Pajson Agro India Ltd

Meeting Details

• Date 19 August 2026; time 4:00 PM to 4:30 PM IST; virtual Zoom meeting.

Participants

• Company officials (management) represented the meeting; seven investor groups attended.

Purpose

• Purpose: investor interaction; discussions limited to publicly available information.

Agm details

• AGM held on 17 Aug 2026 at 3:30 PM via VC/OAVM.
• Record date 10 Aug 2026; 425 shareholders on record.
• Attendance: promoters and public attended via electronic mode.

Key resolutions

• Resolution 1: Adoption of audited standalone financial statements for year ended 31 Mar 2026.
• Resolution 2: Re-appointment of statutory auditor and remuneration.
• Resolution 3: Re-appointment by rotation of Mr Pulkit Jain as director.

Voting results

• Resolution 1: Passed; 100% of votes polled in favour.
• Resolution 2: Passed; 100% of votes polled in favour.
• Resolution 3: Passed; 100% of votes polled in favour.

Auditors and directors

• Statutory auditor re-appointed: M/s S.S. Kothari Mehta & Co. LLP; remuneration to be fixed.
• Director re-appointed: Mr Pulkit Jain; retires by rotation.

Dividend

• No dividend proposal or declaration reported.

Material related party transactions

• No material related party transactions disclosed.

Other material approvals

• No other material approvals indicated.

AGM Details

• Date: August 17, 2026; Time: 3:30 PM IST; Mode: VC/OAVM.
• Meeting duration: 3:30 PM to 4:17 PM IST.

Key Resolutions

• Adopt audited standalone financial statements for year ended 31 March 2026.
• Re-appoint statutory auditor M/s S.S. Kothari Mehta & Co. LLP; remuneration to be fixed.
• Re-appointment of Pulkit Jain by rotation.

Voting Status

• Adoption of financial statements — results pending.
• Re-appointment of statutory auditors — results pending.
• Re-appointment of Pulkit Jain by rotation — results pending.

Director Changes

• Pulkit Jain re-appointed by rotation as director.

Financials

• Standalone total income ₹25,691.77 lakh; revenue from operations ₹25,572.21 lakh in FY26.
• Profit after tax ₹2,478.38 lakh; Basic EPS ₹12.82.
• Revenue rose 37% YoY to ₹25,691.77 lakh.
• Consolidated FY26 EBITDA ₹37.82 crore and PAT ₹24.78 crore.
• IPO proceeds ₹74.45 crore raised in Dec 2025 to fund growth.
• Royal Mewa revenue ₹4.33 crore; 1.68% of total revenue.
• Institutional revenue share 33.96% in FY26; recurring customers 78% of revenue.
• No dividend declared for FY25-26.

Capex & Capacity

• Vizianagaram facility adds 35,000 MT; total capex capacity 53,000 MT.
• Land acquired; purchase orders ₹39.53 crore; ₹10.47 crore advanced.
• Andhra Pradesh facility utilization ~86% in FY26.
• Integrated network: 18,000 MTPA operational; 35,000 MTPA under development to 53,000.
• Greenfield automation; target steady EBITDA margin 14-16%.

IPO & Capital Structure

• Listed on BSE SME on 18-Dec-2025; IPO 63,09,600 shares at ₹118.
• Gross IPO ₹7,445.33 lakh; net ₹6,547.26 lakh after expenses.
• Bonus issue of 1,39,99,996 shares (4:1) in May 2025.
• Authorized capital ₹2,500 lakh; paid-up capital ₹2,380.96 lakh.
• Promoter holdings: Pulkit Jain 44.10%, Aayush Jain 18.16%, Anjali Jain 0.21%.
• IPO proceeds allocated ₹57 crore to Vizianagaram; ₹10.43 crore for growth/working capital.
• Debt: short-term ₹3,406.10 lakh; long-term ₹18.15 lakh; liquidity aided by deposits.
• Current ratio 2.51; debt/equity 0.25.

Brand & Market

• Royal Mewa revenue grew 6.5x to ₹4.33 crore in FY26.
• Brand aims ~15% of revenue in 3-5 years; India-led consumer focus.
• Royal Mewa products span kernels and branded dry fruits; sold on Amazon, JioMart, Snapdeal.
• Royal Mewa contributed 1.68% of total revenue; by-products 4.69%.

Governance & Management

• Aayush Jain: MD & Chairman; Anjali Jain: Whole-Time Director; 2025 restructuring.
• Jayesh Bhagia resigned as Executive Director on 5-Sep-2025; Amit Kumar resigned 17-May-2025.
• Roopal Saxena appointed Company Secretary; Ajit Kumar became CFO; Nitan Garg appointed CFO on 1-Apr-2026.
• S.S. Kothari Mehta & Co LLP appointed statutory auditors for five years from the 5th AGM.
• Internal Audit: AVKG & Associates; Secretarial Audit: SJ Kumar & Associates.
• 5th AGM scheduled for 17-Aug-2026; NSDL VC/OAVM voting facility.

Audits & Controls

• Independent Auditor's Report is unqualified; no material misstatements reported.
• Internal controls deemed adequate; Audit Committee oversight demonstrated.
• Contingent liabilities: bank guarantees ₹1.00 crore; GST audit demand ₹21.23 lakh.
• Related party disclosures and AOC-2 included; material RPTs with Pajson Global DMCC and Pajson Intl FZCO.
• MCA audit trail requirement: enabled at application level; hosted by third party.

CSR & ESG

• CSR spend ₹16.14 million; Seva Bharti, AKARO, Clean Ganga, PMNRF contributions.
• 90% women in permanent processing workforce; ISO 14001, ISO 45001, FSSAI licenses.
• Near-zero waste: shells used as biomass, CNSL; husk for composting.
• CSR activities target healthcare, education, environment; detailed Annexure disclosures provided.

Risks & Outlook

• Risks include raw cashew price volatility and FX fluctuations; mitigated by agile procurement.
• Vizianagaram commissioning expected to lift capacity and efficiency.
• Diversified channels reduce concentration risk; expansion into international markets planned.

Q1 FY27 highlights

• Revenue for Q1 FY27: ₹67.94 crore, up 51% YoY from ₹45.03 crore.
• Greenfield expansion continued as planned at the new processing facility.
• Purchase orders worth ₹45 crore issued for the new facility as of 30 June 2026.
• Appointed Vu Thai Son as Strategic Advisor to guide growth.
• Future growth to focus on greenfield expansion, automation, market reach, and brand development.

Key Decisions

• Approved Directors' Report along with other FY2025-26 reports.
• AGM scheduled for 17 August 2026 at 3:30 PM IST via video conferencing/OAVM.

Resolution 1: Ordinary

• Ordinary: appoint statutory auditor to fill casual vacancy; approved 100% in favour.

Resolution 2: Ordinary

• Ordinary: approve material related party transactions for FY 2026-27; approved 100% in favour.

Resolution 3: Special

• Special: approval for revision in means of finance (internal sources) for the project; approved 100% in favour.

Voting details

• Record date 09-07-2026; e-voting 13-15 July 2026; Scrutinizer's report submitted.