Incorporated in 2021, Pajson Agro India processes raw cashew nuts into cashew kernels and supply them to domestic and international markets. The company sell in bulk and also in retail packs under our white-label brand Royal Mewa (dry fruits segment). Further, it sells by-products (cashew husk and shells) for industrial and agricultural use.
Sales and Distribution Channels: Sales operate through four verticals; 1. Wholesale Mandis (Local markets), 2. Institutional Sales (to retail chains, food brands, etc.), exports and B2C/Royal Mewa brand. Currently the company operates in 18 states and 3 Union Territories of India.
It has a cashew processing plant in Visakhapatnam, Anakapalli, Andhra Pradesh across 295,990.20 square feet with a capacity of 18,000 metric tonnes. Also, it has a dedicated packaging unit. Its processing facility includes shelling, peeling, cleaning, grading, sorting, and related handling equipment.
As on July 31, 2025, it has 465 permanent employees.
Competitive Strengths
Pajson Agro India Ltd.’s revenue increased by 95% and profit after tax (PAT) rose by 509% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 151.63 | 65.73 | 55.39 | 50.17 |
| Total Income | 118.37 | 187.28 | 96.04 | 101.13 |
| Profit After Tax | 14.20 | 20.42 | 3.35 | 0.02 |
| EBITDA | 21.07 | 30.27 | 5.74 | 1.10 |
| NET Worth | 58.40 | 44.21 | 23.79 | 20.44 |
| Reserves and Surplus | 40.90 | 40.71 | 20.29 | 16.94 |
| Total Borrowing | 40.04 | 14.57 | 14.57 | 0.00 |
| Amount in ₹ Crore | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 60.05% |
| ROCE | 48.21% |
| Debt/Equity | 0.33 |
| RoNW | 46.18% |
| PAT Margin | 10.90% |
| EBITDA Margin | 16.16% |
| Price to Book Value | 4.67 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 11.67 | 11.92 |
| P/E (x) | 10.11 | 9.9 |
Note:
The Company Pajson Agro India IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh | 57.00 |
| 2 | General Corporate Purpose |
| IPO Date | Thu, Dec 11, 2025 to Mon, Dec 15, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹112 to ₹118 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 63,09,600 shares (aggregating up to ₹74.45 Cr) |
| Reserved for Market Maker |
3,57,600 shares
(aggregating up to ₹4.22 Cr) |
| Net Offered to Public | 59,52,000 shares (aggregating up to ₹70.23 Cr) |
| Share Holding Pre Issue | 1,74,99,995 shares |
| Share Holding Post Issue | 2,38,09,595 shares |
The company promoters are Aayush Jain, Anjali Jain and Pulkit Jain.
| Share Holding Pre Issue | 85% |
| Share Holding Post Issue | 62.47% |
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