Pajson Agro India Limited has declared the voting results for its fifth annual general meeting (AGM) held on August 17, 2026, confirming that all three ordinary resolutions were passed with 100% support from votes polled. The results were disclosed pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The meeting, conducted via video conferencing, saw participation from eight members who confirmed the requisite quorum. The record date for determining voting rights was August 10, 2026, with a total of 425 shareholders on record. Of these, 3 promoters and 5 public shareholders attended the meeting through video conferencing.

Voting Results Breakdown

The total shares held by shareholders as on the record date stood at 23,809,595. The voting pattern across the three resolutions is detailed below:

Promoter and Public Participation

For the first two resolutions—adoption of financial statements and re-appointment of M/s S.S. Kothari Mehta & Co. LLP as statutory auditor—the promoter group voted in favour with all 14,874,995 shares held. Public non-institutional shareholders voted in favour with 2,955,600 shares out of 8,934,600 held, representing a 33.08% participation rate among this category.

The third resolution, concerning the re-appointment of Non-Executive Director Mr. Pulkit Jain (DIN: 02754392), saw lower overall participation. The promoter group voted in favour with 4,375,000 shares out of 14,874,995 held (29.41% participation). Public non-institutional shareholders again voted in favour with 2,955,600 shares. No votes were recorded against any of the resolutions, and there were no invalid votes.

Scrutinizer's Report

Ankur Arora, Designated Partner of M/s Advista Legal LLP, served as the scrutinizer for the e-voting process. The report confirmed that e-voting services were provided by National Securities Depository Limited (NSDL). The remote e-voting period commenced on August 14, 2026, at 9:00 am and concluded on August 16, 2026, at 5:00 pm. E-voting was also open for 15 minutes during the AGM for attendees who had not voted remotely.

The votes were unblocked on August 17, 2026, at 4:40 pm in the presence of two independent witnesses, Ms. Simran and Ms. Rashmi. Roopal Saxena, Company Secretary and Compliance Officer, certified the proceedings. The results have been placed on the company website and the NSDL e-voting portal.

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.