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Pajson Agro India IPO
The size of the Pajson Agro India IPO is ₹74.45 crores, entirely comprising a fresh issue of 63.09 lakh equity shares. It is a book-built SME IPO and the price band is between ₹112 to ₹118 per share. The offer will open on 11 December 2025 and close on 15 December 2025, with allotment expected on 16 December 2025. It is expected to be listed on 18 December 2025 on the BSE SME.
Company Background
Pajson Agro India Limited (PAJSON) is a flagship company of PKC Group, established in 2021 by Mr. Pulkit Jain and Mr. Aayush Jain, based in Visakhapatnam, Andhra Pradesh. It is a growing company dealing with cashew kernel processing and exports. It processes raw cashew nuts (RCN) into kernels, purchasing them from Africa (Côte d’Ivoire, Ghana, Nigeria, Benin, Togo, Guinea-Bissau) and India. The company is present in 18 states and 3 union territories, with B2B (wholesale, institutions such as Bikanervala, Reliance Retail, Haldiram) and B2C businesses under its “Royal Mewa” brand.
Operations and Product Range
Facility and Production
Pajson Agro's Visakhapatnam facility specializes in high-end processing of various grades of cashew kernels with an annual capacity to process 18,000 MT. It also sells by-products such as husks and shells for industrial/agricultural use. The company has Stringent quality checks in place to ensure full compliance across production.
Brands and Market Presence
Products are sold in bulk to wholesalers/institutions and retail packs under "Royal Mewa" via e-commerce and offline channels. The company has customers in all domestic markets across India and also exports kernels around the world, gaining fast scale-up with multiple sales outlets from Day 1.
Pajson Agro India IPO Revenue Channels
Revenue comes from cashew kernel sales (bulk/retail), by-products, and dry fruits under Royal Mewa across B2B/B2C/export channels. FY2025 revenue surged to ₹187.28 crore (+95% YoY from ₹96.04 crore in FY2024), with PAT at ₹20.42 crore (+509% YoY); H1 FY2026 revenue was ₹118.37 crore and PAT was ₹14.20 crore. Strong metrics include ROE of 60.05%, ROCE of 48.21%, EBITDA margin of 16.16% and low debt/equity of 0.33.
Management and Shareholding
Promoters and Shareholding
Promoters Pulkit Jain and Aayush Jain hold ~85% pre-IPO, with family members like Anjali Jain; no OFS maintains full promoter control post-IPO. Their expertise drives the end-to-end value chain from global sourcing to retail branding.
Board Members
The board is led by promoters Pulkit Jain and Aayush Jain, supported by professional directors ensuring operational and strategic oversight in agro-processing.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Pajson Agro India IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Pajson Agro India IPO Details
| Detail | Description |
|---|---|
| IPO Date | December 11, 2025 to December 15, 2025 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹112 to ₹118 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 63,09,600 shares (aggregating up to ₹74.45 Cr) |
| Reserved for Market Maker | 3,57,600 shares (aggregating up to ₹4.22 Cr) Giriraj Stock Broking Pvt.Ltd. |
| Net Offered to Public | 59,52,000 shares (aggregating up to ₹70.23 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,74,99,995 shares |
| Share Holding Post Issue | 2,38,09,595 shares |
Pajson Agro India IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Thu, Dec 11, 2025 |
| IPO Close Date | Mon, Dec 15, 2025 |
| Tentative Allotment | Tue, Dec 16, 2025 |
| Initiation of Refunds | Wed, Dec 17, 2025 |
| Credit of Shares to Demat | Wed, Dec 17, 2025 |
| Tentative Listing Date | Thu, Dec 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Dec 15, 2025 |
Pajson Agro India IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400.00 | ₹2,83,200 |
| Individual investors (Retail) (Max) | 2 | 2,400.00 | ₹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 |
Pajson Agro India IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 85% |
| Promoter Holding Post Issue | 62.47% |
Competitive Strength:
- • Explosive financial growth with FY2025 revenue ₹187 crore (+95% YoY), PAT ₹20 crore (+509% YoY), high ROE 60% and ROCE 48%, low debt, and strong margins.
- • Vertically integrated model with 18,000 MT Visakhapatnam facility, direct global RCN sourcing from Africa/India, and diversified B2B/B2C channels serving major brands.
- • Proven promoters Pulkit and Aayush Jain are scaling operations rapidly since 2021, with a nationwide presence (18 states) and quality-focused processing for domestic/export markets.
Pajson Agro India IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 151.63 | 118.37 | 14.2 | 58.4 | - | 40.04 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 65.73 | 187.28 | 20 | 44 | - | 14.57 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 55.39 | 96.04 | 3.35 | 23.79 | - | 14.57 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 50.17 | 101.13 | 0.02 | 20.44 | - | 0 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
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 |
| Market Capitalization | ₹280.95 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 11.67 | 11.92 |
| P/E (x) | 10.11 | 9.90 |
IPO Objectives
The proceeds from the fresh issue will be used for the expansion of capital expenditure by adding a cashew processing facility at Vizianagaram in Andhra Pradesh (Rs 57 crore) and for general corporate purposes. The expansion will also increase the capacity to support rising demand.
Conclusion
The Pajson Agro India IPO aims to capitalize on the high-growth potential of a leading cashew processing player with solid financials, integrated operations and expansion plans in the growing horticulture sector in India. It is supported by youthful promoters and good metrics, and provides SME investors with exposure to the scalable B2B/B2C demand for cashew.
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Frequently asked Questions (FAQs )
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Q1: How big is the Pajson Agro India IPO?
The IPO size is ₹74.45 crore, entirely a fresh issue of 63.09 lakh shares.
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Q2: Who are the promoters of Pajson Agro India?
Pulkit Jain and Aayush Jain are the key promoters holding ~85% pre-IPO.
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Q3: What is the goal of Pajson Agro India IPO?
Funds for a new cashew processing facility at Vizianagaram (₹57 Cr) and for general corporate purposes.
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Q4: Where is Pajson Agro India’s manufacturing facility?
State-of-the-art plant in Visakhapatnam, Andhra Pradesh (18,000 MT capacity).
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Q5: Which products are sold by Pajson Agro India?
Cashew kernels (various grades, bulk/retail), by-products (husks/shells), Royal Mewa dry fruits.
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Q6: What is the financial performance of Pajson Agro India IPO?
FY2025 revenue ₹187 crore (+95% YoY), PAT ₹20 crore (+509% YoY); H1 FY2026 revenue ₹118 crore.
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