The Bikaner-based papad manufacturer Papadmalji Agro Foods
Limited’s ₹20.18 crore SME IPO opens today, with the issue priced in the band
of ₹69–72 per share
Bikaner, September 29, 2026: Papadmalji Agro Foods
Limited, a Bikaner-based organised papad manufacturer, has opened its SME
Initial Public Offering (IPO) for subscription today. The issue will close on
October 1, 2026, with the equity shares proposed to be listed on the NSE Emerge
platform.
As per the issue structure, the IPO comprises a total issue
size of 28,03,200 equity shares of face value of Rs. 10 each. The IPO comprises
a fresh issue of up to 25,72,800 equity shares and an Offer for Sale (OFS) of
up to 2,30,400 equity shares by India Customer Insight Fund. The price band has
been fixed at Rs. 69 to Rs. 72 per share. Kreo Capital Pvt. Ltd. is the Book
Running Lead Manager to the issue, while MAS Services Ltd. is acting as the
Registrar to the Issue.
For the financial year ended March 31, 2026, Papadmalji Agro
Foods Limited reported revenue of Rs. 33.53 crore and EBITDA of Rs. 8.44 crore,
with a PAT of Rs. 5.21 crore. The company’s revenue increased from Rs. 24.99
crore in FY23 to Rs. 33.53 crore in FY26, while PAT expanded more than 20 times
during the same period based on their marketing strategies and operational
efficiency.
Papadmalji Agro Foods Limited has the backing of private
equity investment from India Customer Insight Fund, a SEBI-registered
Alternative Investment Fund (AIF), backed by seasoned investors including KLB
Capital Advisors LLP (Mr. Kishore Biyani), Mr. Akash Manek Bhansali, ADIC
Diversified Investment Fund, Ageless Capital & Finance Pvt. Ltd., Mr.
Haresh Chawla and Mr. Santosh Desai.
The net proceeds from the fresh issue will be utilised
towards setting up a new manufacturing facility at Bachhasar, Bikaner,
including building construction, plant and machinery and a 250 kW rooftop solar
system; and repayment or prepayment of bank borrowings.
Papadmalji Agro Foods Limited has built a brand portfolio
focusing on Vishal, Rozana, and Zhakaas, covering handmade and machine-made
papads, rice papads or Khichiya, vrat special products, moongodi and
ready-to-fry products.
The company operates two strategically located manufacturing
facilities in Bikaner. Its Gharsisar unit is certified under ISO 22000:2018 and
is equipped with facilities for material handling, automated rolling and drying
lines and packaging operations. The company’s second facility, commissioned in
2022, manufactures Rice Papad (Khichiya).
Papadmalji Agro Foods combines traditional hand-rolling
practices with semi-automated and automated manufacturing processes. Its
hand-rolled papad production follows a “Batara-Batari” model, under which
Batara supervisors oversee teams of skilled women, or Bataris, who undertake
production from their homes, encouraging women empowerment. The company
currently has established Bataras supervising skilled women through this
home-based employment model, supporting flexible employment while continuing
traditional papad-making practices.
The company has established a pan-India distribution network
across general trade, modern trade, quick-commerce and direct-to-consumer
channels. As of March 31, 2026, it serviced 8,710 retail outlets through 76
distributors and 30 wholesalers in the general trade channel, in addition to
its modern trade presence. Its modern trade partners include Reliance Retail,
DMart, Walmart, Lulu Hypermarket, LOTS Wholesale, Aadhar Supermarket and Galaxy
Cloud Kitchens.
The company’s products are also listed on Swiggy Instamart
for quick-commerce delivery, while its own e-commerce storefront,
papadmalji.com, serves customers across India.
Papadmalji Agro Foods Limited has also established an
overseas presence, with its products available in select Middle Eastern
markets, including the UAE, Bahrain, Oman, Qatar, Kuwait and Saudi Arabia,
through merchant exporter Masala King Exports Trading Pvt. Ltd. The company
also undertakes few white-label manufacturing for client brands with overseas
availability in select Middle Eastern markets.
About Papadmalji Agro Foods Limited
Papadmalji Agro Foods Limited is a Bikaner, Rajasthan-based
food company engaged in the in-house manufacturing of handmade papads,
machine-made papads, machine-made ready-to-fry papads, rice papads (Khichiya),
vrat special papads and moongodi. The Company also undertakes white-label
manufacturing of handmade papads for clients, wherein products are manufactured
by the Company and marketed under clients’ respective brand names and
packaging.
The Company traces its origins to 2012, when Jai Agarwal
founded Vishal Nankeen Bhandar in Bikaner to manufacture and sell handmade
papads using traditional methods. The Papadmalji brand was registered as a
device mark in 2017 and Papadmalji Agro Foods Private Limited was incorporated
in December 2017. The Company converted into a public limited company in
January 2025.
Papadmalji Agro Foods operates five brands — Vishal, Rozana,
Papadmalji, Diamond and Zhakaas — spanning handmade and machine-made papads,
rice papads, vrat special products, moongodi and ready-to-fry products. The Company
combines traditional hand-rolling practices with semi-automated and automated
manufacturing processes and has a network of women artisans engaged in
hand-rolling papads.
The Company's products are distributed through general
trade, modern trade, quick-commerce and direct-to-consumer channels, with
availability in select Middle Eastern markets through an independent merchant
exporter.
Registered Office:
Opposite Manav Bharti School, Rani Bazar Industrial Area Road, Gharsisar,
Bikaner – 334001, Rajasthan, India
Website: www.papadmalji.com