Papadmalji Agro Foods IPO

SME • NSE SME • Fresh capital cum OFS

LISTEDSMENSE SME

Papadmalji Agro Foods

Price band

₹69 – ₹72

Lot size

1600 shares

Min investment

₹1,15,200

Issue size

₹20.18 Cr

About the company

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 Ltd processes and packages agro-based food products, with a focus on handmade papads, which it also makes on a white label basis for other brands. It supplies wholesalers, retailers and institutional buyers through a network of 68 distributors.

IPO details

Issue price: ₹72
Price band: ₹69 – ₹72
Face value: ₹10
Lot size: 1600
Min investment: ₹1,15,200
Issue size: ₹20.18 Cr
Sale type: Fresh capital cum OFS
Listing on: NSE SME
BSE scrip code: PAPADMALJI
NSE symbol: PAPADMALJI-SM.NS

Lot size & investment by category

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

Investor reservation

CATEGORY	RESERVED
QIB	32,000 shares (1.20% of the Offer)
NII	7,87,200 shares (29.60% of the Offer)
Retail	18,40,000 shares (69.19% of the Offer)

Objects of the issue

1Funding 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, Bikaner7.82

2Installation of 125 kW Rooftop Solar Power System at existing Garsisar Unit, Bikaner0.31

3Funding incremental working capital requirements of the Company2.81

4Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks8.60

5General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	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 performance indicators

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.

Promoters & holding

Jai Agarwal, Premlata Agarwal and Aanya Agarwal

Pre-issue promoter holding

60.98%

Post-issue promoter holding

44.28%

Promoters hold 60.98% before the issue and will hold 44.28% after it.

Data refreshed 07 Nov 2026, 04:49 pm IST. GMP is unofficial market sentiment, not investment advice.