Papadmalji Agro Foods IPO
smelistedAbout the company
Papadmalji Agro Foods is a Bikaner-based food company engaged in the in-house manufacture of handmade papads, machine-made papads, 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 portfolio is sold under Zhakaas, Vishal, Rozana, Diamond and Papadmalji through general trade, modern trade, quick commerce, a direct-to-consumer platform and an independent merchant exporter. The company operates two FSSAI-licensed manufacturing units in Bikaner: the 15,480 sq. ft. Gharsisar unit and the 4,800 sq. ft. Karni unit. Handmade papads are produced through the Batara-Batari model, in which contractors supervise women workers who roll and sun-dry papads from home. Machine-based production covers dough preparation, sheeting, rolling, cutting, drying and packaging. The raw-material sourcing is done from domestic market, primarily within Rajasthan. In FY26, in-house machine-made products contributed 59.12% of revenue from operations, in-house handmade papads 31.36%, white-label manufacturing 5.90% and trading 3.62%. Compared with FY24, the machine-made share increased from 49.03%, while white-label manufacturing declined from 15%. By product, handmade papads were 41.33% of FY26 revenue, machine-made papads 27.86%, rice papads 24.09%, moongodi 1.76%, cereal pellets 1.63%, vrat-special papads 0.35%, papad choori 0.11% and other products 2.87%.General trade contributed 57.91% of FY26 revenue, while modern trade increased to 40.74%. Quick commerce, direct-to-consumer sales and the merchant-exporter channel contributed 1.07%, 0.01% and 0.27%, respectively, in FY26. Rajasthan accounted for 50.4% of FY26 revenue, followed by Haryana at 12.1%, Assam at 9.4%, Uttar Pradesh at 7.8% and Punjab at 6.4%. As of March 31, 2026, products were sold in 21 states and 3 Union Territories. The company does not export directly; it sells in India to an independent merchant exporter that supplies the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.
GMP trend (Grey Market Premium by date)
| Date | GMP (₹) | Est. Listing | Change |
|---|---|---|---|
| 26 Sep | ₹0 | ₹72 | 0 |
Strengths
- Strong presence in the packaged food and agro-products segment.
- Focus on traditional Indian food products with established consumer demand.
- Potential to benefit from growing demand for packaged and ready-to-cook foods.
- Scope for expansion through wider distribution and product diversification.
- Growing consumer preference for branded and hygienically packaged food products.
Risks
- Raw material price fluctuations could affect profit margins.
- The packaged food industry faces intense competition from established brands and regional players.
- Business performance may depend on maintaining consistent product quality and demand.
- Expansion plans could require additional working capital and operational investment.
- Changes in consumer preferences and food regulations may create business challenges.
Financial performance (₹ Cr)
Subscription breakup (final, times)
IPO Roadmap / Timeline
IPO Opens
Completed29 Sept 2026Bidding starts for all investor categories
IPO Closes
Completed01 Oct 2026Last day to place your bid
Basis of Allotment
Completed05 Oct 2026Share allotment finalised
Refund Initiation
Completed06 Oct 2026Refunds credited for non-allottees
Credit to Demat
Completed06 Oct 2026Allotted shares credited to demat account
Listing on Exchange
Completed07 Oct 2026Shares list on NSE / BSE
Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.
Lot size & minimum investment
| Investor Type | Min Lots | Min Shares | Min Amount | Max Lots | Max Amount | Notes |
|---|---|---|---|---|---|---|
| Retail / Individual | 1 | 1600 | ₹115,200 | 1 | ₹115,200 | 1 lot only |
| HNI | 2 | 3200 | ₹230,400 | 2 | ₹230,400 | Min 2 lots |
Shares reserved per category & allotment probability
| Category | Reservation | Shares Offered | Amount (₹ Cr) | Shares Bid | Subscribed | Allotment % |
|---|---|---|---|---|---|---|
| QIB | 50% | 1,418,440 | 10 | 123,191,514 | 86.85x | 1.2% |
| NII | 15% | 425,532 | 3 | 8,511 | 0.02x | 100% |
| Retail | 35% | 992,908 | 7 | 506,383 | 0.51x | 100% |
Retail is a lottery-based allotment when oversubscribed; QIB/NII get pro-rata. Probability ≈ 1 / subscription times (100% if under-subscribed).
