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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding Capital Expenditure for New Manufacturing Facility
Construction of industrial building, procurement of automated machinery, electrical setup, and installation of a 250 kW rooftop solar power system at Bachhasar, Bikaner.
Solar Power System at Existing Facility
Installation of a 125 kW rooftop solar power generation system at the Garsisar manufacturing unit in Bikaner.
Prepayment or Repayment of Existing Borrowings
Full or partial repayment and prepayment of specific outstanding term loans and commercial credit facilities.
Funding Incremental Working Capital Requirements
Meeting higher working capital demands driven by expanding operational scale and raw material procurement.
General Corporate Purposes
Fulfilling ongoing corporate operational needs, administrative expenses, and strategic initiatives.
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(₹ in Crore)
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Papadmalji Agro Foods Limited is an Indian food products manufacturing enterprise based in Bikaner, Rajasthan. The company specializes in producing and marketing a comprehensive assortment of traditional and machine-made papads, rice papads (khichiya), moongodi, and ready-to-fry cereal snack pellets. Its consumer product portfolio is commercialized under several established proprietary brands including Zhakaas, Vishal, Rozana, Diamond, and Papadmalji, serving diverse customer demographics across retail, wholesale, and institutional food sectors. The commercial roots of the business trace back to 1962 under the guidance of Shri Dau Lal ji Aggarwal and Smt. Chanda Devi Aggarwal. The operational framework evolved into Vishal Namkeen Bhandar in 2012 before being formally incorporated as a corporate entity in December 2017. Across its corporate evolution, the firm has established modern food processing infrastructure in Bikaner, consisting of its flagship processing factory at Garsisar and an expanding production unit at Bachhasar aimed at enhancing operational capacity and adopting renewable solar power systems. The company markets its product range through a multi-tier distribution network spanning traditional distributor networks, modern retail chains, quick-commerce digital platforms, and direct-to-consumer outlets across more than 21 Indian states. Furthermore, Papadmalji Agro Foods undertakes contract manufacturing and white-label production for third-party food brands, while progressively growing its international distribution footprint through product exports to markets in the Middle East.
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Source: RHP • Analysis provided for informational purposes
Last Updated: 7 October 2026, 12:30 AM
Established Regional Brand Recognition and Broad Product Range
The company maintains strong brand loyalty across traditional food items with a wide array of papad and savouries offered at multiple consumer price points.
Strategic Operational Base with Proximity to Raw Materials
Operating from Bikaner, Rajasthan, the processing facilities benefit from direct access to key agricultural pulse inputs, skilled labor, and regional logistics.
Multi-Channel Distribution and Expanding Export Operations
Products reach end-users via general trade distributors, modern retail, digital quick-commerce, third-party contract manufacturing, and international exports.
Geographic Concentration of Manufacturing Infrastructure
All primary processing facilities are concentrated in Bikaner, leaving operations exposed to localized weather events, regional disruptions, or supply chain bottlenecks.
Price Volatility in Key Agricultural Inputs
Fluctuations in the procurement costs of essential pulses, spices, and packaging materials can adversely affect gross margins and operating profitability.
Competitive Market Environment in Packaged Foods
The packaged snack sector features intense competition from regional unorganized producers as well as established national packaged food conglomerates.
Papadmalji Agro Foods Limited
MAS Services Limited
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