PA
Pajson Agro India
Book Building issueSMEBSE₹74.45 Cr issue
+5.08%
Listing gain over issue price
Issue size
₹74.45 Cr
1 lot at cut-off
₹1,41,600
Lot size
1,200shares
Open
11 Dec 2025
Close
15 Dec 2025
Allotment
16 Dec 2025
Listing
18 Dec 2025
Listing performance
Issue price
₹118
Listed at
₹124
Listing-day close
₹130.20
Latest price
₹180
Listing gain
+5.08%
Return since listing
+52.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹6
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 18 Dec 2025 | ₹6 | +5.08% | ₹5,500 | ₹124 | ₹7,200 |
| 17 Dec 2025 | ₹6 | +5.08% | ₹5,500 | ₹124 | ₹7,200 |
| 16 Dec 2025 | ₹4 | +3.39% | ₹3,600 | ₹122 | ₹4,800 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 11 Dec 2025 – 15 Dec 2025
- Listing date
- 18 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹118 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹74.45 Cr
- Market cap at offer price
- ₹281 Cr
- Promoter holding
- 85.00% → 62.47% pre-issue → post-issue
- ISIN
- INE14LM01012
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- 510, 5th Floor, Pearl Omaxe Tower, Netaji Subhash Place, Pitampura, Shakur Pur I Block, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 17,72,400 | — | — |
| Market maker | 3,57,600 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹118
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
17,72,400
Anchor portion
₹20.91 Cr
at ₹118 per share
Valuation and performance
Valuation at offer price
₹118 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.67 | 11.92 |
| P/E (×) | 10.11 | 9.90 |
| Price to book (×) | 4.67 | — |
| Market cap | — | ₹281 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 46.18%
- ROCE
- 48.21%
- Debt / equity
- 0.33
- PAT margin
- 10.90%
- EBITDA margin
- 16.16%
- NAV per share
- ₹25.26
- Price to book
- 4.67
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Pajson Agro India
Pajson Agro India Limited was incorporated in 2021 and commenced production in December 2021. The company acquired a running cashew processing unit in Visakhapatnam from Olam Agro India Private Limited in January 2022. The company processes raw cashew nuts (RCNs) into cashew kernels and supplies them to domestic and international markets through a multi-channel distribution structure comprising wholesale mandis, institutional sales, exports, and the B2C brand 'Royal Mewa'. The company sources RCNs primarily from Pajson Global DMCC and Pajson International FZCO (Dubai-based group companies), with recent diversification to 7 independent suppliers. Revenue from operations grew from ₹10,113.19 lakhs in FY 2023 to ₹18,727.94 lakhs in FY 2025. Profit after tax improved significantly from ₹1.67 lakhs (0.02% margin) in FY 2023 to ₹2,041.72 lakhs (10.90% margin) in FY 2025, driven by technology upgradation, operational efficiency improvements, and increased production capacity from 8,000 MT to 18,000 MT.
Company Analysis
from RHPPajson Agro India Limited processes raw cashew nuts into cashew kernels for domestic and international markets, and markets select dry fruits under the brand 'Royal Mewa' through e-commerce and offline channels.
Pajson Agro India Limited was incorporated in 2021 and commenced production in December 2021. The company acquired a running cashew processing unit in Visakhapatnam from Olam Agro India Private Limited in January 2022. The company processes raw cashew nuts (RCNs) into cashew kernels and supplies them to domestic and international markets through a multi-channel distribution structure comprising wholesale mandis, institutional sales, exports, and the B2C brand 'Royal Mewa'. The company sources RCNs primarily from Pajson Global DMCC and Pajson International FZCO (Dubai-based group companies), with recent diversification to 7 independent suppliers. Revenue from operations grew from ₹10,113.19 lakhs in FY 2023 to ₹18,727.94 lakhs in FY 2025. Profit after tax improved significantly from ₹1.67 lakhs (0.02% margin) in FY 2023 to ₹2,041.72 lakhs (10.90% margin) in FY 2025, driven by technology upgradation, operational efficiency improvements, and increased production capacity from 8,000 MT to 18,000 MT.
food processingcashew kernel processingdry fruits retail
Objects of the Issue
- Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh ₹5,700.00 lakhs p.30
- General corporate purposes [●] (To be determined upon finalisation of the Issue Price, but shall not exceed 15% of the Gross Proceeds of the Issue or ₹10 Crores, whichever is less) p.30
- Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh ₹5,700.00 Lakhs p.107
- General Corporate Purposes p.107
- Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh ₹5,700.00 Lakhs p.109
- General Corporate Purpose [●] p.108
- Funding capital expenditure for the proposed 2nd Cashew processing plant located at Vizianagaram, Andhra Pradesh p.189
- —
Issue Structure
- Total Issue
- Up to 63,09,600 Equity Shares of face value of ₹10/- each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 63,09,600 Equity Shares of face value of ₹10/- each for cash at a price of ₹ [●] per Equity Share (including a share premium of ₹ [●] per Equity Share) aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable (Entire Issue constitutes Fresh Issue of Equity Shares)
- Price Band
- [●] (To be determined and advertised in newspapers)
- Lot Size
- [●] (To be determined)
- Face Value
- ₹10/- each
Business Model
The company processes raw cashew nuts into cashew kernels through multiple stages including cleaning, boiling, deshelling, drying, peeling, sorting and grading. It sells cashew kernels in various grades through four key channels: (1) Wholesale Mandis - representing 46.93% of revenue for the period ended September 30, 2025; (2) Institutional Sales; (3) Exports - commenced in FY 2025; and (4) B2C brand 'Royal Mewa' for retail consumers through e-commerce and offline distribution. The company earns revenue from the sale of processed cashew kernels, which contributed 94.68% of revenue from operations for the period ended September 30, 2025.
Business Segments
Processing and sale of raw cashew nuts into cashew kernels in various grades, packaged in bulk and consumer-oriented retail packs for domestic and international markets
Export of processed cashew kernels to international markets
Sale of select dry fruits under the white-label brand 'Royal Mewa' through e-commerce platforms and offline distribution channels to retail consumers
Processing and sale of cashews under the Royal Mewa brand
Processing of raw cashew nuts into finished cashew kernels in various grades (whole and broken kernels) for domestic and international sale to wholesalers, retailers, manufacturers, and institutional customers
Supply of cashew husk and cashew nut shells which are generated as by-products from processing of raw cashews and are used in agricultural and industrial applications
B2C brand offering premium dry fruits including cashews, almonds, pistachios, raisins, goji berries, and walnuts distributed through e-commerce platforms (Amazon, JioMart, Meesho, Snapdeal) and offline channels
Distribution of whole and broken cashew kernel grades through mandi traders across 19 states and 3 Union Territories in India
Supply of cashew kernels to modern retail chains, snack and sweet manufacturers, dry fruit brands, food processors, and HoReCa sector customers
Export of processed cashew kernels to international markets, primarily UAE
Direct-to-consumer brand offering cashews, almonds, pistachio, and raisins through e-commerce platforms including Amazon, Snapdeal, Meesho, Jiomart
Processing of raw cashew nuts into various grades of cashew kernels and packaging in bulk and consumer-oriented retail packs
Trading of raw cashew nuts and other dry fruits under the white-label brand 'Royal Mewa'
Supply of cashew husk and cashew nut shells for agricultural and industrial applications
SWOT Analysis
Strengths
- • Established cashew processing operations with significant capacity expansion(p.40)
- • Adoption of advanced processing technology improving efficiency and product quality(p.51)
- • Demonstrated profitability improvement and operational efficiency(p.40)
- • India's leading position in global cashew processing and production(p.29)
- • Established multi-channel distribution network across India(p.50)
- • Strategically located processing facility in major cashew-producing region with modern machinery and AI-enabled sorting technology(p.156)
- • Significant capacity expansion from 8,000 MT to 18,000 MT demonstrating operational efficiency improvements(p.160)
- • In-house packaging unit enabling cost efficiency and quality control for B2C brand(p.161)
- • Experienced promoter leadership with over 35 years combined experience in agricultural commodities and supply chain management(p.162)
- • Diverse customer base across wholesale, institutional, export and B2C channels reducing revenue concentration risk(p.163)
- • Strong wholesaler network with 69 distributors across 18 states and 3 union territories providing extensive market reach(p.164)
- • High customer loyalty with 90.48% revenue from repeat customers demonstrating strong brand trust and long-term relationships(p.165)
- • Multiple quality certifications including ISO 22000:2018, ISO 9001:2015, HACCP and Halal demonstrating food safety compliance(p.168)
- • Modern processing infrastructure with recent capacity and quality upgrades(p.181)
- • Improved operational efficiency leading to higher realization per kg(p.182)
- • Comprehensive quality management certifications(p.180)
- • Integrated supply chain with access to established global sourcing network(p.186)
- • Diversified distribution and sales channels(p.185)
- • Strong female workforce with female-majority employment(p.183)
- • Advanced technology infrastructure with state-of-the-art cashew shelling machines(p.285)
- • Significant improvement in production yield and quality metrics(p.297)
- • Diversified product portfolio including cashew kernels, dry fruits, and by-products(p.284)
- • Established distributor and customer network(p.286)
- • Strong financial performance with improved profitability(p.299)
Weaknesses
- • High dependence on related party suppliers for raw materials(p.40)
- • Significant customer concentration creating revenue vulnerability(p.42)
- • No long-term customer contracts increasing business uncertainty(p.42)
- • Geographic concentration of processing facilities in single region(p.43)
- • Past history of negative cash flows(p.43)
- • High exposure to foreign exchange risk from imports(p.49)
- • Limited operating history and track record(p.41)
- • Rental dependence for critical operational premises(p.52)
- • Unfulfilled educational qualifications of management personnel(p.68)
- • Management attrition and experience gap of directors in listed companies(p.58)
- • High management attrition rate(p.55)
- • Dependency on third-party for peeling operations and exposure to theft/embezzlement(p.61)
- • Delays in statutory compliance filings(p.65)
- • High inventory levels and inventory management challenges(p.59)
- • High financial leverage with significant debt(p.63)
- • Unsecured loans repayable on demand(p.64)
- • Limited control over quality of sourced products(p.62)
- • Promoter personal guarantees on loans(p.63)
- • Pending trademark registrations(p.67)
- • Under-utilization of processing capacity(p.61)
- • Heavy reliance on single supplier for raw material procurement with 91.50% of purchases from Pajson Global DMCC(p.168)
- • Concentration of revenue with top 10 customers representing 60.10% of total revenue, creating customer concentration risk(p.154)
- • High inventory levels during specific periods with inventory turnover ratio of 92.85 days as of September 30, 2025(p.125)
- • Increased total borrowings to 4,003.94 lakhs from 1,457.01 lakhs year-over-year, raising debt equity ratio to 0.69(p.125)
- • Declining current ratio from 1.62 to 1.21 indicating potential liquidity concerns(p.125)
- • New B2C brand Royal Mewa with minimal market presence generating only 0.71% of FY 2025 revenue(p.153)
- • High dependence on top suppliers for raw material procurement(p.179)
- • Seasonal dependency of raw material imports concentrated in 4-5 months(p.177)
- • Limited export presence despite being eligible for export incentives(p.186)
- • Single processing facility location creating operational concentration risk(p.182)
- • Recent leadership attrition in senior management(p.185)
- • High inventory levels requiring significant working capital(p.286)
- • Significant short-term borrowings indicating reliance on working capital financing(p.286)
- • Outstanding statutory dues including PF and ESIC from contractors and employees(p.261)
- • Dependence on related party loans for business operations(p.272)
- • Concentration of processing operations at single manufacturing facility(p.241)
- • Consent to Operate (CTO) compliance and renewal pending at one facility(p.320)
- • CTO renewal application pending; expired CTO at primary facility(p.322)
- • FSSAI License expiry imminent(p.319)
- • Weight Certificate validity limited to one year(p.320)
- • Recent conversion from private to public limited status(p.310)
- • Outstanding dues to Material Creditors at 4 significant suppliers(p.311)
- • Material dues to Micro and Small Enterprises(p.311)
Opportunities
- • Significant growth potential in domestic cashew processing and consumption(p.29)
- • Capacity expansion through new processing facility(p.30)
- • Expansion into export markets(p.44)
- • Development of consumer-facing B2C brand Royal Mewa(p.29)
- • Diversification of raw material supplier base(p.49)
- • Expansion of processing capacity and new facility establishment(p.108)
- • Brand expansion through Royal Mewa retail brand(p.62)
- • Technology investment for operational enhancement(p.62)
- • Capacity expansion to 35,000 MT through second processing facility at Vizianagaram to meet growing domestic and international demand(p.109)
- • India's strong position as world's largest cashew exporter with growing global demand for processed cashew kernels(p.144)
- • Growing domestic consumption and rising per capita income supporting increased cashew kernel demand in India(p.140)
- • Strategic location of second facility in Vizianagaram with lower labor costs and proximity to Visakhapatnam International Airport enabling export expansion(p.109)
- • Diversification strategy to expand supplier base beyond single entity to mitigate supply chain risks(p.168)
- • Growth of e-commerce and quick commerce platforms offering distribution channels for Royal Mewa brand expansion(p.152)
- • International market penetration opportunity with successful UAE export trial and growing global cashew demand(p.169)
- • Growing government support for agricultural processing sector and special schemes promoting mechanization and exports(p.145)
- • Capacity expansion through proposed second processing plant(p.203)
- • Geographic expansion into new states with identified high market potential(p.185)
- • Growing institutional market demand with significant recent growth(p.186)
- • Strategic expansion of export business with established product acceptance(p.186)
- • Broadening product portfolio through brand innovation(p.182)
- • Expansion of cashew kernel processing volumes and capacity utilization(p.286)
- • Growing international export markets for cashew products(p.248)
- • Development and scale-up of white-label dry fruits brand through e-commerce(p.284)
- • Leveraging by-product sales for additional revenue streams(p.284)
- • Geographic expansion through increased distributor network development(p.286)
- • SME Platform listing on BSE with compulsory market making for 3 years(p.347)
- • Potential migration to main board if post-issue paid-up capital exceeds ₹25 crores through further issuances(p.345)
- • Eligibility criteria met for main board migration based on current operating metrics(p.326)
- • Access to capital markets through 100% underwritten IPO(p.344)
Threats
- • Volatility in raw cashew nut prices and seasonal supply constraints(p.52)
- • Dependency on Port of Visakhapatnam for raw material imports(p.52)
- • Regulatory restrictions on raw material imports(p.49)
- • Processing facility operational and shutdown risks(p.43)
- • Sensitivity to breakage rates affecting product pricing and margins(p.51)
- • Global economic conditions affecting business and markets(p.27)
- • Natural calamities and climate change impacts(p.28)
- • Highly competitive dry fruit market with organized and unorganized players(p.62)
- • Competition with larger financial resources and better economies of scale(p.62)
- • Delays in import of equipment and machinery from outside India(p.54)
- • Regulatory changes and compliance costs(p.66)
- • Power supply disruptions and energy cost increases(p.59)
- • Inflation and inability to pass costs to customers(p.72)
- • Rising transportation costs and infrastructure limitations(p.67)
- • Economic slowdown and changes in government policies(p.70)
- • Natural disasters and unforeseeable events(p.70)
- • Changing tax laws and potential adverse tax consequences(p.72)
- • Foreign investment restrictions limiting investor base(p.76)
- • Liquidity risk and potential thin trading market(p.74)
- • Dependency on raw cashew nut imports with global production subject to weather, pest and climate variability(p.142)
- • Global trade policy uncertainty and tariff risks affecting export markets and raw material import costs(p.135)
- • Intense competition from established cashew processors and new market entrants in domestic and international markets(p.144)
- • Commodity price volatility for raw cashew nuts affecting production costs and margins(p.139)
- • Global economic slowdown and reduced consumer demand impacting cashew kernel sales volumes(p.137)
- • Supply chain disruption risks from localized labor shortages or regional unrest affecting processing operations(p.110)
- • Execution risks and potential cost overruns for new Vizianagaram facility expansion project(p.108)
- • Global price volatility of raw cashew nuts affecting production costs(p.177)
- • Heavy competition from domestic and international processors with greater resources(p.186)
- • Exposure to import supply chain risks from African sourcing countries(p.186)
- • Dependence on specific ports for import operations without alternative sources(p.183)
- • Highly competitive market environment with both organized and unorganized players(p.186)
- • Regulatory compliance requirements across multiple jurisdictions(p.198)
- • Volatility in raw cashew nut procurement prices and availability(p.286)
- • Foreign exchange fluctuation risk from import/export operations(p.248)
- • Exposure to cyclicality and volatility in cashew industry(p.294)
- • Regulatory changes affecting food processing and trade(p.294)
- • Competition from established processors in domestic and international markets(p.294)
- • Regulatory name-change approvals pending across multiple authorities(p.310)
- • Trademark amendment applications pending at Trade Marks Registry(p.321)
- • Pollution control board compliance and renewal requirements(p.315)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aayush Jain | Promoter | 24.71% | 18.16% |
| Anjali Jain | Promoter | 0.29% | 0.21% |
| Pulkit Jain | Promoter | 60.00% | 44.10% |
| Aayush Jain | Promoter | 24.71% | 18.16% |
| Anjali Jain | Promoter | 0.29% | 0.21% |
| Pulkit Jain | Promoter | 60.00% | 44.10% |
| Aayush Jain | Promoter | — | — |
| Anjali Jain | Promoter | — | — |
| Pulkit Jain | Promoter | — | — |
| Aayush Jain | Promoter | 24.71% | 18.16% |
| Anjali Jain | Promoter | 0.29% | 0.21% |
| Pulkit Jain | Promoter | 60.00% | 44.10% |
| Pulkit Jain | Promoter | 60.00% | — |
| Aayush Jain | Promoter | 24.71% | — |
| Anjali Jain | Promoter | 0.29% | — |
Leadership
Aayush Jain · Chairman and Managing Director
Anjali Jain · Whole Time Director
Pulkit Jain · Non-Executive Non – Independent Director
Prince Wadhwa · Independent Director
Prayanka Devi · Independent Director
Ajit Kumar · Chief Financial Officer
Roopal Saxena · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.