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Papadmalji Agro Foods SME IPO Review

Papadmalji Agro Foods SME IPO has been reviewed by 1 analyst, and the overall consensus is May Apply — carrying a score of 60. Out of the 1 analysts who have covered this IPO, 0 recommend subscribing while 1 advises caution or avoidance — reflecting a mixed view from the analyst community.

The issue is priced in the band of ₹69-72 per share, with a minimum application size of 1600 shares (minimum investment of approximately ₹115,200 at the upper band). Subscription ran from 29 Sep 2026 to 01 Oct 2026. The issue size is ₹20 crore, a mix of fresh issue and offer for sale. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
60/ 100
May Apply 0 of 1 recommend subscribing
How analysts voted
May apply 1
Not rated 1

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

Papadmalji Agro Foods makes hand-made and machine-made papads, rice papads and related foods, sold under brands such as Zhakaas, Vishal and Rozana. Coverage is thin at one note, which gave no rating. The note stresses operating EBITDA margin rising from 12.58% in FY24 to 25.16% in FY26, with a PAT margin of 15.54% in FY26.

Listing gains

At the upper band of ₹72 the note values the ₹20.18 crore issue at 12.97 times post-issue earnings and 3.04 times book, and calls this a moderate valuation. It describes the papad segment as fragmented and competitive. One source is a limited basis for a listing view, but the moderate valuation it describes points to a moderate listing.

Short-term strategy

Proceeds fund a semi-automated plant at Bikaner with a rooftop solar system, and repay bank borrowings, which stood at ₹8.97 crore in March 2025. The note expects the new plant to cut energy costs and support margins. It also flags heavy working capital needs for inventory and receivables. With no rating, its near-term view rests on execution of the plant.

Long-term strategy

The note credits improving efficiency and plans to consolidate rice papad production. Its risks are that revenue depends on older brands while the direct-to-consumer brand is still small, raw materials are bought on the spot market, and hand-made papads, about 41% of FY26 revenue, come from home-based contractors. The long-term case depends on scaling the new brand and keeping quality consistent.

How this is written: an AI-assisted summary of the 2 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

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Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

Analyst Verdict Report
Not Rated PDF
May Apply PDF

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Frequently asked

Should I apply for Papadmalji Agro Foods SME IPO?

The analyst consensus for Papadmalji Agro Foods SME IPO tracked on this page is May Apply, with a score of 60/100. Out of 1 analyst who have reviewed this IPO, 0 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 60 mean for Papadmalji Agro Foods SME IPO?

The score of 60 is an aggregate of all analyst ratings tracked for Papadmalji Agro Foods SME IPO. A score in this range reflects mixed views — some analysts are positive while others are cautious. Read the individual analyst verdicts above for more context.

What was the actual listing price of Papadmalji Agro Foods SME IPO?

Papadmalji Agro Foods SME IPO listed on October 7, 2026 at ₹72.3, against the issue price of ₹72 — a gain of +0.42% (₹0.3 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of Papadmalji Agro Foods SME IPO?

Papadmalji Agro Foods SME IPO was priced at ₹69-72 per share. The minimum lot size is 1600 shares, making the minimum investment approximately ₹115,200 at the upper end of the price band. Subscription ran from 29 Sep 2026 to 01 Oct 2026.

Explore Papadmalji Agro Foods SME IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

Papadmalji Agro Foods SME IPO review

A verdict is an opinion, not a guarantee.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
May Apply
Score
60 / 100
Listed at
₹72.3
Full IPO details
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