap (at issue)₹68 Cr
Listing ExchangeNSE SME
📅 Open Date29 Sep 2026
🔒 Close Date01 Oct 2026
✂️ Cut-off Price Date01 Oct 2026
🎟️ Allotment Date05 Oct 2026
💸 Refund Initiation06 Oct 2026
📂 Demat Credit06 Oct 2026
📈 Listing Date07 Oct 2026
Objects of the Issue
- 💰 New manufacturing facility at Bachhasar with rooftop solar — ₹7.90 Cr
- 💰 Repayment of bank borrowings — ₹5.80 Cr
- 💰 General corporate purposes
About the Company
Papadmalji Agro Foods, incorporated in December 2017, makes papads in Bikaner, Rajasthan — hand-made and machine-made varieties, ready-to-fry and rice papads, fasting (vrat) specials and moongodi. It sells under brands including Zhakaas, Vishal, Rozana, Diamond and Papadmalji through general and modern trade, quick-commerce apps and its own online store, reaching 21 states and 3 union territories, plus some Middle East exports.
Strengths
- ✅ Bikaner is a well-known papad-making centre, and the company uses both hand-made and machine production
- ✅ Several brands sold across traditional, modern, quick-commerce and D2C channels
- ✅ Profit more than doubled from ₹2.1 Cr in FY24 to ₹5.2 Cr in FY26
- ✅ Main unit holds FSSAI licences and ISO 22000 certification
Risk Factors
- ⚠️ Very small business — FY26 income of about ₹34 Cr, and growth slowed to about 6% that year
- ⚠️ Promoters will hold only about 44% after the issue
- ⚠️ Packaged snacks is a crowded category with large regional and national brands
- ⚠️ Part of the IPO repays debt rather than funding growth
- ⚠️ Small SME issue — shares may trade thinly after listing
Subscription Status
Not yet open
QIB: —
NII: —
RII: —
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
QIB
50%
NII
15%
RII
35%
Allocation as per SEBI regulations for SME IPO
Anchor Investors
Anchor allotment details not yet available.
Promoter Holding
60.98%
Pre-IPO
→ -16.7%
44.28%
Post-IPO
Founders & Leadership
JA
Jai Agarwal
Promoter
One of the company's promoters
PA
Premlata Agarwal
Promoter
One of the company's promoters
IPO Timeline
✓
Open Date
29 Sep 2026
✓
Close Date
01 Oct 2026
✓
Allotment Date
05 Oct 2026
✓
Listing Date
07 Oct 2026
Key Financials
Revenue₹33.5 Cr
PAT₹5.2 Cr
EPS₹5.55
P/E Ratio12.97x
ROE32.29%
Market Cap₹68 Cr
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 33.54 | 31.76 | 26.29 |
| Profit After Tax | 5.21 | 4.72 | 2.11 |
| Net Worth | 16.14 | 10.93 | 6.20 |
| Total Borrowing | 9.99 | 8.97 | 10.28 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 32.28 | 43.18 |
| Debt / Equity | 0.62 | 0.82 |
| Net Worth (Rs. Cr) | 16.14 | 10.93 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹5.55 | — |
| P/E (x) | 12.97x | — |
| ROE (%) | 32.29% | — |
| Promoter Holding | 60.98% | 44.28% |
| Market Cap | ₹68 Cr | |
IPO Registrar
MAS Services
Papadmalji Agro Foods IPO FAQs
Papadmalji Agro Foods IPO is an SME IPO with an issue size of ₹20.18 Cr at a price band of ₹69 – ₹72. Minimum lot size is 1600 shares and the minimum application is 2 lots (minimum investment ~₹2,30,400). Opened on 29 Sep 2026 and closed on 01 Oct 2026. Listed on NSE SME. Registrar: MAS Services.