Pajson Agro India Limited processes raw cashew nuts (RCN) into cashew kernels and supplies them to both domestic and international markets.
The company offers cashews in bulk packs as well as consumer-oriented retail packs under its white-label brand “Royal Mewa”, which also includes select dry fruits. In addition to its core products, Pajson monetizes its by-products — cashew husk and cashew shells — which are used in agricultural and industrial applications.
The company sells through four key verticals:
- Wholesale Mandis – Distributing to local market traders.
- Institutional Sales – Supplying to major retail chains and food brands such as Reliance Retail, More Retail, Nutraj, Farmley, Bikanervala, Haldiram, etc.
- Exports – Including exports to the UAE in FY 2024–25.
- B2C Segment – Retail sales under the Royal Mewa brand via e-commerce and offline channels.
The company operates a fully integrated cashew processing unit located in Visakhapatnam (Anakapalli), Andhra Pradesh, spread across approximately 295,990 sq. ft. The facility has an installed processing capacity of 18,000 metric tonnes and includes:
- Shelling
- Peeling
- Cleaning
- Grading
- Sorting
- Packaging operations
As of July 31, 2025, the company employs 465 permanent employees across its operations.
Pajson Agro India IPO – Details
| IPO Opening Date | 11 December 2025 |
| IPO Closing Date | 15 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 63,09,600 Shares Worth ₹74.45 Crore Fresh Issue: 63,09,600 Shares Worth ₹74.45 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹112 – ₹118 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Pajson Agro India IPO – Date Schedule
| IPO Open Date | 11 December 2025 |
| IPO Close Date | 15 December 2025 |
| Basis of Allotment | 16 December 2025 |
| Initiation of Refund | 17 December 2025 |
| Credit of Shares to Demat | 17 December 2025 |
| IPO Listing Date | 18 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 15, 2025 |
Pajson Agro India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,83,200 |
| Retail (Max) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (Min) | 3 | 3,600 | ₹4,24,800 |
| S-HNI (Max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (Min) | 8 | 9,600 | ₹11,32,800 |
Competitive Strength
- 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.
Company Promoters
- Aayush Jain
- Anjali Jain
- Pulkit Jain
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹101.13 Cr | ₹101.11 Cr | ₹0.02 Cr | ₹0.00 Cr |
| 31 March 2024 | ₹96.04 Cr | ₹91.41 Cr | ₹3.35 Cr | ₹14.57 Cr |
| 31 March 2025 | ₹187.28 Cr | ₹159.95 Cr | ₹20.42 Cr | ₹14.57 Cr |
| 30 September 2025 | ₹118.37 Cr | ₹99.35 Cr | ₹14.20 Cr | ₹40.04 Cr |
Key Performance Indicator
| 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 (₹) | 11.67 | 11.92 |
| P/E (x) | 10.11 | 9.90 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh. | ₹57.00 |
| General Corporate Purposes. | – |
✅Strengths
- Integrated cashew processing with in-house shelling, peeling, grading, and packing.
- Multi-channel sales network: Wholesale Mandis, Institutional, Exports, B2C (Royal Mewa).
- Presence across 18 states and 3 UTs.
- Strong institutional clients like Reliance Retail, Nutraj, Farmley, Haldiram, Bikanervala.
- Additional revenue from by-products like cashew husk and shells.
- Strong sourcing support through group company Pajson Global DMCC.
- Large processing facility with food safety & quality certifications (ISO 22000, HACCP, ISO 9001).
⚠️Risks
- High dependence on imported raw cashew nuts; exposure to duty & price fluctuations.
- Working-capital-intensive operations.
- Revenue concentration risk from mandis and large institutional buyers.
- Price volatility in raw cashews and cashew kernels.
- Labour-intensive processes; risk of labour shortages and wage cost pressure.
- Multiple regulatory approvals required; delays may affect operations.
- Exposure to interest rate, inflation, and credit risk.
- Highly competitive cashew processing industry.
Pajson Agro India IPO Promoter Holding
| Pre-Issue Share Holding | 85.00% |
| Post Issue Share Holding | 62.47% |
Pajson Agro India IPO Prospectus
Company Contact Information
| Pajson Agro India Ltd. 510, 5th Floor, Pearl Omaxe Tower Netaji Subhash Place, Pitampura Shakur Pur I Block, North West Delhi Delhi, New Delhi, 110034 Phone: 011-43026646 Email: investor@pajsonagro.com Website: http://www.pajsonagro.com/ |
Pajson Agro India IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Pajson Agro India IPO Lead Manager(s)
| 1. Smart Horizon Capital Advisors Pvt.Ltd. |
Pajson Agro India IPO FAQ
| What is Pajson Agro India IPO? Pajson Agro India IPO is an SME IPO. The issue is priced at ₹112 – ₹118 per equity share. The IPO is to be listed on BSE SME. |
| When will Pajson Agro India IPO open? The IPO is to open on 11 December 2025 for QIB, NII, and Retail Investors. |
| What is Pajson Agro India IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Pajson Agro India IPO Size? Pajson Agro India’s IPO size is ₹74.45 Crore. |
| What are the Pajson Agro India IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,83,200, while the maximum bid is 2400 Shares for ₹2,83,200. |
| What is the Pajson Agro India IPO Allotment Date? Pajson Agro India IPO allotment date is 16 December 2025. |
| What is the Pajson Agro India IPO Listing Date? Pajson Agro India IPO listing date is 18 December 2025. The IPO is to be listed on the BSE SME. |
