Pajson Agro India Earnings Call: Key Takeaways

Highlights

Revenue growth	37.19% YoY for FY26; H2 FY26 grew 37.38% YoY to ₹138.5 cr.
Margins	H2 margin dip to 11% due to forex and IPO costs; steady-state guided at 15-16%.
Demand visibility	78% repeat revenue; visibility ranges 1-3 months from institutional clients.
Management confidence	High; citing sourcing moat and transition to branded consumer snacks.

Growth

Full year FY26 total income grew 37.19% YoY to ₹256.92 cr; EBITDA grew 24.98%; PAT grew 21.4%.

Outlook

Ambitious Greenfield expansion targeting 70,000 MT capacity by FY30; FY27 revenue guided to grow 20% from existing facility.

Risks

Raw cashew nut price volatility, forex devaluation (USD/INR), and geopolitical disruptions in Middle East/West Africa sourcing hubs.