Pajson Agro India Limited IPO
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:
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:
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:
Registrar of Pajson Agro India Limited IPO:
Discussion on Pajson Agro India Limited IPO:
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