Inside BENEO’s new pulse plant: pioneering sustainable protein from faba beans
Pajson Agro India Ltd (PAIL) is entering a transformative phase of industrial expansion. The company is reinforcing its position as a leading integrated player in India’s cashew processing industry. In a conversation, Aayush Jain, Promoter, Chairman and Managing Director, and Pulkit Jain, Promoter, Non-Executive and Non-Independent Director, discuss Pajson Agro India’s growth strategy and outlook for the coming years.
What is the current global demand for processed cashew kernels?
Aayush Jain: Global demand for processed cashew kernels has demonstrated steady growth over the past decade, driven by evolving consumption patterns, increasing health awareness, and the expanding use of nuts in packaged foods and snacking categories. Cashew kernels are widely regarded as a nutrient-dense food rich in healthy fats, plant protein, vitamins, and minerals, which has supported their inclusion in diets focused on wellness and balanced nutrition.
Additionally, the incorporation of cashews into confectionery, bakery, dairy alternatives, ready-to-eat snacks, and culinary applications has broadened the consumer base across both developed and emerging markets.
Historically, certain misconceptions regarding fat content had moderated consumption in some regions; however, scientific research and improved consumer awareness have helped address these perceptions. As a result, cashews are increasingly positioned as a premium healthy snack. Demand is also supported by rising disposable incomes in key markets, urbanisation, and the growth of organised retail and e-commerce channels.
Based on industry assessments and trade data, global consumption of cashew kernels is estimated to be in the range of approximately 1.0 to 1.2 million metric tonnes annually.
What are typical price trends for raw cashew nuts versus processed kernels?
Pulkit Jain: Prices of raw cashew nuts (RCN) are influenced by multiple factors including crop size, weather conditions in producing countries, quality of harvest, global inventory levels, currency movements, and international demand. As cashew cultivation is geographically concentrated in a limited number of producing regions, climatic variations such as rainfall patterns or drought conditions can have a impact on output and, consequently, on RCN
prices.
Processed kernel prices are linked to raw material costs but are also affected by processing yields, labour costs, energy expenses, grading specifications, and demand conditions in importing markets. While the two price movements are correlated, the transmission is not always immediate. At times, changes in RCN prices may be reflected in kernel prices with a lag due to existing inventories, forward contracts, or the time required for processing cycles.
In certain situations, kernel prices may respond quickly to raw material price changes, whereas in other instances the adjustment may take one to two months.
What kind of quality standards does Pajson Agro follow?
Aayush Jain: Quality assurance forms a central pillar of Pajson Agro’s operations, with stringent protocols implemented across the entire value chain—from procurement of raw cashew nuts to final packaging of kernels. The company sources raw material through structured procurement processes that emphasise quality parameters such as nut count, moisture levels, and overall crop condition. Incoming lots are subjected to detailed inspection and testing before acceptance.
The processing operations adhere to internationally recognized food safety and quality management systems. The company holds certifications including ISO and HACCP, reflecting compliance with global standards in hygiene, traceability, and risk management.
At each stage of processing—steaming, shelling, drying, peeling, grading, and packing—strict controls are maintained to preserve kernel integrity, minimize contamination risks, and ensure consistency in product specifications.
Advanced machinery and controlled processing environments help reduce manual handling and maintain uniformity. Moisture levels are closely monitored to ensure optimal shelf life, while grading systems ensure accurate segregation by size and quality. Packaging is carried out under hygienic conditions using materials suitable for preserving freshness during storage and distribution.
Regular internal audits, staff training programmes, and process reviews further strengthen quality compliance. Through these measures, the company seeks to deliver products that meet the expectations of both domestic customers and international markets.
Who are your major exporting countries?
Pulkit Jain: At present, the company’s primary focus remains on the domestic market, where demand for cashew kernels continues to be strong and consistent. India represents one of the largest consuming markets globally, supported by widespread culinary use and festive consumption patterns.
During the financial year 2025, the company undertook a trial export shipment to the United Arab Emirates, which was executed successfully. This provided valuable operational insights into customer requirements. While exports currently constitute a limited portion of operations, the company continues to evaluate opportunities in select international markets based on demand conditions and capacity availability.
The Middle East and parts of Asia represent important consumption regions for cashew kernels due to established trade linkages and strong consumer demand. Any participation in export markets is undertaken in a calibrated manner, aligned with production capabilities and prevailing domestic demand dynamics.
Are you planning capacity expansion or new processing facilities?
Aayush Jain: The company is in the process of establishing an additional processing facility in the state of Andhra Pradesh. The proposed unit is designed with an annual processing capacity of approximately 35,000 metric tonnes of raw cashew nuts. The facility is being developed with modern infrastructure and process layouts aimed at operational efficiency, quality control, and worker safety.
The location has been selected considering proximity to raw material sourcing regions, availability of skilled workforce, and logistical connectivity to domestic consumption centres. The new plant is intended to complement existing operations and strengthen the company’s processing capabilities.
Are you using technology like AI, IoT, or blockchain in procurement or logistics?
Pulkit Jain: While the company does not currently deploy technologies such as AI, IoT, or blockchain in procurement or logistics functions, it has incorporated advanced technological solutions within the processing stage. The processing facilities utilize AI-enabled color sorting machines equipped with deep learning capabilities. These systems are designed to detect subtle variations in color, defects, and foreign matter with high precision.
The deployment of such technology enhances product consistency, improves output quality, and significantly reduces the need for manual intervention. Automated sorting also contributes to efficiency by enabling faster processing speeds while maintaining strict quality standards. The integration of modern equipment reflects the company’s emphasis on adopting appropriate technologies that add value to operations and product quality.
You recently went public (IPO). How do you plan to use the proceeds?
Aayush Jain: The proceeds from the company’s initial public offering are being utilised primarily for capital expenditure related to the establishment of the new processing facility in Andhra Pradesh. The project involves the development of infrastructure, installation of advanced machinery, and implementation of modern processing systems designed to enhance efficiency and product quality.
The plant is being configured as a state-of-the-art facility incorporating contemporary technology and best-in-class equipment suited to large-scale cashew processing.
What is the company’s long-term vision for the next 5–10 years?
To position Pajson Agro India among the world’s top three cashew companies by building a globally integrated processing network across India, Africa, Vietnam, and Cambodia; achieving at least 5 per cent global market share within five years; and delivering fully traceable, sustainably sourced cashew products through direct partnerships with farmers and cooperatives. Through a transparent farm-to-fork model, Pajson Agro will serve world-class customers under their brands while building trusted consumer brands of its own.
We envision creating a resilient, origin-linked supply chain that enhances farmer livelihoods, strengthens cooperative ecosystems, and ensures ethical sourcing practices. By leveraging technology, quality excellence, and operational efficiency, we aim to set new global benchmarks in processing standards, food safety, and product consistency.
Pajson Agro aspires to deepen its presence across key international markets while strengthening its position in the Indian market through reliability, innovation, and customer trust. We are committed to sustainability through responsible resource use, waste minimisation, and environmentally conscious operations across our facilities.
Our growth will be guided by strong governance, transparency, and financial discipline, ensuring long-term value creation for shareholders and stakeholders. We aim to build a globally respected institution that reflects integrity, operational excellence, and enduring partnerships across the value chain.
By integrating origin strength, global processing capabilities, and brand development, Pajson Agro will shape the future of the cashew industry and emerge as a trusted name from farm communities to consumers worldwide.
Sanjiv Das
sanjiv.das@mmactiv.com