Overview
Updated 9 days agoPapadmalji Agro Foods Limited is an ISO 22000:2018 certified company based in Bikaner, Rajasthan, engaged in the manufacturing of various types of papads and moongodi. The company operates through both in-house manufacturing and a decentralized Batara-Batari model, and also engages in the trading of cereal pellets.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,15,200 |
| bNII (min) | 9 | 14,400 | ₹10,36,800 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 3 Nov, 10:00 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | NSE |
| Segment | SME |
| Sector | Consumer Food |
| Price band | ₹69–72 |
| Final issue price | ₹72.00 |
| Face value | ₹10 per share |
| Lot size | 1,600 shares |
| Minimum investment | ₹1,15,200 |
| Issue size | ₹20.00 Cr |
| P/E at upper band | 10.4x |
| Registrar | MAS Services Limited |
| Lead managers | Kreo Capital Private Limited |
| NSE symbol | PAPADMALJI |
| ISIN | INE1V7901010 |
Shareholder quota and promoter holding
Company & business
Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified enterprise engaged in the in-house manufacturing of Hand-Made Papads, Machine-Made Papads, Rice Papads (Khichiya), Vrat Special Papads, and Moongodi. In addition to in-house manufacturing, the company undertakes white label manufacturing of Handmade Papads for clients, allowing them to market products under their own brand names. The company also trades in Cereal Pellets. The company's operations are supported by a multi-channel distribution network, including general trade, modern trade, quick commerce, and a direct-to-consumer platform, as well as exports to select Middle Eastern countries through merchant exporters.
Objects of the issue — how the money will be used
- Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery and installation of Rooftop Solar for setting up a new manufacturing facility at Bachhasar, Bikaner (₹7.82 Cr)
- Installation of Rooftop Solar at existing Garsisar Unit, Bikaner (₹0.31 Cr)
- Funding incremental working capital requirements of our Company (₹2.81 Cr)
- Repayment or prepayment, in full or in part, of borrowings availed by our Company from banks (₹8.6 Cr)
- General Corporate Purposes
Key strengths
- Organised player in Papad Industry
- Widespread and established sales and distribution & wholesale network
- Well-equipped manufacturing infrastructure
- Diversified product portfolio in papad segment catering to diverse tastes and preferences
- Purity, Health & Wellness focus over mass production
- Maintaining a strong and engaging social media presence on Instagram and Facebook
- Stringent quality and food safety procedures
- Empowering women
- Experienced Promoters with proven track record
Key risks
- Business is dependent on a limited number of customers
- Business depends on a limited number of suppliers for raw materials
- Requires various registrations, licenses and permits from government and regulatory authorities
- Proposed capacity expansion is subject to obtaining various statutory approvals
- Historical corporate records and filings have certain discrepancies or have been filed with a delay
- Revenue is primarily derived from the sale of papad products
- Papad industry is fragmented and highly competitive
- Product sales are heavily concentrated in a few core markets, particularly Rajasthan, Haryana, and Assam
Promoters
Mr. Jai Agarwal, Mrs. Premlata Agarwal
Decoded from the DRHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY23 | 24.99 | -- | 0.25 | 14.10 | 4.10 | 6.51 |
| FY24 | 26.27 | -- | 2.11 | 20.07 | 6.20 | 10.28 |
| FY25 | 31.75 | -- | 4.72 | 25.05 | 10.93 | 8.97 |
Key performance indicators · FY25
Peers & valuation
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Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.