NSE: SUKHJITS · BSE: 524542
SUKHJIT STARCH & CHEM LTD
Processes maize into starch and value-added derivatives for paper/packaging, FMCG, personal care and pharma customers, which made up 95.7% of FY26 segment revenue at Rs 1,442.4 cr. An Infrastructure Division contributes the remaining 4.3% at Rs 64.13 cr. Maize, the key raw material, accounts for 71.7% of revenue, with employee costs at 4.6% and other opex at 16.1%. Capacity utilisation is guided at 80-85% for FY26. Total FY26 revenue stood at Rs 1,432.43 cr at an EBITDA margin of 7.07%. The company is headquartered in Phagwara, Punjab. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Maize processing Division (96%), Infrastructure Division (4%), Others (0%). Agricultural commodity processing — maize to starch and value-added derivatives
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,159 | 1,447 | 1,375 | 1,498 | 1,432 |
| EBITDA (ex other income) | 158 | 147 | 128 | 112 | 83 |
| margin % | 13.6 | 10.2 | 9.3 | 7.5 | 5.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 46.63 | 40.56 | 31.98 | 12.79 | 5.65 |
| ROE % · ROCE % | 17.7 · 19.9 | 13.6 · 17.2 | 9.9 · 14.9 | 7.4 · 11.5 | 4.8 · 8.8 |
| Debt / equity (x) | 0.60 | 0.69 | 0.65 | 0.52 | 0.58 |
| Cash from operations | 144 | 41 | 78 | 68 | 4 |
| Capex | (31) | (37) | (43) | (40) | (15) |
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 | 368 | 375 | 360 | 369 | 315 | 347 | 402 | 396 |
| Profit before tax | 17 | 14 | 4 | 6 | 5 | 4 | 20 | 16 |
| Net profit | 13 | 11 | 3 | 5 | 4 | 3 | 15 | 12 |
| EPS (₹) | 8.03 | 3.45 | 0.90 | 1.60 | 1.38 | 1.00 | 4.67 | 3.89 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Maize processing Division | 1,072 | 71.1 |
| Infrastructure Division | 52 | 3.4 |
| Others | 1 | 0.1 |
| Maize Processing Division | 370 | 24.5 |
| Infrasturcture Division | 12 | 0.8 |
| Total, before eliminations | 1,508 | 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) | 13.2 | 12.6 | 28 of 53 | 48% |
| P/B | 0.8 | 1.5 | 14 of 51 | 74% |
| ROCE | 4.7 | 4.1 | 33 of 67 | 52% |
| ROE | 4.8 | 3.5 | 24 of 51 | 54% |
| Debt / Equity | 0.6 | 0.4 | 32 of 51 | 38% |
| EBITDA margin | 7.9 | 9.7 | 31 of 45 | 32% |
| Revenue growth | 7.2 | 10.3 | 28 of 51 | 46% |
| Profit growth | 142.5 | 16.6 | 13 of 51 | 76% |
| Market cap | 451 | 62 | 16 of 69 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Sukhjit publishes September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 revenue and profit rise sharply | compliance | low | — | — |
| 23 Oct 2026 · Board committees reconstituted after new independent directors joined | management changes | medium | — | — |
| 23 Oct 2026 · Q2 FY27 results: revenue up 31%, PAT jumps to Rs 15.8 Cr | results | high | — | — |
| 12 Oct 2026 · Board meeting on 23 Oct 2026 to consider Q2/H1 FY27 results | results | low | — | — |
| 6 Oct 2026 · Routine SEBI compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window to close from 1 October for Q2 results | compliance | minimal | — | — |
| 8 Sept 2026 · Sukhjit signs MoU for new Rs 500 Cr maize processing unit in Nashik | capex operations | high | — | — |
| 26 Aug 2026 · AGM results: all 8 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 26 Aug 2026 · 82nd AGM results: dividend declared, all resolutions passed with 99.99% assent | board shareholder meetings | low | — | — |
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 |
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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.