Papadmalji Agro Foods Ltd IPO

FMCG

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Price Band

₹69 – ₹72

Lot Size

1600

Minimum Bid Quantity

3200

Minimum Investment

₹230400

Issue Size

₹20.18Cr

Opens

2026-09-29

Closes

2026-10-01

Listing

07-10-2026

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

ISIN

INE1V7901010

Pre-Apply Available

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Papadmalji Agro Foods is a food products company headquartered in Bikaner, Rajasthan, engaged in the in-house manufacturing of hand-made and machine-made papads, ready-to-fry papads, rice papads (khichiya), vrat-special papads, and moongodi. The company also undertakes white-label manufacturing of hand-made papads for clients, who sell the products under their own brands and packaging. In addition, it trades in cereal pellets under its own brand. Its manufacturing facilities use semi-automated and automated machinery for dough preparation, sheeting, rolling, cutting, drying, and packaging. The company operates under five brands: Zhakaas, Vishal, Rozana, Diamond, and Papadmalji, covering different product categories and distribution channels. Its products are sold through general trade, modern trade, quick commerce platforms, and its direct-to-consumer website. Exports are done through an independent merchant exporter, which handles exports to select Middle Eastern countries.

Pros

• The company had 76 distributors and 30 wholesalers as of March 31, 2026, covering 8,710 retail outlets across multiple states. Its distributor network covered 7,470 outlets, while wholesalers covered another 1,240 outlets across regions including Rajasthan, Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, and others.
• The company sells its products through multiple channels, including general trade, modern trade, quick commerce, its direct-to-consumer platform, and a merchant exporter. As of March 31, 2026, it was associated with seven modern trade channels, one quick commerce platform, and one merchant exporter serving the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
• The company has a broad product portfolio covering different types of papads and related food products. Its offerings include handmade and machine-made papads, ready-to-fry papads, rice papads, vrat-special papads, cereal pellets, and moongodi, with multiple variants under each category.

Cons

• The company is dependent on a limited number of customers, with its top 10 customers contributing Rs 15.41 crore (45.94%), Rs 21.99 crore (69.25%), and Rs 18.30 crore (69.65%) of revenue from operations in FY26, FY25, and FY24, respectively. Any loss, reduction, delay, or cancellation of orders from key customers could adversely affect the company’s revenue, cash flows, working capital cycle, and financial condition.
• The company depends on a limited number of suppliers for its raw materials, with its top 10 suppliers accounting for Rs 13.76 crore (61.02%), Rs 11.66 crore (54.29%), and Rs 14.58 crore (67.44%) of total purchases in FY26, FY25, and FY24, respectively. The company does not have long-term supply agreements with these suppliers and purchases key raw materials based on prevailing market prices and demand. Any disruption in supply or increase in raw material prices could affect its production volumes, cost structure, profitability, and financial performance.
• The company’s manufacturing units are concentrated in Bikaner, Rajasthan, exposing its operations to risks specific to the region. Extreme climatic conditions, water scarcity, natural disasters, infrastructure failures, transportation disruptions, regulatory changes, or socio-political disturbances in the area could disrupt production, delay deliveries, increase operating costs, and adversely affect the company’s business and financial condition.

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