Papadmalji Agro Foods IPO
Listed on 7 October 2026 at an issue price of ₹72.00.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 26 October 2026. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹20.18 Cr
- Lot size
- 1,600 shares
- Minimum investment
- ₹1,15,200.00
- Face value
- ₹10.00
- Fresh issue
- ₹17.49 Cr
- Offer for sale
- ₹1.66 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 29 September 2026 to 1 October 2026
Listed on the exchange
Papadmalji Agro Foods priced its issue at ₹72.00 and began trading on 7 October 2026.
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
Bidding opensCompleted
29 September 2026
Bidding closesCompleted
1 October 2026
Basis of allotmentCompleted
5 October 2026
Refunds initiatedCompleted
6 October 2026
Shares credited to DematCompleted
6 October 2026
Listing on the exchangeCompleted
7 October 2026
Issue dates
Grey market premium
No premium was quoted for this issue on any of the 14 days we hold a record for. A blank record is not a premium of zero, and it says nothing about demand either way.
About Papadmalji Agro Foods
Papadmalji Agro Foods Ltd. makes and sells papads and related food products from Bikaner, Rajasthan. The company runs two FSSAI-licensed manufacturing units, one at Gharsisar and one at Bachhasar, and holds ISO 22000:2018 certification at the Gharsisar site. It produces hand-made papads, machine-made papads, ready-to-fry papads, rice papads (Khichiya), vrat-special papads and moongodi, and it also trades in cereal pellets under its own brand. Hand-made papads come through the Batara-Batari model, where contractors supervise women who roll papads at home. The company sells under five brands: Zhakaas, Vishal, Rozana, Diamond and Papadmalji. It also makes hand-made papads on a white-label basis for other firms. Raw materials such as urad dal, moong dal, spices and edible oils come mostly from markets in Rajasthan. Products move through general trade, modern trade, quick-commerce platforms and a direct-to-consumer website. As of March 31, 2026, the network covered 21 states and 3 Union Territories, and as of June 30, 2025, it ran through 68 distributors and 25 wholesalers serving 5,965 retail outlets. An independent merchant exporter carries its goods to selected Middle Eastern markets. The company had 118 employees as of March 31, 2026, and India Customer Insight Fund, a SEBI-registered Alternative Investment Fund, has held an equity stake since 2018.
Promoters
- Jai Agarwal
- Premlata Agarwal
- Aanya Agarwal
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Assets | 20.07 | 25.05 | 33.50 |
| Total Income | 26.29 | 31.76 | 33.54 |
| Profit After Tax | 2.11 | 4.72 | 5.21 |
| EBITDA | 3.31 | 5.98 | 8.44 |
| NET Worth | 6.20 | 10.93 | 16.14 |
| Reserves and Surplus | 5.45 | 10.17 | 9.32 |
| Total Borrowing | 10.28 | 8.97 | 9.99 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Earnings per share | ₹7.64 | Profit after tax divided by the number of shares. |
| P/E at the cap price | 9.42x | Issue price divided by earnings per share. Lower is cheaper, but only against the same industry. |
| P/E after the issue | 12.97x | The same ratio recalculated on the larger post-issue share count. |
| Price to book | 3.04x | Issue price against net assets per share. |
| Net asset value per share | ₹23.67 | What the company owns, less what it owes, per share. |
| Return on equity | 38.51% | Profit earned on shareholders’ money. |
| Return on capital employed | 46.47% | Profit earned on all the capital in the business, including debt. |
| Return on net worth | 32.29% | The offer document’s own name for return on shareholders’ funds. |
| Debt to equity | 0.62x | Borrowings against shareholders’ funds. Higher means more leverage. |
| Profit margin | 15.54% | Profit after tax as a share of income. |
| Operating margin | 25.16% | Operating profit as a share of income, before interest, tax and depreciation. |
| Market capitalisation | ₹67.63 Cr | Value of the company at the issue price. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
What the money is for
Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.
Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery and installation of 250 kW Rooftop Solar Power System for setting up a new manufacturing facility at Bachhasar, Bikaner
₹7.90 Cr
Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks
₹5.80 Cr
General Corporate Purposes
₹2.69 Cr
Issue Expenses
₹2.32 Cr
Who gets what share
SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.
| Category | Share of issue | Amount |
|---|---|---|
| Retail individual investors | 69.19% | ₹13.25 Cr |
| Non-institutional (bids above ₹10 lakh) | 19.68% | ₹3.77 Cr |
| Non-institutional (bids up to ₹10 lakh) | 9.93% | ₹1.90 Cr |
| Qualified institutional buyers | 1.20% | ₹0.23 Cr |
Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.
Questions people ask
One lot is 1,600 shares. The price band is ₹69.00 to ₹72.00, and the block is calculated at the top of it, ₹72.00. That comes to ₹1,15,200.00 held in your bank account until the allotment is finalised. If you are not allotted, the block is released and the money never leaves your account.
Bidding runs from 29 September 2026 to 1 October 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
Retail applications run from 1 lot to 1 lots. The retail category caps an application at ₹2,00,000, so the upper limit is whichever comes first: the lot ceiling or the value ceiling.
We hold the issue price of ₹72.00 and the listing date of 7 October 2026, but our data source does not publish the listing-day open, close or gain, so we cannot state the listing price. The exchange page for this scrip carries the traded price.
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- Papadmalji Agro Foods issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 26 October 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.