Pajson Agro India Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Pajson Agro India Ltd trades at ₹205, in a confirmed uptrend and 18 weeks into that stage. That is +26.7% against its own 200-day average. It sits at 71% of a 52-week range of ₹137 to ₹233. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks.

Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹205 it trades +26.7% versus its 200-day average and sits at 71% of its 52-week range (₹137–₹233).

Against the market, two honest reads. Cumulative: over the last 5 months the stock moved +50% while the NIFTY 500 moved −3% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Pajson Agro India Ltd trades at 23.9× P/E, about the priciest it has ever traded. Its long-run median P/E is 3.1×, measured across 0.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 23.9× is about the priciest it has ever traded, against a long-run median of 3.1× measured over 0.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Pajson Agro India Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Pajson Agro India Ltd reported ₹118 Cr of revenue in the Sep 25 quarter. Over 2 years it has compounded at 36.1% a year. The last full year, FY25, came in at ₹187 Cr.

FY25 revenue came in at ₹187 Cr (+94.8% on the year), capping 2 years at 36.1% compound. The latest quarter (Sep 25) printed ₹118 Cr, null year on year.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Pajson Agro India Ltd's operating margin is 18.0% in the Sep 25 quarter. Across 3 fiscal years the operating margin has ranged 1.0% to 16.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 18.0%, null pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged 1.0%–16.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Pajson Agro India Ltd earned ₹14.0 Cr of net profit in the Sep 25 quarter. Full-year FY25 profit was ₹20.0 Cr. That is 11.9% of the quarter's revenue.

Sep 25 profit was ₹14.0 Cr, null year on year. On the full year, FY25 printed ₹20.0 Cr (+566.7%).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 2 fiscal years 30% of Pajson Agro India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹16.0 Cr of operating cash against ₹20.0 Cr of profit. After ₹9.0 Cr of capital spending, ₹7.0 Cr was left as free cash.

FY25: operating cash of ₹16.0 Cr against reported profit of ₹20.0 Cr, leaving free cash of ₹7.0 Cr after ₹9.0 Cr of capital spending. Across the last 2 fiscal years the conversion rate is 30% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 30%: the cash cycle stretched 47 days between FY23 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 47 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Pajson Agro India Ltd's cash conversion cycle runs 36 days in FY25, up from −11 days in FY23. Capital spending ran ₹14.0 Cr over the last 2 years. At FY25 sales of ₹187 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹18.0 Cr sits inside the business at any moment.

FY25: debtors at 7 days, inventory at 37 days — roughly 1.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 36 days, looser than FY23's −11.

The full loop: cash goes out to suppliers and production on day 0; stock waits 37 days to sell; customers pay about 7 days after that; and suppliers themselves are paid at 8 days — netting out to the 36-day cycle.

In money terms: at FY25 sales of ₹187 Cr, each day of the cycle holds about ₹0.5 Cr — so the 36-day loop keeps roughly ₹18.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹14.0 Cr over the last 2 fiscal years against ₹2.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹3.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Pajson Agro India Ltd earns a ROCE of 59% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 10.7% net margin on 2.83× asset turns.

FY25 ROCE is 59%.

Why the return is what it is — the wiring (FY25): 10.7% net margin × 2.83× asset turns × 1.47× balance-sheet leverage ≈ 44.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Pajson Agro India Ltd carries ₹15.0 Cr of borrowings against ₹45.0 Cr of equity in FY25, a debt-to-equity of 0.33. Operating profit covers the interest bill 15×. Over 2 years borrowings went from ₹0.0 Cr to ₹15.0 Cr. Capital spending ran ₹14.0 Cr across the last 2 of those years.

FY25: borrowings of ₹15.0 Cr against equity of ₹45.0 Cr — a debt-to-equity of 0.33. Operating profit covers the interest bill 15×. Over 2 years borrowings went from ₹0.0 Cr to ₹15.0 Cr while capital spending ran ₹14.0 Cr in just the last 2 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Pajson Agro India Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Pajson Agro India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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