Updated on 18.12.2025 @ 12:02 PM
Pajson Agro India Limited is launching its Initial Public Offering (IPO) on the BSE SME platform. It is a cashew processing and agro-commodity company. You can also find all the IPOs upcoming, live and closed at our IPO calendar page.
The subscription for this public issue will open on December 11, 2025, and close on December 15, 2025.
The company aims to raise up to ₹74.45 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹112 to ₹118 per share, with a minimum lot size of 1,200 shares.
Pajson Agro has demonstrated explosive profit growth and operational improvements, but investors must consider the high supplier concentration and rising debt. While analyzing IPO opportunities, many investors also explore long-term wealth-building options like mutual funds, and if you're planning your financial strategy holistically, you can use our SIP calculator to estimate how systematic investments can grow alongside your IPO allocations.
In this article, you will find Pajson Agro India IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Pajson Agro India IPO Details
- Price Band: ₹112 to ₹118 per share
- IPO Open / Close Dates: December 11, 2025 – December 15, 2025
- Lot Size: 1,200 Shares
- Issue Size: 63,09,600 shares (aggregating up to ₹74.45 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt.Ltd.
- Listing Exchange: BSE SME
What is The Pajson Agro India IPO GMP Today?
Check the grey market premium of this and other stocks at our gmp hub page. (The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment).
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 118 | 124 | 5.1 |
What Are The Pajson Agro India IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 11, 2025 – December 15, 2025
- Basis of Allotment Date: December 16, 2025
- Refund Initiation Date: December 17, 2025
- Credit of Shares: December 17, 2025
- Listing Date: December 18, 2025
What Are The Objectives of Pajson Agro India IPO?
The company intends to utilise the net proceeds from the fresh issue for expanding its processing capabilities:
- Capital Expenditure (₹57.00 Crores): The majority of the proceeds will be used to establish a second cashew processing facility in Vizianagaram, Andhra Pradesh. This expansion aims to meet growing demand and improve operational scale.
- General Corporate Purposes: The balance amount will be used for other strategic and operational requirements.
How is The Financial Performance of Pajson Agro India?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 118.37 | 187.28 | 96.04 | 101.13 |
Profit After Tax (PAT) | 14.20 | 20.42 | 3.35 | 0.02 |
EBITDA | 21.07 | 30.27 | 5.74 | 1.10 |
Net Worth | 58.40 | 44.21 | 23.79 | 20.44 |
Total Borrowing | 40.04 | 14.57 | 14.57 | 0.00 |
Assets | 151.63 | 65.73 | 55.38 | 50.17 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
Pajson Agro has achieved phenomenal profit growth, with PAT skyrocketing from a mere ₹0.02 Crores in FY23 to ₹20.42 Crores in FY25. This surge is driven by improved processing technology, higher margins, and scale efficiencies.
Total Income:
Revenue has nearly doubled between FY24 and FY25, reaching ₹187.28 Crores. The momentum continues in the first half of FY26 with ₹118.37 Crores, indicating strong market demand for its cashew kernels.
EBITDA:
Operational profitability has expanded significantly, with EBITDA margins jumping from ~1% in FY23 to over 16% in FY25. This reflects successful cost control and the benefits of upgrading to advanced machinery.
Total Borrowings:
Debt has risen sharply to ₹40.04 Crores as of September 2025 to fund working capital and expansion. While the debt-to-equity ratio remains manageable at 0.69x, the increasing leverage warrants monitoring.
Assets:
Total assets have tripled since FY23 to ₹151.63 Crores, driven by investments in plant, machinery, and inventory build-up to support the expanded operations.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹11.67, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.1x at the upper end of the price band (₹118).
P/E Ratio = ₹118 (Price) / ₹11.67(Earnings Per Share)
P/E Ratio ≈ 10.1x
This valuation appears highly attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | Revenue (FY25, ₹ Cr) | RoNW (%) (FY25) |
Pajson Agro India (at IPO price) | ~10.1x | 187.27 | 46.18% |
| Krishival Foods Ltd | 78.39x | 202.23 | 9.56% |
| Prospect Consumer Products Ltd | 17.00x | 30.99 | 8.95% |
| Aelea Commodities Ltd | 292.98x | 182.14 | 1.52% |
Analysis for Investors:
Pajson Agro is priced at a steep discount to its peers, with a P/E of ~10.1x versus the industry average of over 100x. More importantly, it boasts a vastly superior Return on Net Worth (RoNW) of over 46%, compared to single-digit returns for most competitors.
This combination of low valuation and high profitability makes it a compelling value proposition.
Industry Outlook
- The Indian cashew industry is a significant part of the global agro-commodity market.
- India is a major consumer and exporter of cashew kernels.
- With rising disposable incomes and a shift towards healthy snacking, domestic demand is robust.
- Pajson Agro's strategic focus on upgrading technology and expanding capacity in Andhra Pradesh positions it well to capture this demand, while its export channels provide diversification.
What Are The Strengths and Risks of Pajson Agro India IPO?
Strengths:
- Explosive Financial Growth: A proven track record of rapid revenue scaling and massive profit growth.
- High Profitability Ratios: Exceptional RoNW and EBITDA margins indicate operational excellence.
- Strategic Expansion: IPO funds are dedicated to doubling processing capacity, ensuring future growth.
- Experienced Promoters: The leadership team has deep expertise in sourcing and processing agro-commodities.
Risks:
- High Supplier Concentration: The company relies heavily on two group companies for raw cashew nut (RCN) procurement, creating a dependency risk.
- Volatility in Raw Material Prices: Margins are sensitive to fluctuations in global cashew prices.
- Rising Debt: Increasing borrowings to fund working capital and capex could strain cash flows if not managed well.
- Inventory Management: Inventory levels have spiked significantly, increasing the working capital cycle.
Key Investor insights.
The Pajson Agro India IPO offers an opportunity to invest in a high-growth agro-processing company at a very attractive valuation.
- For Value Investors: The P/E of ~10.1x is a massive discount to the industry, making it a good value buy.
- For Growth Investors: The rapid profit growth and capacity expansion plans offer significant upside potential.
- Our View: Despite the supplier concentration risks, the company's financial performance and bargain valuation make it a strong candidate.
Read the RHP before investing. This should not be treated as advice.
Key Takeaways
- IPO Price Band: ₹112 to ₹118 per share
- Lot Size: 1,200 Shares (Minimum Investment: ₹1,41,600). Note: Minimum investment is ₹2,83,200 for retail as per lot size table (2 lots).
- Allotment & Listing Dates: Tentative listing on December 18, 2025.
- Recommendations of experts: A "Subscribe" recommendation. A high-growth, profitable company offered at a very attractive valuation compared to its peers.
FAQs on Pajson Agro India IPO
What is Pajson Agro India IPO price band?
The price band for the IPO is set at ₹112 to ₹118 per equity share.
What is Pajson Agro India IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Tuesday, December 16, 2025.
How to check Pajson Agro India IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Pajson Agro India IPO listing date?
The company's shares are tentatively scheduled to be listed on the BSE SME platform on Thursday, December 18, 2025.
Should I apply for Pajson Agro India IPO?
Yes, this is a recommended IPO. The company has demonstrated spectacular profit growth and is offered at a valuation significantly lower than its industry peers, making it an attractive investment opportunity despite the supplier concentration risk.
Disclaimer:
This article is for informational purposes only and is not investment advice. Market data may change. Please do your own research or consult a financial advisor before investing.
