Company Overview
Pajson Agro India Limited (CIN: L01100DL2021PLC386740, BSE Code: 544657) is engaged in agro-processing with focus on processing, value addition, and marketing of cashew nut kernels. The company was incorporated on September 17, 2021 and converted to a public limited company on February 8, 2025.
Financial Performance FY 2025-26
Revenue: Total income increased 37.19% year-on-year to ₹256.92 crores from ₹187.27 crores in FY25.
Profitability: Net profit stood at ₹24.78 crores, representing 21.41% growth from ₹20.41 crores in FY25.
EBITDA: ₹37.82 crores, showing 24.98% growth year-on-year.
EPS: Earnings per share was ₹12.82 for FY26 compared to ₹11.66 in FY25.
Operational Highlights
Capacity Utilization: The Andhra Pradesh facility operated at 86% capacity utilization throughout FY26.
Product Mix: Cashew kernels contributed 93.49% of revenue, by-products 4.69%, and Royal Mewa brand 1.68%.
Channel Performance: Institutional revenue share increased to 33.96% from 20.88% in FY25, while wholesale declined to 65.21% from 77.91%.
IPO and Capital Raising
Issue Details: Completed IPO on BSE SME platform in December 2025, issuing 63,09,600 equity shares at price band of ₹112-₹118 per share, raising ₹74.45 crores.
Proceeds Utilization: ₹57 crores allocated to new Vizianagaram facility, ₹10.43 crores for general corporate purposes including brand building and working capital.
Post-IPO Capital: Issued, subscribed and paid-up share capital increased to ₹23.81 crores divided into 2,38,09,595 equity shares of ₹10 each.
Expansion Projects
Vizianagaram Facility: Greenfield expansion adding 35,000 MT capacity on 7,73,190 sq ft land in Andhra Pradesh. Purchase orders worth ₹39.53 crores issued with ₹10.47 crores advanced by FY26 end.
Current Capacity: 18,000 MTPA operational capacity with total planned capacity of 53,000 MTPA after expansion.
Timeline: Trial production targeted for Q3 FY27 with commercial output to follow.
Royal Mewa Brand Performance
Revenue Growth: Consumer brand revenue increased from ₹0.66 crores in FY25 to ₹4.33 crores in FY26, representing 6.5x growth.
Market Presence: Available on Amazon, JioMart, and Snapdeal with quick-commerce listings in progress.
Target: Aiming for 15% revenue contribution over next 3-5 years.
Corporate Actions
Bonus Issue: Issued 1,39,99,996 bonus shares in May 2025 increasing paid-up capital to ₹17.50 crores.
Directors: Mr. Aayush Jain (Chairman & MD), Mrs. Anjali Jain (Whole-Time Director), Mr. Pulkit Jain (Non-Executive Director), Mr. Prince Wadhwa and Ms. Priyanka Devi (Independent Directors).
Statutory Compliance
Auditors: M/s. S.S. Kothari Mehta & Co. LLP appointed as statutory auditors after resignation of M/s P.K. Maheshwari & Co.
AGM: 5th Annual General Meeting scheduled for August 17, 2026 through video conferencing.
Market Capitalization: ₹355.24 crores as on March 31, 2026.
CSR Activities
Expenditure: ₹16.14 lakhs spent on CSR activities including donations to Sewa Bharti Diagnostic & Dialysis Centre (₹6.75 lakhs), Clean Ganga Fund (₹1.89 lakhs), and AKARO Association for Education (₹7.50 lakhs).
Risk Factors
Raw Material Volatility: Managed through diversified sourcing across seven African countries and domestic procurement.
Foreign Exchange: Exposure managed through natural hedging and balanced procurement-sales geography alignment.
Regulatory Compliance: Maintaining certifications including ISO 9001:2015, ISO 22000:2018, HACCP, and FSSAI licence.
Outstanding Dues
Statutory Dues: PF and ESIC contributions of approximately ₹1.90 lakhs and ₹0.012 lakhs respectively outstanding due to non-adherence of AADHAAR authentication for some employees.
Contractor Dues: PF and ESIC contributions of ₹20.76 lakhs and ₹6.98 lakhs respectively outstanding from contractors who haven't fulfilled obligations.