Pajson Agro India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Pajson Agro India Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Pajson Agro reported full-year FY26 total income growth of 37.19% to Rs 256.92 crores, with EBITDA up 24.98% and PAT up 21.4% year-on-year, while H2 FY26 saw margin compression to around 11% due to raw material price spikes, forex movement and shipping disruptions. Management described progress on its greenfield expansion in Vizianagaram, Andhra Pradesh, funded by IPO proceeds, with commercial production targeted from Q4 FY27 and capacity reaching 70,000 metric tons by FY30. The company also discussed its Royal Mewa consumer brand, which grew over 6.5 times during the year, and its raw material sourcing model spanning West Africa and India.
Numbers mentioned
Total income: INR256.92 crores (FY26)
p. 4
“For the full year FY '26, our total income grew by INR37.19 percent year-on-year to INR256.92 croress.”
Pulkit Jain, page 4 of the filed PDF · View the filing
EBITDA growth: 24.98% (FY26)
p. 4
“EBITDA registered a healthy growth of 24.98 percent, while PAT increased by 21.4 percent year-on-year.”
Pulkit Jain, page 4 of the filed PDF · View the filing
Total income: INR138.5 crores (H2 FY26)
p. 5
“For H2 2026, our total income grew by 37.38% year-on-year to INR138.5 crores.”
Pulkit Jain, page 5 of the filed PDF · View the filing
EBITDA growth: 18.7% (H2 FY26)
p. 5
“EBITDA registered a healthy growth of 18.7%, while net profit increased by 8.97% year-on-year.”
Pulkit Jain, page 5 of the filed PDF · View the filing
Capacity utilization: 86% (FY26)
p. 4
“This year, our 18,000 metric ton facility in Andhra Pradesh operated at a staggering 86% utilization capacity, a testament to our ability to keep the wheels turning when others faced supply crunch.”
Aayush Jain, page 4 of the filed PDF · View the filing
Net worth: INR136.03 crores (FY26)
p. 5
“Talking about our balance sheet, it continues to remain healthy with a net worth of INR136.03 crores.”
Pulkit Jain, page 5 of the filed PDF · View the filing
Committed purchase orders for greenfield expansion: INR39.53 crores (as of March 2026)
p. 5
“As of the end of this March, we have already committed INR39.53 crores via purchase orders of our greenfield expansion project.”
Pulkit Jain, page 5 of the filed PDF · View the filing
Average realization (RCN processed): INR161.5 per kg (FY26)
p. 9
“Yes, so our average realization in terms of the RCN processed was about INR161.5 per kg”
Aayush Jain, page 9 of the filed PDF · View the filing
Average realization (RCN processed): INR160 per kg (FY25)
p. 9
“And FY25 was about INR160.”
Aayush Jain, page 9 of the filed PDF · View the filing
Kernel yield: 24.57% (FY26)
p. 10
“So, our average yields for the last year stood at about 24.57% and our average realization was at about INR161.48.”
Aayush Jain, page 10 of the filed PDF · View the filing
Kernel realization: INR660 per kg (FY26)
p. 11
“Okay. On the kernel basis, it's about INR660.”
Aayush Jain, page 11 of the filed PDF · View the filing
Inventory: INR38 crores (FY26)
p. 11
“So inventory was like around INR38 crores this year and the debtors is around INR18 crores as of now.”
Management, page 11 of the filed PDF · View the filing
Trade payable days: 40 days (FY26)
p. 11
“So trade payable for us stood at about 40 days in the current fiscal, so that is what we assume at the moment.”
Aayush Jain, page 11 of the filed PDF · View the filing
Total capex for new capacity: about INR76 crores
p. 9
“So the total capex for the new capacity is about INR76 crores and this is without the land.”
Aayush Jain, page 9 of the filed PDF · View the filing
Peak revenue potential of new capacity: about INR475 crores
p. 8
“So, our peak would be about INR475 crores at a 85% utilization rate.”
Aayush Jain, page 8 of the filed PDF · View the filing
Debt to equity: 0.25
p. 18
“So, we look at about, we are at 0 .25 as of now and we would like to be in this range.”
Aayush Jain, page 18 of the filed PDF · View the filing
Wholes to pieces recovery ratio: 70:30
p. 17
“Yes, so our wholes recovery as compared to pieces recovery is now at about 70:30. 70 being wholes and 30 being pieces.”
Aayush Jain, page 17 of the filed PDF · View the filing
Domestic vs imported raw material ratio: 6% to 8% domestic, 93% to 94% imported (last year)
p. 18
“For us last year around 6% to 8% was local domestic Indian crop and balance 93% to 94% was all imported.”
Aayush Jain, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 15% to 16% · FY27
stated firmly by Pulkit Jain
p. 7
“So going forward, if you say, we expect our EBITDA to be similar to around 15% to 16%.”
Pulkit Jain, page 7 of the filed PDF · View the filing
Capacity expansion — 70,000 metric tons · FY30
stated as an aspiration by Aayush Jain
p. 4
“We have embarked on an ambitious Greenfield expansion to take our capacity to 70,000 metric tons by FY30.”
Aayush Jain, page 4 of the filed PDF · View the filing
New facility capacity utilization — 15% in FY27, 65% to 70% in FY28, 85%-90% thereafter · FY27 to FY29
stated firmly by Aayush Jain
p. 9
“So I think we should look at somewhere around 15% of capacity utilization in FY27. Then in FY28, we are looking at 65% to 70% of capacity utilization and then reaching at 85%-90% utilization rate by the next fiscal.”
Aayush Jain, page 9 of the filed PDF · View the filing
Existing capacity revenue growth — 20% to 22% · FY27
stated firmly by Aayush Jain
p. 8
“So currently this year that we operated, so we expect another increment of about 20% to 22% - -20% from the current levels.”
Aayush Jain, page 8 of the filed PDF · View the filing
New facility trial production and commercial production — November/December FY27 trial, Q4 FY27 commercial
stated firmly by Aayush Jain
p. 14
“So, we look at commencing with trial productions in November or December of FY27 and commercial production from Q4 of FY27.”
Aayush Jain, page 14 of the filed PDF · View the filing
PO issuance for new facility — INR20 to INR25 crores · Q1 FY27
stated firmly by Aayush Jain
p. 8
“and the POs that we plan to issue in the first quarter of FY27 is around INR20 to INR25 crores.”
Aayush Jain, page 8 of the filed PDF · View the filing
EBITDA improvement from operating leverage in FY28 — a couple of percent · FY28
stated as an aspiration by Pulkit Jain
p. 9
“I cannot give the exact numbers but definitely a couple of percent.”
Pulkit Jain, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management cited 13 years of sourcing capability development with farmer linkages and local buying agents in Africa.
Answered by Ayush Jain
Asked by Aditya Mehta: What differentiates Pajson from other cashew processors beyond scale?
p. 5
“Our moat is our sourcing capabilities, which have been developed over the last 13 years.”
Ayush Jain, page 5 of the filed PDF · View the filing
No formal orders exist yet since institutional visibility is short-term, but repeat revenue from existing customers is high, indicating demand.
Answered by Ayush Jain
Asked by Aditya Mehta: How much of new capacity is backed by existing customer orders?
p. 6
“our revenue is -- repeat revenue is coming nearly 78% from our existing customers, which highlights that there is a very high demand for our product in the market and we are not able to cater to new customers.”
Ayush Jain, page 6 of the filed PDF · View the filing
Management said shipments come directly from Africa to India and are unaffected by Middle East disruptions.
Answered by PulkitJain
Asked by Vishvender Singh: Does the West Asia crisis affect sourcing given 96% of raw materials come via a Dubai-based group company?
p. 6
“the shipments are directly arriving from Africa to India, so that is why there is no disruptions or no impact due to the crisis in Middle East.”
PulkitJain, page 6 of the filed PDF · View the filing
Management expects margins to normalize and attributed the dip mainly to forex movement.
Answered by Ayush Jain
Asked by Vishvender Singh: What is the steady-state EBITDA margin outlook given the decline from 18% to 14%?
p. 7
“So, we expect the margins to be steady. This dip in margin has also is primarily attributed towards movement of forex dollar price in the last fiscal wherein between the whole year, the currency moved nearly 10.5% from its base of April of 2025.”
Ayush Jain, page 7 of the filed PDF · View the filing
Management gave per-kg realization figures and said the shipping route from Africa is unaffected, though forex devaluation risk is being mitigated with hedging.
Answered by Pulkit Jain
Asked by Nishant Gupta: What is the sales realization comparison FY25 vs FY26 and how would an extended West Asia crisis affect margins?
p. 10
“Yes, there could be only one possibility like which we saw and which we see that India could have a further forex currency devaluation.”
Pulkit Jain, page 10 of the filed PDF · View the filing
Management said hedging processes have now been initiated and some cost is being passed to customers via price increases.
Answered by Pulkit Jain
Asked by Nishant Gupta: Why wasn't forex hedged earlier given the raw material is fully imported?
p. 10
“Yes, so we have already started initiating some hedging processes also, so that is one of the best ways.”
Pulkit Jain, page 10 of the filed PDF · View the filing
Management said they are selective about marketing channels to avoid compromising margins.
Answered by Pulkit Jain
Asked by Darshil Jhaveri: Will ad spend for Royal Mewa impact EBITDA margins?
p. 13
“Yes, so it is a very clear approach for us that we are not going to compromise on our margins to increase our brand visibility.”
Pulkit Jain, page 13 of the filed PDF · View the filing
Management cited forex movement, IPO-related expenses, and raw cashew nut price movement in H2.
Answered by Aayush Jain
Asked by Varun: What caused the margin decline from 18% to 11%?
p. 13
“So, 18% to 11%, it is related to two reasons. One is the movement of forex currency. Second, since we came up with an IPO, there were some IPO-related expenses which were which have entered into the P&L, so that was the second contributor.”
Aayush Jain, page 13 of the filed PDF · View the filing
Management said the rate came down by 25 basis points this year from last year's 8.4%.
Answered by Aayush Jain
Asked by Purva Shah: What is the current borrowing rate on short-term working capital debt?
p. 16
“This funding is at, the last year it was at the rate of about 8.4%.”
Aayush Jain, page 16 of the filed PDF · View the filing
Risks flagged
Currency/forex fluctuation on raw material import costs
p. 7
“It is towards the procurement side because we are importing raw material, so all these currency FX risk definitely impacts us.”
Pulkit Jain, page 7 of the filed PDF · View the filing
Potential further Indian forex devaluation
p. 10
“Yes, there could be only one possibility like which we saw and which we see that India could have a further forex currency devaluation.”
Pulkit Jain, page 10 of the filed PDF · View the filing
Rising shipping costs due to geopolitical disruptions
p. 13
“See as we mentioned, there is the one major risk which we see from this geopolitical tension is the more currency fluctuation and some increase in further increase in the shipping cost.”
Pulkit Jain, page 13 of the filed PDF · View the filing
Fuel price increases from Middle East tensions affecting costs
p. 12
“And we are not concerned about anywhere in the Middle East other than the fuel prices rising up and the Indian forex affecting us.”
Pulkit Jain, page 12 of the filed PDF · View the filing
Historical fragmentation and volatility of the cashew industry
p. 3
“As many of you know, the cashew industry is historically fragmented and volatile.”
Aayush Jain, page 3 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.