Papadmalji Agro Foods IPO

GMP History

Financial Performance

As disclosed by Papadmalji Agro Foods in its offer document.

Strengths and risks

Taken from Papadmalji Agro Foods's own offer document — not Arthneeti's assessment.

• ✓The company had 76 distributors and 30 wholesalers as of March 31, 2026, covering 8,710 retail outlets across multiple states. Its distributor network covered 7,470 outlets, while wholesalers covered another 1,240 outlets across regions including Rajasthan, Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, and others.
• !The company is dependent on a limited number of customers, with its top 10 customers contributing Rs 15.41 crore (45.94%), Rs 21.99 crore (69.25%), and Rs 18.30 crore (69.65%) of revenue from operations in FY26, FY25, and FY24, respectively. Any loss, reduction, delay, or cancellation of orders from key customers could adversely affect the company’s revenue, cash flows, working capital cycle, and financial condition.
• ✓The company sells its products through multiple channels, including general trade, modern trade, quick commerce, its direct-to-consumer platform, and a merchant exporter. As of March 31, 2026, it was associated with seven modern trade channels, one quick commerce platform, and one merchant exporter serving the UAE, Saudi Arabia, Qatar, Oman, Kuwait, and Bahrain.
• !The company depends on a limited number of suppliers for its raw materials, with its top 10 suppliers accounting for Rs 13.76 crore (61.02%), Rs 11.66 crore (54.29%), and Rs 14.58 crore (67.44%) of total purchases in FY26, FY25, and FY24, respectively. The company does not have long-term supply agreements with these suppliers and purchases key raw materials based on prevailing market prices and demand. Any disruption in supply or increase in raw material prices could affect its production volumes, cost structure, profitability, and financial performance.

About Papadmalji Agro Foods

Papadmalji Agro Foods is a food products company headquartered in Bikaner, Rajasthan, engaged in the in-house manufacturing of hand-made and machine-made papads, ready-to-fry papads, rice papads (khichiya), vrat-special papads, and moongodi. The company also undertakes white-label manufacturing of hand-made papads for clients, who sell the products under their own brands and packaging. In addition, it trades in cereal pellets under its own brand. Its manufacturing facilities use semi-automated and automated machinery for dough preparation, sheeting, rolling, cutting, drying, and packaging. The company operates under five brands: Zhakaas, Vishal, Rozana, Diamond, and Papadmalji, covering different product categories and distribution channels. Its products are sold through general trade, modern trade, quick commerce platforms, and its direct-to-consumer website. Exports are done through an independent merchant exporter, which handles exports to select Middle Eastern countries.