Papadmalji Agro Foods IPO
Papadmalji Agro Foods Limitedpapadmalji.com
- Price band
- ₹69 – ₹72
- Issue size
- ₹20.18 Cr
- Lot size
- 1600 sh
- Bidding
- 29 Sep – 1 Oct
- Grey market
- —
Face value ₹10.00
92% fresh capital
Lists 7 Oct 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Papadmalji Agro Foods manufactures papad, khichiya and moongodi; the company describes two ISO 22000:2018 certified plants at Bikaner, Rajasthan, five own brands, white-label hand-made papad made for other companies, and resale of bought-in cereal pellets. Revenue was Rs 26.27 Cr in FY24, Rs 31.75 Cr in FY25 and Rs 33.53 Cr in FY26 — growth of 20.86% and then 5.61% — with EBITDA of Rs 3.31 Cr, Rs 5.98 Cr and Rs 8.44 Cr, or 12.60%, 18.83% and 25.17% of revenue in those years. The Rs 20.18 Cr issue (Rs 18.52 Cr fresh, Rs 1.66 Cr offer for sale) was priced at Rs 69-72 a share and subscribed 2.54 times overall on the closing day, 1 October 2026. It listed on NSE Emerge at Rs 72.30 on 7 October 2026, closed the first day at Rs 68.75 and last traded at Rs 43 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Papadmalji Agro Foods, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2017 · Bikaner, Rajasthan · 118 employees
Papadmalji Agro Foods manufactures papad and related dried snack products at two ISO 22000:2018 certified plants in Bikaner, Rajasthan. The range covers hand-made papads, machine-made papads, machine-made ready-to-fry papads, rice papads (khichiya), vrat-special papads and moongodi. It sells under five of its own brands — Zhakaas, Vishal, Rozana, Diamond and Papadmalji — through general trade, modern trade, quick-commerce platforms, distributors and merchant exporters. Alongside its own labels it makes hand-made papads on a white-label basis for clients who market them under their own packaging, and since June 2020 it has also sourced and resold cereal pellets under its own brand. It had 118 permanent employees as of 31 March 2026, 39 of them women.
Three streams: own-brand manufactured papad and moongodi, white-label hand-made papad made for other companies, and resale of bought-in cereal pellets. Materials dominate the cost base — cost of materials consumed was 45.90% of total income in FY26 against 50.68% in FY25 and 57.85% in FY24, and that fall is most of why operating EBITDA margin widened from 12.58% in FY24 to 25.16% in FY26. Installed capacity is the structural ceiling: machine-made papad lines ran at 68.70% utilisation in FY26 while rice papad ran at 93.15%, and Rs 790.00 lakhs of fresh-issue proceeds was earmarked for a new facility at Bachhasar, Bikaner.
The company on paper
- Legal name
- Papadmalji Agro Foods Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 19 Dec 2017
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U15119RJ2017PLC059795
- Sector
- Consumer Staples · Papad, khichiya and moongodi manufacturing, including white-label production
- Employees
- 118
- Registered office
- Bikaner, Rajasthan
- Promoters
- Jai Agarwal, Premlata Agarwal, Aanya Agarwal
- Promoter holding, pre-issue
- 61.0%
- Promoter holding, post-issue
- 44.3%
- Website
- papadmalji.com
The numbers
Financial performance
Revenue has compounded at 13.0% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
92% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹18.52 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹1.66 Cr
- Total issue size
- ₹20.18 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 1,44,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 16.7% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹72.00
- Listed at
- ₹72.30
- Listing gain
- up 0.4%
- Since listing
- down 38.2%
- Against the issue price
- down 37.9%
Trading at ₹44.70 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 3,200
- At cut-off price
- ₹72.00
- Amount blocked
- ₹2,30,400
One lot is 1600 shares at ₹1,15,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,30,400. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~63%
chance of one lot, per application
- Retail subscription
- 1.59×
- Applicants per share available
- 1.6× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹72.30
listed at, 0.4% against the issue price
- Issue price
- ₹72.00
- Premium said
- —
- If allotted 1600 shares
- ₹480
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- EBITDA margin widened across both year-on-year steps the record carries: Rs 3.31 Cr of EBITDA on Rs 26.27 Cr of revenue in FY24 is 12.60%, Rs 5.98 Cr on Rs 31.75 Cr in FY25 is 18.83%, and Rs 8.44 Cr on Rs 33.53 Cr in FY26 is 25.17%.
- Profit after tax was Rs 2.11 Cr in FY24, Rs 4.72 Cr in FY25 and Rs 5.21 Cr in FY26, rises of 123.70% and then 10.38%. Against revenue of Rs 26.27 Cr, Rs 31.75 Cr and Rs 33.53 Cr, that is 8.03%, 14.87% and 15.54%.
- Net worth stood at Rs 6.20 Cr in FY24 and reached Rs 16.14 Cr in FY26, 160.32% higher, while total borrowings were Rs 10.28 Cr, Rs 8.97 Cr and Rs 9.99 Cr. Borrowings measured against net worth therefore fell from 1.66x in FY24 to 0.82x in FY25 and 0.62x in FY26.
- The business description gives cost of materials consumed as 57.85% of total income in FY24, 50.68% in FY25 and 45.90% in FY26. The financials table carries no expense line for any year, so a reader cannot reconcile those percentages against it.
What to weigh against it
- Revenue growth was slower at the second of the record's two year-on-year steps: Rs 26.27 Cr to Rs 31.75 Cr is 20.86%, and Rs 31.75 Cr to Rs 33.53 Cr is 5.61%.
- In FY26 EBITDA rose Rs 2.46 Cr, from Rs 5.98 Cr to Rs 8.44 Cr, while profit after tax rose Rs 0.49 Cr, from Rs 4.72 Cr to Rs 5.21 Cr. The record holds no expense, depreciation, interest or tax line for any year, so the difference between the two cannot be broken down from it.
- Total borrowings did not fall through the three years on record: Rs 10.28 Cr in FY24, Rs 8.97 Cr in FY25 and Rs 9.99 Cr in FY26 — Rs 1.02 Cr, or 11.37%, higher in the final year than the year before. No operating cash flow figure is recorded for any of the three years.
- The share listed at Rs 72.30 against a band top of Rs 72, a gain of 0.42%; it closed the first day at Rs 68.75, 4.91% below the listing price; and it stood at Rs 43 on 23 October 2026, 40.28% below the Rs 72 band top.
Easy to miss in the prospectus
- The business description reports machine-made papad lines at 68.70% utilisation in FY26 and rice papad lines at 93.15%, and states that Rs 790.00 lakhs of fresh-issue proceeds — Rs 7.90 Cr, or 42.66% of the Rs 18.52 Cr fresh issue — was earmarked for a new facility at Bachhasar, Bikaner.
- Promoter holding is recorded at 60.98% before the issue and 44.28% after it, a fall of 16.70 percentage points across the three promoters named: Jai Agarwal, Premlata Agarwal and Aanya Agarwal.
- The record carries a single subscription snapshot, for day three (1 October 2026): QIB 86.85 times, NII 1.32 times, retail 1.59 times and 2.54 times overall. It holds no anchor book, no category allocation, no valuation multiple and no peer set.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Kreo Capital Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- MAS Services Limited
How these figures were checked
Reconciled to Papadmalji Agro Foods's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus dated September 23, 2026 (company website) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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