Pajson Agro India Ltd IPO

The company significantly (26.00 % for the period ended September 30, 2025 and 96.33% in FY 2025) dependent on Pajson Global DMCC and Pajson International FZCO, Dubai based group companies, for procurement of raw cashew nuts. Any disruption in this arrangement may adversely affect its business operations, financial condition and results of operations.

The company Profit After Tax (PAT) margins has fluctuated significantly in recent years (i.e. 0.02% in FY23 3.46% in FY24 10.90% in FY25 11.99% for the period ended September 30, 2025), which may impact investor perception of the company financial stability and could adversely affect its valuation and future performance.

The company limited operating history makes evaluating its business and future prospects difficult.

Its derives a significant portion of our revenue i.e., 60.10 %, 59.63%, 62.30%, and 56.94% for the period ended September 2025, for the FY 2025, FY 2024, and FY 2023 respectively from the company top 10 customers. The loss of any of these customers, a significant reduction in their purchase volumes, or a decision by any of them to pursue backward integration could adversely affect its business, results of operations, and financial condition. Furthermore, the company not entered into any written agreements or contracts with the customers for the sale of its products, it increases the company exposure to such risks.

The company derives its revenue primarily from the domestic market out of which substantial portion of the company revenue from its operations in certain geographical regions especially from Delhi, Andhra Pradesh and Rajasthan. Any adverse developments affecting the company operations in these regions could has an adverse impact on its revenue and results of operations.

The company processing facilities are critical to its business operations, and any shutdown or disruption of these facilities may adversely affect the company business, results of operations, and financial condition. Furthermore, as both the company existing and proposed processing facilities are located in a single region, namely Andhra Pradesh, any inability to operate or expand the company business in this region may has an additional adverse impact on the company cash flows and future business prospects.

The Company has negative cash flows in the past years, details of which are given below. Sustained negative cash- flow could impact its growth and business.

The Company ventured into the export and B2C segment through our brand "Royal Mewa" in FY 2024-2025. As this business line is at an early stage of development, the company has a limited operating history in this segment, which may make it difficult for investors to evaluate the company past performance or reliably assess its future growth prospects.

The company derives a significant portion of its revenue from the sale of cashew kernels which contributed 94.68%, 89.23%, 90.94%, and 83.62% to the company revenue from operations for the period ended September 30, 2025 and for the FY 2025, 2024 and 2023, respectively. its inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such product, may adversely impact demand for such product and consequently its business, results of operations, financial condition and cash flows.

The Restated Financial Statements has been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of the Company.