Pajson Agro IndiaShare price, financial results, shareholding and management
- Market cap
- ₹784 cr
- Stock P/E
- 31.7peers 12.6
- Book value
- ₹57.1
- Price to book
- 5.77
- EV / operating profit
- -
- Market cap to sales
- 3.07
- ROCE · FY26
- 31.2%
- ROE · FY26
- 27.4%
- ROE, 3-year average
- 32.9%
- Operating margin · FY26
- 14.3%peers 11.0%
- Sales growth, 3 years
- 36.3%
- Profit growth, 3 years
- +23.9%
- Debt to equity
- 0.25peers 0.56
- Borrowings
- ₹34 cr
- Interest cover
- 13.2×
- Cash from business / op. profit
- -38%
- Debtor days
- 26
- Pledged
- 0.00%
- Promoter holding
- 62.47%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 397
- 52-week high / low
- ₹411 / ₹120
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Pajson Agro India share price chart
Close on 6 Nov 2026 · +4.99% on the day · Vol 1.10 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +13.6%
- 3 months
- +71.6%
- 6 months
- +88.8%
- Traded a day, 20 days
- ₹2.27 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +37% | +24% |
| 3 years, a year | +36% | - |
| Latest half, H2 FY26 | +36% | +6% |
About Pajson Agro India: business, products and customers
Pajson Agro India cracks, peels and grades raw cashew nuts, mostly brought in from West Africa, at a plant in Andhra Pradesh, and supplies the kernels to traders, food brands and retail chains. It also has a small packaged dry fruit brand called Royal Mewa, and its shares trade on BSE SME.
Pajson Agro India was set up in Delhi in 2021 and the same year took over a running cashew processing plant at Anakapalli in Andhra Pradesh from Olam Agro India. At that plant raw cashew nuts are cleaned, cooked, shelled, dried, peeled, sorted by machine and graded into whole kernels and broken pieces of many grades; the shells and husk left over are also supplied for fuel, oil and farm use. Kernels go to wholesale mandi traders and distributors across many states and to institutional customers; the offer document names Bikanervala, More Retail, Nutraj, Farmley, Reliance Retail and Haldiram among them.
The business model shapes the numbers. Raw nuts are by far the largest cost, most of them are imported and paid for in dollars, and the crop is procured in season and processed over the following months, so revenue moves with cashew prices, margins move with nut prices and the rupee, and a lot of money sits in stock. The company says its 2023 upgrade of shelling machines and colour sorters lifted kernel recovery and the share of whole kernels, which fetch more than pieces. Much of the imported nut has been procured through Dubai group companies run by promoter Pulkit Jain.
Read more about the business
The offer document names Krishival Foods, Prospect Consumer Products and Aelea Commodities as its listed peers, chosen for their work in cashews, dry fruits and farm commodities. CARE Ratings describes cashew processing as fragmented, with many organised and unorganised players and low entry barriers.
What is new: the company listed in December 2025 and is using most of the money raised to build a second, more automated processing plant on land it bought at Vizianagaram in Andhra Pradesh. Royal Mewa, launched in 2024, packs cashews, almonds, pistachios and raisins for online and offline retail from a unit in Delhi.
From the offer document (red herring prospectus), the FY26 annual report, the May 2026 investor presentation and earnings call, and the CARE Ratings note of March 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 36% a year over three years.
- It earns a high return on the money it uses: ROCE 31% in FY26.
- It has little debt for its size: debt to equity 0.25.
- The promoters own a large part of the company: 62.47%.
To watch
- Trial production at the Vizianagaram plant, targeted for the third quarter of FY27 (Annual report FY26, p.7).
- Whether the EBITDA margin returns to the 14% to 16% range the company expects (Annual report FY26, p.7).
- Currency hedging the company said it had begun after the rupee's fall (Earnings call, May 2026, p.9 and p.13).
- The share of raw nuts procured through Dubai group companies Pajson Global DMCC and Pajson International FZCO (Offer document, p.39).
- Customers take longer to pay than before: 26 days in FY26, against 3 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Pajson Agro India revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Pajson Agro India half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 101 | 118 | 137.35 |
| Expenses | 87 | 97 | 121.79 |
| Operating profit | 14 | 21 | 15.56 |
| OPM | 14.0% | 18.0% | 11.3% |
| Interest | 1 | 1 | 1.65 |
| Depreciation | 1 | 1 | 0.94 |
| Profit before tax | 13 | 19 | 14.17 |
| Net profit | 10 | 14 | 10.57 |
Pajson Agro India profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 101 | 96 | 187 | 255.72 |
| Expenses | 100 | 90 | 157 | 219.09 |
| Operating profit | 1 | 6 | 30 | 36.63 |
| OPM | 1.2% | 6.0% | 16.0% | 14.3% |
| Other income | 0 | 0 | 0 | 1.20 |
| Interest | 0 | 0 | 2 | 2.72 |
| Depreciation | 1 | 1 | 1 | 1.92 |
| Profit before tax | 0 | 5 | 27 | 33.19 |
| Tax rate | 50.0% | 40.0% | 25.9% | 25.3% |
| Net profit | 0 | 3 | 20 | 24.78 |
| EPS ₹ | 0.01 | 1.91 | 11.66 | 12.82 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Pajson Agro India profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 1.2% | 6.0% | 16.0% | 14.3% |
| Tax rate | 50.0% | 40.0% | 25.9% | 25.3% |
| ROCE | · | 16.7% | 58.6% | 31.2% |
| ROE | · | 13.3% | 58.0% | 27.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Pajson Agro India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Pajson Agro India balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 4 | 4 | 4 | 24 |
| Reserves | 17 | 20 | 41 | 112 |
| Net worth | 21 | 24 | 45 | 136 |
| Borrowings | 0 | 15 | 15 | 34 |
| Other liabilities | 29 | 16 | 6 | 26 |
| Total liabilities | 50 | 55 | 66 | 196 |
| Fixed assets | 19 | 23 | 28 | 41 |
| Capital work in progress | 0 | 0 | 3 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 31 | 32 | 35 | 155 |
Pajson Agro India cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | 12 | -9 | 17 | -14 |
| Cash from investing | -1 | -6 | -11 | -72 |
| Cash from financing | -11 | 14 | -2 | 84 |
| Net cash flow | 0 | -1 | 4 | -2 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 3 | 12 | 7 | 26 |
| Inventory days | 113 | 107 | 38 | 73 |
| Days payable | 127 | 73 | 8 | 39 |
| Cash conversion cycle | -11 | 46 | 36 | 60 |
| Working capital days | 3 | 3 | 15 | 45 |
Pajson Agro India peers and competitors
Listed SME companies in the same industryBy sales, Pajson Agro India is number 12 of the 43 listed SME companies in food products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Adon Agro Commodities | 234 | 10.2 | 324 | 23 | 11.0% | 0.62 |
| Madhusudan Masala | 382 | 20.7 | 292 | 18.5 | 11.3% | 0.68 |
| Shivam Chemicals | 253 | 42.2 | 284 | 6 | 3.2% | 0.52 |
| Pajson Agro India | 784 | 31.7 | 256 | 24.8 | 14.3% | 0.25 |
| Healthy Life Agritec | 29 | 7.2 | 228 | 4 | 2.8% | 0.20 |
| DSM Fresh Foods | 120 | 8.6 | 221 | 14 | 14.0% | 0.55 |
| Peshwa Wheat | - | - | 216 | 16 | 11.0% | 0.56 |
| Chemkart India | 299 | 14.9 | 215 | 20 | 13.0% | 0.04 |
| Baba Food Processing (India) | 36 | - | 205 | -1.4 | 1.5% | 1.19 |
| Goyal Salt | 181 | 15.9 | 200 | 11.4 | 12.1% | 0.66 |
| Jhandewalas Foods | 37 | 6.1 | 176 | 6 | 4.6% | 0.23 |
| Median of the 10 others | 181 | 12.6 | 219 | 12.7 | 11.0% | 0.56 |
Pajson Agro India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Pajson Agro India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 62.47% | 62.47% |
| Foreign investors (FIIs) | 0.92% | - |
| Indian institutions (DIIs) | 10.96% | - |
| Number of shareholders | 1,150 | 397 |
Pajson Agro India study: the business from its own documents
Read from 6 of the company's own documentsPajson Agro India key facts from the filings
Each figure with the document it comes from
- Cashew kernels
- 93.49%
- Share of FY26 revenue from cashew kernels; shells, husk and other dry fruits make up the rest.Investor presentation, May 2026, p.11
- Plant use
- About 86%
- Use of the 18,000 tonnes a year plant in FY26, so the present plant is close to full.Investor presentation, May 2026, p.5 and p.15
- New plant
- 35,000 tonnes
- Capacity a year the Vizianagaram plant is to add, with trial production targeted for the third quarter of FY27.Annual report FY26, p.7
- Distributors
- 65.21%
- Share of FY26 revenue from distributors and traders, down from 77.91% in FY25 as institutional sales grew.Investor presentation, May 2026, p.13
- Repeat customers
- 78%
- Share of revenue from existing customers, as the company reported for March 2026.Investor presentation, May 2026, p.13
Show 5 more facts
- Top ten customers
- 60.10%
- Share of revenue in the half to September 2025; the largest customer alone gave 20.20%.Offer document, p.154
- Nuts via group firms
- 96.33% → 26.00%
- Share of raw material purchases made through Dubai group companies in FY25 and in the half to September 2025.Offer document, p.39
- Imported nuts
- 93% to 94%
- Share of raw nuts imported last year, the rest being Indian crop, which ties costs to the rupee.Earnings call, May 2026, p.17
- Cash from operations
- -₹13.9 cr
- Operating cash flow in FY26, as stock and money owed by customers rose; it was ₹17.2 cr in FY25.Investor presentation, May 2026, p.22
- Credit rating
- CARE BBB-
- Rating with a stable outlook on ₹75.0 cr of bank facilities, assigned in March 2026.CARE Ratings note, March 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has no order book: management said on the May 2026 call that institutional customers give one to three months of visibility. It said sales from the present plant can grow about 20% in FY27 because some bottleneck machines were added. The Vizianagaram plant is to start trial production in November or December 2026 with commercial production from the fourth quarter of FY27; the company put its cost at about ₹76 cr without land, had issued ₹39.5 cr of purchase orders by March 2026 and planned ₹20 to ₹25 cr more in the first quarter of FY27. The FY26 annual report says the company expects to return to an EBITDA margin of 14% to 16% and aims for Royal Mewa to reach close to 15% of revenue in three to five years.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns the gap between what imported raw cashew nuts cost and what the graded kernels fetch, and its plant is close to full.
Its weak spots are nut prices and the rupee, which it does not control, money tied up in stock, and reliance on group companies for imports.
WatchCan it set its own prices?Kernel prices follow the cashew market, and the rating agency says the company has limited ability to pass on cost increases.
AverageHow strong is it against rivals?Its newer machines lift the share of whole kernels and its promoters have long African sourcing links, but the industry is crowded and easy to enter.
AverageWho are its customers?Mostly traders and distributors plus food brands and retail chains, many of them repeat customers, with one large customer.
WatchDoes it need a lot of money?Yes: nuts are stocked in season and paid for ahead, and a second plant is being built.
AverageCan it keep finding new work?Demand from existing customers fills the present plant, but there are no orders yet for the new capacity and exports stopped in FY26.
WatchDo good and bad years swing a lot?Profit margins have moved a lot from year to year and even between halves of one year with nut prices and the rupee.
Who runs Pajson Agro India?
Promoters, directors and officers; tap a name for the background
AJAayush JainPromoter, Chairman and Managing Director
Bachelor of Science in Business Studies from Lancaster University, with over 16 years in sales, marketing and after-sales service; earlier with the Jaina Group. A director since incorporation in 2021, leading production and sales across the plant and the Delhi sales network. The offer document records Aayush Jain as the spouse of Anjali Jain.
Offer document, p.205, p.207 and p.208AJAnjali JainPromoter and Whole-Time Director
Bachelor of Arts from Delhi University and a postgraduate diploma in fashion design from SNDT Women's University, with over 7 years in customer service and marketing; earlier a customer service manager at Jaina India. A director since incorporation, leading the Royal Mewa brand and product development.
Offer document, p.205 and p.207PJPulkit JainPromoter and Non-Executive Director
Bachelor of Science in Humanities Management from the University of Manchester, with over 12 years running businesses in farm commodities, steel and aluminium, shipping and petrochemicals across Asia, the Middle East and Africa. Oversees procurement of raw cashew nuts from Africa; a director of Pajson Global DMCC and Pajson International FZCO among other foreign companies. On the board since October 2024 and takes no remuneration.
Offer document, p.206, p.207 and p.209PWPrince WadhwaIndependent Director
Commerce graduate from Delhi University and a chartered accountant who has cleared CFA level one; about 3 years in accounts and finance, earlier with RBL Bank and now with Anand Rathi Wealth. On the board since April 2025.
Offer document, p.206 and p.208PDPriyanka DeviIndependent Director
Commerce graduate from Delhi University and a company secretary since August 2022, with about 3 years in secretarial and compliance work; company secretary of Tarini Enterprises. On the board since May 2025.
Offer document, p.207 and p.208NGNitan GargChief Financial Officer
Appointed from 1 April 2026, with over 18 years at multinational companies in FMCG, beverages, alcoholic beverages, pharmaceuticals and farm commodities.
Annual report FY26, p.30Pajson Agro India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹137 cr (+36%), net profit ₹10.6 cr (+6%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 62.47%.
Pajson Agro India announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateThe Company hereby submits the clarification for price movement in sharesPDF ↗
- Company UpdateThe Exchange has sought clarification from Pajson Agro India Ltd on October 08, 2026 with reference to significant movement in price, in order to ensure that in
- Company UpdatePajson Agro India Limited has submitted Statement for Dematerialisation of Shares Report for the quarter ended 30th September, 2026PDF ↗
- Insider Trading / SASTPajson Agro India Limited has intimated the exchange about the closure of trading windowPDF ↗
- Company UpdateAnnouncement under Regulation 30 ( LODR)- Investor Conference CallPDF ↗
Pajson Agro India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 21 Sept 2026 ↗read
- 31 May 2026 ↗read
- 31 May 2026 ↗read
- FY26 ↗read
- Credit ratings ↗read
Pajson Agro India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Pajson Agro India's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,38,09,595 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Pajson Agro India
What does Pajson Agro India do?
Pajson Agro India cracks, peels and grades raw cashew nuts, mostly brought in from West Africa, at a plant in Andhra Pradesh, and supplies the kernels to traders, food brands and retail chains. It also has a small packaged dry fruit brand called Royal Mewa, and its shares trade on BSE SME.
What is the share price of Pajson Agro India?
₹329 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Pajson Agro India?
₹784 cr at the close on 6 Nov 2026, on 2,38,09,595 shares.
What is the P/E of Pajson Agro India?
31.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Pajson Agro India's revenue and profit?
Revenue ₹256 cr and profit after tax ₹25 cr in FY26.
Who are the promoters of Pajson Agro India?
Aayush Jain, Anjali Jain, Pulkit Jain; promoters held 62.47% at 31 March 2026.
What is Pajson Agro India's website?
pajsonagro.com
More SME companies like Pajson Agro India
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Proventus AgrocomPROV · NSE Emerge · Food Products · listed 2023Market cap ₹685 cr
- Shri Ahimsa NaturalsSHRIAHIMSA · NSE Emerge · Food Products · listed 2025Market cap ₹930 cr
- Freshara Agro ExportsFRESHARA · NSE Emerge · Food Products · listed 2024Market cap ₹955 cr
- Madhusudan MasalaMADHUSUDAN · NSE Emerge · Food Products · listed 2023Market cap ₹424 cr
- Hoac Foods IndiaHOACFOODS · NSE Emerge · Food Products · listed 2024Market cap ₹412 cr
- Chemkart IndiaCHEMKART · BSE SME · Food ProductsMarket cap ₹278 cr
Built from 2 earnings call transcripts, 1 offer document, 1 investor presentation, 1 annual report, 1 credit rating note, 5 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.