Papadmalji Agro Foods IPO
Papadmalji Agro Foods LtdSME
This IPO opens on 29 Sep 2026.
- Open date
- 29 Sep 2026
- Close date
- 1 Oct 2026
- Min. Investment
- ₹2,30,400
- Lot Size
- -
- Fresh Issue
- ₹18.52 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date29 Sep 2026
- Upcoming: IPO close date1 Oct 2026
- Upcoming: Allotment date5 Oct 2026
- Upcoming: Funds unblock or debit6 Oct 2026
- Upcoming: Tentative listing date7 Oct 2026
About
Promoter shareholding in Papadmalji Agro Foods Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Jai Agarwal | 36,00,000 | 52.79% | 36,00,000 | 38.33% |
| Premlata Agarwal | 5,58,099 | 8.18% | 5,58,099 | 5.94% |
| Aanya Agarwal | 900 | 0.01% | 900 | 0.01% |
| Rama Devi Agarwal | 9 | 0.00% | 9 | 0.00% |
| Rajendra Kumar Agarwal | 9 | 0.00% | 9 | 0.00% |
Papadmalji Agro Foods IPO Strengths & Risks
- Multi-Channel presence and extensive and well-established sale and distribution network.
- Wide Range of Products with distinct variants.
- Purity, Health & Wellness Focus.
- Empowered by Women: A symbol of strength and dedication.
- Experienced Promoters and professional management team.
- Risks Relating to the Business: Our business is dependent on a limited number of customers, and the loss of one or more significant customers may adversely affect our business, results of operations, and financial condition.
- Risks Relating to the Business: Our business depends on a limited number of suppliers for raw materials, we do not have long-term supply agreements with them, and any disruption in supply availability or increase in raw material costs may adversely affect our business operations and financial performance.
- Risks Relating to the Business: Our business depends on an effective and diversified sales and distribution network across multiple channels, and any disruption, inefficiency, or underperformance in one or more channels may adversely affect our business operations and financial performance.
- Risks Relating to the Business: Our business and revenue are significantly dependent on our key brands, particularly "Vishal," "Zhakaas," and "Rozana." Any decline in their market acceptance or brand perception, or the inability to expand our "Papadmalji" brand, may adversely affect our business, results of operations, and financial condition..
- Risks Relating to the Business: Our Company operations requires significant amount of working capital for a continuing growth. Our inability to meet our working capital requirements may adversely affect our results of operations.
- Risks Relating to the Business: Our business requires us to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failure to obtain and renew or non-receipt of them in a timely manner may adversely affect our business operations.
- Risks Relating to the Business: Certain of our historical corporate records and filings have certain discrepancies or have been filed with a delay, which may lead to penal action by the competent regulatory authority.
- Risks Relating to the Business: Our revenue is primarily derived from the sale of papad products, and any decline in demand for papads or shift in consumer preferences may adversely affect our business and financial performance.
- Risks Relating to the Business: Our manufacturing units are located in Bikaner, and concentration of operations in a single geographic region exposes us to location-specific risks.
- Risks Relating to the Business: Our product sales are heavily concentrated in a few core markets, particularly Rajasthan, Haryana, and Assam, and any adverse developments in these regions may materially affect our business and financial performance.
- Risks Relating to the Business: Our sales from General Trade are not supported by formal contracts or a structured order book, and customer orders may be delayed, modified, or cancelled, which may adversely affect our revenue visibility, operational planning, and financial performance.
- Risks Relating to the Business: Our business is exposed to changing consumer preferences, dietary trends, and stringent food safety and regulatory requirements. Any inability to adapt or comply may adversely affect our operations, reputation, and financial performance.
- Risks Relating to the Business: Our dependence on the Batara-Batari modelfor handmade papad production exposes us to operational, quality, and compliance risks that may adversely affect our business and financial performance.
- Risks Relating to the Business: Our inability to manage inventory effectively may adversely affect our business operations, financial condition, and results of operations.
- Risks Relating to the Business: Our Promoter have given personal guarantees as well as their personal property as collateral in relation to certain financing arrangements availed by us from our lenders.
- Risks Relating to the Business: The papad industry is fragmented and highly competitive, which may affect our market share, pricing, and profitability.
- Risks Relating to the Business: Any material litigation or legal proceedings in future can have adverse impact on our business, financial condition, and reputation
- Risks Relating to the Business: Pricing pressure from our competitors may affect our ability to maintain or increase our product prices and, in turn, our revenue from product sales, gross margin and profitability may decline, which may materially and adversely affect our business, cash flows, financial condition and results of operation.
- Risks Relating to the Business: Our inability to expand or effectively manage our sales and marketing network may adversely affect our business operations and financial performance.
- Risks Relating to the Business: Any disruption or slowdown in our manufacturing operations, or under-utilization of our current or future facilities, may adversely affect our business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Adverse climatic conditions in Bikaner and seasonal factors affecting agricultural raw materials may adversely impact our production, procurement efficiency, and financial performance.
- Risks Relating to the Business: We have identified certain discrepancies and instances of non-compliance in our corporate records, specifically in the forms filed with the taxation authorities, and other public entities.
- Risks Relating to the Business: Improper handling, processing, or storage of raw materials or products, or any contamination, whether actual or perceived, may lead to regulatory action and adversely affect our business and reputation.
- Risks Relating to the Business: We rely on third-party transporters for the movement of raw materials and finished goods, and any delay, disruption, or non-performance by them may adversely affect our operations and financial results.
- Risks Relating to the Business: We have not yet placed any orders related to the capital expenditure for the proposed manufacturing unit under the Offer. This includes orders for machinery, shed construction, erection, civil and structural works, electricity installations, and internal fittings. Any delay in commissioning the proposed manufacturing unit or in adhering to the implementation schedule may adversely impact our business, financial condition, and results of operations.
- Risks Relating to the Business: Our Company's reliance on short-term borrowings repayable on demand may expose us to significant liquidity risk and could adversely affect our financial stability.
- Risks Relating to the Business: Our Company has experienced negative cash flows from operating activities in the past. Sustained negative cash flows may adversely impact our business operations, liquidity, and growth prospects.
- Risks Relating to the Business: Our logos and trademarks used in the ordinary course of business are either pending registration or are yet to be registered under the Trade Marks Act, 1999, and failure to obtain or protect such intellectual property rights may adversely affect our brand recognition, goodwill, and business operations.
- Risks Relating to the Business: Any disruption in the supply or increase in the cost of raw materials and packaging materials may adversely affect our business operations, financial condition, and results of operations.
- Risks Relating to the Business: Our manufacturing units and maintenance store are located on rented premises, including premises owned by our Promoter, and any change or discontinuation in these lease arrangements may adversely affect our business operations and financial condition.
- Risks Relating to the Business: Our inability to procure and/or maintain adequate insurance cover in connection with our business may adversely affect our results of operations, cash flows and financial condition.
- Risks Relating to the Business: Our factories are subject to operational risks, and any shutdown or disruption in production may adversely affect our business, cash flows, and financial performance.
- Risks Relating to the Business: Our Promoter Group Entiites / Company Operates in the food processing Industry, Which May give rise to Potential Conflicts of Interest.
- Risks Relating to the Business: Our business is significantly dependent on the continued services and strategic leadership of our Promoters, Mr. Jai Agarwal and Mrs. Prem Lata Agarwal, and any loss of their services may adversely affect our business, operations and financial performance.
- Risks Relating to the Business: Our operations are exposed to contamination and quality control risks, and any actual or perceived contamination may adversely affect our brand reputation, business operations, and financial performance.
- Risks Relating to the Business: Our contingent liabilities and capital commitments as stated in our Restated Financial Information could adversely affect our financial condition.
- Risks Relating to the Business: Our inability to manage inventory effectively may adversely affect our business operations, financial condition, and results of operations.
- Risks Relating to the Business: Any disruption or slowdown in our manufacturing operations, or under-utilization of our current or future facilities, may adversely affect our business, results of operations, financial condition, and cash flows.
- Risks Relating to the Business: Our business is manpower intensive. Our business may be adversely affected by work stoppages, increased wage demands by our employees, or an increase in minimum wages, and if we are unable to engage new employees at commercially attractive terms.
- Risks Relating to the Business: Our operations are increasingly dependent on the reliability and security of our information technology systems, and any disruption, malfunction or security breach could adversely affect our business, financial condition and results of operations.
- Risks Relating to the Business: Our funding requirements and the proposed deployment of the Net Proceeds have not been appraised by any bank, financial institution, or independent agency, and our management will have broad discretion over their utilisation.
- Risks Relating to the Business: Changes in technology may render our current technologies obsolete or require us to make substantial investments.
- Risks Relating to the Business: We will be controlled by our Promoters & Promoter Group so long as they control a majority of our Equity Shares.
- Risks Relating to the Business: As we continue to expand, managing our growth and the increasing complexity of our business may become challenging, potentially harming our brand and financial performance.
- Risks Relating to the Business: We have not commissioned an industry report for the disclosures made in the chapter titled "Industry Overview" and made disclosures on the basis of the data available from the online source.
- Risks Relating to the Business: Our ability to pay dividends in the future may be affected by any material adverse effect on our future earnings, financial condition cash flows, working capital requirements, capital expenditures and restrictive covenants in our financing arrangements.
- Risks Relating to the Business: There is no monitoring agency appointed by Our Company to monitor the utilization of the Offer proceeds.
- Risks Relating to the Business: The average cost of acquisition of Equity Shares held by our Promoters could be lower than the Offer Price.
- Risks Relating to the Business: We are exposed to the risk of delays or non-payment by our clients and other counterparties, which may also result in cash flow mismatches.
- Risks Relating to the Business: We will not receive any proceeds from the Offer for Sale portion.
- Risks Relating to the Business: There are no listed peers operating in our business segment, and the absence of comparable listed companies may limit peer benchmarking and industry comparison.
- Risks Relating to the Business: Majority of directors do not have any prior experience of directorship of any listed entity.
- Risks Relating to the Business: Compliance with listed company requirements may strain our managerial, financial, and operational resources.
- Risks Relating to the Business: Our business operations are dependent on power and fuel, and any disruption in their availability or increase in their cost, along with delays in implementing our proposed solar power project, may adversely affect our business and financial performance.
- Risks Relating to the Business: The Company may not successfully implement its stated business strategies, which may adversely affect its growth prospects, financial condition, and results of operations.
- Risks Relating to the Business: The Company is geographically dependent on a limited number of states for procurement of its raw materials and any disruption in these regions may adversely affect its business, operations and financial performance.
- Risks Relating to the Business: Our reliance on contract manufacturing and trading activities exposes us to operational, quality, and supply chain risks, which may adversely affect our business, results of operations, and financial condition.
- Risks Relating to the Business: Our products are perishable and have limited shelf life, which may result in product losses and adversely affect our business.
- Risks Relating to the Business: Our production and sales volumes are influenced by seasonal demand patterns, particularly during festivals and wedding seasons, which may result in revenue fluctuations.
- Risks Relating to the Business: We face significant competition from alternative packaged snacks, which may adversely impact our sales, margins, and market share.
- Risks Relating to the Business: Our Gharsisar Manufacturing Unit had not obtained Consent to Establish and Consent to Operate from the State Pollution Control Board. However, the unit falls under the White Category of industries, which is exempt from such consents under the applicable regulatory framework. Any change in regulatory interpretation may impact our operations.
- Risks Relating to the Business: The Company is eligible to receive capital subsidy under a government scheme; however, the receipt, quantum and timing of such subsidy are subject to fulfilment of prescribed conditions and approvals, and any delay, reduction or non-receipt may adversely affect our financial position and cash flows.
- Risks Relating to the Business: Our Karni Unit and Gharsisar Unit factory premises and Maintenance Store are occupied under rent agreements in respect of which certain statutory compliance requirements under applicable rent laws are pending, and any non-compliance may have an adverse effect on our business, operations, cash flows and financial condition.
- Risks Relating to the Business: We have experienced relatively high attrition rates, particularly among certain categories of our workforce, which may adversely affect our business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: We engage contract labour for various operational and production activities, and any default by such contractors in complying with applicable labour laws may expose us, as principal employer, to statutory and financial liabilities, which may adversely affect our operations, cash flows and financial condition.
- Risks Relating to the Business: Our profit after taxes (PAT) has significantly increased in recent financial year. If we are unable to sustain or improve or manage our growth rate i.e. profitability, our business operations and financial conditions may be adversely affected.
- Risks Relating to the Business: Our new manufacturing unit at Bachhasar will be constructed on a leased land, owned by our Promoter and a significant portion of the IPO proceeds is intended for constructing the said manufacturing facility, and any change or discontinuation in these lease arrangements may adversely affect our business operations and financial condition.
- Risks Relating to the Business: The Company is dependent on procurement of certain key raw materials from specific states, and any disruption in supply from such states may adversely affect its business, operations and financial condition.
