Papadmalji Agro
What they do: Papadmalji Agro Foods Limited manufactures various types of papads and engages in white-label manufacturing, allowing it to optimize production capacity and maintain demand.
By IPO Milega Research · Published
Analysis score 7 +1.5 for 86.85x QIB subscription
Papadmalji Agro Foods Limited shows strong revenue growth and profitability, with a significant increase in revenue and net profit over the past three years.
- GMP (unofficial)
- +0%
- ₹0 a share
- Subscribed
- 2.54x
- Total
- Retail odds
- 63%
- 1 in 1.6
GMP is an unofficial grey market indication.
- Price band
- ₹69-72
- Lot size
- 3200 shares
- Min. investment
- ₹2,30,400
- Issue size
- 18.52 Cr.
- Open29 Sept 2026
- Close1 Oct 2026
- Allotment5 Oct 2026
- Listing7 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 86.85x
- NII
- 1.32x
- Retail
- 1.59x
₹72 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance8.0
- Flexibility8.0
- Timing8.0
- Risk4.0
The Grey Market Premium (GMP) is neutral at 0.00%, indicating no expected premium on listing. Despite strong financial performance and growth potential, the lack of GMP suggests market participants do not anticipate immediate listing gains.
Strengths3
- Achieved a significant revenue growth of 20.85% in FY 2024-25.
- Maintained a high net profit margin of 22.30% as of June 30, 2025.
- Successfully diversified revenue streams through white-label manufacturing and trading.
Concerns5
- High customer concentration with top 10 customers contributing 73.09% of revenue.
- Supply chain dependency with 67.16% of raw materials from top 10 suppliers.
- Regulatory compliance risks with potential penalties for delays in licenses.
- Operational risks from equipment failures, labor disputes, and natural calamities.
- Contingent liabilities of ₹276.84 lakhs related to income tax demand.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,30,4002 lots, 3200 shares
- Retail Maximum2,30,4002 lots, 3200 shares
- S-HNI Minimum3,45,6003 lots, 4800 shares
- S-HNI Maximum9,21,6008 lots, 12,800 shares
- B-HNI Minimum10,36,8009 lots, 14,400 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 3200 | 2,30,400 |
| Retail Maximum | 2 | 3200 | 2,30,400 |
| S-HNI Minimum | 3 | 4800 | 3,45,600 |
| S-HNI Maximum | 8 | 12,800 | 9,21,600 |
| B-HNI Minimum | 9 | 14,400 | 10,36,800 |
Timing
8.0/10The timing of the IPO is favorable due to the strong growth prospects of the Indian economy and the food processing sector. The sector's role in GDP and exports, along with government support, enhances the attractiveness of the IPO.
- Time to market
- The IPO is well-timed to capitalize on the growth trajectory of the Indian economy and the food processing sector, which is expected to benefit from government initiatives and increasing demand.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Favourable
- Time to market
- 8.0
- Listing on
- NSE SME
Key milestones
- 29 Sept 2026IPO Opens
- 1 Oct 2026IPO Closes
- 5 Oct 2026Basis of Allotment
- 6 Oct 2026Refunds Initiated
- 6 Oct 2026Credit to Demat Account
- 7 Oct 2026Listing Date
Financials
7.0/10- Revenue
- ₹31.76 Cr
- +20.8%
- Profit after tax
- ₹4.72 Cr
- +123.7%
- Net margin
- 14.9%
- +6.8 pts
- Assets
- ₹20.07 Cr
- -19.9%
- Return on equity
- 43.2%
- Debt to equity
- 0.7
- Current ratio
- 1.1
- Revenue CAGR
- 12.5%
- ROCE
- -%
- Return on net worth
- 43.23%
- NAV per share (₹)
- 16.03
Financial performance trend
Amount ₹ in croresPapadmalji Agro Foods Limited shows strong revenue growth and profitability, with a significant increase in revenue and net profit over the past three years. The company is using IPO proceeds for expansion and debt repayment, indicating strategic growth plans. However, high debt levels and a low current ratio may pose financial risks.
The company has significant borrowings, with plans to use IPO proceeds to repay part of the debt, reducing financial leverage.
Fresh issue goes to the company. OFS goes to the selling shareholders.
India Customer Insight Fund is selling shares in the OFS.
Funds are for expansion, working capital, and debt repayment. OFS allows existing investors to partially exit.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks1
- Operational risks2
- Regulatory risks1
Papadmalji Agro Foods faces high customer concentration, supply chain dependencies, and regulatory compliance risks, with significant operational and financial vulnerabilities.
How the company offsets these
Diversifying customer base and suppliers can reduce concentration risks.
Financial risks2
- Contingent liabilities of ₹276.84 lakhs related to income tax demand.
- Reliance on effective inventory management and working capital for growth.
Market risks1
- High customer concentration with top 10 customers contributing 73.09% of revenue.
Operational risks2
- Supply chain dependency with 67.16% of raw materials from top 10 suppliers.
- Operational risks from equipment failures, labor disputes, and natural calamities.
Regulatory risks1
- Regulatory compliance risks with potential penalties for delays in licenses.
Performance
8.0/10Papadmalji Agro Foods Limited has demonstrated strong financial performance with a significant year-on-year revenue growth of 20.85% and a high net profit margin of 22.30%. The company has effectively diversified its revenue streams through in-house and white-label manufacturing, as well as trading activities. Operationally, it maintains stringent quality control and logistics management, supported by ISO 22000:2018 certification. The company has also shown a commitment to social responsibility by employing a significant percentage of women in its workforce.
- Historical growth
- The company has shown consistent growth in revenue and profitability over the past three years, with revenue increasing from ₹2,499.18 lakhs in FY 2022-23 to ₹3,175.09 lakhs in FY 2024-25., Revenue grew by 20.85% in FY 2024-25, following a 5.12% growth in FY 2023-24.
- Market comparison
- Papadmalji Agro Foods Limited has outperformed many of its peers in the papad manufacturing sector by achieving higher revenue growth and profitability margins. The company's diversified business model and strong operational execution provide a competitive edge.
- Future potential
- The company is expected to continue its growth trajectory, leveraging its diversified revenue streams and strong brand presence.
- Operational consistency
- The combination of traditional and mechanized production methods, along with a diversified product portfolio, has ensured consistent revenue growth and operational stability.
- Experience
- The management team, led by Mr. Jai Agarwal and Mrs. Prem Lata Agarwal, has over a decade of experience in the papad industry.
- Track record
- The management has successfully expanded the business from a sole proprietorship to a limited company with diversified operations.
Key achievements
- 01Achieved a significant revenue growth of 20.85% in FY 2024-25.
- 02Maintained a high net profit margin of 22.30% as of June 30, 2025.
- 03Successfully diversified revenue streams through white-label manufacturing and trading.
Flexibility
8.0/10The company has a well-established multi-channel distribution network, including general trade, modern trade, quick commerce, and direct-to-consumer platforms. This extensive network allows it to reach a broad customer base across India and select international markets, enhancing its market adaptability.
The company exhibits strong financial stability with consistent revenue growth, improving profit margins, and a manageable debt-to-equity ratio. Its financial performance indicates a solid foundation for future growth and adaptability.
Papadmalji Agro Foods has demonstrated operational agility by integrating traditional and modern manufacturing techniques, optimizing production processes, and expanding its product lines. The planned establishment of a new manufacturing unit further underscores its operational flexibility.
Papadmalji Agro Foods Limited demonstrates strong flexibility and adaptability through its diversified product offerings, strategic market presence, and robust financial performance. The company has effectively combined traditional papad-making techniques with modern manufacturing processes, allowing it to cater to a wide range of consumer preferences and expand its market reach both domestically and internationally.
- Product diversification
- The company offers a wide range of products, including handmade and machine-made papads, rice papads, vrat special papads, moongodi, and cereal pellets. This diversification caters to various consumer segments and preferences, enhancing its market position.
- Future adaptability
- The company's strategic initiatives, such as establishing a new manufacturing unit and expanding sales through empanelment with Kendriya Police Kalyan Bhandar, position it well for future adaptability and growth. Its focus on innovation and market expansion supports its potential to adapt to changing market dynamics.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.