Sayaji Industries Ltd(SAYAJIIND)

NSE: SAYAJIINDBSE: 540728

₹ 100-5.48%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 253 crWebsite: www.sayajigroup.in; www.maizeproducts.comUpdated: 23 Oct 2026

About

Sayaji Industries, flagship of the Sayaji Group and established in 1941, makes maize starch and its derivatives such as liquid glucose, dextrose and sorbitol. It is among the largest corn refiners in India and crushes 1000 MTPD of maize at its plant in Kathwada, Ahmedabad. FY26 revenue was Rs 1071.76 Cr.^[1][2]

Business segments

Agro Processing Maize: Rs 974.06 Cr revenue, 90.7% of the total in FY26.^[3]
Agri Seeds: Rs 64.73 Cr revenue, 6.0% of the total in FY26. Its share rose 2.4 percentage points over FY2022-FY2026.^[3][1]
Spray Dried Food Products: Rs 34.75 Cr revenue, 3.2% of the total in FY26.^[3][1]

Products

Products include starch, liquid glucose, Fabrilose, dextrose anhydrous, dextrose monohydrate, sorbitol and by-products (FY26 annual report).^[1]
The company is putting more focus on value-added products such as dextrose and sorbitol.^[1]
The speciality food ingredient businesses had combined revenue of about ₹102 cr and EBITDA of about ₹22 cr in FY26. Sayaji's share of the EBITDA was about ₹14 cr.^[4]

Operations and capacity

Maize crushing capacity is 1000 MTPD at Chinubhai Nagar, Kathwada, Ahmedabad (FY26).^[1]
Maize grind capacity utilisation was 86% in FY26. Management says the plant runs near optimal capacity, with only limited scope for debottlenecking.^[4]
Spray-drying capacity utilisation was about 71% in FY26.^[4]
The Gum Arabic joint venture ran at about 82% utilisation and earned ₹15.1 cr EBITDA in FY26.^[4]
The company receives technical assistance from Tate & Lyle, Belgium and SIGMA, Turkey.^[1]

Raw materials and pricing

Maize is the main raw material. The company also imports Non-GM maize to secure supply at lower cost.^[1]
In Q4 FY26, maize prices stayed soft after an ample harvest, while healthy demand kept sales realisations firm.^[4]
Gross margin was 31.8% in Q4 FY26, up 9.00% YoY.^[4]
The FY26 annual report expects maize output and prices to remain volatile because of ethanol demand and erratic rainfall.^[1]

Customers and exports

The company serves the textile, paper, pharmaceutical, food processing, consumer products and animal nutrition industries. Colgate is named as a major customer.^[1]
It sells in more than 40 countries and holds Export House Status.^[1]
The Middle East took 59% of exports in FY26. The company is opening newer export geographies and expects results in FY27.^[4]
Products are sold through sole selling agents M/s L G & Doctor Associates Private Limited, and through branches and agents across India.^[1]

Expansion and capex

Technology modernisation and automation capex of ₹20 cr, due for completion by Sep 2027.^[4]
Product upgradation project: ₹14 cr capex and ₹30 cr peak revenue, due by Jun 2027.^[4]
New product project in the planning stage: ₹40 cr capex and ₹300 cr peak revenue, due by Dec 2027.^[4]
Alland & Sayaji Gum Arabic plant #2: JV capex of ₹42.5 cr and ₹200 cr peak revenue, with commissioning in Jan 2028.^[4]
Nigay & Sayaji caramel colours plant: JV capex of ₹42.5 cr and ₹150 cr peak revenue, due for completion in Dec 2027.^[4]
A greenfield plant in the maize belt is possible in FY30 or later, subject to internal milestones.^[4]

Joint ventures and subsidiaries

Nigay & Sayaji LLP is a 50:50 joint venture with France's Nigay SAS. It makes caramel colours using the company's dextrose syrup as feedstock.^[1]
The company set up Sayaji Industries FZC in the UAE and has invested ₹33.60 lakhs in overseas subsidiaries.^[1]

Recent developments

FY26 PAT turned positive at ₹1.5 cr. Q4 FY26 EBITDA margin was 8.9%, up about 939 bps YoY.^[4]
The company plans to sell part of its non-core land bank and use the proceeds to strengthen the balance sheet (Q4 FY26 call).^[4]

Market Cap

₹253 Cr

High / Low

₹147 / 65

Stock P/E

23.7

Price / Book

3.1

Book Value

₹37

EPS

₹0.5

No. of Shares

2.53 Cr

ROCE

8.2%

ROE

1.5%

OPM

2.0%

Debt / Equity

2.37

Sales

₹1,072 Cr

Net Profit

₹2 Cr

Promoter holding

75.0%

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Signal history

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Sayaji Industries Ltd(SAYAJIIND)

About

Business segments

Products

Operations and capacity

Raw materials and pricing

Customers and exports

Expansion and capex

Joint ventures and subsidiaries

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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