- **Pajson Agro India Ltd is a cashew processor that turns raw nuts into finished kernels, but its real edge lies upstream - it buys directly from farmers and local agents across seven West African countries, a sourcing network built over more than a decade that rivals find hard to copy. The company was incorporated in 2021 and immediately acquired a processing unit in Andhra Pradesh from Olam Agro India, converting from a private entity to a listed public company in 2025. Everything it does follows a single recurring logic: lock in raw material at the farm gate, process it in increasingly automated factories to lift quality and lower cost, and then sell the output through both bulk institutional channels and a young branded retail label called Royal Mewa - moving steadily from a pure commodity trader to a brand-led business that can weather price swings.** # Business segments A single integrated cashew engine with three commercial channels at different stages of maturity - a dominant B2B institutional and distributor business, a fast-growing branded retail label, and a nascent export ambition - all fed by one sourcing and processing backbone. ## 1. Cashew processing: the factory that turns raw nuts into multiple revenue streams **One automated plant running at 86% utilisation converts raw cashew nuts into whole kernels, broken pieces and industrial by-products - nearly nothing is wasted.** - **Farm-gate sourcing is the moat** - the company buys nearly 60% of its raw cashew nuts directly from West African origins, primarily Côte d’Ivoire and Guinea-Bissau, through relationships with farmers, cooperatives and local buying agents cultivated over 13 years, giving it cost and quality control that a spot buyer cannot replicate. - **Imported by necessity** - India consumes roughly 2.0-2.2 crore tonnes of raw cashew annually but grows only 400-500 thousand tonnes, so about 93-94% of the company’s raw material is imported, mostly from Ghana, Ivory Coast, Nigeria, Guinea-Bissau, Tanzania, Togo and Burkina Faso. - **Machines raised the recovery rate** - a technology overhaul in November 2023 upgraded shelling machines and colour sorters, which improved the proportion of whole kernels recovered, eliminated kernel contamination, cut energy use and removed manual intervention from critical steps. - **Every part of the nut sells** - premium whole kernels go to institutional and wholesale buyers; broken grades supply sweet manufacturers, bakeries, food processors and the HoReCa (hotels, restaurants and catering) segment; and cashew husk and shells are sold for industrial use, creating a near-zero-waste model. - **A second plant doubles the base** - a new facility in Vizianagaram, Andhra Pradesh, on 7.73 lakh square feet of already-acquired land, will add 35,000 metric tonnes of annual capacity, taking the total to 55,000 MTPA, with trial production targeted for the third quarter of the financial year ending March 2026. ## 2. B2B and distributor sales: the volume engine that fills the factory **Institutional customers and a network of over 170 distributors across more than 20 states buy almost everything the plant can produce - 78% of revenue comes from repeat buyers the company cannot always fully supply.** - **Big names buy in bulk** - institutional customers include Reliance Retail, Bikanervala, Bikaji, Haldiram’s, Nutraj, Farmley, True Elements, Open Secret and Hyperpure by Zomato, providing volume visibility of one to three months ahead. - **Distributors are the largest channel** - in the year ended March 2026, distributors contributed roughly 65% of revenue and institutions about 34%, with the top state markets being Delhi, Maharashtra, Rajasthan and Andhra Pradesh. - **Demand outstrips capacity** - the company reports that 78% of revenue comes from recurring customers, a figure it describes as highlighting very high demand, while noting it is currently unable to cater to new customers. - **A Vietnamese veteran now advises** - in July 2026 the company appointed Mr. Vu Thai Son, chairman of the Binh Phuoc Cashew Association in Vietnam - a region that processes 70% of that country’s cashew exports - and founder of what is described as the world’s largest cashew processor, to advise on procurement, processing standards, grading, quality control and buyer expectations. ## 3. Royal Mewa: the branded bet on Indian households **A packaged dry-fruit brand launched in 2024 grew more than sixfold in its second year - tiny today, but designed to insulate the company from commodity price cycles by building consumer loyalty.** - **From commodity to brand** - Royal Mewa sells packaged cashews, pistachios and almonds, and its revenue contribution rose from 0.35% to 1.68% of the company total in the year ended March 2026, with a stated target of reaching 20% of revenue within three to five years. - **Online first, quick commerce next** - the brand is already listed on Amazon, JioMart and Snapdeal, and the company is in discussions to get onto quick-commerce platforms like Blinkit and Zepto. - **Marketing without margin sacrifice** - the company says it is selective about marketing channels, aiming to grow the brand on the back of its quality reputation and processing strength rather than by spending heavily on advertising. - **Led by a family director** - Ms. Anjali Jain, a whole-time director, oversees brand building, packaging design, marketing strategy and product development for Royal Mewa. # Group structure and partners **Pajson Agro sits inside a family-led group that has traded agro-commodities and sourced raw cashew across Africa for over a decade - the processing company is the listed entity, but its supply line runs through a sibling group firm.** - The promoters are Mr. Aayush Jain, who leads production and sales as chairman and managing director, and Mr. Pulkit Jain, a non-executive director who oversees raw cashew procurement and has business exposure across Africa. - The company was formerly Pajson Agro India Private Limited, converted to a public limited company in 2025 and listed on the BSE SME platform in December 2025, the same year it raised INR 74.45 crores in an initial public offering to fund the second processing facility. - The board includes two independent directors - a company secretary with expertise in governance and compliance, and a chartered accountant specialising in wealth management and audit - alongside the three family directors. - A credit facility of Rs. 30 crore from HSBC Bank, including a Rs. 20 crore letter of credit, is secured by a pari-passu charge shared with Kotak Bank on the company’s fixed assets, receivables and inventories.