- Summary
- The IPO of Papadmalji Agro Foods is a book-built offering on the NSE SME segment, comprising up to 2,803,200 equity shares at a price per share of ₹69-₹72.
- The IPO will open on 29 September 2026 and will close on 1 October 2026. The minimum number of shares that can be applied for is 3,200, which amounts to ₹2,30,400 at the higher price band.
- In fiscal year 2025, the company recorded revenue of ₹31.76 crore and a profit after tax of ₹4.72 crore, with a debt-to-equity ratio of 0.82x.
Papadmalji Agro Foods IPO is a book-built SME issue of up to 28,03,200 equity shares with a face value of ₹10 each, aggregating up to ₹20.18 crore at the upper end of the price band. The issue comprises a fresh issue of up to 25,72,800 shares and an offer for sale of up to 2,30,400 shares. Bidding opens on 29 September 2026 and closes on 1 October 2026. The allotment is tentatively scheduled for 5 October 2026, while the shares are expected to list on NSE Emerge on 7 October 2026.
The price band is ₹69–₹72 per share and the lot size is 1,600 shares. Individual investors need to apply for a minimum of 3,200 shares, requiring ₹2,30,400 at the upper price. The minimum sNII application is 4,800 shares worth ₹3,45,600, while the minimum bNII application is 14,400 shares worth ₹10,36,800.
Papadmalji Agro Foods IPO Details
The key details of the Papadmalji Agro Foods IPO are summarised in the table below.
| Particulars | Details |
| IPO Open Date | 29 September 2026 |
| Close Date | 1 October 2026 |
| Face Value | ₹10 per equity share |
| Price Band | ₹69 to ₹72 per share |
| Issue Price | Yet to be finalised |
| IPO Lot Size | 1,600 shares |
| Minimum Application | 3,200 shares |
| Fresh Issue | Up to 25,72,800 shares |
| Offer for Sale | Up to 2,30,400 shares |
| Total Issue Size | Up to 28,03,200 shares, aggregating up to ₹20.18 crore |
| Issue Type | Book-built SME IPO |
| Listing At | NSE SME |
| Minimum Investment | ₹2,30,400 at the upper price band |
The proceeds from the new issue will be remitted to the company, and the proceeds from the offer-for-sale portion will be remitted to the selling shareholder.
Papadmalji Agro Foods IPO Timeline
The following table gives the proposed timetable for the Papadmalji Agro Foods IPO.
| Particulars | Date |
| IPO Open Date | 29 September 2026 |
| IPO Close Date | 1 October 2026 |
| Tentative Allotment | 5 October 2026 |
| Initiation of Refunds | 6 October 2026 |
| Credit of Shares to Demat | 6 October 2026 |
| Tentative Listing Date | 7 October 2026 |
| Cut-off time for UPI mandate confirmation | 1 October 2026, 5:00 PM |
Papadmalji Agro Foods Key Performance Indicators (KPI)
The following table gives the key performance indicators selected for Papadmalji Agro Foods over the last three financial years.
| KPI | FY2026 | FY2025 | FY2024 |
| ROE | 38.51% | 55.15% | 40.92% |
| ROCE | 46.47% | 44.51% | 32.26% |
| Debt Equity | 0.62x | 0.82x | 1.66x |
| RoNW | 32.29% | 43.23% | 33.97% |
| PAT Margin | 15.54% | 14.88% | 8.02% |
| EBITDA Margin | 25.16% | 18.84% | 12.58% |
| Price Book Value | – | – | – |
Papadmalji Agro Foods Financials
The following table gives a selection of the figures from the company’s restated financial information.
| Particulars ₹ crore | FY2024 | FY2025 | FY2026 |
| Revenue from Operations | 26.27 | 31.75 | 33.53 |
| Total Assets | 20.07 | 25.05 | 33.50 |
| Profit After Tax | 2.11 | 4.72 | 5.21 |
Papadmalji Agro Foods IPO Subscription Status
Subscription Details Not Yet Available
Subscription information will be displayed once the bidding process starts on 29 September 2026.
Bidding is open during the public issue period, while the UPI mandate confirmation cut-off is 5:00 PM on the closing date, 1 October 2026.
Papadmalji Agro Foods IPO Grey Market Premium (GMP Today)
As of 28 September 2026, the Papadmalji Agro Foods IPO GMP stands at ₹0, with no quoted premium over the upper issue price of ₹72. The latest readings have remained flat, with the GMP at ₹0 over the previous sessions as well.
| Date | GMP ₹ | Estimated Listing Price | Estimated Listing Gain | Trend | Last Updated |
| 28 Sep 2026 | ₹0 | ₹72 | 0.00% | Flat | 28 Sep 2026 |
| 27 Sep 2026 | ₹0 | ₹72 | 0.00% | Flat | 27 Sep 2026, 11:05 AM |
| 26 Sep 2026 | ₹0 | ₹72 | 0.00% | Flat | 26 Sep 2026, 10:15 AM |
Note: GMP values are sourced from the unofficial grey market and may change based on demand, subscription levels and market conditions.
Papadmalji Agro Foods IPO Reservation
The following table shows the proposed share reservations for the various investor categories in the Papadmalji Agro Foods IPO.
| Investor Category | Shares Offered |
| QIB Shares Offered | 13,29,600 shares |
| NII Shares Offered | 3,98,880 shares |
| Retail Shares Offered | 9,30,720 shares |
| Total Shares Offered | 26,59,200 shares |
| Market Maker Reservation | 1,44,000 shares |
Papadmalji Agro Foods IPO Lot Size
The table given below lists the amounts and quantities for the various investor categories.
| Investor Category | Lots | Shares | Amount |
| Individual Investors (Retail) (Min) | 2 | 3,200 | ₹2,30,400 |
| Individual Investors (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 |
The figures are based on the upper end of the price range, at 72 rupees per share.
Papadmalji Agro Foods IPO Anchor Investors
Papadmalji Agro Foods IPO does not have an Anchor Investor Portion as the company has not proposed an allocation to anchor investors for this offer.
Papadmalji Agro Foods IPO Prospectus
About Papadmalji Agro Foods
Papadmalji Agro Foods Limited is a food manufacturing company with its head office in Bikaner, producing both traditional and machine-made papads, as well as other related food products. The range of its products includes handmade papads, machine-made papads, rice papads (khichiya), vrat-special papads, moongodi, and cereal pellets.
The company began with the establishment of Vishal Namkeen Bhandar in Bikaner in 2012; Papadmalji Agro Foods was set up in 2017 and became a public limited company in January 2025. It runs two manufacturing plants in Bikaner, one of which, the Gharsisar plant, is ISO 22000:2018 certified.
The company offers its products under several brand names, such as Zhakaas, Vishal, Rozana, Diamond, and Papadmalji; distribution is carried out via the general trade, the modern trade, quick commerce, and through its own direct-to-consumer platform. Additionally, the company supplies its products to certain markets in the Middle East via a merchant exporter.
The key intermediaries linked with the IPO are given in the table below.
| Particulars | Details |
| Book Running Lead Manager | Kreo Capital Private Limited |
| Registrar of the Issue | MAS Services Limited |
Papadmalji Agro Foods IPO Objectives
The fresh issue proceeds are proposed to be used for the following purposes:
| Use of IPO Proceeds | Amount |
| New manufacturing facility at Bachhasar, Bikaner, including building work, mechanical and electrical work, plant and machinery and a 250 kW rooftop solar power system. | ₹7.9 crore |
| Repayment or prepayment of bank borrowings. | ₹5.8026 crore |
| General corporate purposes | As applicable |
Strengths of Papadmalji Agro Foods
- The company had 76 distributors and 30 wholesalers serving 8,710 retail outlets as of 31 March 2026.
- Its distribution covers general trade, modern trade, quick commerce, direct-to-consumer sales and merchant exports.
- Its product range includes handmade and machine-made papads, khichiya, vrat-special papads and moongodi, along with white-label manufacturing.
Risks of Papadmalji Agro Foods
- Dependence on a limited number of major customers could affect revenue if business from them declines.
- Dependence on selected suppliers and the absence of long-term raw-material arrangements expose the company to supply and price changes.
- Sales are geographically concentrated in certain states, increasing exposure to regional demand.
- The general trade business does not operate through a formal long-term order book.
- Delays or cost overruns in the proposed Bachhasar manufacturing facility could affect the planned expansion.
- Food-quality or contamination issues could affect operations and the company’s brands.
Papadmalji Agro Foods IPO Review
Papadmalji Agro Foods operates in the traditional packaged-food segment with both handmade and machine-based production. Its profitability improved over FY2024–FY2026, while its debt-to-equity ratio declined over the same period. The fresh issue proceeds are mainly intended for the new Bachhasar manufacturing facility and repayment of borrowings. Factors relevant to the issue include customer and supplier concentration, regional dependence, raw-material exposure and execution of the proposed capacity expansion.
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Papadmalji Agro Foods IPO FAQs
The IPO of Papadmalji Agro Foods is an SME issue on the NSE, with up to 28,03,200 equity shares to be offered. The price range is ₹69-₹72 per share, and the IPO will run from 29 September 2026 to 1 October 2026.
Investors can apply via the IPO section of their broker or through a bank using ASBA; they should choose Papadmalji Agro Foods, enter the number of lots they wish to buy, and complete the payment mandate if required.
The IPO involves both opportunities and risks: the company offers a range of papad and other food products, has multiple distribution channels, and intends to use the proceeds from the fresh issue to fund capacity expansion and repay debt. Before making an investment decision, investors should also consider customer concentration, supplier dependence, competitive pressures, and execution risks.
GMP is an informal figure that exists in the grey market and does not assure the listing price or the listing return; market conditions will set the final listing price once the shares start trading on the NSE SME platform.
The IPO of Papadmalji Agro Foods will open on 29 September 2026 and close on 1 October 2026.
The lot size is 1,600 shares. The minimum application is 3,200 shares, or two lots, requiring ₹2,30,400 at the upper price band of ₹72 per share.
Open the IPO section of your broker or ASBA-enabled bank account, select Papadmalji Agro Foods, choose the required number of lots and submit the application. Complete the UPI mandate if that payment method is used.
The tentative allotment date for the Papadmalji Agro Foods IPO is 5 October 2026.
Papadmalji Agro Foods shares are tentatively scheduled to list on the NSE SME platform on 7 October 2026.
