| Price | 69 to 72 |
|---|---|
| GMP Rumors | ₹0 |
| Lot size | 1600 |
| Issue size | ₹20.18 Cr |
| Allotment | 05-10-2026 |
| Refund | 06-10-2026 |
| Listing | 07-10-2026 |
| Stars |
★☆☆☆☆ |
| ISIN | INE1V7901010 |
| Allotment Status | MASS |
| Video |  |
NSE List Price : ₹72.30
| Category | Times |
|---|---|
| QIBs | 86.85x |
| HNIs | 1.5x |
| Retail | 1.59x |
| Total : 2.59x | |
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3,200 | ₹230,400 |
| Retail Maximum | 3 | 4,800 | ₹345,600 |
| B - HNI Minimum | 9 | 14,400 | ₹1,036,800 |
company engaged in the in-house manufacturing of hand-made and machine-made papads, ready-to-fry papads, rice papads, vrat-special papads and moongodi. The company also undertakes white-label manufacturing of handmade papads and trades in cereal pellets.
Business Model: The company combines traditional handmade production with semi-automated and automated manufacturing processes. Its products are sold through General Trade, Modern Trade, Quick Commerce, D2C and export channels.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹25.00 | ₹24.76 | ₹0.25 | ₹26.86 |
| 2024 | ₹26.29 | ₹24.16 | ₹2.11 | ₹25.05 |
| 2025 | ₹31.76 | ₹27.04 | ₹4.72 | ₹20.07 |
| June 2025 | ₹8.10 | ₹6.04 | ₹1.81 | ₹14.10 |
Jai Agarwal
Premlata Agarwal
Aanya Agarwal
Strong Distribution Network: The company had 76 distributors and 30 wholesalers as of March 31, 2026, together covering 8,710 retail outlets across multiple states.
Multi-Channel Presence: Products are sold through General Trade, Modern Trade, Quick Commerce, D2C and export channels. As of March 31, 2026, the company was associated with seven modern-trade channels, one quick-commerce platform and one merchant exporter serving six Middle Eastern countries.
Diversified Product Portfolio: The company offers handmade and machine-made papads, ready-to-fry papads, rice papads, vrat-special papads, cereal pellets and moongodi.
Multi-Brand Portfolio: The company operates under five brands — Zhakaas, Vishal, Rozana, Diamond and Papadmalji — across different product categories and sales channels.
Traditional + Automated Manufacturing: Machine-made papads use semi-automated and automated processes covering dough preparation, sheeting, rolling, cutting, drying and packaging, while handmade products are produced through a network of nine Bataras.
Improved Financial Performance: Revenue increased from 26.27 crore in FY24 to 31.75 crore in FY25 and 33.53 crore in FY26. PAT increased from 2.11 crore to 4.72 crore and 5.21 crore over the same period.
Customer Concentration: The top 10 customers contributed 45.94% of revenue in FY26, creating dependence on a limited customer base.
Supplier Concentration: The top 10 suppliers accounted for 61.02% of total purchases in FY26. The company does not have long-term supply agreements with these suppliers.
Product Concentration: Handmade and machine-made papads together contributed 69.19% of revenue in FY26, while rice papads contributed another 24.09%.
Geographical Concentration: The company's manufacturing units are concentrated in Bikaner, Rajasthan, exposing operations to regional climatic, infrastructure and transportation-related disruptions.
Cash Flow Risk: The company reported negative operating cash flow of 2.75 crore in FY24, followed by positive operating cash flow of 2.42 crore in FY25 and 0.56 crore in FY26.
Debt Risk: Outstanding financial indebtedness stood at 13.79 crore as of August 31, 2026.
Contingent Liabilities: Contingent liabilities stood at 2.77 crore as of March 31, 2026.
Regulatory & Expansion Risk: The company requires various registrations, licences and statutory approvals for its operations and proposed capacity expansion. Delays or failure in obtaining approvals could affect the expansion schedule.
New Manufacturing Facility: Approximately 7.90 crore is proposed for construction, mechanical and electrical works, plant and machinery and installation of a 250 kW rooftop solar power system for the proposed facility at Bachhasar, Bikaner.
Debt Repayment / Prepayment: Approximately 5.80 crore is proposed for repayment or prepayment, in full or in part, of borrowings availed from banks.
General Corporate Purposes: The balance portion of the fresh-issue proceeds is proposed to be used for general corporate purposes, subject to the limits specified in the offer document.
Papadmalji Agro Foods Ltd. Address
Opp. Manav Bharti School
Garsisar
Bikaner, Rajasthan, 334001
Phone: +91 7300071153
E-Mail: cs@papadmalji.com
Website: https://www.papadmalji.com
https://www.masserv.com/opt.asp
Mas Services Limited T - 34, 2nd Floor Okhla Industrial Area, Phase - II New Delhi - 110 020