Sigachi Industries Ltd(SIGACHI)

NSE: SIGACHIBSE: 543389

₹ 24.99-0.68%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 955 crWebsite: www.sigachi.comUpdated: 24 Oct 2026

About

Sigachi Industries Ltd manufactures pharmaceutical excipients - primarily Microcrystalline Cellulose (MCC) - and Active Pharmaceutical Ingredients (APIs), supplying customers in 60-plus countries from its SEZ and non-SEZ plants in Gujarat. The company reported FY26 revenue of Rs. 477.83 crores, with exports accounting for 65% of revenue that year. A fire at its Hyderabad MCC facility in FY25 reduced installed capacity by 6,000 MTPA and continued to weigh on volumes and margins through FY26.^[1][2][3]

Business segments

MCC (cellulose-based excipients) contributed 60% of Q2 FY26 revenue, down from 81% in Q2 FY25, due to the Hyderabad outage reducing available supply.^[4]
API segment contributed 17% of Q2 FY26 revenue (up from 7% in Q2 FY25) and ~14% of full-year FY26 revenue, equivalent to approximately Rs. 60 crores.^[4][2]
Operations & Maintenance (O&M) contributed 12% of Q2 FY26 revenue, up from 8% in Q2 FY25.^[4]

Products and portfolio

Core product is Microcrystalline Cellulose (MCC), a binder excipient used in pharmaceutical tablet formulations, sold under the HiCel brand family.^[3]
HiCel SMCC Nutra - a combination of MCC and magnesium aluminometasilicate - was launched in Q1 FY27, extending the excipient platform into nutraceutical formulations.^[3]
Cross-linked Sodium Carboxymethyl Cellulose (CCS), a tablet disintegrant, is being added at Dahej SEZ; it serves the same pharmaceutical customers as MCC and is priced at 2 - 3x MCC.^[2][3]
A polymer-excipient coatings portfolio was seeded a few quarters before Q2 FY26; revenue contribution was miniscule as of Q2 FY26 with products in customer sampling and approval.^[4]
API portfolio includes Sparsentan, Zestrapin, and Bempedoic Acid among newer molecules; a Cystic Fibrosis API (patent until 2039) was in R&D as of Q4 FY26, with filing expected in FY27.^[3][2]
Metformin received a Certificate of Suitability (CEP) from EDQM; 4 CEP filings were on file as of Q1 FY27, with other filings under query response.^[5][3]

Manufacturing operations

Total installed MCC capacity is 18,000 MTPA across two operating plants: Dahej SEZ and Jhagadia, both in Gujarat; the Hyderabad facility (6,000 MTPA) was lost to a fire and is not being restarted.^[5][2]
Dahej SEZ plant handles premium export business; exports accounted for over 53.5% of production in Q1 FY27.^[3]
Overall MCC capacity utilisation was 76.8% in Q1 FY27 (Dahej 76.5%, Jhagadia 77.16%), recovering from 70 - 73% in Q3 FY26.^[3][5]
API manufacturing is conducted at the Grandmax facility; utilisation was 65 - 70% in Q4 FY26.^[2]
An API R&D Centre in Hyderabad was fully operational as of Q2 FY26, consolidating development and analytical capabilities.^[4]
R&D investment was Rs. 67.59 Mn in FY26.^[2][3]

Key operating numbers

MCC average realisation rose to INR 241.36/kg in Q1 FY27 from INR 216/kg in Q4 FY26 and INR 212/kg in H1 FY25, driven by product-mix shift toward higher-value grades.^[3][4]
MCC sale volume was 14,857 MT in Q4 FY26 at approximately 82% utilisation; 9M FY26 cumulative volume was approximately 10,000 MT.^[2][5]
API segment revenue was INR 21.68 crores in Q1 FY27; FY26 full-year API revenue was approximately Rs. 60 crores.^[3][2]
Export revenue mix was 65% of FY26 revenue, down from approximately 72% in FY25, as geopolitical disruptions in February - March 2026 forced a shift to domestic sales.^[2]
Trade receivables days stood at 93 - 94 days in Q1 FY27.^[3]

Customers and distribution

Products are exported to 60-plus countries; USA and Europe are cited as primary export markets.^[2]
Export customers of MCC are already inquiring about CCS supply ahead of commissioning, as both binder and disintegrant are required in the same tablet formulation application.^[3]
Sigachi lost wallet share with key MCC customers after the Hyderabad outage forced them to qualify alternate suppliers; management expects to regain share as new capacity comes online.^[3]

Expansion and capex

A 12,000 MTPA MCC expansion at Dahej SEZ (Dahej-2) with capex of Rs. 106 crores is under construction; commissioning is now targeted for Q2 FY28, slipped from the earlier Q1 FY28 guidance, and will raise total MCC capacity to 30,000 MTPA.^[3][2]
A 1,800 MTPA CCS disintegrant facility at Dahej SEZ with capex of Rs. 90 crores is under construction; commissioning is now guided for FY28, slipped from the earlier Q1 FY28 guidance.^[3][2]
FY27 capex is expected to exceed INR 100 crores; FY28 capex is estimated at INR 150 - 200 crores, to be funded via term loan or preferential equity.^[3]
Debottlenecking of existing MCC lines is planned to raise overall utilisation toward 95 - 96% by Q4 FY27 without major capital outlay.^[3]
The Middle East JV/O&M expansion has been placed on hold indefinitely due to geopolitical conditions as of Q4 FY26.^[2]

Recent developments

Insurance claims totalling approximately Rs. 70 crores (fixed assets ~Rs. 49 crores, inventory ~Rs. 4.5 crores, business interruption ~Rs. 16.5 crores) from the Hyderabad fire remained outstanding as of Q1 FY27; main settlement expected by end of September 2026 and BI proceeds approximately three to four months after.^[3][2]
PLI income of Rs. 8 - 10 crores is expected to be recognised in FY27.^[2]
A preferential equity issue is under consideration to part-fund capex; no formal announcement had been made as of Q1 FY27.^[3]
Cystic Fibrosis API revenues are expected to begin flowing by end of FY27 or into FY28; filing is planned during FY27 after R&D completion.^[3][2]

Market Cap

₹955 Cr

High / Low

₹41 / 17

Stock P/E

38.1

Price / Book

1.8

Book Value

₹14

EPS

₹-2.1

No. of Shares

38.21 Cr

ROCE

6.2%

ROE

-14.6%

OPM

9.1%

Debt / Equity

0.26

Sales

₹478 Cr

Net Profit

₹-83 Cr

Promoter holding

36.7%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Sigachi Industries Ltd(SIGACHI)

About

Business segments

Products and portfolio

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions