Q1. What is the business of Papadmalji Agro Foods Limited ?

It manufactures, trades, and retails traditional Bikaneri papads, moongodi, and cereal pellets.

Q2. Why is the company raising funds via IPO?

Papadmalji Agro is raising fuds via IPO to fund a new manufacturing facility, install solar systems, repay debt, and meet working capital requirements.

Q3. What is the size of the issue and where will it list?

The issue size of the IPO includes 28,48,800 equity shares and will list on the NSE SME platform.

Q4. What are the key risks to an investor?

High regional concentration, intense competition from giants like Bikaji, and potential inconsistency in handmade quality scaling.

Q5. What are the potential upsides?

Robust financial growth, white-label manufacturing opportunities, and scaling production through a new Bikaner facility.

Papadmalji Agro Foods Limited

Upcoming

Papadmalji Agro Foods Limited

Market Cap

—

IPO Issue Size

“Up to 28,48,800 Equity Shares”

Expected Price by IPOCorner

—

IPO Score

*Score varies on actual price

Papadmalji Agro Foods Limited, established in 2017 and based in Bikaner, Rajasthan, is a leading manufacturer of traditional and machine-made papads, moongodi, and cereal pellets. The company operates through a unique “Batara-Batari” model, empowering local women artisans to produce authentic handmade goods while integrating automated technology for scalability and hygiene across brands like “Zhakaas” and “Papadmalji.” In late December 2025, the company filed a Draft Red Herring Prospectus (DRHP) for an SME IPO on the NSE.

Papadmalji Agro Foods Limited has filed DRHP for proposed issue consisting of 2,848,800 equity shares, comprising a Fresh Issue of 2,574,000 shares and an Offer for Sale (OFS) of 274,800 shares.

Papadmalji Agro Foods Limited was incorporated on December 19, 2017.Papadmalji Agro Foods Limited was incorporated on December 19, 2017 & the company is currently led by Mr. Jai Agarwal.

Papadmalji Agro Foods Limited specializes in traditional Bikaneri snacks. Their core offerings include hand-rolled and machine-made papads (Urad, Moong, and Chana variants), Khichiya (rice papads), Moongodi (lentil nuggets), Cereal Pellets, and Papad Choori, marketed under brands like Zhakaas and Papadmalji.As of June 30, 2025, Papadmalji Agro Foods Limited has a distribution network of 68 distributors and 25 wholesalers. This network services 5,965 retail outlets across 20 states and 2 Union Territories in India, supplemented by a presence in quick commerce and exports to the Middle East.

"Up to 28,48,800 Equity Shares"

Fresh Issue

Up to 25,74,000

Offer for Sale

Up to 2,74,800 Equity Shares

Year	2025
Networth	₹ 10.92 Cr
Revenue	₹ 31.75 Cr
EBITDA	₹ 5.98 Cr
PAT	₹ 4.72 Cr
EBITDA Margin	~18.84%
PAT Margin	~14.88%
Face Value	N/A

IPO Important Dates

#	Date
Open Date	TBA
Close Date	TBA
Anchor Investor Bidding	TBA
Allotment Date	TBA
Refunds& Demat Credit	TBA
Tentative Listing Date	TBA

Use Of Proceeds

Purpose	Amount
Working capital requirement	~ ₹ 2.81 Cr
Repayment or Prepayment of Borrowing	~ ₹ 8.60 Cr
Capital expenditure	~ ₹ 8.13 Cr
-	-
-	-
General Corporate Purpose	Balance

Financial Data

#	2023	2024	2025
Revenue (₹ Cr)	₹ 25.0	₹ 26.3	₹ 31.8
PAT (₹ Cr)	₹ 0.3	₹ 2.1	₹ 4.7
Asset (₹ Cr)	₹ 14.1	₹ 20.1	₹ 25.1
Net Worth (₹ Cr)	₹ 4.1	₹ 6.2	₹ 10.9

IPO Grey Market Premium

Date	IPO Price	IPO GMP	Profit Per Lot
23-Aug	₹ –	₹ –	₹ –
22-Aug	₹ –	₹ –	₹ –
21-Aug	₹ –	₹ –	₹ –
20-Aug	₹ –	₹ –	₹ –
19-Aug	₹ –	₹ –	₹ –

Pros

Traditional Heritage: Leverages Bikaner’s culinary legacy and handmade techniques to offer authentic, high-quality traditional Indian snacks.
Strong Growth: Demonstrates impressive financial momentum with a significant revenue increase and high year-on-year growth.
Social Impact: Empowers local rural women through a home-based “Batara-Batari” employment model for rolling papads.
Diverse Portfolio: Offers a wide variety of brands including Zhakaas and Vishal, catering to different market segments.
Modern Distribution: Successfully expanded presence through modern trade, D2C platforms, and quick commerce like Blinkit and Zepto.

Cons

High Competition: Faces intense pressure from established giants like Haldiram’s and Bikaji in the crowded snack market.
Regional Concentration: Operations and brand recognition remain heavily concentrated in Rajasthan, limiting its immediate national footprint.
Scalability Challenges: Maintaining consistent handmade quality becomes increasingly difficult as the company attempts to scale production rapidly.
Limited Public Data: As a relatively new public limited company, detailed long-term historical financial transparency is limited.
High Operational Debt: Recent financial reports indicate a reliance on borrowings to fuel its aggressive expansion strategy.

Promoters – Pre offer equity (Approx)

Promoters	% Shares
Jai Agarawal	52.79%
Premlata Agarwal	8.18%
--	-
-	-
-	-
-	-

Lot Size details

Application Type	Lot Size	No. of Lot	No. of Shares	Investment Amount
Retail (Min)	–	1	–	₹ –
Retail (Max)	–	13	–	₹ –
HNI (Min)	–	14	–	₹ –
HNI (Max)	–	66	–	₹ –
Big HNI (Min)	–	67	–	₹ –

Key Performance Index (KPI)

ROE	00
ROCE	00
RoNW	00

Lead / Book Running Lead Managers

Kreo Capital Private Limited

Registrar (RTA)

MAS Services Limited.

Q1. What is the business of Papadmalji Agro Foods Limited ?
It manufactures, trades, and retails traditional Bikaneri papads, moongodi, and cereal pellets.
Q2. Why is the company raising funds via IPO?
Papadmalji Agro is raising fuds via IPO to fund a new manufacturing facility, install solar systems, repay debt, and meet working capital requirements.
Q3. What is the size of the issue and where will it list?
The issue size of the IPO includes 28,48,800 equity shares and will list on the NSE SME platform.
Q4. What are the key risks to an investor?
High regional concentration, intense competition from giants like Bikaji, and potential inconsistency in handmade quality scaling.
Q5. What are the potential upsides?
Robust financial growth, white-label manufacturing opportunities, and scaling production through a new Bikaner facility.