Pajson Agro India Ltd reported a total income of ₹256.92 crore for the financial year ended March 31, 2026 (FY26), a rise of 37.19% from ₹187.28 crore in the previous year. The cashew processor’s profit after tax (PAT) grew 21.41% to ₹24.78 crore, while EBITDA increased 24.98% to ₹37.82 crore. The strong performance was primarily driven by a shift toward higher-margin institutional channels, which now account for 33.96% of revenue, up from 20.88% in FY25. This structural change, combined with robust operational execution at its Andhra Pradesh facility, underscores the company’s transition from a wholesale-focused model to an institution-led growth strategy.

The Board of Directors approved the audited standalone financial statements and the Directors' Report during a meeting held on July 20, 2026. A significant development during the year was the company’s Initial Public Offering (IPO), which raised ₹744.53 crore through a fresh issue of 63,09,600 equity shares at ₹118 per share. The shares were listed on the Bombay Stock Exchange (BSE) on December 18, 2025. As of March 31, 2026, unutilized IPO proceeds amounting to ₹524.45 crore were invested in fixed deposits, reflecting a conservative approach to capital deployment pending the commissioning of new capacity.

Key Financial Highlights

The company demonstrated strong operational efficiency, with its existing processing facility running at approximately 86% capacity utilization. Revenue from operations stood at ₹255.72 crore, with cashew kernels contributing ₹239.24 crore. The institutional channel’s rapid expansion is reshaping the revenue mix, providing greater visibility and stability compared to traditional wholesale segments.

*FY25 EBITDA derived from disclosed growth percentage.

Business Overview and Expansion

Pajson Agro operates an integrated model spanning global sourcing, processing, and market channels. The company is undertaking a greenfield expansion at Vizianagaram, Andhra Pradesh, to add 35,000 MT of processing capacity, taking total capacity from 18,000 MT to 53,000 MT. Purchase orders worth ₹39.53 crore were issued for capital equipment, against which ₹10.47 crore was advanced by the close of FY26. Trial production at the new facility is targeted for Q3 FY27.

The company also launched its consumer brand, Royal Mewa, which saw revenue grow more than 6.5 times to ₹432.96 lakhs in FY26. Management aims for Royal Mewa to contribute close to 15% of total revenue over the next three to five years, insulating the business from commodity price swings.

What the Numbers Show

The divergence between revenue growth (37.19%) and PAT growth (21.41%) indicates margin compression, likely due to higher finance costs and operational expenses associated with scaling. Finance costs rose sharply to ₹272.02 crore from ₹155.36 crore, partly due to increased borrowings. However, the strategic pivot to institutional clients, who offer better margins and recurring demand, positions the company for improved profitability once the new automated facility comes online. The heavy parking of IPO proceeds in fixed deposits suggests that near-term returns on capital employed will remain muted until the Vizianagaram plant begins commercial operations.

Pajson Agro India Limited delivered a strong start to FY27, with revenue reaching ~₹67.94 crore in the quarter ended June 2026, marking a ~51% year-on-year growth compared to ₹45.03 crore in Q1 FY26. This performance underscores the company’s expanding market presence and operational efficiency in the cashew processing sector. The growth trajectory is further supported by strategic leadership enhancements and ongoing execution of its greenfield expansion project, positioning the firm for sustained long-term value creation.

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Roopal Saxena, Compliance Officer & Company Secretary, signed the communication dated July 28, 2026, which was submitted to the BSE Limited. The update provides investors with key metrics on estimated revenue, order book status, and operational developments for the first quarter of the fiscal year.

Operational and Strategic Developments

Beyond financial performance, Pajson Agro advanced several strategic initiatives during the quarter. The company strengthened its leadership team by appointing Vu Thai Son, a globally recognised cashew industry expert with over three decades of international experience, as Strategic Advisor. This appointment aims to support the company’s next phase of growth through enhanced industry insights and global networking.

Simultaneously, the greenfield project execution continued as planned. As of June 30, 2026, the company had issued purchase orders worth ~₹45 crore for the new processing facility. This investment is critical for significantly enhancing installed processing capacity and building future-ready infrastructure.

Future Growth Drivers

Pajson Agro outlined five key pillars driving its future direction:

• Greenfield Expansion: Continued execution of the new facility to boost processing capacity.
• Operational Excellence: Leveraging automation and modern infrastructure to improve productivity and quality.
• Market Expansion: Strengthening ties with institutional customers while expanding domestic and international presence.
• Brand Development: Scaling the Royal Mewa consumer brand and expanding the value-added product portfolio.
• Supply Chain Strengthening: Enhancing global sourcing capabilities and procurement efficiencies.

What the Numbers Show

The ~51% revenue growth indicates robust demand absorption and effective operational scaling by Pajson Agro. The concurrent issuance of ~₹45 crore in purchase orders for capital expenditure suggests a confident outlook on future demand, justifying significant capacity expansion even as current revenues grow. This dual focus on immediate revenue growth and long-term capacity building highlights a balanced strategy aimed at capturing larger market share in the integrated cashew processing segment.