Sequential momentum strengthens as EBITDA rises 21% and Net Profit 19% over H2 FY26, with EBITDA margin expanding to 14.00%

New Delhi: Pajson Agro India Limited (PAJSON | 544657 | INE14LM01012), a vertically integrated cashew processing company with farm-gate sourcing across key producing origins and a growing consumer brand, ‘Royal Mewa’, has announced its unaudited financial results for the half year ended September 30, 2026.

Key Financial Highlights

  • Total Income: Stood at ₹145.11 crore in H1 FY27, compared with ₹118.37 crore in H1 FY26, registering year-on-year growth of 22.59%. It increased by 4.74% compared with ₹138.54 crore in H2 FY26.
  • EBITDA: Stood at ₹20.31 crore in H1 FY27, compared with ₹21.07 crore in H1 FY26, registering a year-on-year decline of 3.60%. It increased by 21.19% compared with ₹16.76 crore in H2 FY26.
  • EBITDA Margin: Stood at 14.00% in H1 FY27, compared with 17.80% in H1 FY26, contracting by 380 basis points year-on-year. It improved by 191 basis points compared with 12.09% in H2 FY26.
  • Net Profit: Stood at ₹12.56 crore in H1 FY27, compared with ₹14.21 crore in H1 FY26, registering a year-on-year decline of 11.64%. It increased by 18.76% compared with ₹10.57 crore in H2 FY26.
  • Net Profit Margin: Stood at 8.65% in H1 FY27, compared with 12.01% in H1 FY26, contracting by 335 basis points year-on-year. It improved by 102 basis points compared with 7.63% in H2 FY26.

Operational Highlights

  • Enhanced strategic leadership with the appointment of globally recognised cashew industry expert Mr. Vu Thai Son as Strategic Advisor, leveraging his over three decades of international industry experience to support the Company’s growth plans.
  • Greenfield project development progressed as planned during the half year.
  • Purchase order aggregating ~68.9 Crores were issued for the new processing facility as of September 30, 2026.
  • Continued investment in building future-ready processing infrastructure to support the Company’s long-term growth.

Commenting on the performance, Mr. Aayush Jain, Promoter, Chairman & Managing Director, said: “Our performance this half reflects the strength of our demand franchise. Total income grew by over 23%, supported by deeper engagement with our institutional customers and distribution partners. During the period, we prioritised volumes and long-term customer relationships, while progressively aligning our pricing with input costs. We also maintained a higher raw nut inventory to secure supply through the season, which temporarily increased our working capital and interest costs. This approach is already delivering results: EBITDA margin improved from 12.09% in H2 FY26 to 14.00%, and we expect this progress to continue.

Structurally, the opportunity in front of us has never been stronger. India consumes nearly a third of the world’s cashew but grows only a fraction of the raw nuts it processes, so the advantage lies with processors who can source reliably and at the right cost. That is our core strength: farm-gate sourcing relationships across West Africa, built by Pajson Agro India Limited over more than a decade. With Mr. Vu Thai Son, who brings three decades of global cashew industry experience, joining us as Strategic Advisor, we are further sharpening that edge.”

Commenting on the growth outlook, Mr. Pulkit Jain, Promoter & Non-Executive Director, added: “The next leg of our growth will come from capacity. Our greenfield facility at Vizianagaram will add 35,000 MTPA, nearly tripling our total processing capacity, and is on track for commercial production in Q4 FY27. Built from the ground up with higher automation, it will process at a lower cost per kilogram than our current plant, so every additional tonne should contribute more to margins as utilisation ramps up.

Capacity gives us the room to widen our market. In India, we will grow ‘Royal Mewa’ through online and quick-commerce channels, investing selectively so that brand building does not come at the cost of profitability. Overseas, the new facility positions us to serve international markets across Europe, the US and the Middle East. Alongside, we are further strengthening our procurement and logistics risk management, so that our growth comes with greater earnings stability.”