Minerva Capital Research Solutions

Papadmalji Agro Foods

ListedListed 7 Oct 2026NSE SMENSE: PAPADMALJI-SMCheck allotment
Current price₹ 43−40.28% since issue
Listing day+0.42%
Issue price
₹ 72
Issue size
₹ 20.18 Cr.
Min. investment
₹ 1,15,200
Listing price
₹ 72.3
Subscribed
2.46x
Lot size
1,600 shares
P/E
12.97
RoNW
32.29%
RoCE
46.47%
Debt / Equity
0.62
PAT margin
15.54%
EBITDA margin
25.16%
RoE
38.51%
EPS
₹ 5.55
NAV
₹ 23.67
Promoter stake
44.28%

About

Papadmalji Agro Foods Ltd was started in 2017. It processes and manufactures agro-based food products, sourcing agricultural raw material and turning it into packaged food. Its work covers food processing, grading, packaging, storage and supply of agricultural and processed food products to wholesalers, retailers and institutional buyers in regional markets. Alongside selling under its own name, it makes handmade papads on a white label basis, meaning it produces the papads and the client sells them under its own brand and packaging. As on 30 June 2025 its distribution network comprised 68 distributors. The company is using the issue money to set up a new manufacturing facility, including a 250 kW rooftop solar system.

Timeline

  1. Opens
    29 Sep
    done
  2. Closes
    1 Oct
    done
  3. Allotment
    5 Oct
    done
  4. Refunds
    6 Oct
    done
  5. Demat credit
    6 Oct
    done
  6. Listing
    7 Oct
    done

Subscription

How many times each investor group bid for its share, as of 07 Oct 2026, 05:27 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,600₹ 1,15,200
Retail (Max)11,600₹ 1,15,200
HNI (Min)23,200₹ 2,30,400

Company overview

Financials

Financials by year
Assets33.525.0520.07
Total Income33.5431.7626.29
Profit After Tax5.214.722.11
EBITDA8.445.983.31
NET Worth16.1410.936.2
Reserves and Surplus9.3210.175.45
Total Borrowing9.998.9710.28

Strengths

  • Profit has grown every year, from Rs 2.11 crore in FY2024 to Rs 4.72 crore in FY2025 and Rs 5.21 crore in FY2026.
  • Sales have grown from Rs 26.29 crore in FY2024 to Rs 31.76 crore in FY2025 and Rs 33.54 crore in FY2026.
  • EBITDA has more than doubled in two years, from Rs 3.31 crore in FY2024 to Rs 8.44 crore in FY2026, an EBITDA margin of 25.16%.
  • The margin is good for food processing, with a PAT margin of 15.54%.
  • Return ratios are strong, with RoCE of 46.47% and RoNW of 32.29%.
  • The issue is priced at about 12.97 times post issue earnings on an EPS of Rs 5.55, and 9.42 times on a pre issue EPS of Rs 7.64.
  • Net worth has grown from Rs 6.20 crore in FY2024 to Rs 16.14 crore in FY2026.
  • White label manufacturing for other brands gives steady volume without the company having to spend on its own brand.
  • Of the Rs 20.18 crore issue, Rs 7.82 crore goes into a new plant at Bachhasar in Bikaner with a 250 kW rooftop solar system and Rs 0.31 crore into solar at the existing Garsisar unit, which adds capacity and cuts power cost.

Risks

  • The assets row in the published table has been restated. FY2024 and FY2025 were earlier shown as Rs 25.05 crore and Rs 20.07 crore and now read the other way round, at Rs 20.07 crore and Rs 25.05 crore, with FY2026 at Rs 33.50 crore. The direction of this line has reversed, so it should be read against the offer document.
  • The reserves row also does not fit the rest of the table. Reserves and surplus fall from Rs 10.17 crore in FY2025 to Rs 9.32 crore in FY2026 while net worth rises from Rs 10.93 crore to Rs 16.14 crore.
  • Rs 8.60 crore of the Rs 20.18 crore issue repays bank borrowings, so a large part of the money refinances the past rather than adding capacity.
  • Borrowing is Rs 9.99 crore against a net worth of Rs 16.14 crore, a debt to equity ratio of 0.62, and it has barely come down from Rs 10.28 crore in FY2024.
  • Promoter holding is low on both sides of the issue, at 60.98% before and 44.28% after, so the promoters end up with well under half the company.
  • Papad making is a crowded, low entry barrier business with many small and large competitors.
  • White label customers own the brand and can move production to another maker on price.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • This is an SME issue. One lot is 1,600 shares, which is about Rs 1.15 lakh at the upper band of Rs 72, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding the capital expenditure towards construction of building, mechanical and electrical works and procurement of plant and machinery and installation of 250 kW Rooftop Solar Power System for setting up a new manufacturing facility at Bachhasar, Bikaner7.82
Installation of 125 kW Rooftop Solar Power System at existing Garsisar Unit, Bikaner0.31
Funding incremental working capital requirements of the Company2.81
Repayment or prepayment, in full or in part, of borrowings availed by the Company from banks8.6
General Corporate Purposes—

Promoters

  • Jai Agarwal
  • Premlata Agarwal
  • Aanya Agarwal
Promoter holding60.98%→44.28%before → after the issue · down 16.7 points

Registrar, lead managers and documents

Listing on
NSE SME
Face value
₹ 10 a share
Registrar
Mas Services Limited
Basis of allotment
Open

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Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.