Pajson Agro India Limited IPO

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Pajson Agro India Limited was incorporated on September 17, 2021, as Pajson Agro India Private Limited and later converted into a public limited company on February 08, 2025. The Company is engaged in the processing of raw cashew nuts into cashew kernels for domestic and international markets. Its portfolio includes multiple grades of cashew kernels packaged in bulk and retail formats, along with select dry fruits marketed under its in-house white-label brand “Royal Mewa.”

Business Operations and Product Portfolio

Pajson Agro processes raw cashew nuts into finished cashew kernels across several grades based on size, color, and customer specifications. Products are supplied in both bulk and retail packs across wholesale mandis, institutional buyers, export markets, and the B2C segment through the Royal Mewa brand.
In addition, cashew husk and shells, which are by-products of processing, are sold for agricultural and industrial applications, enabling value maximization across the supply chain.

Sales & Distribution Network

The Company operates through a multi-channel distribution model comprising:

1. Wholesale Mandis – major contributor to domestic sales.
2. Institutional Buyers – clients include Bikanervala, Reliance Retail, Nutraj, Farmley, More Retail, and Haldiram.
3. Exports – supplied to UAE in FY24-25.
4. B2C (Royal Mewa) – sold via e-commerce platforms and offline distribution, supported by licensed virtual spaces in Noida and Gurugram.

Pajson has a presence in 18 states and 3 Union Territories, supported by a strong network of mandi traders and trade partners.

Competitive Strengths

1. Modern Processing Facility: Advanced Anakapalli plant enables high-capacity, efficient cashew processing.
2. Experienced Promoters: Promoters bring strong industry expertise across sourcing, production, and sales.
3. Strong Raw Material Sourcing: Reliable domestic and African procurement ensures stable quality and cost advantages.
4. Wide Customer Base: Serving wholesalers, institutions, exporters, and B2C buyers diversifies revenue.
5. Robust Wholesaler Network: Extensive nationwide network strengthens reach and repeat business.

Objects of the Pajson Agro India Limited IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Capital Expenditure towards Establishment of a Second Cashew Processing Facility in Andhra Pradesh (₹57 cr) 2. General Corporate Purposes.

Pajson Agro India Limited IPO Details:

Open Date: Dec 11 2025
Close Date: Dec 15 2025
Total Shares: 63,09,600
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 74.45 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 112-118 Per Equity Share
Listing At: BSE SME
Listing Date: Dec 18 2025

Promoters And Management:

1. Aayush Jain (37) – Promoter, Chairman & Managing Director. A Business Studies graduate from Lancaster University with 16+ years of experience in sales and marketing. He oversees production at Visakhapatnam and drives nationwide sales from Delhi. His strong market networks and execution skills have expanded Pajson’s presence across wholesale, institutional, export, and B2C segments, while also contributing to product development and customer engagement. 2. Anjali Jain (35) – Promoter & Whole-time Director. A BA and PG Diploma holder in Fashion Design, she has 7+ years of experience in customer service and marketing. She has led the creation and growth of Pajson’s B2C brand Royal Mewa, handling brand identity, packaging, digital presence, and consumer engagement. She also leads new product development, including flavoured cashew variants. 3. Pulkit Jain (38) – Promoter & Non-Executive Director, with a degree from the University of Manchester and 12+ years of experience across agro-commodities, metals, shipping, and petrochemicals in Asia, Middle East, and Africa. He oversees procurement of raw cashew nuts from Africa and contributes to the Company’s strategic direction.

Financials of Pajson Agro India Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 118.37 187.26 95.91 101.11
EBITDA (Cr) 21.07 30.26 5.73 1.10
EBITDA Margins 17.80% 16.16% 5.98% 1.09%
PAT (Cr) 14.19 20.41 3.35 0.01
PAT Margins 11.99% 10.90% 3.50% 0.02%
ROCE 20.14% 48.21% 12.18% 0.81%
Debt to Equity Ratio(In Times) 0.69 0.33 0.61 -
Operating Cash Flows (Cr) -6.03 16.12 -8.94 11.63

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Pajson Agro India Limited 187.26 16.16% 11.99% 48.21% 0.33 281.0 13.8
Krishival Foods Limited 202 10% 7% 14.80% 0.19 1,043 68.90
Prospect Consumer Products Limited 30.99 14% 6.91% 14.70% 0.46 42 14
Aelea Commodities Limited 182 4% 0.55% 7.56% 0.01 319 52.40
Note : Forward P/E is 9.89 According to FY26 PAT

Lead Manager of Pajson Agro India Limited IPO:

  1. Smart Horizon Capital Advisors Private Limited

Registrar of Pajson Agro India Limited IPO:

  1. Bigshare Services Private Limited

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