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Pajson Agro India IPO
Pajson Agro India Ltd
₹2,68,800 /1200 sharesMinimum Investment
Pajson Agro India IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 11 Dec ‘25 - 15 Dec ‘25 | ₹2,68,800 | 1,200 | ₹112 - ₹118 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 74.45 Cr | RHP PDF | 16 Dec ‘25 | 18 Dec ‘25 |
| Face value |
|---|
| 10 |
About Pajson Agro India
Founded in
2021
MD/CEO
Mr Aayush Jain
Parent organisation
Pajson Agro India Ltd
Strengths & Risks of Pajson Agro India
Strengths
Risks
Pajson Agro India Limited claims its cashew processing plant at Janakiramapuram, Rolugunta, Anakapalli, Andhra Pradesh, is located close to raw cashew sourcing regions and the Port of Visakhapatnam, which can support both domestic movement and import-export logistics. The company claims the facility uses equipment such as shelling and peeling machines, silos, Borma units, and AI-based sorting and colour sorting systems for grading and quality control. It also states it expanded installed capacity from about 8,000 MT in FY23 to 12,000 MT in FY25, and to 18,000 MT in April 2025.
The company claims it operates an in-house packaging unit at GI-50, Lawrence Road Industrial Area, Delhi, for retail packaging and white-labeling linked to its “Royal Mewa” brand. It states that internal packaging allows it to control packaging quality and timelines, and to change pack formats based on requirements. The company also claims this setup reduces dependence on third-party packaging vendors and related supply-chain delays.
Pajson Agro India Limited claims it sources raw cashew nuts (RCN) from both domestic and international suppliers, including imports from Côte d'Ivoire, Benin, Ghana, Togo, Guinea-Bissau, Nigeria, and Tanzania. It states that imports are facilitated through its group company, Pajson Global DMCC, and that it maintains a two-to-four-month inventory buffer to manage supply variability. The company also claims it uses short-term procurement arrangements linked to production planning to keep purchasing flexible.
Pajson Agro India Limited claims it sells through wholesale mandis, institutional customers, exports, and retail customers via its business-to-consumer (B2C) brand, Royal Mewa. It states it had 69 wholesalers as of September 30, 2025, across 18 states and 3 Union Territories. The company also claims repeat customers contribute a significant share of revenue, indicating ongoing demand across its distribution network.
The company has reported a consistent increase in profit after tax (PAT). It increased from Rs 0.02 crore in FY23 to Rs 3.35 crore in FY24 and Rs 20.42 crore in FY25.
Pajson Agro India Limited is dependent on its Dubai-based group companies, Pajson Global DMCC and Pajson International FZCO, for raw cashew nut procurement. Purchases from these entities accounted for Rs 36.35 crore (26.00 percent) of the company’s total raw material purchases for the period ended September 30, 2025, and Rs 111.06 crore (96.33 percent) in FY25. Any disruption, delay, regulatory issue, or discontinuation in this arrangement, or scrutiny around related-party pricing and governance, can adversely affect the company’s production, business operations, financial condition, and results of operations.
Pajson Agro India Limited was incorporated in 2021, with production commencing in December 2021 and sales commencing in January 2022 after acquiring a running cashew processing unit in Visakhapatnam from Olam Agro India Private Limited. This short operating history limits the amount of historical financial and operating data available to assess performance trends or resilience across business cycles. Any inability to scale processing capabilities, adopt suitable technologies, manage regulatory requirements, or expand products in a competitive market can adversely affect the company’s business, financial condition, results of operations, and prospects.
The top customer alone accounted for Rs 23.91 crore (20.20 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 37.25 crore (19.89 percent) in FY25; Rs 11.82 crore (12.32 percent) in FY24; and Rs 11.72 crore (11.59 percent) in FY23. Furthermore, the company does not have any long-term agreement with this client and its sales are based on individual purchase orders. Any failure to retain this key, expand the customer base, or a loss of business from this client can adversely affect the company’s business and financial standing.
Delhi accounted for Rs 36.44 crore (30.79 percent) of the company’s revenue for the period ended September 30, 2025; Rs 51.86 crore (27.69 percent) in FY25; Rs 24.71 crore (25.77 percent) in FY24; and Rs 31.05 crore (30.71 percent) in FY23. Any adverse economic, political, regulatory, climatic, or competitive developments in this region, or any failure to diversify revenue beyond this market, can adversely affect the company’s revenue and results of operations.
The company reported negative cash flow from operating activities amounting to Rs 6.03 crore for the period ended September 30, 2025, and Rs 8.95 crore in FY24. Additionally, negative cash flow from investing activities amounted to Rs 9.72 crore for the period ended September 30, 2025, Rs 10.01 crore in FY25, Rs 5.53 crore in FY24, and Rs 0.68 crore in FY23. The company also reported negative cash flow from financing activities amounting to Rs 1.55 crore in FY25 and Rs 10.58 crore in FY23. Any sustained negative cash flow in the future could adversely affect the company’s operations, liquidity, and financial condition.
Cashew kernels accounted for Rs 112.07 crore (94.68 percent) of the company’s revenue for the period ended September 30, 2025; Rs 167.11 crore (89.23 percent) in FY25; Rs 87.22 crore (90.94 percent) in FY24; and Rs 84.56 crore (83.62 percent) in FY23. This concentration increases exposure to changes in demand, pricing, and consumer preferences specific to cashew kernels. Any adverse shift in demand, dietary trends, customer perception on quality/adulteration, or supply-chain issues affecting cashew kernels can negatively impact the company’s business, results of operations, financial condition, and cash flows.
Pajson Agro India Limited has significant foreign currency exposure, primarily linked to imports/exports and trade payables. Total absolute foreign currency exposure stood at Rs 116.71 crore (98.60 percent) of the company’s revenue for the period ended September 30, 2025; Rs 114.61 crore (61.20 percent) in FY25; Rs 85.92 crore (89.58 percent) in FY24; and Rs 67.17 crore (66.43 percent) in FY23. Any adverse exchange rate movement (including INR vs USD) or failure to hedge effectively can negatively impact the company’s business, results of operations, financial condition, and cash flows.
Pajson Agro India Limited relies heavily on imported RCNs. Imports accounted for 94.89 percent for the period ended September 2025, 89.21 percent in FY25, 87.51 percent in FY24, and 86.18 percent in FY23 of total purchases. Its import supply chain is linked to sourcing from multiple African countries and is subject to approvals, customs processes, and policy decisions in India and supplier jurisdictions. Any adverse changes in import regulations, duties, trade barriers, compliance requirements, or delays in approvals can disrupt procurement, increase costs, and reduce margins.
Wholesalers accounted for 46.93 percent, 64.08 percent, 60.05 percent, and 67.56 percent of the company’s revenue for the period ended September 30, 2025; FY25; FY24; and FY23, respectively. Many distributor relationships operate largely on purchase orders rather than long-term contracts, and distributors may also sell competing products on a non-exclusive basis. Any inability to retain or expand the wholesaler network, disputes on pricing/performance, logistics disruptions, or delays/defaults on credit extended to wholesalers can adversely affect the company’s business, financial condition, and cash flows.
RCNs, the key input, are subject to seasonal harvest cycles and price volatility influenced by weather, geopolitics, and global supply-demand conditions. This makes procurement timing and demand forecasting critical to avoid shortages that can disrupt production or overstocking that can tie up working capital and increase holding costs. Any failure to forecast kernel demand accurately and align RCN procurement accordingly can adversely affect the company’s business, results of operations, cash flows, and financial condition.
A significant portion of raw cashew nut imports is routed through the Port of Visakhapatnam, making it a key node in the company’s supply chain. Any disruption at the port, such as congestion, strikes, weather events, regulatory changes, or infrastructure constraints, can delay receipts of raw materials and increase costs (including transportation and demurrage). If a suitable alternative routing is not available or is costlier, such disruptions can adversely affect production schedules, order fulfilment, revenue, and profitability.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 40.04 crore. Failure to service or repay these loans can harm the company’s operations and financial position.
Pajson Agro India Financials
*All values are in Rs. Cr
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Application Details of Pajson Agro India IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹112 - 118 | ₹2 - 5 Lakh | 1200 |
For Pajson Agro India IPO, eligible investors can apply as Individual investor.