Financial Performance Highlights

Consolidated Q4 FY26 Performance (₹ Crore)

  • Revenue from Operations: ₹268 (9% YoY growth, -5% QoQ)
  • COGS: ₹183 (-4% YoY, -11% QoQ)
  • Gross Profit: ₹85 (51% YoY growth, 10% QoQ)
  • Gross Margin: 31.8% (900 bps YoY improvement, 455 bps QoQ improvement)
  • Operating Expenses: ₹62 (7% YoY growth, 1% QoQ)
  • Other Income: ₹2 (64% YoY growth, 275% QoQ)
  • Share in profit of joint venture: ₹1 (51% YoY growth, 47% QoQ)
  • EBITDA: ₹26 (NA YoY, 58% QoQ growth)
  • EBITDA Margin: 9.6% (968 bps YoY improvement, 386 bps QoQ improvement)
  • Finance Cost: ₹6 (15% YoY growth, -4% QoQ)
  • Depreciation: ₹5 (5% YoY growth, 1% QoQ)
  • Profit before Tax: ₹14 (234% YoY growth, 210% QoQ)
  • Profit after Tax: ₹11 (238% YoY growth, 196% QoQ)
  • PAT Margin: 4.0% (710 bps YoY improvement, 270 bps QoQ improvement)
  • Basic EPS: ₹4.33 (242% YoY growth, 217% QoQ)

Consolidated FY26 Annual Performance (₹ Crore)

  • Revenue from Operations: ₹1,072 (7% YoY growth)
  • COGS: ₹792 (2% YoY growth)
  • Gross Profit: ₹280 (24% YoY growth)
  • Gross Margin: 26.1% (358 bps YoY improvement)
  • Operating Expenses: ₹241 (1% YoY growth)
  • Other Income: ₹3 (-90% YoY)
  • Share in profit of joint venture: ₹5 (7% YoY growth)
  • EBITDA: ₹47 (85% YoY growth)
  • EBITDA Margin: 4.4% (184 bps YoY improvement)
  • Finance Cost: ₹25 (29% YoY growth)
  • Depreciation: ₹21 (6% YoY growth)
  • Profit before Tax: ₹1 (109% YoY improvement)
  • Profit after Tax: ₹1.5 (114% YoY improvement)
  • PAT Margin: 0.1% (125 bps YoY improvement)
  • Basic EPS: ₹0.54 (112% YoY improvement)

Business Segment Performance

Standalone Operations

  • Maize Starch & Derivatives Division: FY26 Revenue ~₹972 Cr, EBITDA ~₹39 Cr
  • Spray Drying Division: FY26 Revenue ~₹35 Cr, EBITDA ~₹6.5 Cr

Subsidiaries

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

Joint Ventures

  • Alland & Sayaji LLP (50:50 JV): FY26 Revenue ₹66.7 Cr, EBITDA ₹15.1 Cr, Capacity Utilization ~82%
  • Nigay & Sayaji LLP (50:50 JV): Upcoming, yet to commence commercial operations

Operational Metrics

  • Daily Maize Crushing Capacity: 1,000 TPD
  • Total Land Bank: 141 acres (571,393 sq.m) with ~91 acres unutilized
  • In-house Maize Storage: ~16,500 MT
  • Captive Power Generation: ~153K units/day, meeting 86% of requirements
  • Production Capacities: Dextrose Monohydrate 55 MT/day, Dextrose Anhydrous 30 MT/day, Sorbitol 150 MT/day, Liquid Glucose 95 MT/day

Management Commentary

Mr. Priyam B. Mehta, Chairman & Managing Director, stated that FY26 marked a significant turnaround with the company returning to PAT positive territory at full-year level. The improvement was driven by favorable input costs, stable product realizations, and operational efficiencies. Maize prices remained favorable due to ample supply from recent harvests. Export operations faced challenges from West Asia crisis including logistical disruptions and elevated freight costs, but domestic demand remained firm. The company is working on opening newer export geographies.

Strategic Initiatives and CAPEX Roadmap

  • Technology Modernisation & Automation: ₹20 Cr capex, launched April 2026, completion September 2027, 2-3 year payback
  • Product Upgradation Project: ₹14 Cr capex, launched April 2026, completion June 2027, ~1.5 year payback, expected revenue ₹30 Cr
  • New Product Project: ₹40 Cr capex, planning stage, completion December 2027, expected revenue ₹300 Cr, ~2 year payback
  • Alland & Sayaji Gum Arabic Plant #2: Total JV CAPEX ₹42.5 Cr, commencement August 2026, completion January 2028, expected revenue ₹200 Cr, 4-5 year payback
  • Nigay & Sayaji Caramel Colours Plant: Total JV CAPEX ₹42.5 Cr, commencement August 2026, completion December 2027, expected revenue ₹150 Cr, 4-5 year payback
  • Greenfield Maize Starch Plant: To be decided, commencement subject to internal milestones

Capital Structure and Market Information

  • Market Capitalization: ₹303 Crore (as of 22nd May 2026)
  • Current Market Price: ₹120
  • 52 Week High/Low: ₹147/₹54
  • Shares Outstanding: 2.53 Crore

Forward-Looking Statements

The company is evaluating divestment of part of its non-core land bank assets, with proceeds to be used for strengthening the balance sheet and core business investments. The modernization project is expected to contribute to growth from Q4 FY27. The company is also exploring opportunities for a greenfield manufacturing facility in a maize-belt location subject to internal milestones.

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