Pajson Agro India Limited Discloses Deviation in IPO Proceeds Utilisation for Half Year Ended March 31, 2026

Pajson Agro India Limited has filed a statement of deviation or variation in the utilisation of proceeds raised through its Initial Public Offering, pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The disclosure pertains to the half year ended March 31, 2026, and was submitted to BSE Limited on May 07, 2026, by Compliance Officer and Company Secretary Roopal Saxena.

IPO Fund Raising Details

The company raised funds through a Public Issue-SME IPO, with allotment completed on December 16, 2025. The key parameters of the fund raise are summarised below:

Parameter:	Details
Mode of Fund Raising:	Public Issue-SME IPO
Date of Raising Funds:	December 16, 2025 (Allotment Made on Dec 16, 2025)
Amount Raised:	Fresh Issue: ₹74.45 crore (63,09,600 equity shares at ₹118 per share, including share premium of ₹108 per equity share)
Report Filed For:	Half year ended March 31, 2026
Monitoring Agency:	CARE Ratings Limited

Deviation in Use of IPO Proceeds

A deviation was identified in the utilisation of IPO proceeds. The Board reduced the allocation towards issue expenses by ₹1.96 crore, correspondingly increasing the allocation to General Corporate Purposes (GCP). This change was approved by shareholders on August 26, 2025. The Audit Committee reviewed and noted that the issue expenses of ₹8.98 crore mentioned in the offer document were on an approximate basis, and the actual expense incurred was ₹7.02 crore. The remaining ₹1.96 crore was accordingly moved towards GCP, authorised by the Board vide resolution dated December 26, 2025. No comments were received from the auditors on this matter.

Fund Utilisation Breakdown

The following table details the original and modified allocations, funds utilised, and unutilised amounts across each object for which IPO proceeds were raised:

Original Object:	Original Allocation (₹ Crore)	Modified Allocation (₹ Crore)	Fund Utilized (₹ Crore)	Unutilised Amount (₹ Crore)	Deviation/Variation (₹ Crore)
Capital Expenditure towards Establishment of a Second Cashew Processing Facility at Vizianagaram, Andhra Pradesh:	57.00	57.00	6.78	50.22	N.A.
General Corporate Purposes:	8.47	10.43	10.34	0.09	1.96
Issue Expenses:	8.98	7.02	7.02	0	1.96

As reflected in the table, the capital expenditure allocation towards the second cashew processing facility at Vizianagaram, Andhra Pradesh, remained unchanged at ₹57.00 crore, with ₹6.78 crore utilised and ₹50.22 crore remaining unutilised as of the reporting period. The General Corporate Purposes allocation was revised upward from ₹8.47 crore to ₹10.43 crore, with ₹10.34 crore utilised and ₹0.09 crore remaining. Issue expenses were revised downward from ₹8.98 crore to ₹7.02 crore, with the entire revised amount of ₹7.02 crore fully deployed.

Regulatory Context

The deviation or variation, as defined under applicable regulations, may refer to:

Deviation in the objects or purpose for which the funds have been raised
Deviation in the amount of funds utilised as against what was originally disclosed
Change in terms of a contract referred to in the fund-raising document, such as a prospectus or letter of offer

The statement was duly reviewed by the Audit Committee and filed in accordance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.98%	-15.63%	+13.65%	+32.68%	+32.68%	+32.68%

Pajson Agro India Limited announced its standalone audited financial results for the financial year ended March 31, 2026. The company reported a robust financial performance with significant growth in both revenue and profitability, driven by strong institutional demand and a successful BSE SME listing in December 2025.

Full-Year Financial Performance

The company delivered a notable improvement in its annual financial performance, with total income rising by 37.18% to ₹256.92 crore in FY26 from ₹187.28 crore in FY25. Net profit after tax increased by 21.45% to ₹24.78 crore, compared to ₹20.41 crore in the previous year. EBITDA for the year stood at ₹37.82 crore, up 24.99% year-on-year.

Particulars (₹ Cr)	FY26	FY25	YoY Growth
Total Income	256.92	187.28	↑ 37.18%
EBITDA	37.82	30.26	↑ 24.99%
Net Profit	24.78	20.41	↑ 21.45%

Segment and Revenue Mix

For FY26, the company's revenue was diversified across various channels. Distributors contributed 65.21% to the revenue mix, while institutions accounted for 33.96%. Miscellaneous revenue comprised the remaining 0.83%. Geographically, Delhi was the largest revenue contributing state at 24.76%, followed by Maharashtra at 13.40% and Rajasthan at 12.94%.

Half-Year Performance Breakdown

For the half year ended March 31, 2026 (H2 FY26), the company reported total income of ₹138.54 crore and a net profit of ₹10.57 crore. In comparison, H2 FY25 recorded a total income of ₹100.85 crore and a net profit of ₹9.70 crore.

Particulars (₹ Cr)	H2 FY26	H2 FY25	YoY
Total Income	138.54	100.85	↑ 37.38%
EBITDA	16.76	14.12	↑ 18.68%
Net Profit	10.57	9.70	↑ 9.04%

Management Commentary

Mr. Aayush Jain, Promoter, Chairman & Managing Director, described FY26 as a defining year highlighted by the BSE SME listing and strong scale-up across the cashew value chain. He noted that demand remains strong across food brands, wholesalers, and HoReCa players. The company plans to expand capacity from 18,000 MTPA to 55,000 MT to serve larger customers and improve scale efficiencies. Mr. Pulkit Jain, Promoter & Non-Executive Director, added that the company is seeing encouraging traction for its consumer brand ‘Royal Mewa’ and remains optimistic about the large and underpenetrated opportunity in the cashew industry.