Q1FY27 Financial Performance (Consolidated)

Revenue from Operations: ₹288 crore (Q4FY26: ₹268 crore, Q1FY26: ₹272 crore) - 6% YoY growth, 8% QoQ growth

COGS: ₹195 crore (Q4FY26: ₹182 crore, Q1FY26: ₹211 crore) - 7% YoY decrease, 7% QoQ increase

Gross Profit: ₹93 crore (Q4FY26: ₹85 crore, Q1FY26: ₹61 crore) - 52% YoY growth, 9% QoQ growth

Gross Margin: 32.2% (Q4FY26: 31.9%, Q1FY26: 22.5%) - 968 bps YoY expansion, 28 bps QoQ expansion

Operating Expenses: ₹75 crore (Q4FY26: ₹62 crore, Q1FY26: ₹58 crore) - 30% YoY increase, 20% QoQ increase

Other Income: ₹2 crore (Q4FY26: ₹1 crore, Q1FY26: ₹1 crore) - 20% YoY growth, 16% QoQ growth

Share in profit of joint venture: ₹2 crore (Q4FY26: ₹2 crore, Q1FY26: ₹1 crore) - 172% YoY growth

EBITDA: ₹21 crore (Q4FY26: ₹26 crore, Q1FY26: ₹5 crore) - 287% YoY growth, 19% QoQ decrease

EBITDA Margin: 7.3% (Q4FY26: 9.8%, Q1FY26: 2.0%) - 532 bps YoY expansion, 245 bps QoQ contraction

Finance Cost: ₹6 crore (Q4FY26: ₹6 crore, Q1FY26: ₹6 crore) - 12% YoY increase, 2% QoQ increase

Depreciation: ₹5 crore (Q4FY26: ₹5 crore, Q1FY26: ₹5 crore) - 10% YoY increase, 1% QoQ increase

Profit before Tax: ₹9 crore (Q4FY26: ₹15 crore, Q1FY26: ₹-5 crore loss) - 36% QoQ decrease

Profit after Tax: ₹7 crore (Q4FY26: ₹11 crore, Q1FY26: ₹-4 crore loss) - 33% QoQ decrease

PAT Margin: 2.5% (Q4FY26: 4.1%, Q1FY26: -1.3%) - 386 bps YoY improvement, 153 bps QoQ contraction

Basic EPS: ₹2.78 (Q4FY26: ₹4.44, Q1FY26: ₹-1.52) - 37% QoQ decrease

Management Commentary

Mr. Priyam B. Mehta, Chairman & Managing Director, provided the following commentary:

  • Company delivered healthy Q1FY27 performance with revenue of ₹288 Cr and EBITDA of ₹21 Cr
  • Input prices increased due to food inflation, higher energy costs, and logistics inflation
  • Despite cost pressures, maintained performance through healthy volumes and margins
  • Recorded average sales price increase of 3-4% during Q1FY27
  • Expect margins to remain healthy for rest of the year
  • Raw material availability remains comfortable despite price increases
  • Exports to Middle East face logistics pressure from elevated freight costs and West Asia crisis
  • Exploring alternate export markets including United States
  • Domestic market visibility remains healthy

Project Updates

Technology Modernisation and Automation Project:

  • ~95% machinery and material delivered
  • Installation in process
  • Expected commissioning by end of September 2026
  • Expected to enable significant and sustainable cost savings

Joint Venture Capex Projects:

  • Alland & Sayaji Gum Arabic Spray-Drying Plant #2: Expected to commence work by end of September 2026, civil works expected in Q3FY27
  • Nigay & Sayaji Caramel Colours Plant: Expected to commence on same timelines

Company Overview

Sayaji Industries Limited is one of India's oldest maize wet milling companies, founded in 1941. Key business segments:

Maize Starch & Derivatives Division: FY26 Revenue ~₹972 Cr, FY26 EBITDA ~₹39 Cr

  • Products: Native & modified starches, sweeteners (Dextrose Monohydrate, Dextrose Anhydrous, Sorbitol, Liquid Glucose), by-products
  • Applications: FMCG, pharmaceutical, paper, textiles, packaging
  • Manufacturing capacity: 1,000 TPD daily maize crushing

Spray Drying Division: FY26 Revenue ~₹35 Cr, FY26 EBITDA ~₹6.5 Cr

  • Products: Natural fruit & vegetable powders (tomato, tamarind, lime, beetroot, etc.)
  • Applications: Seasoning for packaged snacks, soups, ready-to-eat curries

Joint Ventures:

  • Alland & Sayaji LLP (50:50 JV with Alland & Robert, France): Spray-dried Gum Arabic, FY26 Revenue ₹66.7 Cr, FY26 EBITDA ₹15.1 Cr
  • Nigay & Sayaji LLP (50:50 JV with Nigay SAS, France): Caramel Colours (upcoming, not yet operational)

Subsidiaries:

  • Sayaji Seeds Private Limited (64% subsidiary): Hybrid seeds, FY26 Revenue ₹64.7 Cr, FY26 EBITDA ₹2.8 Cr
  • Sayaji Industries (FZC) (99.99% subsidiary): Sales & marketing office

Manufacturing Infrastructure

  • 1,000 TPD maize crushing capacity
  • 141 acres total land bank (571,393 sq.m) within Ahmedabad Municipal Corporation limits
  • ~16,500 MT in-house maize storage
  • 70% modernization achieved, targeting complete modernization in 2 years
  • ~91 acres unutilized land
  • Captive energy infrastructure meeting 86% of power requirements through solar and other sources

Capital Markets Overview

  • Current Market Price: ₹106 (as of 7th August 2026)
  • Market Capitalization: ₹268 Crore
  • 52 Week High/Low: ₹147/₹54
  • Number of Shares Outstanding: 2.53 Crore
  • Shareholding data as of 30th June 2026

Forward-looking Statements

The document contains forward-looking statements regarding market opportunities, business prospects, and project timelines that are subject to risks and uncertainties including economic conditions, industry performance, competition, and the company's ability to implement its strategy.