Papadmalji Agro Foods SME IPO
Papadmalji Agro Foods IPO — date, price band, GMP & allotment 2026
Papadmalji Agro Foods Ltd processes and packages agro-based food products, with a focus on handmade papads, which it also makes on a white label basis for other brands. It supplies wholesalers, retailers and institutional buyers through a network of 68 distributors.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 25 September.
- Open 29 Sep 2026
- Close 01 Oct 2026
- Allotment 05 Oct 2026
- Refund/credit 06 Oct 2026
- Listing 07 Oct 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 29 Sep to 1 Oct, 2026 |
|---|---|
| Price Band | ₹69 – ₹72 |
| Face Value | ₹10 |
| Lot Size | 1600 Shares |
| Issue Size | ₹20.18 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | NSE SME |
| Registrar | Mas Services Limited |
| Min Investment | ₹ 2,30,400 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 1600 shares at the ₹72 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 3,200 | ₹2,30,400 |
| Retail (max) | 2 | 3,200 | ₹2,30,400 |
| HNI (min) | 3 | 4,800 | ₹3,45,600 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 7
- 01Profit has grown sharply, from Rs 0.25 crore in FY2023 to Rs 2.11 crore in FY2024 and Rs 4.72 crore in FY2025.
- 02Sales have grown from Rs 25.00 crore in FY2023 to Rs 31.76 crore in FY2025.
- 03The margin is good for food processing, with a PAT margin of 14.88%.
- 04Return ratios are strong, with RoCE of 44.51% and RoNW of 43.23%.
- 05This is among the cheapest issues in the batch, at about 9.36 times earnings on an EPS of Rs 7.69.
- 06White label manufacturing for other brands gives steady volume without the company having to spend on its own brand.
- 07The issue money goes into a new manufacturing facility with rooftop solar, which adds capacity and reduces power cost.
Risks · 8
- 01The financial data is old. The latest period shown ends 30 June 2025 and is only a three month stub, so there is no FY2026 figure for an issue opening in September 2026.
- 02Total assets have been shrinking, from Rs 26.86 crore in FY2023 to Rs 25.05 crore in FY2024, Rs 20.07 crore in FY2025 and Rs 14.10 crore by 30 June 2025.
- 03The post issue promoter holding is not stated, and the pre issue holding is already only 60.98%.
- 04The EBITDA figures are not included in the data available to us.
- 05Papad making is a crowded, low entry barrier business with many small and large competitors.
- 06White label customers own the brand and can move production to another maker on price.
- 07This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders.
- 08This is an SME issue. One lot is 1,600 shares, which is about Rs 1.15 lakh at the upper band of Rs 72, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Papadmalji Agro Foods offer document.
| Metric | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 14.10 | 20.07 | 25.05 | 26.86 |
| Total Income | 8.10 | 31.76 | 26.29 | 25.00 |
| Profit After Tax | 1.81 | 4.72 | 2.11 | 0.25 |
| NET Worth | 12.74 | 10.93 | 6.20 | 4.10 |
| Reserves and Surplus | 11.98 | 10.17 | 5.45 | 3.34 |
| Total Borrowing | 8.93 | 8.97 | 10.28 | 6.51 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Papadmalji Agro Foods RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Papadmalji Agro Foods IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹6.93 | ₹7.69 |
| P/E Ratio (x) | 10.39 | 9.36 |
| Market Cap at Offer Price (₹ Cr) | ₹18.81 | ₹67.63 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹72 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹19.54 Cr of the issue is earmarked to named objects.
About the company
Its work covers food processing, grading, packaging, storage and supply of agricultural and processed food products to wholesalers, retailers and institutional buyers in regional markets.
Alongside selling under its own name, it makes handmade papads on a white label basis, meaning it produces the papads and the client sells them under its own brand and packaging. As on 30 June 2025 its distribution network comprised 68 distributors. The company is using the issue money to set up a new manufacturing facility, including a 250 kW rooftop solar system.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Company contact
Frequently asked
What is the GMP of Papadmalji Agro Foods?
The current Grey Market Premium is ₹0.
What is the Papadmalji Agro Foods IPO price band?
₹69 to ₹72, on a face value of ₹10.
When is the allotment?
The basis of allotment is 5 October 2026, with listing on 7 October 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Mas Services Limited.
Get ready before the book opens.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
