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InvestmentsIPOPapadmalji Agro Foods IPO

Papadmalji Agro Foods IPO

SME

Open Date

29 Sep 2026

Close Date

1 Oct 2026

Min Investment

₹ 2,20,800

Lot Size

1,600

Issue Size

₹ 20.18 Cr

Price Range

₹ 69 - ₹ 72

Subscribed

1.4 x
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status

IPO Open Now.

IPO Timeline
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IPO Offer Start
29 Sep 2026
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IPO Offer Ends
1 Oct 2026
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Allotment Finalisation
5 Oct 2026
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Refund Initialisation
6 Oct 2026
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Non-Institutional Buyers (sHNI)
6 Oct 2026
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Listing of Shares
7 Oct 2026
IPO Subscription Details as on 30 Sep 2026, 01:16 AM
Qualified Instituational Buyers (QiB)
86.85 x
Retail
0.51 x
Total
1.4 x
Non-Institutional Buyer (bHNI)
0 x
Non-Institutional Buyer (sHNI)
0.02 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified company engaged in the in-house manufacturing of handmade papads, machine-made papads, rice papads (khichiya), vrat special papads, and moongodi, along with white label manufacturing and trading of cereal pellets. The company operates under five brands — Zhakaas, Vishal, Rozana, Diamond, and Papadmalji — distributed through a multi-channel network spanning general trade, modern trade, quick commerce, direct-to-consumer, and merchant exporters serving select Middle Eastern markets. Founded in 2012 as 'Vishal Namkeen Bhandar' by Mr. Jai Agarwal, the company was formally incorporated in 2017 and operates two FSSAI-licensed manufacturing units in Bikaner. For FY2026, the company reported revenue from operations of ₹3,353.48 lakhs, an Operating EBITDA of ₹843.75 lakhs (25.16% margin), and PAT of ₹521.26 lakhs, with products sold across 21 states and 3 Union Territories in India.
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Founded In

2017

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Director

Khushboo Tak Singhal

Financials of Papadmalji Agro Foods IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue26.2731.7533.53
Other Income0.020.010.00
Total Income
26.2931.7633.54
Total Expenses
24.1627.0426.29
Profit Before Tax2.134.727.24
Total Profit
2.114.725.21

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to fund capital expenditure towards construction of building, mechanical and electrical works, procurement of plant and machinery, and installation of a rooftop solar power system for setting up a new manufacturing facility at Bachhasar, Bikaner, covering civil construction, machinery, and solar infrastructure.8
The company proposes to utilize a portion of the net proceeds towards repayment or prepayment, in full or in part, of secured borrowings availed from banks, aimed at reducing existing debt, maintaining a favorable debt-equity ratio, and freeing internal accruals for business growth.6
The company intends to deploy the balance net proceeds towards general corporate purposes including strategic initiatives, funding growth opportunities, strengthening marketing and brand building, meeting ongoing contingencies, and capital expenditure for expansion or renovation of assets.-
The Offer for Sale allows the Investor Selling Shareholder, India Customer Insight Fund, to sell equity shares held by it; the company will not receive any proceeds from this portion of the offer.-
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  • Extensive and Well-Established Sale and Distribution Network: The company operates a broad distribution network comprising 76 distributors and 30 wholesalers, collectively servicing 8,710 retail outlets across 12 states and 1 Union Territory, ensuring consistent product availability across urban, semi-urban, and rural areas.
  • Multi-Channel Presence: The company has established a diversified multi-channel presence spanning general trade, modern trade (7 channels), quick commerce, a direct-to-consumer platform (www.papadmalji.com), and a merchant exporter serving UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
  • Wide Range of Products with Diverse Variants: The company offers an extensive portfolio including handmade papads, machine-made papads, rice papads (khichiya), vrat special papads, moongodi, and cereal pellets across multiple pack sizes, catering to diverse consumer segments and available in 21 states and 3 Union Territories.
  • Purity, Health and Wellness Focus: The company uses RO-filtered water with activated charcoal, zero additives or harmful chemicals, and minimal edible oils in production, with hand-made papads sun-dried using traditional methods, reflecting a purity and hygiene-focused manufacturing philosophy over mass production.
  • Empowered by Women: The company manufactures hand-made papads through a structured Batara-Batari model involving 9 Bataras overseeing women workers (Bataris) engaged in home-based production, providing livelihood opportunities while preserving traditional papad-making heritage.
  • Experienced Promoters and Professional Management Team: The company is led by promoters Mr. Jai Agarwal and Mrs. Prem Lata Agarwal, each with over a decade of industry experience, supported by a professional management team including Mr. Ramzan Sinwal with prior experience at Zydus Wellness Limited, enabling strategic growth and operational excellence.
  • Organised Player in the Papad Industry: The company operates within the organised segment of the papad industry with a formal corporate structure under the Companies Act 2013, ISO 22000:2018 certification, FSSAI licensing, standardised manufacturing processes, branded packaging, and audited financials, distinguishing it from predominantly unorganised industry participants.
  • Well-Equipped Manufacturing Infrastructure: The company operates two FSSAI-licensed manufacturing units in Bikaner, Rajasthan — Gharsisar Unit (15,480 sq. ft.) and Karni Unit (4,800 sq. ft.) — equipped with semi-automated and automated machinery supporting handmade, machine-made, rice papad, and moongodi production under defined hygiene and quality standards.
  • Stringent Quality and Food Safety Procedures: The company maintains ISO 22000:2018 certification at its Gharsisar Unit, employs a FoSTaC-certified Food Safety Supervisor, conducts multi-stage quality checks, and engages accredited third-party laboratories for testing, ensuring consistent product safety and regulatory compliance.
  • Equity Investment and Strong Corporate Governance: Since 2018, the company has been supported by 'India Customer Insight Fund,' a SEBI-registered Alternative Investment Fund backed by seasoned investors including Mr. Haresh Chawla and Mr. Santosh Desai, strengthening its corporate governance framework, internal controls, and organisational discipline.

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