Pajson Agro India Limited

Processes raw cashew nuts into kernels for domestic and export markets, and markets dry fruits under the Royal Mewa consumer brand. An 18,000 MT processing facility ran at 86% utilization in FY26, with about 60% of raw cashew sourced from West Africa, primarily Cote d'Ivoire and Guinea-Bissau. A 35,000 MT greenfield plant at Vizianagaram is being built at a capex of INR76 crore, with trial production scheduled for Nov-Dec FY27; combined capacity will rise to 53,000 MTPA. The Royal Mewa brand posted a 6.5x revenue jump in FY26 to 432.96 lakhs, with quick-commerce listings on Blinkit and Zepto in the pipeline. Repeat customers contributed 78% of revenue. Raw cashew is the dominant cost at 80.8% of revenue, leaving margins sensitive to commodity prices and the INR/USD rate, which compressed H2 FY26 EBITDA margin to ~11%.