Papadmalji Agro Foods IPO

The Papadmalji Agro Foods SME IPO runs from 29 Sept 2026 to 1 Oct 2026, offered at a price band of ₹69–72 per share, and is set to list on NSE. The company is looking to raise ₹20.18 crore through the offer. Retail investors bid in lots of 1600 shares, a minimum application of ₹2,30,400.

Issue structure

The offer combines a fresh issue of ₹17.49 crore with an offer for sale (OFS) of ₹1.66 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward 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 (₹7.9 crore), alongside repayment or prepayment, in full or in part, of borrowings availed by the company from banks (₹5.8 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Papadmalji Agro Foods reported revenue of ₹33.54 crore and a net profit of ₹5.21 crore. Revenue grew from ₹26.29 crore in FY2024 to ₹33.54 crore in FY2026 (+28.0%). Net worth stood at ₹16.14 crore at the end of FY2026. At the upper band, that puts the issue at roughly 9.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 12.97× post-issue earnings and 3.04× book value, against a return on net worth of 32.29% and a debt-to-equity ratio of 0.62. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>Jai Agarwal, Premlata Agarwal, Aanya Agarwal</p>. Promoter holding stands at 60.98% before the issue and comes down to 44.28% after listing.

Grey market premium (GMP)

In the unofficial grey market, Papadmalji Agro Foods shares are quoted at a premium of ₹0 implying an expected listing around ₹72, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Papadmalji Agro Foods IPO was subscribed 2.54 times overall. The strongest demand came from qualified institutional buyers (QIB) at 86.85 times, with non-institutional investors (NII) at 1.32× and retail investors at 1.59×.

Listing performance

Papadmalji Agro Foods listed on 7 Oct 2026 at ₹72.3, a premium of +0.4% over the issue price of ₹72.

What to weigh

When evaluating the Papadmalji Agro Foods IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Papadmalji Agro Foods

Papadmalji Agro Foods Ltd is engaged in the processing and manufacturing of agro-based food products, focusing on quality-driven production, sourcing raw agricultural inputs, and delivering packaged food items to consumers. The company offers services including food processing, grading, packaging, storage, and supply of agricultural and processed food products, catering to wholesalers, retailers, and institutional buyers across regional markets. Papadmalji Agro Foods Ltd emphasizes hygiene, consistent quality, and efficient distribution, supporting farmers and food supply chains while meeting regulatory standards and growing demand for processed and value-added agro food products. In addition to in-house manufacturing, they also undertake white label manufacturing of Handmade Papads for clients, wherein products are produced by the Company and marketed by clients under their respective brand names and packaging, tailored to their target market. As of June 30, 2025, the distribution network comprises 68 distributors and 25 wholesalers, collectively servicing 5,965 retail outlets in the general trade channel through distributors and wholesalers. Competitive Strengths: They are amongst the few organized players exclusively in the papad segment leveraging strategically located manufacturing facilities. Extensive and well-established sale and distribution network Multi Channel Presence Wide Range of Products with diverse variants Purity, Health &amp; Wellness Focus