Pajson Agro India Limited concluded its fifth annual general meeting on August 17, 2026, transacting ordinary business including the approval of financial results for FY26. The meeting was conducted through video conferencing or other audio-visual means in compliance with Ministry of Corporate Affairs and SEBI circulars.

The session commenced at 3:30 pm and ended at 4:17 pm (IST). Eight members attended the proceedings, confirming the requisite quorum under Section 103 of the Companies Act, 2013. Chairman and Managing Director Aayush Jain presided over the meeting, joined by Whole Time Director Anjali Jain, Non-Executive Director Pulkit Jain, and Independent Directors Prince Wadhwa and Priyanka Devi.

Key Resolutions Passed

Members approved three ordinary resolutions during the assembly:

1. Adoption of the audited standalone financial statements for the financial year ended March 31, 2026, along with the reports of the Board of Directors and Auditors.
2. Re-appointment of M/s S.S. Kothari Mehta & Co. LLP (FRN: 000756N/N500441) as Statutory Auditor and fixation of their remuneration.
3. Re-appointment of Mr. Pulkit Jain (DIN: 02754392), who retires by rotation and offered himself for re-election.

Chief Financial Officer Nitan Garg and Non-Executive Director Pulkit Jain apprised members on the company’s financial performance during the year. The Chairman confirmed that the notice convening the AGM and the annual report for FY26 were dispatched within prescribed timelines.

Voting and Compliance

E-voting remained open for 15 minutes post-meeting for shareholders who had not voted remotely. In accordance with Regulation 44 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, voting results will be declared within two working days and placed on the company website.

Roopal Saxena, Company Secretary and Compliance Officer, certified the proceedings. Statutory Auditor Vijay K. Gupta and Secretarial Auditor Sonia were present to oversee compliance.

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.