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
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
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