NSE: GAEL · BSE: 524226
GUJARAT AMBUJA EXPORTS LT
Processes agricultural commodities into value-added products through four divisions. The Maize Processing Division is the largest, contributing 62.2% of segment revenue at 3,565.95 crore in FY26 with segment EBIT of 275.95 crore. The Other Agro Processing Division contributed 36.5% at 2,089.21 crore with EBIT of 138.51 crore. Two smaller operations — Spinning at 65.11 crore (1.1% of segment revenue) and Renewable Power at 8.33 crore (0.1%) — round out the business. Consolidated FY26 revenue was 5,728.6 crore and net profit was 304.28 crore. Raw agricultural commodities are the dominant cost at 61% of revenue, with other operating expenses at 15.1%, depreciation at 2.4% and capex at 6.7%. Employee costs are a small 2.6% of revenue, indicating a capital-intensive processing model rather than a labour-heavy one. The company is classified in FMCG under agricultural food and other products. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Maize Processing Division (62%), Other Agro Processing Division (37%), Spinning Division (1%), Renewable Power Division (0%). Capital-intensive agro-processing exposed to commodity prices, with small labour and depreciation share of revenue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,670 | 4,909 | 4,927 | 4,613 | 5,729 |
| EBITDA (ex other income) | 687 | 475 | 442 | 401 | 462 |
| margin % | 14.7 | 9.7 | 9.0 | 8.7 | 8.1 |
| Owners' profit | 475 | 0 | 346 | 249 | 304 |
| EPS, as reported (₹) | 20.73 | 14.40 | 7.54 | 5.44 | 6.63 |
| ROE % · ROCE % | 22.4 · 29.4 | 13.6 · 18.1 | 12.5 · 16.2 | 8.3 · 11.4 | 9.2 · 12.5 |
| Debt / equity (x) | 0.13 | 0.09 | 0.07 | 0.07 | 0.13 |
| Cash from operations | 596 | 241 | 213 | 341 | 228 |
| Capex | (286) | (197) | (209) | (296) | (383) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,125 | 1,131 | 1,267 | 1,291 | 1,487 | 1,484 | 1,467 | 1,594 |
| Profit before tax | 94 | 97 | 49 | 86 | 51 | 88 | 180 | 235 |
| Net profit | 69 | 71 | 32 | 65 | 38 | 66 | 135 | 177 |
| EPS (₹) | 1.51 | 1.56 | 0.70 | 1.42 | 0.83 | 1.44 | 2.95 | 3.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Maize Processing Division | 3,566 | 62.2 |
| Other Agro Processing Division | 2,089 | 36.5 |
| Spinning Division | 65 | 1.1 |
| Renewable Power Division | 8 | 0.1 |
| Total, before eliminations | 5,729 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,296 | 20.8 | 2.94 | 11.3 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,012 | 10.6 | 1.38 | 8.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT ◆ | 6,614 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,616 | 14.6 | 2.06 | 9.8 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,233 | 23.0 | 2.05 | 12.7 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,966 | 22.3 | 29.05 | 217.6 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,165 | 20.7 | 2.34 | 12.7 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,839 | 54.6 | — | — | — | — | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.9 | 12.6 | 35 of 53 | 35% |
| P/B | 2.0 | 1.5 | 30 of 51 | 42% |
| ROCE | 11.7 | 4.1 | 24 of 67 | 65% |
| ROE | 9.2 | 3.5 | 17 of 51 | 68% |
| Debt / Equity | 0.1 | 0.4 | 19 of 51 | 64% |
| EBITDA margin | 17.0 | 9.7 | 12 of 45 | 75% |
| Revenue growth | 23.5 | 10.3 | 16 of 51 | 70% |
| Profit growth | 171.9 | 16.6 | 9 of 51 | 84% |
| Market cap | 6614 | 62 | 3 of 69 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · September quarter net profit rises sharply despite lower revenue | compliance | minimal | — | — |
| 24 Oct 2026 · Q2 and half-year financial results communicated to members | results | high | — | — |
| 24 Oct 2026 · Q2 profit after tax rises 247% as maize processing profit surges | results | high | — | — |
| 24 Oct 2026 · Q2 profit jumps 247% despite a 2.4% revenue decline | results | high | — | — |
| 16 Oct 2026 · Board meeting on 24 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · CARE reaffirms AA- rating; outlook revised to Positive | credit debt | medium | — | — |
| 7 Oct 2026 · Newspaper ad on SEBI special window for physical shares and KYC update | compliance | minimal | — | — |
| 1 Oct 2026 · Quarterly demat and remat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Reminder to physical shareholders to update KYC and claim final dividend | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.