Papadmalji Agro Foods SME IPO
Papadmalji Agro Foods IPO — date, price band, lot size & details 2026
Papadmalji Agro Foods listed on 7 Oct 2026 at ₹72.3, 0.4% above the ₹72 issue price.
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.
Stock price
Papadmalji Agro Foods is listed — here is the live share price.
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 10 October.
- 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 · 9
- 01Profit has grown every year, from Rs 2.11 crore in FY2024 to Rs 4.72 crore in FY2025 and Rs 5.21 crore in FY2026.
- 02Sales have grown from Rs 26.29 crore in FY2024 to Rs 31.76 crore in FY2025 and Rs 33.54 crore in FY2026.
- 03EBITDA has more than doubled in two years, from Rs 3.31 crore in FY2024 to Rs 8.44 crore in FY2026, an EBITDA margin of 25.16%.
- 04The margin is good for food processing, with a PAT margin of 15.54%.
- 05Return ratios are strong, with RoCE of 46.47% and RoNW of 32.29%.
- 06The issue is priced at about 12.97 times post issue earnings on an EPS of Rs 5.55, and 9.42 times on a pre issue EPS of Rs 7.64.
- 07Net worth has grown from Rs 6.20 crore in FY2024 to Rs 16.14 crore in FY2026.
- 08White label manufacturing for other brands gives steady volume without the company having to spend on its own brand.
- 09Of the Rs 20.18 crore issue, Rs 7.82 crore goes into a new plant at Bachhasar in Bikaner with a 250 kW rooftop solar system and Rs 0.31 crore into solar at the existing Garsisar unit, which adds capacity and cuts power cost.
Risks · 9
- 01The assets row in the published table has been restated. FY2024 and FY2025 were earlier shown as Rs 25.05 crore and Rs 20.07 crore and now read the other way round, at Rs 20.07 crore and Rs 25.05 crore, with FY2026 at Rs 33.50 crore. The direction of this line has reversed, so it should be read against the offer document.
- 02The reserves row also does not fit the rest of the table. Reserves and surplus fall from Rs 10.17 crore in FY2025 to Rs 9.32 crore in FY2026 while net worth rises from Rs 10.93 crore to Rs 16.14 crore.
- 03Rs 8.60 crore of the Rs 20.18 crore issue repays bank borrowings, so a large part of the money refinances the past rather than adding capacity.
- 04Borrowing is Rs 9.99 crore against a net worth of Rs 16.14 crore, a debt to equity ratio of 0.62, and it has barely come down from Rs 10.28 crore in FY2024.
- 05Promoter holding is low on both sides of the issue, at 60.98% before and 44.28% after, so the promoters end up with well under half the company.
- 06Papad making is a crowded, low entry barrier business with many small and large competitors.
- 07White label customers own the brand and can move production to another maker on price.
- 08This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- 09This 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 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 33.50 | 25.05 | 20.07 |
| Total Income | 33.54 | 31.76 | 26.29 |
| Profit After Tax | 5.21 | 4.72 | 2.11 |
| EBITDA | 8.44 | 5.98 | 3.31 |
| NET Worth | 16.14 | 10.93 | 6.20 |
| Reserves and Surplus | 9.32 | 10.17 | 5.45 |
| Total Borrowing | 9.99 | 8.97 | 10.28 |
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 (₹) | ₹7.64 | ₹5.55 |
| P/E Ratio (x) | 9.42 | 12.97 |
| Market Cap at Offer Price (₹ Cr) | ₹49.10 | ₹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.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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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.
Every number here traces back to a filing.
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.
