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₹118 - 118
Pajson Agro India Ltd
FMCGIPOSME
₹118 - 118
We are into processing of raw cashew nuts into cashew kernels and supplies to domestic and international markets. Our product portfolio primarily comprises various grades of cashew nuts, which are processed and packaged in bulk as well as consumer oriented retail packs. Additionally, we market select dry fruits under our white-label brand "Royal Mewa" through a combination of e-commerce platforms and offline distribution channels. We operate through a multi channel sales and distribution structure comprising four key verticals: Wholesale Mandis, Institutional Sales, Exports, and the B2C brand, Royal Mewa.
Lot1,200Min Invest₹2,83,200Face Value₹10Issue Size₹74 CrFresh Issue₹74 CrListing Price₹124CMP₹220
Timeline
11 Dec
Bidding opens
15 Dec
Bidding closes
16 Dec
Allotment
17 Dec
Refund & demat credit
18 Dec
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹74 Cr0.63 Cr shares
Fresh Issue₹74 Cr
Face Value₹10
Lot Size1,200 shares
ReservationQIB 49.64% · NII 15.12% · RETAIL 35.24%
Application Sizes
Retail₹2,83,2001-1 lots
sNII₹2,83,200from 2 lots
bNII₹11,32,800from 8 lots
Managers & Registrar
Lead ManagerSmart Horizon Capital Advisors Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group85%62.47%Public15%37.53%
Objects of the Issue
- Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh
- General Corporate Purpose
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 101 | 96 | 187 | 256 |
| Operating ProfitCr | 1 | 6 | 30 | 37 |
| OPM% | 1.1 | 5.8 | 16.1 | 14.3 |
| PBTCr | 0 | 5 | 27 | 33 |
| PATCr | 0 | 3 | 20 | 25 |
| EPS | 0 | 2 | 12 | 13 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 4 | 4 | 4 | 24 |
| ReservesCr | 17 | 20 | 41 | 112 |
| BorrowingsCr | 0 | 15 | 15 | 34 |
| Total AssetsCr | 50 | 55 | 66 | 196 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 12 | -9 | 17 | -14 |
| Investing Cash FlowCr | -1 | -6 | -11 | -72 |
| Financing Cash FlowCr | -11 | 14 | -2 | 84 |
| Net Cash FlowCr | 0 | 0 | 5 | -1 |
Strengths & Risks
Strengths · as stated in the DRHP
- Strategically Located Processing Facility with Modern Machineries.
- In-house packaging unit.
- Leveraging the experience and network of our Promoters.
- Efficient Procurement and Raw Material Management.
- Diverse Customer Base.
- Strong Wholesaler Network and Customer Loyalty.
Strategies · as stated in the DRHP
- Expansion of our processing capacity.
- Quality Assurance.
- Diversify and Strengthen Supplier Base.
- Scale up branding, promotional and digital activities for B2C brand "Royal Mewa".
- Expand our International Presence.
Risks · as stated in the DRHP
- The company significantly (26.00 % for the period ended September 30, 2025 and 96.33% in FY 2025) dependent on Pajson Global DMCC and Pajson International FZCO, Dubai based group companies, for procurement of raw cashew nuts. Any disruption in this arrangement may adversely affect its business operations, financial condition and results of operations.
- The company Profit After Tax (PAT) margins has fluctuated significantly in recent years (i.e. 0.02% in FY23 3.46% in FY24 10.90% in FY25 11.99% for the period ended September 30, 2025), which may impact investor perception of the company financial stability and could adversely affect its valuation and future performance.
- The company limited operating history makes evaluating its business and future prospects difficult.
- Its derives a significant portion of the company's revenue i.e., 60.10 %, 59.63%, 62.30%, and 56.94% for the period ended September 2025, for the FY 2025, FY 2024, and FY 2023 respectively from the company top 10 customers. The loss of any of these customers, a significant reduction in their purchase volumes, or a decision by any of them to pursue backward integration could adversely affect its business, results of operations, and financial condition. Furthermore, the company not entered into any written agreements or contracts with the customers for the sale of its products, it increases the company exposure to such risks.
- The company derives its revenue primarily from the domestic market out of which substantial portion of the company revenue from its operations in certain geographical regions especially from Delhi, Andhra Pradesh and Rajasthan. Any adverse developments affecting the company operations in these regions could has an adverse impact on its revenue and results of operations.
- The company processing facilities are critical to its business operations, and any shutdown or disruption of these facilities may adversely affect the company business, results of operations, and financial condition. Furthermore, as both the company existing and proposed processing facilities are located in a single region, namely Andhra Pradesh, any inability to operate or expand the company business in this region may has an additional adverse impact on the company cash flows and future business prospects.