BSE: 544657
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cashew kernel processing, Royal Mewa dry fruits brand. Agricultural commodity processor, asset-heavy, exposed to cashew prices, freight and FX
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 256 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 12.82 |
| ROE % · ROCE % | — · 25.9 |
| Debt / equity (x) | — |
| Cash from operations | (14) |
| Capex | (12) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 137 |
| Profit before tax | 14 |
| Net profit | — |
| EPS (₹) | 5.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 11,045 | 23.8 | 0.74 | 3.8 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD | 10,957 | 42.7 | 16.06 | 30.4 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED | 7,178 | 24.4 | 2.61 | 16.1 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED | 816 | 34.4 | 4.08 | 21.1 | 11.1 | 13.1 | — | 13.0 |
| APIS INDIA LTD. | 743 | 2.9 | 3.74 | 19.3 | 12.7 | 15.5 | 7.4 | 11.9 |
| Pajson Agro India Limited ◆ | 675 | 51.8 | — | — | — | 24.0 | — | — |
| Chemkart India Limited | 311 | 14.8 | — | — | — | 20.7 | — | — |
| MEGASTAR FOODS LIMITED | 288 | 29.1 | 2.80 | 11.6 | 9.0 | 7.5 | 26.4 | 5.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 51.8 | 24.1 | 22 of 26 | 16% |
| ROCE | 24.0 | 12.6 | 3 of 30 | 93% |
| Market cap | 675 | 107 | 6 of 29 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Clarification on share price movement says no undisclosed info | regulatory legal | medium | — | — |
| 8 Oct 2026 · BSE seeks clarification on significant price movement | regulatory legal | medium | — | — |
| 7 Oct 2026 · Pajson Agro files quarterly dematerialisation compliance report | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closure for H2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · Pajson Agro to attend Arihant Bharat investor conference on Sep 25 | general | low | — | — |
| 19 Aug 2026 · Investor meeting on 19 Aug 2026, no new info shared | investor communications | low | — | — |
| 18 Aug 2026 · Pajson Agro re-appoints SSKM as statutory auditor for 5 years | management changes | medium | — | — |
| 18 Aug 2026 · 5th AGM: All 3 resolutions passed with 100% votes in favour | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Pajson Agro India 5th AGM held on August 17, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Pajson Agro India schedules group investor call on August 19, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.