Pajson Agro India Ltd IPO

We are 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 our business operations, financial condition and results of operations.

Our Profit After Tax (PAT) margins have 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 our financial stability and could adversely affect our valuation and future performance.

Our limited operating history makes evaluating our business and future prospects difficult.

We derive 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 our 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 our business, results of operations, and financial condition. Furthermore, we have not entered into any written agreements or contracts with our customers for the sale of our products, which increases our exposure to such risks.

We derive our revenue primarily from the domestic market out of which substantial portion of our revenue from our operations in certain geographical regions especially from Delhi, Andhra Pradesh and Rajasthan. Any adverse developments affecting our operations in these regions could have an adverse impact on our revenue and results of operations.

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

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

Our 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, we have a limited operating history in this segment, which may make it difficult for investors to evaluate our past performance or reliably assess our future growth prospects.

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

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