Papadmalji Agro Foods Ltd
PAPADMALJI Papadmalji Agro Foods Ltd
NSE IPO
Bidding dates29 Sep 2026 - 01 Oct 2026
Price range₹69 - ₹72
Min. investment₹2,30,400
Issue size20.18 Cr
Lot size1600 Shares
IPO DocRHP
IPO Timeline
Start date
29 Sep 2026
End date
01 Oct 2026
Allotment date
05 Oct 2026
Refund initiation
06 Oct 2026
Share credit
06 Oct 2026
Deactivate mandate
07 Oct 2026
About company
Incorporated in December 2017, Papadmalji Agro Foods Limited is engaged in the manufacturing and marketing of papads and related food products. The Company manufactures a range of products including hand-made papads, machine-made papads, machine-made ready-to-fry papads, rice papads (Khichiya), vrat-special papads and moongodi. It also undertakes white-label manufacturing of hand-made papads for clients and trades in cereal pellets under its own brand. The Company combines traditional hand-made production with semi-automated and automated machinery for dough preparation, sheeting, rolling, cutting, drying and packaging. Its products are marketed under the brands Zhakaas, Vishal, Rozana, Diamond and Papadmalji, catering to different product categories, consumer segments and distribution channels.
The Company operates through two FSSAI-licensed manufacturing units in Bikaner, Rajasthan, with its Gharsisar unit also certified under ISO 22000:2018. Hand-made papads are produced through the Batara–Batari model, under which contractors supervise women workers engaged in home-based hand rolling. The Company sources key raw materials such as urad dal, moong dal, spices and edible oils primarily from domestic markets in Rajasthan. Its products are distributed through general trade, modern trade, quick-commerce platforms and its direct-to-consumer website.
The Company has established a pan-India distribution network comprising distributors and wholesalers and had a presence across 21 states and 3 Union Territories as of March 31, 2026. It also supplies products to an independent merchant exporter, through whom its products reach selected Middle Eastern markets. Since 2018, the Company has also been supported by an equity investment from India Customer Insight Fund, a SEBI-registered Alternative Investment Fund.
As of March 31, 2026, the Company had a total workforce of 118 employees across management, finance, production, quality control, sales and marketing, supply chain, maintenance and other functions.
Founded in 2017
Managing director Jai Agarwal
Parent organisation Papadmalji Agro Foods IPO
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Strengths and Risks
Strengths
The company operates under a recognized multi-brand portfolio (Zhakaas, Vishal, Rozana, Diamond, and Papadmalji). Its distribution footprint reaches thousands of retail outlets across multiple states, supported by traditional general trade, modern retail channels, quick-commerce platforms, and direct-to-consumer avenues.
Papadmalji Agro Foods manufactures a wide variety of traditional snack products, including handmade and machine-made papads, rice papads (khichiya), vrat-special items, ready-to-fry cereal pellets, and moongodi, catering to changing consumer preferences.
The business has posted solid financial growth, with revenue from operations rising to ?33.53 crore and Profit After Tax (PAT) expanding to ?5.21 crore. It boasts robust return metrics, including a Return on Net Worth (RoNW) of ~43.23% and healthy operating cash flows.
Risks
A significant share of handmade papad production relies on home-based workers managed through independent contractors (Bataras). Because production occurs outside direct factory oversight, maintaining consistent product quality control and labor compliance presents operational challenges
The papad and traditional snack sector is highly fragmented, featuring low barriers to entry. The company faces stiff competition from unorganized local players as well as organized snack brands on pricing and distribution reach.
Operations are heavily clustered around Rajasthan (Bikaner), exposing the business to regional supply chain bottlenecks, raw material price volatility (such as pulses, flour, and spices), and local weather disruptions.
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