Papadmalji Agro Foods IPO: Allotment Status, GMP, Listing Date and Review
Bikaner-based maker of hand-made and machine-made papads, khichiya and moongodi under brands like Zhakaas and Vishal, sold in 21 states.
A profitable Bikaner food brand at about 13 times earnings, but slowing growth, low promoter holding and lukewarm retail demand.
Our own view, not investment advice.
Subscription by category
Final subscription, 1 Oct 2026, 5:55 PM
Key numbers
FY26, restated
| Revenue | ₹33.54 cr |
| Net profit | ₹5.21 cr |
| EBITDA margin | 25.2% |
| Reach | 21 states, 3 UTs |
| Debt to equity | 0.62 |
| P/E post-issue | 13.0x |
IPO timeline
2 Oct was a holiday, so allotment is due on Monday 5 Oct, refunds and demat credits on 6 Oct, and listing on Wednesday 7 Oct.
Bikaner is India’s papad capital, and Papadmalji Agro Foods is one of its branded makers. It sells hand-made and machine-made papads, rice khichiya and moongodi under five brands across 21 states. Its ₹20.18 crore NSE SME issue was subscribed 2.54 times.
Because 2 October was a holiday, allotment is due on Monday 5 October and shares list on 7 October. The grey market premium is flat at zero.
Papadmalji Agro Foods IPO at a glance
| Detail | Papadmalji Agro Foods IPO |
|---|---|
| Issue size | ₹20.18 crore (₹18.52 crore fresh + ₹1.66 crore OFS) |
| Issue price | ₹72 per share (face value ₹10) |
| Lot size | 1,600 shares |
| Individual investor minimum | 2 lots, 3,200 shares (₹2,30,400) |
| Quota | Retail 65.64%, NII 28.08%, QIB 1.20% |
| Anchor round | None |
| Bidding dates | 29 Sep to 1 Oct 2026 |
| Allotment | 5 Oct 2026 (expected) |
| Refund and demat credit | 6 Oct 2026 |
| Listing | 7 Oct 2026 on NSE SME |
| Market cap | About ₹67.63 crore post-issue |
| Promoter holding | 60.98% before, 44.28% after |
| Lead manager | Kreo Capital |
| Registrar | MAS Services |
| Market maker | Giriraj Stock Broking |
Retail investors were offered almost two-thirds of the issue and bid 1.59 times. With 915 retail applications for about 575 two-lot allotments, roughly three in five applicants should receive shares.
What Papadmalji Agro Foods actually does
Papadmalji Agro Foods Ltd was incorporated in December 2017 and is promoted by Jai Agarwal, Premlata Agarwal and Aanya Agarwal. It makes hand-made papads, machine-made papads, ready-to-fry papads, rice papads (khichiya), vrat-special papads and moongodi, and does white-label manufacturing for others. Its brands are Zhakaas, Vishal, Rozana, Diamond and Papadmalji.
Production takes place at two FSSAI-licensed units in Bikaner, one of them ISO 22000 certified. Products are sold through general trade, modern trade, quick-commerce platforms and its own website, across 21 states and three union territories. The company had 118 employees in March 2026.
The IPO funds a new facility at Bachhasar, Bikaner, with a 250 kW solar plant (₹7.90 crore), and bank debt repayment (₹5.80 crore). India Customer Insight Fund is selling ₹1.66 crore of shares through the OFS.
The numbers behind the business
Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 26.29 | 31.76 | 33.54 |
| EBITDA | 3.31 | 5.98 | 8.44 |
| Net profit | 2.11 | 4.72 | 5.21 |
| Net worth | 6.2 | 10.93 | 16.14 |
| Borrowings | 10.28 | 8.97 | 9.99 |
| Total assets | 20.07 | 25.05 | 33.5 |
What these numbers tell us, in plain language:
- Growth is slowing. Revenue rose 21% in FY25 to ₹31.8 crore but only 6% in FY26 to ₹33.5 crore.
- Margins keep improving. EBITDA margin rose from 12.6% in FY24 to 25.2% in FY26, and profit grew from ₹2.1 crore to ₹5.2 crore. That is a high margin for papads, likely helped by branded sales and product mix.
- Debt is moderate. Borrowings were about ₹10 crore, debt to equity 0.62, and ₹5.8 crore of IPO money will repay bank loans.
- Valuation is reasonable. Post-issue P/E is about 13x.
How the subscription ended
| Category | Final (1 Oct) |
|---|---|
| QIB | 86.85x |
| bNII | 1.66x |
| sNII | 0.64x |
| Retail | 1.59x |
| Total | 2.54x |
There was no anchor book. By the close on 1 October, the tiny QIB portion of 32,000 shares was bid 86.85 times, big HNIs 1.66 times, small HNIs 0.64 times and retail 1.59 times, for 2.54 times overall across 958 applications.
The GMP story so far
The grey market premium was flat at ₹0 as of 4 October, pointing to a listing near the ₹72 issue price.
How to check Papadmalji Agro Foods IPO allotment status
- Go to the MAS Services IPO allotment page, or the NSE allotment status page.
- Select Papadmalji Agro Foods from the list of issues.
- Enter your PAN, application number or DP/Client ID.
- Submit to see how many shares you were allotted.
Allotment is expected on Monday 5 October 2026, once the registrar finalises the basis of allotment with the exchange. Refunds and demat credits follow on 6 October, and shares list on NSE SME on 7 October.
The listing outlook
A flat listing around ₹72 looks likely. The company’s real test is whether the new plant reignites revenue growth.
What to weigh before you apply
Low promoter holding
Promoters will own only 44.28% after the issue, and a financial investor is selling part of its stake. Lower promoter ownership means less alignment between founders and minority shareholders.
A crowded snacks shelf
Papads compete with namkeen and snacks from national brands that spend heavily on advertising. Growing beyond regional strongholds needs marketing money that a ₹34 crore company has limited room for.
Strengths and risks
Strengths
- Profit up from ₹2.11 crore to ₹5.21 crore in two years
- EBITDA margin of about 25%
- Five brands sold across 21 states, plus quick-commerce
- Post-issue P/E of about 13x
- IPO funds new capacity and cuts debt
Risks
- Revenue growth slowed to 6% in FY26
- Promoter holding drops to 44.28% after the issue
- Retail subscription of only 1.59 times; GMP flat
- Competition from national snack brands
- Small company with thin trading likely
Scouter verdict: A profitable regional food brand at a fair price, held back by slowing growth and low promoter ownership. A flat listing looks likely. This is our own view, not investment advice.
Your chances of getting an allotment
- Retail investors bid 1.59 times their quota of about 1,150 lots. With 915 retail applications for roughly 575 two-lot allotments, about three in five applicants should receive shares.
- Small HNIs bid only 0.64 times, so all valid sNII applications should be allotted.
What to watch from here
- Allotment on 5 October through MAS Services
- Listing price on 7 October against ₹72
- Progress on the new Bachhasar plant
- Revenue growth in FY27
Papadmalji Agro Foods IPO: frequently asked questions
Allotment is expected on Monday, 5 October 2026. You can check it on the MAS Services website or the NSE allotment page using your PAN or application number.
Shares are due to list on NSE SME on Wednesday, 7 October 2026.
The grey market premium was ₹0 on 4 October 2026, pointing to a listing near the issue price. GMP is unofficial and can change quickly.
It was subscribed 2.54 times overall, with retail at 1.59x and NII at about 1.32x.
Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.
On this page
Key valuation
| P/E (pre-issue) | 9.4x |
| P/E (post-issue) | 13.0x |
| P/B | 3.0x |
| ROE | 38.5% |
| EBITDA margin | 25.2% |
| Debt to equity | 0.62 |
| Anchor money | Nil |
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