Papadmalji Agro Foods IPO

Papadmalji Agro Foods is a Bikaner-based food company engaged in the in-house manufacture of handmade papads, machine-made papads, ready-to-fry papads, rice papads (khichiya), vrat-special papads and moongodi.

It also undertakes white-label manufacturing of handmade papads and trades cereal pellets under its own brand. The portfolio is sold under Zhakaas, Vishal, Rozana, Diamond and Papadmalji through general trade, modern trade, quick commerce, a direct-to-consumer platform and an independent merchant exporter.

The company operates two FSSAI-licensed manufacturing units in Bikaner: the 15,480 sq. ft. Gharsisar unit and the 4,800 sq. ft. Karni unit. Handmade papads are produced through the Batara-Batari model, in which contractors supervise women workers who roll and sun-dry papads from home. Machine-based production covers dough preparation, sheeting, rolling, cutting, drying and packaging. The raw-material sourcing is done from domestic market, primarily within Rajasthan.

In FY26, in-house machine-made products contributed 59.12% of revenue from operations, in-house handmade papads 31.36%, white-label manufacturing 5.90% and trading 3.62%. Compared with FY24, the machine-made share increased from 49.03%, while white-label manufacturing declined from 15%. By product, handmade papads were 41.33% of FY26 revenue, machine-made papads 27.86%, rice papads 24.09%, moongodi 1.76%, cereal pellets 1.63%, vrat-special papads 0.35%, papad choori 0.11% and other products 2.87%.General trade contributed 57.91% of FY26 revenue, while modern trade increased to 40.74%.

Quick commerce, direct-to-consumer sales and the merchant-exporter channel contributed 1.07%, 0.01% and 0.27%, respectively, in FY26. Rajasthan accounted for 50.4% of FY26 revenue, followed by Haryana at 12.1%, Assam at 9.4%, Uttar Pradesh at 7.8% and Punjab at 6.4%. As of March 31, 2026, products were sold in 21 states and 3 Union Territories. The company does not export directly; it sells in India to an independent merchant exporter that supplies the UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain.