Pajson Agro India Limited has filed its quarterly compliance certificate with BSE Limited, confirming adherence to SEBI depositories regulations for the quarter ended March 31, 2026. The submission demonstrates the company's commitment to maintaining regulatory compliance in its shareholding structure.

Regulatory Compliance Confirmation

The company submitted the mandatory certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, on April 6, 2026. This regulation requires companies to report on the dematerialisation status of their shares and any rematerialisation requests received during the quarter.

Share Dematerialisation Status

Bigshare Services Pvt Ltd, serving as the company's Registrar and Share Transfer Agent, confirmed that Regulation 74(5) is not applicable to Pajson Agro India Limited. The registrar stated that the entire holding of the company's shares remains in dematerialised form, with no requests received from shareholders for rematerialisation during Q4FY26.

This complete dematerialisation status reflects the company's alignment with modern digital trading practices and regulatory requirements. The absence of rematerialisation requests indicates shareholder satisfaction with electronic holding of securities.

Corporate Governance Framework

The compliance certificate was signed by Roopal Saxena, who serves as both Compliance Officer and Company Secretary for Pajson Agro India Limited. Her membership number A69189 was included in the official documentation, ensuring proper authentication of the regulatory filing.

The certificate from Bigshare Services was authorised by Akash Shamal, reflecting the established processes between the company and its registrar for maintaining compliance records and shareholder services.

Pajson agro India Limited has received credit ratings from CARE Ratings Limited on its bank facilities worth ₹75 crore. The rating agency has assigned these ratings based on the company's improving operational performance and strengthened financial position following its recent Initial Public Offering.

Credit Rating Details

CARE Ratings has assigned the following ratings to the company's bank facilities:

The ratings factor in the company's growing scale of operations and improvement in profitability margins during the last three fiscal years ending FY25. The agency noted that ratings also draw strength from the comfortable financial risk profile resulting from equity raise through the IPO during Q3FY26.

Financial Performance Highlights

Pajson Agro has demonstrated significant operational improvements across key financial metrics:

The company has shown sharp scale-up in operations with revenue increasing from ₹98 crore in FY24 to ₹187 crore in FY25. This growth is supported by increasing capacity utilization with installed capacity of 18,000 MTPA as of H1FY26, improving sales realizations, and focus on value-added processing of cashew kernels.

Key Rating Strengths

CARE Ratings highlighted several positive factors supporting the rating assignment. The company benefits from a diversified distribution network, catering to wholesale mandis, institutional buyers, retail chains, and export markets. Revenue is primarily driven by processed cashew kernels (around 89-95%), supplemented by by-products and a small presence in traded dry fruits.

The financial risk profile has strengthened significantly post-IPO, with net worth improving to ₹58 crore as of September 30, 2025. Gearing remains comfortable at 0.22x as of September 30, 2025, despite increased working capital borrowings. The promoters bring established presence in the agro-processing and raw cashew trading segment with experience in procurement, processing, and distribution of cashew products.

Rating Concerns and Risks

The rating agency identified several areas of concern that constrain the ratings. The company's operations are working capital intensive, with elevated gross current asset days driven primarily by high inventory holding and moderate receivables. The business faces exposure to raw material price volatility and forex fluctuations, as a portion of raw materials is imported from West Africa.

The cashew processing industry is highly fragmented with numerous organized and unorganized players, creating intense competition that limits pricing flexibility. Additionally, the company is undertaking capacity expansion through establishment of a second processing facility with total project cost of ₹74.45 crore, where timely execution and stabilization remains critical.

Future Outlook and Monitoring Factors

CARE Ratings has assigned a stable outlook, believing the entity shall benefit from the experience of its promoters in the industry. Positive rating factors include sustained improvement in operational performance resulting in total operating income of more than ₹250 crore while maintaining profitability margins, and improvement in operating cycle of less than 60 days on sustained basis.

Negative factors that could impact ratings include significant decline in scale of operations with PBILDT margin of less than 12% on sustained basis, sustained deterioration in capital structure with overall gearing of more than 1x, and any delay in commencement of construction of the upcoming plant leading to cost overrun.