Processes maize into starch and related derivatives for sale to food and industrial customers in India. The agro processing-maize business contributes ~91% of revenue, with smaller operations in agri seeds and spray-dried food products. The company is one of India's oldest maize starch processors, in operation since 1941, and is expanding into speciality food ingredients through joint ventures — gum arabic with Alland & Robert and caramel colours with Nigay SAS. Raw materials, primarily maize, make up 73.2% of revenue, making maize prices the main swing factor on margins. In FY26, revenue rose 7% to ₹1,071.76 crore with an EBITDA margin of 3.94%, returning to a profit of ₹1.5 crore versus a loss of ₹11.1 crore in FY25. A new SAP S/4HANA system went live on June 1, 2026 to support an ongoing capex and modernisation programme. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agro Processing - Maize (91%), Agri Seeds, Spray Dried Food Products. Cyclical commodity processor of maize into starch and derivatives
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 793 | 1,040 | 975 | 1,004 | 1,072 |
| EBITDA (ex other income) | 49 | 21 | 5 | (11) | 39 |
| margin % | 6.1 | 2.0 | 0.6 | (1.1) | 3.6 |
| Owners' profit | 0 | 7 | (12) | (11) | 1 |
| EPS, as reported (₹) | 29.86 | 11.42 | (18.56) | 17.74 | 0.54 |
| ROE % · ROCE % | 17.0 · 19.5 | 5.8 · 7.7 | (10.9) · (3.9) | (11.7) · 0.9 | 1.6 · 12.0 |
| Debt / equity (x) | 1.02 | 1.08 | 1.53 | 2.25 | 2.29 |
| Cash from operations | 73 | 22 | 40 | (33) | 38 |
| Capex | (35) | (37) | (62) | (33) | (20) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 273 | 215 | 269 | 247 | 272 | 249 | 283 | 268 |
| Profit before tax | (7) | 3 | (3) | (11) | (6) | (13) | 4 | 13 |
| Net profit | (3) | 1 | (1) | (8) | (3) | (9) | 4 | 11 |
| EPS (₹) | (4.58) | 0.94 | (1.86) | 12.24 | 5.95 | 14.69 | 1.37 | 4.33 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Agro Processing Maize | 251 | 23.4 |
| Agri Seeds | 65 | 6.0 |
| Spary dried Food Products | 8 | 0.8 |
| Agro Processing-Maize | 723 | 67.4 |
| Spray Dried Food Products | 26 | 2.4 |
| Total, before eliminations | 1,074 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 29 Aug 2026 · CARE revises outlook to Positive on Sayaji Industries ratings | credit debt | medium | — | — |
| 27 Aug 2026 · Sayaji Industries files newspaper notice for 85th AGM on 21 Sep 2026 | compliance | minimal | — | — |
| 26 Aug 2026 · Notice of 85th AGM to be held on 21 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Sayaji Industries files 85th Annual Report for FY 2025-26 | results | high | — | — |
| 26 Aug 2026 · Newspaper notice for 85th AGM via video conferencing on September 21, 2026 | compliance | minimal | — | — |
| 10 Aug 2026 · Sayaji Industries Q1FY27 investor presentation: revenue up 6% YoY | investor communications | medium | — | — |
| 10 Aug 2026 · Newspaper publication of Q1 FY27 unaudited results filed with BSE | compliance | minimal | — | — |
| 7 Aug 2026 · Sayaji Industries Q1FY27: Revenue ₹288 Cr, EBITDA up 287% YoY | compliance | low | — | — |
| 7 Aug 2026 · Sayaji Industries appoints Niravkumar Mistry as new CFO | management changes | high | — | — |
| 7 Aug 2026 · CFO Nilesh Pandya resigns from Sayaji Industries effective 7 Aug 2026 | management changes | high | — | — |
| 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 |
| LT FOODS LIMITED |
| 15,244 |
| 23.8 |
| 3.37 |
| 12.9 |
| 13.8 |
| 16.0 |
| 18.7 |
| 11.5 |
| KRBL LIMITED | 9,630 | 12.7 | 1.66 | 10.0 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 7,486 | 18.0 | 2.27 | 13.9 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,703 | 15.0 | 2.11 | 10.0 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,550 | 25.3 | 2.25 | 13.6 | 6.1 | 4.8 | — | 23.5 |
| SANSTAR LIMITED | 2,207 | 65.6 | — | — | — | — | — | 8.8 |
| AMIR CHAND JAG KUM (E) L | 2,131 | 20.4 | 2.31 | 12.6 | 11.2 | 14.8 | — | 9.5 |
| GRM OVERSEAS LIMITED | 1,747 | 13.3 | 2.88 | 16.4 | 12.3 | 16.5 | 17.2 | 8.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.5 | 12.0 | 13 of 65 | 81% |
| P/B | 3.1 | 1.7 | 41 of 51 | 20% |
| ROCE | (1.8) | 4.4 | 55 of 68 | 19% |
| ROE | 1.6 | 3.3 | 34 of 54 | 38% |
| Debt / Equity | 2.3 | 0.2 | 48 of 54 | 11% |
| EBITDA margin | 9.1 | 9.7 | 25 of 45 | 46% |
| Revenue growth | 8.5 | 10.3 | 27 of 51 | 48% |
| Profit growth | 237.8 | 16.6 | 6 of 51 | 90% |
| Market cap | 301 | 69 | 19 of 69 | 74% |
| 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 |
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.
