Q2FY27 Financial Performance (Consolidated)

Key Quantitative Figures:

  • Revenue from Operations: ₹264 Crore (QoQ: -9%, YoY: +6%)
  • COGS: ₹180 Crore (QoQ: -8%, YoY: -7%)
  • Gross Profit: ₹84 Crore (QoQ: -10%, YoY: +47%)
  • Gross Margin: 31.7% (vs. 32.2% in Q1FY27 and 22.8% in Q2FY26)
  • Operating Expenses: ₹69 Crore (QoQ: -8%, YoY: +17%)
  • Other Income: ₹0.8 Crore (QoQ: -57%, YoY: +107%)
  • Share in profit of joint venture: ₹1.0 Crore (QoQ: -36%, YoY: +20%)
  • EBITDA: ₹16 Crore (QoQ: -23%, YoY: +1,906%)
  • EBITDA Margin: 6.2% (vs. 7.3% in Q1FY27 and -0.4% in Q2FY26)
  • Finance Cost: ₹7 Crore (QoQ: +7%, YoY: +7%)
  • Depreciation: ₹6 Crore (QoQ: +5%, YoY: +9%)
  • Profit Before Tax: ₹4 Crore (QoQ: -59%, YoY: +131%)
  • Profit After Tax: ₹3 Crore (QoQ: -57%, YoY: +134%)
  • PAT Margin: 1.2% (vs. 2.5% in Q1FY27 and -3.7% in Q2FY26)
  • Basic EPS: ₹1.35 (vs. ₹2.78 in Q1FY27 and -₹3.65 in Q2FY26)

Management Commentary

By Mr. Priyam B. Mehta, Chairman & Managing Director:

The company delivered a healthy performance, continuing the momentum of the last three quarters. Margins saw sequential compression due to higher input prices driven by general food inflation and a tepid monsoon. The maize starch industry has partially passed on cost increases, with the balance expected to be passed on in the coming quarter. Input price inflation is expected to ease after Diwali with the arrival of the winter crop.

On exports, logistics costs remain elevated, increasing landed costs, but demand remains firm with no incremental impact from the West Asia crisis.

Divestment of Non-Core Asset

A significant development was the divestment of the first tranche of idle land at Kathwada for a consideration of ₹73 Crore. This aligns with the strategy to divest non-core assets and deploy capital towards the core business. ₹20 Crore has been received, and the balance is expected over the next 12 months. Proceeds will be used to finance working capital and other operational requirements.

Project Updates & Delays

Technology Modernisation and Automation Project: Running one quarter behind schedule due to implementation on a live plant with minimal production breaks. New expected completion is by the end of Q3FY27.

Joint Venture Projects:

  • Alland & Sayaji Gum Arabic Spray-Drying Plant #2
  • Nigay & Sayaji Caramel Colours Plant

Both JVs are now expected to commence work in Q4FY27 due to delays in obtaining requisite regulatory permissions.

Corporate Overview

Business Verticals: The company operates in Maize Starch & Derivatives, Spray-Drying Food Ingredients, and JV businesses.

Capacity: Daily Maize Crushing Capacity of 1,000 TPD.

FY26 Revenue: ₹1,072 Crore (Consolidated).

FY26 EBITDA: ₹47 Crore (Consolidated).

Capital Markets Overview (as of 22nd October 2026)

  • Current Market Price: ₹105
  • Market Capitalization: ₹266 Crore
  • 52 Week High/Low: ₹126 / ₹100
  • Number of Shares Outstanding: 2.53 Crore
  • BSE Scrip Code: 540728
  • NSE Scrip Code: SAYAJIIND