Pajson Agro India IPO

About Pajson Agro India IPO

The offer consists of a fresh issue component. The fresh issue will include 63,09,600 shares (aggregating up to ₹74.45 crores). Hence, the total number of shares is 63,09,600 shares (aggregating up to ₹74.45 crores).

Pajson Agro India price band is set at ₹112 to ₹118 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,83,200.00 (2,400 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,600 shares), amounting to ₹4,24,800.

The IPO opens on Thursday, Dec 11, 2025 and closes on Monday, Dec 15, 2025. The tentative listing is on Thursday, Dec 18, 2025. The initiation of refund will take place on Wednesday, Dec 17, 2025. The credit of shares to the demat account will take place on Wed, Dec 17, 2025. The allotment of bids will take place on Tue, Dec 16, 2025.

Pajson Agro India is driven by a strong leadership team led by their promoters, Pulkit Jain, Aayush Jain, and Anjali Jain, who bring a combined experience of over 35 years in scaling businesses in agricultural commodities, and sales and marketing activities. The company is into processing raw cashew nuts into cashew kernels and supplying it to domestic and international markets.

Objectives of Pajson Agro India IPO

• Capital expenditure towards establishment of a second cashew processing facility in Vizianagaram, Andhra Pradesh.
• General corporate purposes.

Industry Outlook

World production of cashews currently ranges between 720,000 and 790,000 metric tonnes (kernel basis) per year (seasons 2015/16-2019/20). India, with 170,000-195,000 MT of annual production, ranks first, followed by Côte d’Ivoire, Vietnam and Tanzania, averaging 149,000, 82,000 and 53,000 MT, respectively. The cashew industry has large economic significance as it employs more than 10 lakh people on farms and in factories in rural areas. The cultivation of cashews in India covers a total of 0.7 million hectares of land, and the country produces over 0.8 million tonnes (MT) annually. Over the years, India has emerged as the global processing hub for the cashew industry.

Pajson Agro India Company Information

The company was incorporated on September 17, 2021, under the Companies Act, 2013 as Pajson Agro India Private Limited with Aayush Jain and Anjali Jain as the initial subscribers of the Company. The Company’s name was changed to Pajson Agro India Limited pursuant to conversion from Private Limited to Public Limited Company and vide issuance of Fresh Certificate of Incorporation dated February 08, 2025.

Pajson Agro India is into processing of raw cashew nuts into cashew kernels and supplies to domestic and international markets. Their product portfolio primarily comprises various grades of cashew nuts, which are processed and packaged in bulk as well as consumer-oriented retail packs. Additionally, they market select dry fruits under their white-label brand “Royal Mewa” through a combination of e-commerce platforms and offline distribution channels. In addition, the cashew husk and cashew nut shells, which are the by-products after processing of raw cashews, are also supplied and are utilised in agricultural and industrial applications, hence offering additional value from their processing operations.

They maintain a safe workplace by adhering to established safety standards and regularly conducting safety meetings. Their processing unit is accredited with various quality certifications for processing and supply of cashew, including ISO 22000:2018 for Food Safety Management System & HACCP, ISO 9001:2015 for quality management system and a Halal certificate by WRG certifications. In order to cater to market demands and optimise plant capacity, they use an AI-enabled sorting and grading system; this advanced technology enhances efficiency, accuracy, and productivity in processing, thereby ensuring high-quality products that help meet customer expectations.

The principal raw material used in their production process is Raw Cashew Nut (RCN), which is procured both domestically and through imports. They source imported RCNs from countries including Côte d'Ivoire (IVC), Benin, Ghana, Togo, Guinea Bissau, Nigeria, and Tanzania. Imports are facilitated through their group company, Pajson Global DMCC, leveraging its established supply chain network. Procurement is carried out based on their production planning requirements.

Strengths of Pajson Agro India IPO

• Strategically located processing facility with modern machinery.
• In-house packaging unit.
• Leveraging the experience and network of their promoters.
• Efficient procurement and raw material management.
• Diverse customer base and strong wholesaler network and customer loyalty.

Risks of Pajson Agro India IPO

• Any disruption in the arrangement with a single related party, Pajson Global DMCC, a Dubai-based group company, for procurement of raw cashew nuts.
• The loss of any of their top 10 customers, a significant reduction in their purchase volumes, or a decision by any of them to pursue backward integration.
• Exchange rate fluctuations.
• Inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such products.
• Inability to expand or effectively manage their distributor network, or any disruptions in their distribution network.

*To be determined on conclusion of the Book Building Process.

Notes: (1) Financial information of Pajson Agro India has been derived from the Restated Financial Information for the financial year ended March 31, 2025.

(2) All the financial information for listed industry peers is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the financial information of such listed industry peer available on the website of the stock exchanges, investor presentations and regulatory filings, as of and for year ended March 31, 2025.

(3) Closing Price of peers represents the closing market price of equity shares of the listed peer on stock exchanges as on November 26, 2025.

(4) P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares, on stock exchanges as on November 26, 2025, divided by the diluted EPS of the latest financial year 2025.

(5) Return on Net Worth (%) is calculated by dividing profit for the year by closing Net Worth as on March 31, 2025.

(6) Net Asset Value per equity share = Net Worth at the end of the year divided by weighted average number of Equity Shares outstanding as of the end of the respective year.

Anchor Investor Bidding Date: Wednesday, December 10, 2025

*Pajson Agro India in consultation with the BRLM may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/ Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

Registrar: Bigshare Services Private Limited
Book Running Lead Managers: Smart Horizon Capital Advisors Private Limited

Pajson Agro India Business Model

The company earns its revenue through the following: Processing raw cashew nuts into cashew kernels and supplying them to domestic and international markets.

Pajson Agro India Growth Trajectory

Pajson Agro India’s revenue from operations increased by 95.25% from ₹96.90 crores in fiscal 2024 to ₹187.27 crores in fiscal 2025.

In fiscal 2025, the company reported a net profit of ₹20.42 crores attributable to owners, marking a significant increase from ₹3.35 crores in fiscal 2024.

The company’s EBITDA was ₹30.268 crores in fiscal 2025, compared to ₹5.736 crores in fiscal 2024.

Pajson Agro India Market Position

Pajson Agro India operates through a multi-channel sales and distribution structure comprising four key verticals: Wholesale Mandis, Institutional Sales, Exports, and the B2C brand, Royal Mewa. The wholesale mandi segment contributes significantly to domestic distribution. They are operational in 18 states and 3 Union Territories. They work with mandi traders who possess established networks and handle both whole and broken cashew grades. They also supply their products to a range of institutional customers, including entities such as Bikanervala, More Retail, Nutraj, Farmley, Reliance Retail, and Haldiram, among others. They also exported to the UAE in FY 2024-2025.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹187.279 crores, ₹20.417 crores, and ₹30.268 crores, respectively.

How to apply for Pajson Agro India IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.