Papadmalji Agro Foods IPO
Papadmalji Agro Foods IPO is a SME issue of ₹20.18 Cr (Fresh capital cum OFS). The price band is ₹69–72 per share with a lot of 1,600 shares (₹1,15,200 minimum). Bidding runs 29 Sep – 1 Oct, allotment is on 5 Oct 2026 and listing on 7 Oct 2026 on NSE SME. The issue has been subscribed 2.46x overall. It listed at ₹72.30 (+0.42% over the issue price) and trades at ₹53.25 (-26.04%).
IPO details
| Detail | Value |
|---|---|
| Price band | ₹69–72 |
| Lot size | 1,600 shares |
| Minimum investment | ₹1,15,200 |
| Issue size | ₹20.18 Cr |
| Issue type | Fresh capital cum OFS |
| Face value | ₹10 per share |
| Listing on | NSE SME |
| Issue price | ₹72 |
Subscription status
| Category | Subscribed |
|---|---|
| Qualified institutions (QIB) | 86.85x |
| Non-institutional (NII) | 1.27x |
| Retail | 1.59x |
| Employees | 0.00x |
Updated 07 Oct 2026, 05:27 PM IST
IPO dates
| Event | Date |
|---|---|
| Bidding opens | 29 Sep 2026 |
| Bidding closes | 1 Oct 2026 |
| Allotment | 5 Oct 2026 |
| Refunds | 6 Oct 2026 |
| Shares credited to demat | 6 Oct 2026 |
| Listing | 7 Oct 2026 |
Lot size and application amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,600 | ₹1,15,200 |
| Retail (Max) | 1 | 1,600 | ₹1,15,200 |
| HNI (Min) | 2 | 3,200 | ₹2,30,400 |
About Papadmalji Agro Foods
Papadmalji Agro Foods Ltd was started in 2017. It processes and manufactures agro-based food products, sourcing agricultural raw material and turning it into packaged food. Its work covers food processing, grading, packaging, storage and supply of agricultural and processed food products to wholesalers, retailers and institutional buyers in regional markets. Alongside selling under its own name, it makes handmade papads on a white label basis, meaning it produces the papads and the client sells them under its own brand and packaging. As on 30 June 2025 its distribution network comprised 68 distributors. The company is using the issue money to set up a new manufacturing facility, including a 250 kW rooftop solar system.
Papadmalji Agro Foods financials
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 33.50 | 25.05 | 20.07 |
| Total Income | 33.54 | 31.76 | 26.29 |
| Profit After Tax | 5.21 | 4.72 | 2.11 |
| EBITDA | 8.44 | 5.98 | 3.31 |
| NET Worth | 16.14 | 10.93 | 6.20 |
| Reserves and Surplus | 9.32 | 10.17 | 5.45 |
| Total Borrowing | 9.99 | 8.97 | 10.28 |
Key ratios
| Ratio | Value |
|---|---|
| P/E Ratio | 12.97 |
| EPS (₹) | 5.55 |
| RoE | 38.51% |
| RoCE | 46.47% |
| RoNW | 32.29% |
| PAT Margin | 15.54% |
| EBITDA Margin | 25.16% |
| Debt / Equity | 0.62 |
| NAV (₹) | 23.67 |
Strengths
- Profit has grown every year, from Rs 2.11 crore in FY2024 to Rs 4.72 crore in FY2025 and Rs 5.21 crore in FY2026.
- Sales have grown from Rs 26.29 crore in FY2024 to Rs 31.76 crore in FY2025 and Rs 33.54 crore in FY2026.
- EBITDA has more than doubled in two years, from Rs 3.31 crore in FY2024 to Rs 8.44 crore in FY2026, an EBITDA margin of 25.16%.
- The margin is good for food processing, with a PAT margin of 15.54%.
- Return ratios are strong, with RoCE of 46.47% and RoNW of 32.29%.
- The issue is priced at about 12.97 times post issue earnings on an EPS of Rs 5.55, and 9.42 times on a pre issue EPS of Rs 7.64.
- Net worth has grown from Rs 6.20 crore in FY2024 to Rs 16.14 crore in FY2026.
- White label manufacturing for other brands gives steady volume without the company having to spend on its own brand.
- Of the Rs 20.18 crore issue, Rs 7.82 crore goes into a new plant at Bachhasar in Bikaner with a 250 kW rooftop solar system and Rs 0.31 crore into solar at the existing Garsisar unit, which adds capacity and cuts power cost.
Risks
- The assets row in the published table has been restated. FY2024 and FY2025 were earlier shown as Rs 25.05 crore and Rs 20.07 crore and now read the other way round, at Rs 20.07 crore and Rs 25.05 crore, with FY2026 at Rs 33.50 crore. The direction of this line has reversed, so it should be read against the offer document.
- The reserves row also does not fit the rest of the table. Reserves and surplus fall from Rs 10.17 crore in FY2025 to Rs 9.32 crore in FY2026 while net worth rises from Rs 10.93 crore to Rs 16.14 crore.
- Rs 8.60 crore of the Rs 20.18 crore issue repays bank borrowings, so a large part of the money refinances the past rather than adding capacity.
- Borrowing is Rs 9.99 crore against a net worth of Rs 16.14 crore, a debt to equity ratio of 0.62, and it has barely come down from Rs 10.28 crore in FY2024.
- Promoter holding is low on both sides of the issue, at 60.98% before and 44.28% after, so the promoters end up with well under half the company.
- Papad making is a crowded, low entry barrier business with many small and large competitors.
- White label customers own the brand and can move production to another maker on price.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- This is an SME issue. One lot is 1,600 shares, which is about Rs 1.15 lakh at the upper band of Rs 72, and SME shares usually trade in low volume after listing.
Allotment status
Registrar: Mas Services Limited. Check Papadmalji Agro Foods IPO allotment status.
FAQs
What is the price band of Papadmalji Agro Foods IPO?
₹69–72 per share.
What is the lot size of Papadmalji Agro Foods IPO?
1,600 shares, which costs ₹1,15,200 at the upper price band.
What is the GMP of Papadmalji Agro Foods IPO?
₹0 (0.00%) as of 07 Oct 2026, 08:24 AM IST. GMP is unofficial and not a prediction of the listing price.
When does Papadmalji Agro Foods IPO open and close?
It opens on 29 Sep 2026 and closes on 1 Oct 2026.
When is the allotment date of Papadmalji Agro Foods IPO?
5 Oct 2026.
When will Papadmalji Agro Foods IPO list?
7 Oct 2026 on NSE SME.
How many times was Papadmalji Agro Foods IPO subscribed?
2.46x overall.