India’s SME IPO market continues to gather momentum in late 2025, supported by strong investor appetite and improved liquidity in broader markets. Sectors linked to food processing and consumer products have seen rising interest as investors seek opportunities in businesses with scalable models and growing domestic demand. Against this backdrop, Pajson Agro India Ltd is set to launch its IPO on December 11, 2025, aiming to expand its processing capacity and strengthen its footprint in both domestic and international markets.
Here is a detailed insight into Pajson Agro India, its IPO, and the industry outlook.
About Pajson Agro India Ltd.
Incorporated in 2021, Pajson Agro India Ltd processes raw cashew nuts into cashew kernels and supplies them to both domestic and international markets. The company sells cashews in bulk and retail packs under its white-label brand Royal Mewa, while also monetizing by-products such as cashew shells and husk for industrial and agricultural use.
The company operates across four sales channels:
- Wholesale mandis
- Institutional sales
- Exports
- B2C under the Royal Mewa brand
Pajson Agro India currently operates in 18 states and 3 Union Territories in India.
It owns a large cashew processing plant in Visakhapatnam, Anakapalli, Andhra Pradesh, spanning 295,990 square feet, with a processing capacity of 18,000 metric tonnes per annum. The facility handles the entire chain, including shelling, peeling, cleaning, grading, sorting, and packaging. As of July 31, 2025, the company has 465 permanent employees.
Pajson Agro India IPO Details
The IPO is a book-built issue of ₹74.45 crore, consisting entirely of a fresh issue of 63,09,600 equity shares.
| IPO Date | Thu, Dec 11, 2025 to Mon, Dec 15, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹112 to ₹118 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| 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) |
| Share Holding Pre Issue | 1,74,99,995 shares |
| Share Holding Post Issue | 2,38,09,595 shares |
Smart Horizon Capital Advisors Pvt. Ltd. is the book-running lead manager, and Bigshare Services Pvt. Ltd. is the registrar of the issue. The Market Maker of the company is Giriraj Stock Broking Pvt. Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Dec 11, 2025 |
| IPO Close Date | Dec 15, 2025 |
| Allotment Date (Tentative) | Dec 16, 2025 |
| Initiation of Refunds | Dec 17, 2025 |
| Credit of Shares to Demat | Dec 17, 2025 |
| Listing Date (Tentative) | Dec 18, 2025 |
| UPI Mandate Cut-off Time | 5 PM on Dec 15, 2025 |
Pajson Agro India IPO Reservation
| Investor Category | Shares Offered |
| Market Maker | 3,57,600 (5.67%) |
| QIB | 29,54,400 (46.82%) |
| NII (HNI) | 9,00,000 (14.26%) |
| Retail | 20,97,600 (33.24%) |
| Total | 63,09,600 (100%) |
Pajson Agro India IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,83,200 |
| Retail (Max) | 2 | 2,400 | ₹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 Financials
Pajson Agro India has shown strong financial performance with rapid growth in revenue and profitability. Revenue grew by 95%, while profit after tax increased by 509% between FY 2024 and FY 2025.
Key Company Financials (₹ Cr)
| 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 & Surplus | 40.90 | 40.71 | 20.29 | 16.94 |
| Total Borrowing | 40.04 | 14.57 | 14.57 | 0.00 |
Key Performance Indicators (KPI)
| KPI | Value |
| 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 Cap (Pre-IPO) | ₹280.95 Cr |
Pre & Post IPO Metrics
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 11.67 | 11.92 |
| P/E (x) | 10.11 | 9.90 |
| Promoter Holding | 85% | 62.47% |
Promoters: Aayush Jain, Anjali Jain, and Pulkit Jain
Pajson Agro India Ltd.: Industry Outlook
Cashew consumption in India and globally continues to grow due to rising demand for healthier snacking options and expansion in food processing industries. With increasing exports and premium retail demand, companies with large-scale processing capacity, diversified sales channels, and efficient procurement networks are well-positioned for growth.
Pajson Agro India benefits from:
- Modern processing infrastructure
- Strategically located facility
- A diversified distribution network
- Growing demand for value-added dry fruit products
Pajson Agro India IPO: Peer Comparison
Pajson Agro India IPO can be compared with peers operating in the processed foods and dry fruits segment, such as VK Global Agro, Kanaiya Foods Ltd, and Proventus Agrocom Ltd. Reviewing these companies helps investors understand Pajson Agro India’s position within the agro-processing and value-added foods industry, offering better clarity on its scale, market reach, and competitive strengths while making informed investment decisions.
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Conclusion
Pajson Agro India presents an appealing investment opportunity owing to its strong growth trajectory, expanding processing capabilities, and diversified customer base across domestic and international markets. The company’s robust financial performance, modern processing facility, and clear expansion strategy add to its strengths.
However, investors should also consider risks such as dependency on raw material prices, operational challenges in scaling processing capacity, and competition within the dry fruits and agro-processing sector.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
