Sayaji Industries Ltd

₹ 102 -4.92%

05 Nov - close price

sayajigroup.in; www.maizeproducts.com BSE: 540728 NSE: SAYAJIIND

About

Sayaji Industries Ltd was incorporated
in 1941 and manufactures maize starch,
modified starches and derivatives. Its
products are used in textile, paper &
packaging, pharma, food & confectionery, cosmetics, soaps & detergents, seeds,
paints, poultry and animal feed^[1]

Key Points

Business Overview:^[1]
The company manufactures maize starch and
its downstream value-added products which find application in diverse industries viz. Textile, paper
& packaging, pharmaceutical, food and confectionery, cosmetic, soaps & detergent industries, seeds industries, paint, poultry, animal feed, etc.

Website BSE NSE

Market Cap ₹ 259 Cr.
Current Price ₹ 102
High / Low ₹ 147 / 65.0
Stock P/E 9.99
Book Value ₹ 41.2
Dividend Yield 0.00 %
ROCE 8.14 %
ROE 2.52 %
Face Value ₹ 5.00

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Pros

Cons

Company has a low return on equity of -16.0% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Agricultural Food & other Products Other Agricultural Products

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	213.86	232.76	257.67	258.01	206.37	252.33	240.85	248.88	239.26	260.14	258.75	263.48	256.19
YoY Sales growth	-13.61%	-8.19%	-2.43%	+11.10%	-3.50%	+8.41%	-6.53%	-3.54%	+15.94%	+3.10%	+7.43%	+5.87%	+7.08%
	211.79	229.18	263.16	257.19	224.90	245.78	243.40	246.80	241.98	246.21	235.49	247.33	241.83
Operating Profit	2.07	3.58	-5.49	0.82	-18.53	6.55	-2.55	2.08	-2.72	13.93	23.26	16.15	14.36
OPM %	0.97%	1.54%	-2.13%	0.32%	-8.98%	2.60%	-1.06%	0.84%	-1.14%	5.35%	8.99%	6.13%	5.61%
	0.16	0.74	5.43	0.69	30.44	0.24	5.56	2.48	1.37	1.78	3.39	3.46	2.04
Interest	3.31	3.49	3.73	3.87	4.11	4.87	5.30	5.35	5.96	6.23	5.97	5.89	5.94
Depreciation	3.80	4.01	4.38	4.52	4.62	4.83	4.92	4.80	5.07	5.18	5.24	5.31	5.56
Profit before tax	-4.88	-3.18	-8.17	-6.88	3.18	-2.91	-7.21	-5.59	-12.38	4.30	15.44	8.41	4.90
Tax %	-47.54%	-10.06%	-47.49%	-34.45%	113.52%	-24.40%	-40.22%	-32.74%	-26.98%	18.37%	23.32%	20.69%	20.20%
	-2.56	-2.87	-4.30	-4.51	-0.44	-2.20	-4.31	-3.76	-9.04	3.52	11.83	6.67	3.91
EPS in Rs	-1.01	-1.13	-1.70	-1.78	-0.17	-0.87	-1.70	-1.49	-3.57	1.39	4.68	2.64	1.55
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	468	491	531	579	621	620	537	764	1,006	937	958	1,007	1,039
Sales growth	-6%	+5%	+8%	+9%	+7%	-0%	-13%	+42%	+32%	-7%	+2%	+5%	+6%
	440	470	510	553	593	602	487	717	986	932	970	971	971
Operating Profit	28	22	20	27	28	18	50	47	20	5	-13	36	68
OPM %	6%	4.4%	3.9%	4.6%	4.5%	2.9%	9%	6%	1.9%	0.5%	-1.3%	3.6%	7%
	1	1	5	3	26	4	3	5	14	6	36	9	11
Interest	8	11	11	12	12	16	13	10	10	13	18	24	24
Depreciation	7	8	9	8	9	11	11	12	14	16	19	20	21
Profit before tax	13	4	5	10	33	-5	29	30	9	-19	-14	1	33
Tax %	29%	27%	28%	39%	24%	-56%	42%	36%	21%	-39%	-17%	-61%
	9	3	4	6	25	-2	17	19	7	-11	-11	2	26
EPS in Rs	3.92	1.14	1.64	2.43	9.96	-0.92	6.56	7.45	2.85	-4.47	-4.53	0.91	10.26
Dividend Payout %	15%	36%	30%	19%	5%	0%	4%	3%	9%	0%	0%	0%

Compounded Sales Growth
10 Years:	7%
5 Years:	13%
3 Years:	0%
TTM:	6%

Compounded Profit Growth
10 Years:	-1%
5 Years:	-32%
3 Years:	27%
TTM:	234%

Stock Price CAGR
10 Years:	%
5 Years:	17%
3 Years:	32%
1 Year:	33%

Return on Equity
10 Years:	0%
5 Years:	-5%
3 Years:	-16%
Last Year:	3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	0.79	0.79	0.79	3	3	3	3	3	3	3	3	13	13
Reserves	46	47	52	54	77	74	91	107	113	101	89	81	92
	91	102	106	113	136	131	129	97	115	162	216	212	212
	61	85	73	73	94	123	118	168	166	247	186	204	238
Total Liabilities	199	235	231	243	310	331	341	375	396	513	493	510	554
	115	130	133	149	199	201	208	241	246	297	299	311	316
CWIP	3	2	3	4	4	10	9	3	22	11	22	6	26
Investments	2	1	2	5	5	7	10	11	16	20	25	30	31
	79	102	93	85	103	113	113	119	112	185	148	163	181
Total Assets	199	235	231	243	310	331	341	375	396	513	493	510	554

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	19	20	21	34	26	46	35	77	21	35	-39	45
	-32	-22	-12	-29	-35	-24	-21	-34	-28	-60	4	-19
	13	2	-9	-5	10	-22	-14	-43	7	25	35	-27
Net Cash Flow	0	-0	0	-0	-0	-0	0	-0	-0	0	1	-1
Free Cash Flow	-13	-2	10	7	-35	26	16	43	-7	-24	-36	26
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	89%	93%	108%	136%	111%	262%	77%	173%	119%	748%	305%	124%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	29	25	25	23	23	28	30	24	16	22	23	19
Inventory Days	35	56	44	39	43	42	58	43	27	59	36	35
Days Payable	55	70	48	36	50	83	93	90	60	113	73	84
Cash Conversion Cycle	8	12	22	26	16	-13	-6	-23	-17	-33	-14	-30
Working Capital Days	-22	-29	-32	-39	-36	-53	-50	-29	-30	-51	-63	-66
ROCE %	18%	10%	11%	13%	12%	4%	19%	18%	5%	-2%	-8%	8%

Insights

In beta

Mar 2016

Mar 2018

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Maize Installed Capacity
TPD

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			xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
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				xx.xx	xx.xx	xx.xx	xx.xx	xx.xx

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Top 10 Customers Share of Net Sales
%

By-Products Share of Standalone Sales
%

Maize Grinding Volume
MT

FMCG/F&B Share of Application Sector Mix
%

Maize Grind Capacity Utilisation
%

Pharma Share of Application Sector Mix
%

Spray Drying Capacity Utilization
%

Value-Add Share of Maize Division Revenue
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	74.99%	74.97%	74.97%	74.97%	74.97%	74.94%	74.94%	74.94%	74.59%	74.94%	74.94%	74.94%
	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%
	25.01%	25.00%	25.01%	25.02%	25.01%	25.04%	25.05%	25.04%	25.40%	25.04%	25.04%	25.05%
No. of Shareholders	3,580	3,488	3,460	3,401	3,287	3,234	3,226	3,394	3,687	3,532	3,509	3,506

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	74.98%	74.98%	74.98%	74.98%	74.98%	74.99%	74.97%	74.94%	74.94%	74.94%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%
	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.01%
	25.01%	25.01%	25.01%	25.01%	25.01%	25.00%	25.00%	25.04%	25.04%	25.05%
No. of Shareholders	3,671	3,760	3,724	3,624	3,672	3,668	3,488	3,234	3,532	3,506

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Sayaji Industries Ltd

Sayaji Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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Announcements

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