Papadmalji Agro FoodsIPO Review — Financials, Valuation & Peers
A data-only look at the Papadmalji Agro Foods IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 26.29 | 2.11 | 3.31 | 6.2 | 20.07 | 10.28 | — |
| FY 2025 | 31.76 | 4.72 | 5.98 | 10.93 | 25.05 | 8.97 | — |
| FY 2026 | 33.54 | 5.21 | 8.44 | 16.14 | 33.5 | 9.99 | 7.64 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 9.42x
- P/E (post-issue)
- 12.97x
- RoNW
- 32.29%
- RoE
- 38.51%
- RoCE
- 46.47%
- Debt / Equity
- 0.62
- EPS (pre-issue)
- ₹7.64
- EPS (post-issue)
- ₹5.55
- EBITDA Margin
- 25.16%
- PAT Margin
- 15.54%
- P/BV
- 3.04x
- NAV / share
- ₹23.67
- Market Cap
- ₹67.63 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Promoters & Shareholding
Promoters: <p>Jai Agarwal, Premlata Agarwal, Aanya Agarwal</p>
- Holding (pre-issue)
- 60.98%
- Holding (post-issue)
- 44.28%
- Dilution
- 16.7%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Papadmalji Agro Foods operates at an EBITDA margin of 25.16% and a net (PAT) margin of 15.54% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 46.47% and a return on equity (RoE) of 38.51%. At the upper band, the post-issue market capitalisation works out to about ₹67.63 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- What is the reservation split in the Papadmalji Agro Foods IPO?
- Of the total shares offered, retail investors get 69.19%, QIBs 1.2%, non-institutional investors 29.6%.
- Who are the promoters of Papadmalji Agro Foods and what is their holding?
- The promoters are <p>Jai Agarwal, Premlata Agarwal, Aanya Agarwal</p>. Promoter holding is 60.98% before the issue and 44.28% after listing.
- What is the P/E ratio of the Papadmalji Agro Foods IPO?
- At the upper price band, the Papadmalji Agro Foods IPO is valued at 9.42× pre-issue earnings and 12.97× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Papadmalji Agro Foods IPO?
- The net proceeds go 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, among 3 disclosed objects.