Papadmalji Agro Foods IPO

Incorporated in 2017, Papadmalji Agro Foods Limited is engaged in processing and manufacturing agro-based food products, with a focus on quality-driven production, sourcing agricultural inputs and supplying packaged food products. The company provides food processing, grading, packaging, storage and distribution services to wholesalers, retailers and institutional buyers. It also undertakes white-label manufacturing of handmade papads, producing products that clients market under their own brands and packaging. The company has an established distribution network comprising 68 distributors and 25 wholesalers, collectively serving 5,965 retail outlets in the general trade channel. Its operations emphasise hygiene, consistent quality, product variety and efficient distribution.

Papadmalji Agro Foods Limited IPO Overview

Papadmalji Agro Foods Limited IPO is a bookbuilding issue of ₹20.18 crore comprising a fresh issue and an offer for sale. The IPO will open for subscription on 29 September 2026 and close on 1 October 2026. The IPO allotment is expected to be finalised on 5 October 2026, followed by refund initiation and credit of shares to demat accounts on 6 October 2026. The company is proposed to list on NSE SME on 7 October 2026. The price band is fixed at ₹69 to ₹72 per share, with a lot size of 1,600 shares. Retail investors must apply for a minimum of two lots, representing 3,200 shares or ₹2,30,400 at the upper price band. S-HNI investors require at least three lots. Kreo Capital Pvt. Ltd. is the book running lead manager, while MAS Services Ltd. is the registrar to the issue.

Papadmalji Agro Foods Limited IPO Details

Particulars	Details
IPO Date	29 September 2026 to 1 October 2026
Listing Date	7 October 2026
Face Value	₹10 per share
Issue Price Band	₹69 to ₹72 per share
Lot Size	1,600 Shares
Total Issue Size	28,03,200 shares (aggregating up to ₹20.18 Cr)
Fresh Issue	25,73,000 shares (aggregating up to ₹18.52 Cr)
Offer for Sale	2,30,400 shares (aggregating up to ₹1.66 Cr)
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	68,19,588 shares
Share Holding Post Issue	93,92,388 shares
Market Maker Portion	1,44,000 shares

Papadmalji Agro Foods Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35% of the Net Offer
NII (HNI)	Not less than 15% of the Net Offer

Papadmalji Agro Foods Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	3,200	₹2,30,400
Retail (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 Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	60.98%
Post-Issue	NA

Papadmalji Agro Foods Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹6.93 Pre IPO / ₹7.69 Post IPO
Price/Earnings (P/E) Ratio	10.39x Pre IPO / 9.36x Post IPO
Return on Net Worth (RoNW)	43.23%
Net Asset Value (NAV)	₹16.03
Return on Equity	55.15%
Return on Capital Employed (ROCE)	44.51%
EBITDA Margin	NA
PAT Margin	14.88%
Debt to Equity Ratio	0.82

Objectives of the Proceeds

I. Fund construction, mechanical and electrical works, plant machinery and a 250 kW rooftop solar system for the new facility – ₹7.82 crore

II. Install a 125 kW rooftop solar power system at the existing Garsisar manufacturing unit in Bikaner -₹0.31 crore

III. Meet incremental working capital requirements to support the company’s ongoing operations and business expansion – ₹2.81 crore

IV. Repay or prepay, partly or fully, borrowings availed from banks, with an estimated allocation of ₹8.60 crore.

V. Utilise the remaining proceeds towards general corporate purposes, subject to applicable regulations and approvals.

Key Financials (in ₹ crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	20.07	25.05	26.86
Revenue / Total Income	31.76	26.29	25.00
Profit After Tax	4.72	2.11	0.25
Reserves and Surplus	10.17	5.45	3.34
Total Borrowings	8.97	10.28	6.51

IPO Strengths

I. They are amongst the few organised players exclusively in the papad segment, leveraging strategically located manufacturing facilities.

II. Extensive and well-established sale and distribution network

III. Multi-channel presence

IV. Wide Range of Products with diverse variants

V. Purity, Health & Wellness Focus

Peer Group Comparison

As per the DRHP, there are no comparable listed peers of the company and therefore information related to peers is not provided.