Pajson Agro India IPO Details

SME

Pajson Agro India IPO opens for subscription on 11 Dec 2025 and closes on 15 Dec 2025. The IPO will be listed on BSE with the tentative listing date set for 18 Dec 2025.

Pajson Agro India IPO price band has been fixed at ₹112 – ₹118 per share.The face value is ₹10 per share with a lot size of 1200.

Pajson Agro India IPO total issue size comprises 63,09,600 shares (aggregating up to ₹74.45 Cr.). This includes a fresh issue of 63,09,600 shares (aggregating up to ₹74.45 Cr.). Pre-issue shareholding stands at 1,74,99,995, which will increase to 2,38,09,595 post-issue.

Pajson Agro India IPO carries a ₹6 (5.08%) GMP, reflecting investor sentiment.

Pajson Agro India IPO Lot Size : Individual Minimum is 2 lots (2,400 shares) amounting to ₹283,200. Individual Maximum is 2 lots (2,400 shares) amounting to ₹283,200. SHNI Minimum is 3 lots (3,600 shares) amounting to ₹424,800. SHNI Maximum is 7 lots (8,400 shares) amounting to ₹991,200. BHNI Minimum is 8 lots (9,600 shares) amounting to ₹1,132,800.

The Lead Managers for Pajson Agro India IPO are crucial for the offering's success. They are responsible for a wide range of tasks, including preparing the company for the public market, managing the regulatory filings, and marketing the IPO to potential investors. The lead manager for this offering is Smart Horizon Capital Advisors Pvt Ltd. To assess their past performance and success in previous IPOs, you can view the Lead Manager Performance Summary report.

For SME (Small and Medium-sized Enterprise) IPOs, a Market Maker is appointed to ensure liquidity and stability for the stock once it is listed. They do this by continuously quoting bid and ask prices, ensuring there is a market for the shares. The appointed market maker for this IPO is Giriraj Stock Broking. You can analyze their track record by checking the Market Maker Performance Summary report.

For detailed information, Refer to the Pajson Agro India Limited RHP.

Pajson Agro India IPO Details

Listing Price : ₹124 at a Premium of 5.08%

Open Date

11 Dec 2025

Close Date

15 Dec 2025

Listing Date

18 Dec 2025

Issue Price

₹112 - ₹118

Face Value

₹10 per share

Lot Size

1200

GMP

₹6 (5.08%)

Issue Type

IPO

Listing On

BSE

Type

Book Built Issue

Share holding pre issue

17499995

Share holding post issue

23809595

Total Issue Size

63,09,600 shares (aggregating up to ₹74.45 Cr.)

Fresh Issue

63,09,600 shares (aggregating up to ₹74.45 Cr.)

Offer for Sale

Pajson Agro India IPO Subscription

Pajson Agro India IPO Application Wise Breakup

Pajson Agro India IPO Dates

11 Dec 2025
Opening dateOpen
15 Dec 2025
Closing dateClose
16 Dec 2025
Allotment Date Allotment
17 Dec 2025
Initiation of RefundsRefund
17 Dec 2025
Credit of SharesCredit
18 Dec 2025
Listing dateListing

Pajson Agro India IPO Lot Size

Application	Lots	Shares	Amount
Individual Minimum	2	2400	₹283,200
Individual Maximum	2	2400	₹283,200
SHNI Minimum	3	3600	₹424,800
SHNI Maximum	7	8400	₹991,200
BHNI Minimum	8	9600	₹1,132,800

Pajson Agro India IPO Reservation

Promoter Holding

Pre Issue:85%

Post Issue:62.47%

Promoter Names:

Aayush Jain, Anjali Jain, Pulkit Jain

Documents

› Pajson Agro India IPO DRHP

› Pajson Agro India IPO RHP

› Anchor Investors in Pajson Agro India IPO

› Pajson Agro India IPO BOA

Pajson Agro India IPO Valuations

ROE:60.05%

ROCE:48.21%

DEBT/EQUITY:0.33

RONW:46.18%

PAT MARGIN:10.90%

Pajson Agro India Financial Information

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	151.63	65.73	55.39	50.17
Total Income	118.37	187.28	96.04	101.13
Profit After Tax	14.20	20.42	3.35	0.02
EBITDA	21.07	30.27	5.74	1.10
NET Worth	58.40	44.21	23.79	20.44
Reserves and Surplus	40.90	40.71	20.29	16.94
Total Borrowing	40.04	14.57	14.57	0.00
Amount in ₹ Crore

About Pajson Agro India IPO

Incorporated in 2021, Pajson Agro India is an agro-processing company engaged in the processing of raw cashew nuts into cashew kernels for both domestic and international markets. The company supplies products in bulk as well as in retail packs under its white-label brand “Royal Mewa”, which operates in the dry fruits segment. In addition, the company monetizes cashew by-products such as cashew husk and shells, catering to industrial and agricultural buyers.

Business Operations

The company’s sales are diversified across four channels:

Wholesale Mandis (Local Markets)
Institutional Sales to retail chains and food brands
Exports
B2C Sales through the Royal Mewa brand

Pajson Agro India currently has a distribution footprint across 18 states and 3 Union Territories in India.

Manufacturing Infrastructure

The company operates a dedicated cashew processing facility located at Visakhapatnam, Anakapalli, Andhra Pradesh, spread across 295,990.20 sq. ft. with an annual processing capacity of 18,000 metric tonnes.
The plant includes a comprehensive processing line consisting of shelling, peeling, cleaning, grading, sorting, and other material-handling systems, along with a dedicated packaging unit for product finishing and retail-ready output.

Human Resources

As of July 31, 2025, Pajson Agro India employed 465 permanent staff across its operations.

Strength Of Pajson Agro India IPO

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.

Risk Of Pajson Agro India IPO

We are 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 our business operations, financial condition and results of operations.
Our Profit After Tax (PAT) margins have 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 our financial stability and could adversely affect our valuation and future performance.
Our limited operating history makes evaluating our business and future prospects difficult.
We derive a significant portion of our 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 our 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 our business, results of operations, and financial condition. Furthermore, we have not entered into any written agreements or contracts with our customers for the sale of our products, which increases our exposure to such risks.
We derive our revenue primarily from the domestic market out of which substantial portion of our revenue from our operations in certain geographical regions especially from Delhi, Andhra Pradesh and Rajasthan. Any adverse developments affecting our operations in these regions could have an adverse impact on our revenue and results of operations.
Our processing facilities are critical to our business operations, and any shutdown or disruption of these facilities may adversely affect our business, results of operations, and financial condition. Furthermore, as both our existing and proposed processing facilities are located in a single region, namely Andhra Pradesh, any inability to operate or expand our business in this region may have an additional adverse impact on our cash flows and future business prospects.
Our Company had negative cash flows in the past years, details of which are given below. Sustained negative cash- flow could impact our growth and business.
Our Company ventured into the export and B2C segment through our brand "Royal Mewa" in FY 2024-2025. As this business line is at an early stage of development, we have a limited operating history in this segment, which may make it difficult for investors to evaluate our past performance or reliably assess our future growth prospects.
We derive a significant portion of our revenue from the sale of cashew kernels which contributed 94.68%, 89.23%, 90.94%, and 83.62% to our revenue from operations for the period ended September 30, 2025 and for the FY 2025, 2024 and 2023, respectively. Our inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such product, may adversely impact demand for such product and consequently our business, results of operations, financial condition and cash flows.
The Restated Financial Statements have been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of our Company.