SME
IPO ·
NSE Emerge
Papadmalji Agro Foods Ltd
Listed
Bikaner maker of papads and related snacks sold through general, modern and quick-commerce channels.
Issue details
Price band
₹69 – ₹72
Face value
₹10
Lot size
1,600 shares
Minimum investment
₹2,30,400
Issue size
₹20.18 Cr
Fresh issue
₹18.52 Cr
Offer for sale
₹1.66 Cr
Issue type
Book Built
Exchange
NSE Emerge
Key dates
Opens
29 Sep 2026
Closes
1 Oct 2026
UPI mandate cut-off
5:00 PM on 1 Oct 2026
Allotment
5 Oct 2026
Refunds
6 Oct 2026
Shares in demat
6 Oct 2026
Listing
7 Oct 2026
Subscription and listing
Subscription
2.54x
Listing price
₹72.30
Registrar
MAS Services Ltd
Lead manager
Kreo Capital Pvt Ltd
Subscription by category
QIB (Ex Anchor)
86.85x
NII *
1.32x
bNII (> ₹10L)
1.66x
sNII (< ₹10L)
0.64x
Individual Investor
1.59x
Total
2.54x
Total applications
958
Listing day
Issue price
₹72
Open
₹72.30
High
₹72.30
Low
₹68.70
Day close
₹68.75
Listing gain at open
+0.42%
Issue structure
Shares reserved per category and share of the total issue
QIB
32,000
1.14%
NII
7,87,200
28.08%
bNII > ₹10L
5,23,200
18.66%
sNII < ₹10L
2,64,000
9.42%
Retail
18,40,000
65.64%
Market Maker
1,44,000
5.14%
Total
28,03,200
100.00%
Finaccle’s quick read
Neutral
ROE of 38.51%, debt/equity of 0.62 and post-issue P/E of 12.97 look sound, but FY26 income grew only about 6% and PAT about 10% after a jump from ₹2.11 Cr in FY24.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Papadmalji Agro Foods makes papads and related products, including hand-made, machine-made, ready-to-fry and rice papads and moongodi, at two FSSAI-licensed units in Bikaner, Rajasthan. It sells under brands such as Zhakaas, Vishal and Rozana, does white-label manufacturing, and reaches 21 states and 3 UTs through general trade, modern trade, quick commerce and D2C channels. It had 118 employees and total income of about ₹33.5 Cr in FY26.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
38.51%
ROCE
46.47%
Debt / equity
0.62
PAT margin
15.54%
P/E post issue
12.97
Market cap
₹67.63 Cr
Use of IPO money
Capex for new facility at Bachhasar, Bikaner
₹7.90 Cr
Repayment/prepayment of bank borrowings
₹5.80 Cr
General corporate purposes
₹2.69 Cr
Issue expenses
₹2.32 Cr
Strengths
✓
Multiple regional papad brands with wide distribution
✓
Healthy PAT margin of 15.54%
✓
Low post-issue P/E of 12.97
✓
Proceeds fund new capacity and debt repayment
Risks to watch
!
Revenue grew only about 6% in FY26
!
PAT more than doubled between FY24 and FY25
!
Small revenue base of about ₹33.5 Cr
!
Promoter holding falls to 44.28% post-issue
!
Competitive, low-entry-barrier packaged food category
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.