Papadmalji Agro Foods Limited IPO
Listed 07 Oct 2026, 2.46× subscribed, ₹20.18 Cr issue, on the SME platform.
What the filing says
Arithmetic on the offer document and exchange data.
The disclosed numbers are strong — 3 of 5 signals read positive
- Neutral: Steady revenue growthRevenue compounding at 12.7%
- Neutral: Profit growth outpaces salesPAT up 331.2% a year against revenue at 12.7% — check whether that is operating leverage or a one-off before extrapolating it
- Positive: High return on equityROE of 40.3%
- Positive: Conservative balance sheetDebt/equity of 0.14×
- Positive: Institutions bid heavilyQIB portion subscribed 86.85×
Describes the offering as disclosed, pulled toward neutral for gaps; not a listing-price forecast or advice to apply.
Dates
Issuer's timetable, IST.
- 29 SeptBidding opens
- 1 OctBidding closesRetail UPI mandates by 5 pm IST
- 5 OctAllotmentStatus from MAS Services Limited
- 7 OctListingSME platform
- 29 SeptBidding opens
- 1 OctBidding closesRetail UPI mandates by 5 pm IST
- 5 OctAllotmentStatus from MAS Services Limited
- 7 OctListingSME platform
Demand and allotment odds
Times subscribed by investor category, one shared scale
- InstitutionsQIB86.85×
- Non-institutionalNII1.32×
- Above ₹10 lakhbNII1.66×
- ₹2–10 lakhsNII0.64×
- RetailRII1.59×
Max 86.9×, log scale; tick = 1× (fully subscribed). 958 applications.
How this is worked out
Retail is 1.59× subscribed. Allotment is a lottery on the minimum application, so roughly 1 in 1.6 applications gets one. Bidding for extra lots does not improve these odds.
How this is worked out
HNI is 1.32× subscribed. This category is allotted proportionately, so a bid receives roughly 1/1.3 of the shares applied for, subject to the minimum-lot draw.
From SEBI allotment rules. Retail is a lottery on the minimum (2 lots); more lots do not raise the odds.
The offering
Terms, and valuation at the upper band.
Terms
- Price band
- ₹69 – ₹72
- Final issue price
- ₹72
- Face value
- ₹10.00
- Lot size
- 1,600 shares
- Minimum application
- ₹2,30,4002 lots at the upper band
- Total issue size
- ₹20.18 Cr
- Anchor investors
- None
- Registrar
- MAS Services Limited
- Lead managers
- Kreo Capital Private Limited
- ISIN
- INE1V7901010
Company and valuation
- P/E at upper band
- —
- Return on equity
- 40.28%
- Debt to equity
- 0.14×
- ROCE, latest period
- 46.47%
- RoNW, latest period
- 32.29%
- PAT Margin, latest period
- 15.54%
- EBITDA Margin, latest period
- 25.16%
- NAV, latest period
- 23.67
- P/B (x), latest period
- 3.04
“Latest period” rows can be a part year, so ratios there may read low.
Who gets what
Split by investor category, and minimum bids.
- QIB1.1%
- NII (HNI)28.1%
- Retail65.6%
- Market Maker5.1%
| Category | Shares | Share of issue |
|---|---|---|
| QIB | 32,000 | 1.14% |
| NII (HNI) | 7,87,200 | 28.08% |
| bNII > ₹10L | 5,23,200 | 18.66% |
| sNII < ₹10L | 2,64,000 | 9.42% |
| Retail | 18,40,000 | 65.64% |
| Market Maker | 1,44,000 | 5.14% |
Total issue 28,03,200 shares. Indented rows sit inside the row above.
What each category may bid
- Individual investors (IND) (Min)
- ₹2,30,4002 lots, 3,200 shares
- Individual investors (IND) (Max)
- ₹2,30,4002 lots, 3,200 shares
- S-HNI (Min)
- ₹3,45,6003 lots, 4,800 shares
- S-HNI (Max)
- ₹9,21,6008 lots, 12,800 shares
- B-HNI (Min)
- ₹10,36,8009 lots, 14,400 shares
Small-HNI minimum is several lots, not one.
What the money is for
Stated use of net proceeds, ₹ Cr.
- CapexFunding the capital expenditure towards construction of building…₹7.82 Cr
- Installation of 125 kW Rooftop…Installation of 125 kW Rooftop Solar Power System at existing…₹0.31 Cr
- Working capitalFunding incremental working capital requirements of our Company₹2.81 Cr
- Debt repaymentRepayment or prepayment, in full or in part, of borrowings availed by…₹8.60 Cr
- General purposesGeneral Corporate Purpose—
Unstated amounts (general purposes) mean the rows do not sum to the issue.
Financials
Restated, ₹ crore.
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2023 | 24.992 | — | 0.254 | 5.778 | 3.314 |
| 2024 | 26.272 | — | 2.108 | 5.778 | 2.871 |
| 2025 | 31.751 | — | 4.724 | 11.729 | 1.689 |
— = not printed.
Risks worth reading
Ranked by severity.
mediumOur 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. For the period ended June 30, 2025, revenue from our top 10 customers contributed 73.09% of our total…
mediumOur business depends on a limited number of suppliers for the procurement of raw materials, and the loss of any significant supplier or disruption in supply may adversely affect our business operations and financial performance. For the period ended June 30, 2025, our top 10 suppliers accounted…
Positives the filing discloses (2)
- Low leverage
Debt-to-equity of 0.14x.
- Healthy return on equity
ROE of 40.3%.
What happened to comparable issues
Last 8 listings, most comparable first. Context, not a forecast.
| Issue | Subscribed | Listing gain | Listing gain bar |
|---|---|---|---|
| Vedant Poly Fabs Limited | 1.9× | unchanged 0.0% | |
| Maxwell Engineering Solutions Limited | 491× | up +90.0% | |
| HGS (India) Limited | 231× | up +33.3% | |
| Ravita Engineering Services Limited | 6.7× | unchanged 0.0% | |
| Vaibhav Vyapaar Limited | 3.1× | down minus 2.0% | |
| R.K. Fashion Accessories Limited | 2.6× | down minus 2.4% | |
| Eventions Limited | 2.3× | down minus 5.9% | |
| Green Asia Impex | 1.0× | unchanged 0.0% |
Different companies at different prices. Bars share one scale (full = 90%).
Offer documents
Primary sources.
- PROSPECTUS29 Sept 2026AnalysisPDF (opens SEBI site in a new tab)
Common questions
How many times is the Papadmalji Agro Foods Limited IPO subscribed?
Papadmalji Agro Foods Limited is subscribed 2.46× overall (QIB 86.85×, NII 1.32×, retail 1.59×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, MAS Services Limited.
What is the minimum investment in the Papadmalji Agro Foods Limited IPO?
One lot is 1,600 shares, so a retail application at the ₹72 cut-off price blocks ₹1,15,200. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Papadmalji Agro Foods Limited IPO?
The retail portion is subscribed 1.59×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 2. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Papadmalji Agro Foods Limited IPO allotment date?
Allotment is scheduled for 2026-10-05, with listing on 2026-10-07. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, MAS Services Limited.
Source: offer document, NSE and BSE bidding data; allotment basis from the registrar. Grey-market premium is unofficial. For information only, not investment advice: consult a SEBI-registered adviser before applying.