Papadmalji Agro Foods IPO Date & Timeline
Tentative schedule from the RHP.
Papadmalji Agro Foods IPO Subscription Status
From NSE + BSE bid data, excluding the anchor portion.
Day-wise subscription
| Day | QIB | bHNI | sHNI | NII total | Individual | Total |
|---|---|---|---|---|---|---|
| Shares offered | 32,000 | 5,23,200 | 2,64,000 | 7,87,200 | 18,40,000 | 26,59,200 |
| Day 1 · Sep 29 | 86.85× | 0.00× | 0.02× | 0.01× | 0.51× | 1.40× |
| Day 2 · Sep 30 | 86.85× | 0.41× | 0.15× | 0.32× | 0.80× | 1.70× |
| Day 3 · Oct 1 | 86.85× | 1.66× | 0.64× | 1.32× | 1.59× | 2.54× |
Papadmalji Agro Foods IPO Details
Checked against the RHP and cross-checked on NSE and BSE.
| IPO date | Sep 29 – Oct 1, 2026 |
| Price band | ₹69 – 72 per share |
| Face value | ₹10 per share |
| Lot size | 1,600 shares |
| Total issue size | 28,03,200 shares ₹20.18 Cr |
| Fresh issue | 25,72,800 shares ₹18.52 Cr |
| Offer for sale | 2,30,400 shares ₹1.66 Cr |
| Issue type | Book Built · SME |
| Listing at | NSE SME |
| Market cap | ≈ ₹67.63 Cr |
| Promoter holding | 60.98% → 44.28% |
| Lead manager | Kreo Capital Pvt. Ltd. |
| Market maker | Giriraj Stock Broking Pvt. Ltd. |
| Registrar | MAS Services Ltd. |
Offer documents
Papadmalji Agro Foods IPO Lot Size
Minimum and maximum bids by investor type at the upper band of ₹72.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual (min) | 2 | 3,200 | ₹2,30,400 |
| Individual (max) | 2 | 3,200 | ₹2,30,400 |
| sHNI (min) | 3 | 4,800 | ₹3,45,600 |
| sHNI (max) | 8 | 12,800 | ₹9,21,600 |
| bHNI (min) | 9 | 14,400 | ₹10,36,800 |
Papadmalji Agro Foods IPO Reservation
Shares set aside for each category, and the maximum number of applicants who can get an allotment.
| Category | Shares offered | % of issue | Max. allottees |
|---|---|---|---|
| Market maker | 1,44,000 | 5.1% | — |
| QIB | 32,000 | 1.1% | — |
| NII (HNI) | 7,87,200 | 28.1% | — |
| ↳ bHNI (>₹10L) | 5,23,200 | 18.7% | 109 |
| ↳ sHNI (₹2–10L) | 2,64,000 | 9.4% | 55 |
| Individual investors | 18,40,000 | 65.6% | 575 |
| Total | 28,03,200 | 100% |
Papadmalji Agro Foods Financials (FY24 – FY26)
Restated consolidated figures from the RHP, ₹ crore. Years end March 31.
Financial statement
| ₹ Cr | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Revenue | 26.29 | 31.76 | 33.54 | +5.6% |
| EBITDA | 3.31 | 5.98 | 8.44 | +41.1% |
| Profit after tax | 2.11 | 4.72 | 5.21 | +10.4% |
| Total assets | 20.07 | 25.05 | 33.50 | +33.7% |
| Net worth | 6.20 | 10.93 | 16.14 | +47.7% |
| Reserves & surplus | 5.45 | 10.17 | 9.32 | −8.4% |
| Total borrowing | 10.28 | 8.97 | 9.99 | +11.4% |
Papadmalji Agro Foods IPO Valuation
At the upper band of ₹72.
About Papadmalji Agro Foods
Business profile from the RHP.
- 2017Incorporated · Bikaner, Rajasthan
- 2FSSAI-licensed plants in Bikaner
- 21 + 3States + union territories served (Mar 31, 2026)
- 118Employees
Promoters & holding
Jai Agarwal, Premlata Agarwal, Aanya Agarwal
Objects of the issue
Papadmalji Agro Foods IPO Review: Should You Apply?
Our 100-point score, and both sides of the case.
Our view: Profit has more than doubled since FY24, returns on equity are high (~32–39%) and the ~13× post-issue P/E is modest. Against that, revenue growth slowed to ~6% in FY26, debt is meaningful, promoters drop below 50% after the issue and sources disagree on how the IPO money is split.
- Profit rose from ₹2.1 Cr (FY24) to ₹5.2 Cr (FY26), with EBITDA margin widening to ~25%.
- Strong returns for a small company: RoNW ~32%, RoCE ~46%.
- Valued at ~13× post-issue earnings and ~3× book, which is not stretched for this level of profitability.
- Established papad brands (Zhakaas, Rozana) sold across 21 states and 3 union territories from two licensed plants.
- A new Bikaner facility funded by the IPO could add capacity, while debt repayment should lower interest costs.
- Top-line growth slowed to ~6% in FY26 after ~21% in FY25; profit growth also moderated.
- Borrowings of ~₹10 Cr against ₹16.1 Cr net worth (D/E ~0.62), and borrowings rose again in FY26.
- Promoter holding falls to ~44% after the issue, and sources disagree on the split of IPO proceeds (one set of figures adds up to more than the ₹18.5 Cr fresh issue); not verified against the RHP.
- Single-product, regionally concentrated maker exposed to pulse/flour price swings and competition from larger snack brands and local players.
- Executing a new plant brings cost-overrun and delay risk for a company of this size.
- SME listing on NSE Emerge: thin trading and wide price swings, and applications need at least 2 lots (₹2.30 lakh).
Papadmalji Agro Foods Listing Performance Updates after Oct 7
We close the loop: issue vs listing price, and whether our call was right.
Papadmalji Agro Foods IPO Allotment Status & Contact Details
Allotment is expected on Oct 5. Check it with your PAN or application number.
MAS Services Ltd.
- Phone
- 011-26387281/82
- ipo@masserv.com
- Website
- www.masserv.com
Papadmalji Agro Foods Ltd.
- Address
- Opp. Manav Bharti School, Garsisar, Bikaner, Rajasthan 334001
- Phone
- +91 7300071153
- cs@papadmalji.com
- Website
- papadmalji.com
Papadmalji Agro Foods IPO FAQs
GMP, price, lot size, dates, allotment and how to apply.
What is Papadmalji Agro Foods IPO?
Papadmalji Agro Foods IPO is a ₹20.18 Cr SME book built issue made up of a fresh issue of ₹18.52 Cr and an offer for sale of ₹1.66 Cr. The shares will list on NSE SME.
What is the price band of Papadmalji Agro Foods IPO?
The price band is ₹69 – ₹72 per equity share of face value ₹10.
What is the lot size of Papadmalji Agro Foods IPO?
The minimum lot is 1,600 shares. Individual investors must apply for exactly 2 lots (3,200 shares).
What is the minimum investment for Papadmalji Agro Foods IPO?
The minimum individual investment is ₹2,30,400 (3,200 shares at ₹72).
When does Papadmalji Agro Foods IPO open and close?
The IPO opens on Sep 29, 2026 and closes on Oct 1, 2026.
What is the allotment date of Papadmalji Agro Foods IPO?
The basis of allotment is expected on Oct 5, 2026. Refunds and demat credit are expected on Oct 6, 2026.
When will Papadmalji Agro Foods IPO be listed?
The tentative listing date is Oct 7, 2026 on NSE SME.
What is Papadmalji Agro Foods IPO subscription status?
At close (Oct 1 · 5:57 PM IST), the issue was subscribed 2.54× overall — QIB 86.85×, bHNI 1.66×, sHNI 0.64×, Individual 1.59×.
What is the P/E ratio and valuation of Papadmalji Agro Foods IPO?
At the upper band, the P/E is 9.4× pre-issue and 13.0× post-issue, with a market cap of about ₹67.63 Cr.
Should I apply for Papadmalji Agro Foods IPO?
IPOSignal's view is Proceed with Caution · Cheap, but Slowing & Leveraged (61/100). Profit has more than doubled since FY24, returns on equity are high (~32–39%) and the ~13× post-issue P/E is modest. Against that, revenue growth slowed to ~6% in FY26, debt is meaningful, promoters drop below 50% after the issue and sources disagree on how the IPO money is split. This is research, not investment advice.
How to check Papadmalji Agro Foods IPO allotment status?
After Oct 5, check on the registrar MAS Services Ltd.'s site (www.masserv.com/opt.asp), or on the BSE / NSE allotment pages, using your PAN or application number.
Who is the registrar and lead manager of Papadmalji Agro Foods IPO?
The registrar is MAS Services Ltd.. The book-running lead manager is Kreo Capital Pvt. Ltd.. The market maker is Giriraj Stock Broking Pvt. Ltd..