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 10.3
Book Value ₹ 40.7
Dividend Yield 0.00 %
ROCE 8.18 %
ROE 1.49 %
Face Value ₹ 5.00

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Pros

Cons

Stock is trading at 2.52 times its book value
Company has a low return on equity of -16.5% 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	220.57	245.05	265.13	273.31	214.78	269.30	246.56	271.95	249.31	282.90	267.59	288.08	263.55
YoY Sales growth	-12.34%	-7.98%	-1.51%	+11.71%	-2.63%	+9.90%	-7.00%	-0.50%	+16.08%	+5.05%	+8.53%	+5.93%	+5.71%
	217.99	240.90	270.22	271.74	232.67	262.11	248.68	268.50	251.45	267.95	244.62	270.40	249.02
Operating Profit	2.58	4.15	-5.09	1.57	-17.89	7.19	-2.12	3.45	-2.14	14.95	22.97	17.68	14.53
OPM %	1.17%	1.69%	-1.92%	0.57%	-8.33%	2.67%	-0.86%	1.27%	-0.86%	5.28%	8.58%	6.14%	5.51%
	1.66	1.71	1.97	2.12	31.37	1.03	2.03	2.00	1.24	1.42	3.20	3.42	1.81
Interest	3.74	3.90	4.03	4.26	4.46	5.06	5.44	5.70	6.38	6.53	6.29	6.38	6.85
Depreciation	3.95	4.17	4.54	4.65	4.75	4.96	5.05	4.88	5.14	5.25	5.32	5.36	5.62
Profit before tax	-3.45	-2.21	-11.69	-5.22	4.27	-1.80	-10.58	-5.13	-12.42	4.59	14.56	9.36	3.87
Tax %	-66.67%	-12.67%	-33.11%	-44.83%	85.48%	-36.67%	-27.13%	-30.21%	-26.25%	21.79%	25.07%	21.58%	19.12%
	-1.15	-1.92	-7.82	-2.87	0.62	-1.14	-7.72	-3.57	-9.17	3.60	10.90	7.33	3.14
EPS in Rs	-0.46	-0.77	-3.09	-1.14	0.23	-0.47	-3.06	-1.52	-3.64	1.37	4.44	2.78	1.35
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	503	531	586	644	639	559	793	1,040	975	1,004	1,072	1,102
Sales growth		+6%	+10%	+10%	-1%	-12%	+42%	+31%	-6%	+3%	+7%	+6%
	479	511	559	614	620	508	745	1,019	969	1,014	1,033	1,032
Operating Profit	24	20	27	30	19	51	49	21	7	-10	39	70
OPM %	4.8%	3.8%	4.7%	4.6%	2.9%	9%	6%	2.0%	0.7%	-1.0%	3.6%	6%
	1	7	5	26	4	3	5	14	6	35	8	10
Interest	11	11	12	12	17	14	11	12	15	19	25	26
Depreciation	8	9	8	10	11	12	13	15	16	19	21	22
Profit before tax	6	7	11	33	-5	28	29	8	-19	-13	1	32
Tax %	29%	23%	34%	24%	-56%	42%	36%	18%	-38%	-17%	-21%
	4	5	7	25	-2	17	19	7	-12	-11	2	25
EPS in Rs	1.75	2.15	2.94	9.96	-0.92	6.53	7.46	2.85	-4.64	-4.43	0.54	9.94
Dividend Payout %	23%	23%	16%	5%	0%	4%	3%	9%	0%	0%	0%

Compounded Sales Growth
10 Years:	8%
5 Years:	14%
3 Years:	1%
TTM:	6%

Compounded Profit Growth
10 Years:	-10%
5 Years:	-39%
3 Years:	16%
TTM:	214%

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

Return on Equity
10 Years:	1%
5 Years:	-6%
3 Years:	-16%
Last Year:	1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	3	3	3	3	3	3	3	3	13	13
Reserves	53	59	61	77	74	91	107	113	100	88	80	90
	99	106	124	150	140	140	113	128	171	221	227	239
	89	73	76	99	128	123	175	180	263	209	229	275
Total Liabilities	241	238	264	329	346	357	399	423	538	522	549	617
	133	133	156	206	202	210	243	248	298	299	311	316
CWIP	2	3	4	4	10	9	3	22	11	22	6	26
Investments	0	8	9	0	3	5	6	11	15	19	23	24
	106	95	96	119	131	133	147	143	214	181	209	250
Total Assets	241	238	264	329	346	357	399	423	538	522	549	617

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	20	20	29	23	43	35	73	22	40	-33	38
	-22	-10	-34	-35	-23	-21	-34	-29	-60	4	-19
	1	-9	4	12	-21	-14	-39	6	20	30	-20
Net Cash Flow	-0	0	-0	-0	-0	0	-0	-0	1	1	-1
Free Cash Flow	-1	8	-5	-38	23	15	38	-6	-20	-31	18
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	90%	103%	114%	95%	233%	75%	159%	117%	583%	328%	99%

Ratios

Consolidated / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	26	25	24	26	31	33	28	20	25	24	22
Inventory Days	56	46	45	50	48	67	53	36	66	46	49
Days Payable	71	48	37	51	82	91	89	61	111	71	84
Cash Conversion Cycle	12	23	32	25	-4	9	-7	-5	-20	-1	-14
Working Capital Days	-28	-33	-39	-35	-49	-45	-25	-27	-46	-56	-58
ROCE %		11%	13%	12%	4%	19%	18%	5%	-1%	-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 ・Standalone data

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Top 10 Customers Share of Net Sales
% ・Standalone data

By-Products Share of Standalone Sales
% ・Standalone data

Maize Grinding Volume
MT ・Standalone data

FMCG/F&B Share of Application Sector Mix
% ・Standalone data

Maize Grind Capacity Utilisation
% ・Standalone data

Pharma Share of Application Sector Mix
% ・Standalone data

Spray Drying Capacity Utilization
% ・Standalone data

Value-Add Share of Maize Division Revenue
% ・Standalone data

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

Documents

Announcements

Annual reports

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