1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Papadmalji Agro Foods Limited |
| IPO Type | 100% Book Built Offer; Fresh Issue + Offer for Sale |
| Fresh Issue | 25,72,800 Equity Shares |
| Offer for Sale | 2,30,400 Equity Shares |
| Total Issue Size | 28,03,200 Equity Shares |
| Face Value | ₹10 per Equity Share |
| Price Band | ₹69–₹72 per Equity Share |
| Minimum Bid | 3,200 Equity Shares; thereafter in multiples of 1,600 |
| Opening Date | 29 September 2026 |
| Closing Date | 1 October 2026 |
| Listing | NSE EMERGE |
| Registrar | MAS Services Limited |
| BRLM | Kreo Capital Private Limited |
2. IPO Details
| Particular | At Floor Price ₹69 | At Cap Price ₹72 |
|---|
| Fresh Issue Shares | 25,72,800 | 25,72,800 |
| Fresh Issue Amount | ₹1,775.23 lakhs | ₹1,852.42 lakhs |
| Offer for Sale Shares | 2,30,400 | 2,30,400 |
| Offer for Sale Value | ₹158.98 lakhs | ₹165.89 lakhs |
| Market Maker Shares | 1,44,000 | 1,44,000 |
| Market Maker Value | ₹99.36 lakhs | ₹103.68 lakhs |
| Total Offer Shares | 28,03,200 | 28,03,200 |
| Total Offer Value | ₹1,934.21 lakhs | ₹2,018.30 lakhs |
| Pre-Issue Shares | 68,19,588 | 68,19,588 |
| Post-Issue Shares | 93,92,388 | 93,92,388 |
| Post-Issue Market Capitalisation | ₹6,480.75 lakhs | ₹6,762.52 lakhs |
3. Issue Reservation
| Category | Shares / Basis | % / Limit |
|---|
| QIB | Up to 32,000 shares in RHP structure | Not more than 50% of Net Offer |
| Mutual Fund sub-portion | Up to 1,600 shares | 5% of Net QIB Portion |
| Balance QIB | Up to 30,400 shares | Balance of QIB Portion |
| NII | Not less than 7,87,200 shares | Not less than 15% of Net Offer |
| NII: >2 lots to ≤₹10 lakh | Not less than 2,64,000 shares | One-third of NII Portion |
| NII: >₹10 lakh | Not less than 5,23,200 shares | Two-thirds of NII Portion |
| Individual Investors | Not less than 18,40,000 shares | Not less than 35% of Net Offer |
| Market Maker | Up to 1,44,000 shares | 5.14% of Total Offer |
| Anchor | Not applicable | No allocation proposed |
4. IPO Lot Size
| Application | Lots | Shares | Amount at ₹69 | Amount at ₹72 |
|---|
| Individual investors (IND) (Min) | 2 | 3,200 | ₹2,20,800 | ₹2,30,400 |
| Individual investors (IND) (Max) | 2 | 3,200 | ₹2,20,800 | ₹2,30,400 |
| S-HNI (Min) | 3 | 4,800 | ₹3,31,200 | ₹3,45,600 |
| S-HNI (Max) | 8 | 12,800 | ₹8,83,200 | ₹9,21,600 |
| B-HNI (Min) | 9 | 14,400 | ₹9,93,600 | ₹10,36,800 |
5. About the Company
Papadmalji Agro Foods Limited is headquartered in Bikaner, Rajasthan and describes itself as an ISO 22000:2018 certified enterprise engaged in manufacturing hand-made papads, machine-made papads, machine-made ready-to-fry papads, rice papads (khichiya), vrat-special papads and moongodi. It also undertakes white-label manufacturing of handmade papads and trades cereal pellets under its own brand.
The business traces its origin to Vishal Namkeen Bhandar, a sole proprietorship started in 2012 by Jai Agarwal in Rani Bazar, Bikaner. Papadmalji Agro Foods Private Limited was incorporated on 19 December 2017 and acquired the Vishal Namkeen Bhandar business through a Business Transfer Agreement dated 17 February 2018 on a slump-sale basis. The company was converted into a public limited company in 2024 and received a fresh certificate of incorporation dated 28 January 2025.
Business mix and channels
| Channel | FY2026 ₹ lakh | FY2026 % | FY2025 ₹ lakh | FY2025 % | FY2024 ₹ lakh | FY2024 % |
|---|
| General Trade | 1,941.99 | 57.91% | 2,111.12 | 66.49% | 1,906.29 | 72.56% |
| Modern Trade | 1,366.15 | 40.74% | 1,032.40 | 32.52% | 685.44 | 26.09% |
| Quick Commerce | 36.01 | 1.07% | 26.10 | 0.82% | 31.26 | 1.19% |
| Direct-to-consumer | 0.25 | 0.01% | 0.30 | 0.01% | 0.00 | 0.00% |
| Merchant Exporter | 9.08 | 0.27% | 5.17 | 0.16% | 4.20 | 0.16% |
| Total | 3,353.48 | 100.00% | 3,175.09 | 100.00% | 2,627.19 | 100.00% |
6. Restated Financial Information
| Particulars (₹ lakh except per-share data) | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 3,353.48 | 3,175.09 | 2,627.19 |
| Other income | 0.04 | 0.91 | 1.60 |
| Total income | 3,353.52 | 3,176.00 | 2,628.79 |
| Operating EBITDA | 843.76 | 598.23 | 330.62 |
| Profit before tax | 724.22 | 471.93 | 213.24 |
| Profit after tax | 521.26 | 472.44 | 210.76 |
| Basic & diluted EPS, post bonus (₹) | 7.64 | 6.93 | 3.09 |
| Net worth | 1,614.18 | 1,092.93 | 620.49 |
| Equity share capital | 681.96 | 75.77 | 75.77 |
| Reserves & surplus | 932.22 | 1,017.15 | 544.71 |
| Borrowings* | 998.56 | 897.12 | 1,027.83 |
| Total assets | 3,350.03 | 2,505.38 | 2,006.50 |
| Total liabilities | 3,350.03 | 2,505.38 | 2,006.50 |
| Finance cost | 79.68 | 92.06 | 85.22 |
| Depreciation & amortisation | 39.89 | 35.15 | 33.77 |
| Cash flow from operations | 55.71 | 241.63 | (274.72) |
| Cash flow from investing | (75.82) | (20.55) | (14.67) |
| Cash flow from financing | 21.75 | (222.78) | 291.65 |
| Purchase of PPE / capex (net of sale) | (75.81) | (20.54) | (14.72) |
| Inventory | 2,498.61 | 1,814.66 | 1,468.97 |
| Trade receivables | 344.33 | 290.77 | 120.48 |
| Trade payables | 486.86 | 481.36 | 321.88 |
