Incorporated in December 2017, Papadmalji Agro Foods Limited is engaged in the manufacturing and marketing of papads and related food products. The Company manufactures a range of products including hand-made papads, machine-made papads, machine-made ready-to-fry papads, rice papads (Khichiya), vrat-special papads and moongodi.
It also undertakes white-label manufacturing of hand-made papads for clients and trades in cereal pellets under its own brand. The Company combines traditional hand-made production with semi-automated and automated machinery for dough preparation, sheeting, rolling, cutting, drying and packaging. Its products are marketed under the brands Zhakaas, Vishal, Rozana, Diamond and Papadmalji, catering to different product categories, consumer segments and distribution channels.
The Company operates through two FSSAI-licensed manufacturing units in Bikaner, Rajasthan, with its Gharsisar unit also certified under ISO 22000:2018. Hand-made papads are produced through the Batara–Batari model, under which contractors supervise women workers engaged in home-based hand rolling. The Company sources key raw materials such as urad dal, moong dal, spices and edible oils primarily from domestic markets in Rajasthan. Its products are distributed through general trade, modern trade, quick-commerce platforms and its direct-to-consumer website.
The Company has established a pan-India distribution network comprising distributors and wholesalers and had a presence across 21 states and 3 Union Territories as of March 31, 2026. It also supplies products to an independent merchant exporter, through whom its products reach selected Middle Eastern markets. Since 2018, the Company has also been supported by an equity investment from India Customer Insight Fund, a SEBI-registered Alternative Investment Fund.
As of March 31, 2026, the Company had a total workforce of 118 employees across management, finance, production, quality control, sales and marketing, supply chain, maintenance and other functions.
Competitive Strengths
Papadmalji Agro Foods Ltd.’s revenue increased by 6% and profit after tax (PAT) rose by 10% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 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 |
| Amount in ₹ Crore | |||
Note:-
Operating EBITDA is provided in the financial statements.
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Elfin Agro India Ltd. | SME | ₹25.03 Cr | ₹47 | 13.05 | ₹47.60 | +1.28% | ₹91.70 |
| Shyam Dhani Industries Ltd. | SME | ₹38.49 Cr | ₹70 | 13.19 | ₹139.65 | +99.50% | ₹56.90 |
| Pajson Agro India Ltd. | SME | ₹74.45 Cr | ₹118 | 10.11 | ₹130.20 | +10.34% | ₹219.00 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | 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 |
| 2 | Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks | 5.80 |
| 3 | General Corporate Purposes | |
| Total | 13.70 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 38.51% |
| ROCE | 46.47% |
| Debt/Equity | 0.62 |
| RoNW | 32.29% |
| PAT Margin | 15.54% |
| EBITDA Margin | 25.16% |
| NAV | 23.67 |
| Price to Book Value | 3.04 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 7.64 | 5.55 |
| P/E (x) | 9.42 | 12.97 |
| IPO Date | 29 Sep to 1 Oct, 2026 |
| Listing Date | Wed, Oct 7, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹69 to ₹72 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 28,03,200 shares (agg. up to ₹20 Cr) |
| Reserved for Market Maker | 1,44,000 shares (agg. up to ₹1 Cr) |
| Fresh Issue (Ex Market Maker) | 24,28,800 shares (agg. up to ₹17 Cr) |
| Offer for Sale | 2,30,400 shares of ₹10 (agg. up to ₹2 Cr) |
| Net Offered to Public | 26,59,200 shares (agg. up to ₹19 Cr) |
| Share Holding Pre Issue | 68,19,588 shares |
| Share Holding Post Issue | 93,92,388 shares |
The promoters of the company are Jai Agarwal, Premlata Agarwal and Aanya Agarwal
| Share Holding Pre Issue | 60.98% |
| Share Holding Post Issue | 44.28% |
As per our analysis and Based on the information we have, this is the output.
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