Sayaji Industries Limited submitted its investor presentation for Q2 FY27 ended 30th September, 2026 pursuant to Regulation 30 read with Schedule III of SEBI LODR Regulations, 2015.

Financial Performance

Consolidated Financial Highlights for Q2FY27:

  • Revenue: ₹264 Crore (6% YoY growth, -9% QoQ decline)
  • EBITDA: ₹16 Crore (1,906% YoY growth, -23% QoQ decline)
  • EBITDA Margin: 6.2% (656 bps YoY improvement, -113 bps QoQ decline)
  • PAT: ₹3.1 Crore (compared to loss of ₹9.2 Crore in Q2FY26)
  • Basic EPS: ₹1.35 (137% YoY improvement, -51% QoQ decline)

Detailed Financial Comparison:

| Particulars (₹ in Crore) | Q2FY27 | Q1FY27 | Q2FY26 | YoY Change | QoQ Change |

| Revenue from Operations | 264 | 288 | 249 | 6% | -9% |

| COGS | 180 | 195 | 193 | -7% | -8% |

| Gross Profit | 84 | 93 | 57 | 47% | -10% |

| Gross Margin (%) | 31.7% | 32.2% | 22.8% | 898 bps | -45 bps |

| Operating Expenses | 69 | 75 | 59 | 17% | -8% |

| Other Income | 0.8 | 1.8 | 0.4 | 107% | -57% |

| Share in profit of JV | 1.0 | 1.6 | 0.9 | 20% | -36% |

| Finance Cost | 7 | 6 | 6 | 7% | 7% |

| Depreciation | 6 | 5 | 5 | 9% | 5% |

| Profit before Tax | 4 | 9 | (12) | 131% | -59% |

| Profit after Tax | 3 | 7 | (9) | 134% | -57% |

| PAT Margins (%) | 1.2% | 2.5% | -3.7% | 487 bps | -136 bps |

Management Commentary

Priyam Mehta, Chairman and Managing Director, commented on the results:

  • Company delivered healthy performance continuing momentum of last three quarters
  • Margins saw sequential compression due to higher input prices
  • Food inflation environment and tepid monsoon led to further rise in input costs compared to Q1FY27
  • Maize starch industry has partially passed on cost increases, with balance expected in coming quarter
  • Winter crop arrival after Diwali expected to ease input price inflation
  • Export logistics costs remain elevated, increasing landed cost for export customers
  • Demand remains firm with no incremental impact from West Asia crisis on exports

Strategic Developments

Asset Divestment:

  • Divested first tranche of idle land parcel at Kathwada for ₹73 Crore
  • ₹20 Crore received upfront, balance expected over next 12 months
  • Proceeds to be used for working capital and operational requirements

Project Updates:

  • Technology Modernisation and Automation Project: Delayed by one quarter, now expected completion by end of Q3FY27
  • Implementation on live plant with minimal production breaks while maintaining optimum capacity
  • Joint Venture Projects:
  • Alland & Sayaji Gum Arabic Spray-Drying Plant #2: Expected commencement in Q4FY27
  • Nigay & Sayaji Caramel Colours Plant: Expected commencement in Q4FY27
  • Delays due to obtaining requisite regulatory permissions at project location

Forward Outlook

Focus for rest of financial year remains on:

  • Managing input cost pressures
  • Completing projects on hand
  • Building stronger, more competitive operating platform

Company Background

Sayaji Industries Limited is a leading corn wet milling and speciality food ingredients group founded in 1941 with presence in starch and starch derivatives, spray dried food powders and functional ingredients. Serves diverse industries across food, industrial and pharmaceutical sectors with operations spanning India and international markets.