NSE: SAYAJIIND · BSE: 540728
SAYAJI INDUSTRIES LTD.
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
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 | 13,579 | 21.2 | 3.00 | 11.6 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,108 | 10.7 | 1.40 | 8.4 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,628 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,503 | 14.2 | 2.00 | 9.4 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,301 | 23.5 | 2.09 | 12.9 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,984 | 22.4 | 29.23 | 218.8 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,249 | 21.5 | 2.43 | 13.1 | 11.2 | 14.8 | — | 9.5 |
| GRM OVERSEAS LIMITED | 1,823 | 13.9 | 3.01 | 17.1 | 12.3 | 16.5 | 17.2 | 8.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.8 | 1.6 | 41 of 51 | 20% |
| ROCE | (1.8) | 4.1 | 54 of 67 | 20% |
| ROE | 1.6 | 3.5 | 33 of 51 | 36% |
| Debt / Equity | 2.3 | 0.4 | 45 of 51 | 12% |
| 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 | 273 | 66 | 19 of 69 | 74% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Key managerial personnel contact details updated | compliance | minimal | — | — |
| 26 Oct 2026 · Company Secretary and Compliance Officer resigns | management changes | medium | — | — |
| 26 Oct 2026 · Q2 FY27 sales rise 6%, PAT turns positive, but margins ease sequentially | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 revenue rises 6% as input costs squeeze margins | investor communications | medium | — | — |
| 23 Oct 2026 · Newspaper publication of September 2026 financial results | compliance | minimal | — | — |
| 22 Oct 2026 · Sayaji Industries Q2 FY27 results: PAT swings to profit of Rs 3.14 cr consolidated | results | high | — | — |
| 22 Oct 2026 · September 2026 quarter and half-year post-tax profit turns positive | results | high | — | — |
| 19 Oct 2026 · Sayaji Industries sells idle land in Ahmedabad for 73 crore | strategic transactions | medium | — | — |
| 15 Oct 2026 · Board meeting on 22 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2 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.