Pajson Agro India Limited has submitted call transcript of the investor meeting held on 8.5.2026
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Pajson Agro India, a cashew processing company, held its first post-IPO earnings call. For FY26, total income grew 37.19% YoY to INR 256.92 crores with EBITDA up 24.98% and PAT up 21.4%. The company operates at 86% capacity utilization at its 18,000 MT facility. Management guided for steady-state EBITDA margins of 15-16% after H2 margins compressed to 11% due to forex volatility, raw cashew price spikes and shipping disruptions. The new greenfield facility in Vizianagaram (35,000 MT capacity, INR 76 crore capex) will start trial production in Q3 FY27 with commercial production from Q4 FY27, targeting peak revenue of INR 475 crores at 85% utilization. Their consumer brand Royal Mewa grew 6.5x this year. The company sources ~94% raw materials from Africa with ~78% repeat revenue from existing customers.
The company is in early growth phase post-IPO with significant capacity expansion underway. While H2 margin compression is temporary (forex-driven), management's 15-16% EBITDA guidance and planned automation at the new facility suggest margin recovery. Revenue visibility is decent with repeat customers but order visibility is only 1-3 months. New capacity benefits will primarily flow through FY28.