Pajson Agro India Ltd IPO
FMCG
Price Band
₹112 – ₹118
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹283200
Issue Size
₹74.45Cr
Opens
2025-12-11
Closes
2025-12-15
Listing
18-12-2025
Subscription Status
Qualified Institutional Buyers
9.48 x
Non-Institutional Investor
4.96 x
Retail Individual Investor
3.4 x
Total
5.42 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE14LM01012
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Pajson Agro India Limited processes raw cashew nuts into cashew kernels for supply in domestic and international markets. Its product portfolio includes multiple grades of cashew kernels sold in bulk and in retail packs. The company also markets select dry fruits under its white-label brand “Royal Mewa” through e-commerce platforms and offline distribution. It sells through wholesale mandis, institutional sales, exports, and Royal Mewa (B2C). It supplies institutional customers such as Bikanervala, More Retail, Nutraj, Farmley, Reliance Retail, and Haldiram, and reported exports to the UAE in FY25. It also supplies cashew husk and cashew nut shells generated as processing by-products. The company operates a cashew processing plant at Janakiramapuram, Rolugunta, Anakapalli, Andhra Pradesh, and has a packaging unit at Lawrence Road Industrial Area, Delhi. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Capital expenditure for establishing a second cashew processing facility in Andhra Pradesh— Rs 57 crore. General corporate purposes.
Pros
- • Pajson Agro India Limited claims its cashew processing plant at Janakiramapuram, Rolugunta, Anakapalli, Andhra Pradesh, is located close to raw cashew sourcing regions and the Port of Visakhapatnam, which can support both domestic movement and import-export logistics. The company claims the facility uses equipment such as shelling and peeling machines, silos, Borma units, and AI-based sorting and colour sorting systems for grading and quality control. It also states it expanded installed capacity from about 8,000 MT in FY23 to 12,000 MT in FY25, and to 18,000 MT in April 2025.
- • The company claims it operates an in-house packaging unit at GI-50, Lawrence Road Industrial Area, Delhi, for retail packaging and white-labeling linked to its “Royal Mewa” brand. It states that internal packaging allows it to control packaging quality and timelines, and to change pack formats based on requirements. The company also claims this setup reduces dependence on third-party packaging vendors and related supply-chain delays.
- • Pajson Agro India Limited claims it sources raw cashew nuts (RCN) from both domestic and international suppliers, including imports from Côte d'Ivoire, Benin, Ghana, Togo, Guinea-Bissau, Nigeria, and Tanzania. It states that imports are facilitated through its group company, Pajson Global DMCC, and that it maintains a two-to-four-month inventory buffer to manage supply variability. The company also claims it uses short-term procurement arrangements linked to production planning to keep purchasing flexible.
Cons
- • Pajson Agro India Limited is dependent on its Dubai-based group companies, Pajson Global DMCC and Pajson International FZCO, for raw cashew nut procurement. Purchases from these entities accounted for Rs 36.35 crore (26.00 percent) of the company’s total raw material purchases for the period ended September 30, 2025, and Rs 111.06 crore (96.33 percent) in FY25. Any disruption, delay, regulatory issue, or discontinuation in this arrangement, or scrutiny around related-party pricing and governance, can adversely affect the company’s production, business operations, financial condition, and results of operations.
- • Pajson Agro India Limited was incorporated in 2021, with production commencing in December 2021 and sales commencing in January 2022 after acquiring a running cashew processing unit in Visakhapatnam from Olam Agro India Private Limited. This short operating history limits the amount of historical financial and operating data available to assess performance trends or resilience across business cycles. Any inability to scale processing capabilities, adopt suitable technologies, manage regulatory requirements, or expand products in a competitive market can adversely affect the company’s business, financial condition, results of operations, and prospects.
- • The top customer alone accounted for Rs 23.91 crore (20.20 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 37.25 crore (19.89 percent) in FY25; Rs 11.82 crore (12.32 percent) in FY24; and Rs 11.72 crore (11.59 percent) in FY23. Furthermore, the company does not have any long-term agreement with this client and its sales are based on individual purchase orders. Any failure to retain this key, expand the customer base, or a loss of business from this client can adversely affect the company’s business and financial standing.
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