Papadmalji Agro Foods SME IPO Opens Today: ₹20.18 Cr Issue Details
Bikaner-based Papadmalji Agro Foods launches its ₹20.18 crore SME IPO today. Check price band, issue size, and key financial highlights here.
The Bikaner-based organized papad manufacturer, Papadmalji Agro Foods Limited, has officially opened its SME Initial Public Offering (IPO) for subscription today. The company, known for its diverse range of handmade and machine-made papads, is seeking to raise ₹20.18 crore through this public issue.
Investors can participate in the bidding process starting today, with the issue scheduled to close on October 1, 2026. The equity shares are slated to be listed on the NSE Emerge platform.
IPO Structure and Price Band
The company has set a price band of ₹69 to ₹72 per share. The total issue comprises 28,03,200 equity shares with a face value of ₹10 each. The offering is divided into two main components:
- Fresh Issue: Up to 25,72,800 new equity shares.
- Offer for Sale (OFS): Up to 2,30,400 equity shares by the India Customer Insight Fund.
Kreo Capital Pvt. Ltd. is serving as the Book Running Lead Manager for the issue, while MAS Services Ltd. is the Registrar.
Strong Financial Growth and Investor Backing
Papadmalji Agro Foods has demonstrated significant financial momentum. For the fiscal year ending March 31, 2026, the company reported a revenue of ₹33.53 crore and an EBITDA of ₹8.44 crore, resulting in a Profit After Tax (PAT) of ₹5.21 crore.
The company's growth trajectory is particularly notable; revenue climbed from ₹24.99 crore in FY23 to ₹33.53 crore in FY26. Even more impressive is the PAT, which expanded more than 20 times during the same period, driven by operational efficiencies and strategic marketing.
The company carries the support of seasoned investors through the India Customer Insight Fund (a SEBI-registered AIF), including prominent names such as KLB Capital Advisors LLP (Mr. Kishore Biyani), Mr. Akash Manek Bhansali, ADIC Diversified Investment Fund, Ageless Capital & Finance Pvt. Ltd., Mr. Haresh Chawla, and Mr. Santosh Desai.
Utilization of Funds and Expansion Plans
The net proceeds from the fresh issue are earmarked for strategic growth and debt management. Key objectives include:
- Setting up a new manufacturing facility at Bachhasar, Bikaner.
- Investing in building construction, plant machinery, and a 250 kW rooftop solar system.
- Repayment or prepayment of existing bank borrowings.
Brand Portfolio and Market Presence
Operating under brands like Vishal, Rozana, and Zhakaas, the company offers a wide variety of products, including rice papads (Khichiya), vrat special products, moongodi, and ready-to-fry items. Their production model uniquely blends traditional methods with automation.
A standout feature of their operations is the “Batara-Batari” model. This approach employs skilled women (Bataris) who produce papads from their homes under the supervision of Batara supervisors, promoting women's empowerment and flexible employment.
Distribution and Global Reach
Papadmalji Agro Foods has established a robust pan-India presence through multiple channels:
- General Trade: Servicing 8,710 retail outlets via 76 distributors and 30 wholesalers.
- Modern Trade: Partnerships with major retailers including Reliance Retail, DMart, Walmart, and Lulu Hypermarket.
- Quick-Commerce & D2C: Availability on Swiggy Instamart and their own e-commerce platform, papadmalji.com.
Beyond Indian borders, the company has expanded into Middle Eastern markets, including the UAE, Bahrain, Oman, Qatar, Kuwait, and Saudi Arabia, through merchant exporter Masala King Exports Trading Pvt. Ltd.