| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 26.27 | 31.75 | 33.53 |
| Expenses | 24.16 | 27.04 | 26.29 |
| Other Income | 0.02 | 0.01 | 0.00 |
| Total Revenue | 26.29 | 31.76 | 33.54 |
| Profit Before Tax | 2.13 | 4.72 | 7.24 |
| Net Profit | 2.11 | 4.72 | 5.21 |
Papadmalji Agro Foods
Papadmalji Agro Foods IPO
₹2,20,800
0.79 xOver-subscribedBidding Dates 29 Sept, 26 -01 Oct, 26
Min Investment ₹2,20,800
Lot Size1,600
Price Range ₹69 – ₹72
Issue Size ₹20.18 Cr.
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IPO Subscription Details
Retail Subscription Details
0.27 x
Non-Institutional Buyers (sHNI)
0.02 x
Non-Institutional Buyers (bHNI)
0 x
Qualified Institutional Buyers (QIB)
49.95 x
Total0.79 x
0.79 x IPO Timeline
IPO Offer Start
29 Sept,26
IPO Offer Ends
01 Oct,26
Allotment Finalisation
05 Oct,26
Refund Initiation
06 Oct,26
Listing of Shares
07 Oct,26
IPO Analysis
Strengths
The company operates a broad distribution network comprising 76 distributors and 30 wholesalers, collectively servicing 8,710 retail outlets across 12 states and 1 Union Territory, ensuring consistent product availability across urban, semi-urban, and rural areas.
The company has established a diversified multi-channel presence spanning general trade, modern trade (7 channels), quick commerce, a direct-to-consumer platform (www.papadmalji.com), and a merchant exporter serving UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
The company offers an extensive portfolio including handmade papads, machine-made papads, rice papads (khichiya), vrat special papads, moongodi, and cereal pellets across multiple pack sizes, catering to diverse consumer segments and available in 21 states and 3 Union Territories.
Risks
The company derives a significant portion of revenue from a concentrated customer base, with the top 10 customers contributing 40.53%, 69.25%, and 69.65% of total revenue from operations for FY2026, FY2025, and FY2024, respectively. Loss of any key customer, payment defaults, or reduction in order volumes could materially and adversely affect the company's revenue, cash flows, and financial condition.
The company sources key raw materials without long-term supply agreements, with the top 10 suppliers accounting for 61.75%, 54.29%, and 67.44% of total purchases for FY2026, FY2025, and FY2024, respectively. Any supply disruption, price fluctuation, or supplier failure could adversely affect production schedules, cost structure, and profitability.
A substantial portion of revenue is derived from brands 'Vishal,' 'Zhakaas,' and 'Rozana,' and the product portfolio is heavily concentrated in papad products contributing over 93% of total revenue. Any decline in brand perception, shift in consumer preferences, or increased competition from alternative snacks could materially impact sales volumes and financial performance.
Objectives
The company intends to fund capital expenditure towards construction of building, mechanical and electrical works, procurement of plant and machinery, and installation of a rooftop solar power system for setting up a new manufacturing facility at Bachhasar, Bikaner, covering civil construction, machinery, and solar infrastructure.
The company proposes to utilize a portion of the net proceeds towards repayment or prepayment, in full or in part, of secured borrowings availed from banks, aimed at reducing existing debt, maintaining a favorable debt-equity ratio, and freeing internal accruals for business growth.
The company intends to deploy the balance net proceeds towards general corporate purposes including strategic initiatives, funding growth opportunities, strengthening marketing and brand building, meeting ongoing contingencies, and capital expenditure for expansion or renovation of assets.
The Offer for Sale allows the Investor Selling Shareholder, India Customer Insight Fund, to sell equity shares held by it; the company will not receive any proceeds from this portion of the offer.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 20.07 | 25.05 | 33.50 |
| Current Assets | 16.16 | 21.29 | 29.38 |
| Fixed Assets | 3.91 | 3.76 | 4.12 |
| Total Equity & Liabilities | 20.07 | 25.05 | 33.50 |
| Total Liabilities | 13.86 | 14.12 | 17.36 |
| Current Liabilities | 10.93 | 12.36 | 16.25 |
| Non Current Liabilities | 2.93 | 1.77 | 1.11 |
| Total Equity | 6.20 | 10.93 | 16.14 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 0.02 | -0.02 | 0.02 |
| Investing Activities | -0.15 | -0.21 | -0.76 |
| Operating Activities | -2.75 | 2.42 | 0.56 |
| Financing Activities | 2.92 | -2.23 | 0.22 |
About Papadmalji Agro Foods
Papadmalji Agro Foods Limited, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified company engaged in the in-house manufacturing of handmade papads, machine-made papads, rice papads (khichiya), vrat special papads, and moongodi, along with white label manufacturing and trading of cereal pellets. The company operates under five brands — Zhakaas,...more
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Managing DirectorJai Agarwal
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