Established in **1941**, Sayaji Industries Limited is a pioneer in the Indian corn wet milling industry. Headquartered in **Ahmedabad, Gujarat**, the company has evolved from a traditional starch manufacturer into a diversified specialty ingredients group. With a maize grinding capacity of **1,000 Metric Tonnes Per Day (MTPD)** and a presence in over **40 countries**, the company holds **Export House Status** and serves critical sectors including pharmaceuticals, food processing, textiles, and paper. --- ### **Core Business Segments & Product Ecosystem** The company’s revenue is driven by three primary reportable segments, supported by a robust portfolio of primary products and high-value derivatives. #### **1. Agro Processing (Maize Starch & Derivatives)** This is the core engine of the group, focusing on the deep processing of maize into industrial and food-grade ingredients. * **Primary Products:** Native Corn Starch (used in textiles, paper, and food) and Modified Starches. * **Sweeteners & Polyols:** Liquid Glucose, Sorbitol, Dextrose Monohydrate (DMH), and Dextrose Anhydrous (ADH). * **By-products:** Maize Gluten (animal feed), Maize Oil, Maize Oil Cake, and Maize Wet/Dry Bran. * **Pharmaceutical Grade:** High-grade starch used as a disintegrant and binder in tablet formulations. #### **2. Spray Dried Food Products** Launched in **January 2022**, this segment targets the fast-growing FMCG and food processing sectors. * **Portfolio:** Tomato powder, fruit and vegetable powders, and Non-Dairy Creamer (NDC). #### **3. Agri Seeds** Operated via **Sayaji Seeds Private Limited** (formerly an LLP), this segment focuses on the R&D, production, and marketing of hybrid seeds for maize, castor, paddy, and wheat. --- ### **Strategic Alliances & Global Footprint** Sayaji Industries leverages international partnerships to enhance technical capabilities and market reach. * **Nigay SAS (France):** A **50:50 joint venture** formed in **January 2026** to manufacture caramel in Ahmedabad. The plant, expected to be operational by **late 2027**, will serve the Middle East, Africa, and SE Asia. * **Alland & Sayaji LLP:** A **50:50 joint venture** specializing in gum arabic and spray-dried products. * **Technical Partners:** Maintains assistance agreements with **Tate & Lyle (Belgium)** and **SIGMA (Turkey)** to optimize production parameters and quality. * **International Subsidiaries:** **Sayaji Industries FZC (UAE)** was incorporated in **July 2023** to spearhead marketing and distribution in the Middle East. --- ### **Operational Performance & Financial Recovery** After a period of margin compression in FY24, the company has demonstrated a sharp recovery in profitability in FY25-26. #### **Maize Segment Performance** | Particulars (Standalone) | FY 2024-25 | FY 2023-24 | | :--- | :--- | :--- | | Maize Grinding (MT) | **2,74,740** | **2,91,672** | | Revenue from Operations (₹ Lakhs) | **92,802.40** | **91,965.11** | | Export Turnover (₹ Lakhs) | **14,373.20** | **12,972.80** | | EBITDA (₹ Lakhs) | **2,320.71** | **(1,057.03)** | #### **Recent Quarterly Highlights (Q3FY26 - Consolidated)** * **Revenue:** **₹282.90 Cr** (Up **5% YoY**) * **EBITDA:** **₹19.40 Cr** (Up **98% YoY**; Up **1,254% QoQ**) * **Net Profit:** **₹15.88 Cr** (Up **433% YoY**) * **EBITDA Margin:** **6.86%** (Expansion of **318 bps YoY**) --- ### **Capital Structure & Asset Monetization Strategy** The company is actively restructuring its balance sheet to fund modernization and reduce debt. * **Bonus Issue:** Completed a **3:1 bonus share issue** in **October 2025**, increasing paid-up equity capital to **₹12.64 crore**. * **Debt Management:** Total debt stood at **₹177.73 Crore** (Sept 2023). The company has increased its borrowing limit to **₹300 crore** to support strategic objectives. * **Non-Core Asset Sales:** To boost liquidity, the company has aggressively monetized land in **Saij, Kalol**, realizing **₹33.87 Crore** across three phases in **2024**. Further monetization of **~106,310 sq. meters** in **Kathwada, Ahmedabad** is authorized. --- ### **Infrastructure, Sustainability & R&D** Sayaji is transitioning toward a low-cost, sustainable manufacturing model to mitigate volatile energy prices. * **Renewable Energy:** Commissioned a **4.5 MW AC / 6.1 MW DC** solar plant in **July 2025**, expected to generate **1 crore KWH** annually. A further **6.6 MW DC** solar project is in the pipeline. * **Resource Efficiency:** Utilizes a biogas engine powered by methane from effluent treatment. The company achieved its **2032 water reduction target** (10% reduction per ton) ahead of schedule. * **R&D Focus:** Invested **₹26.70 Lakhs** (2024-25) into developing **Cold Water Soluble Starch**, **High Degree Substituted Cationic Starch** for the paper industry, and expanding the **Polyols** range. * **Supply Chain:** Employs **L G & Doctor Associates Private Limited** as sole selling agents to manage credit collections (standard terms: **0 to 90 days**). --- ### **Risk Profile & Mitigation Factors** Despite the recovery, the company operates in a high-volatility environment. * **Raw Material Volatility:** Maize accounts for **~69%** of total costs. The diversion of maize to **ethanol production** and government **MSP increases** (to **₹2,090/quintal**) pose cost risks. Mitigation includes importing **Non-GM maize** from **Ukraine**. * **Credit Ratings:** Following net losses in 9MFY24, **CARE Ratings** revised the outlook to **Negative**. Current ratings stand at **CARE BBB-** (Long Term) and **CARE BB+** (Fixed Deposits). * **Currency Risk:** Significant export exposure; a **5%** shift in **USD** rates impacts PBT by approximately **₹41.08 lakhs**. * **Competitive Pressure:** Resumption of global exports by **China** and domestic overcapacity limit the ability to pass on cost increases. --- ### **Future Growth Drivers** 1. **Pharmaceutical Demand:** The Indian pharma corn starch market is projected to grow at a **CAGR of 6.9% (2024-2030)**. 2. **Capacity Expansion:** Targeting a long-term grinding capacity of **1,100 TPD** (up from current **850+ TPD**). 3. **Value-Added Shift:** Increasing the revenue mix of high-margin **Sorbitol**, **Dextrose**, and **Specialty Food Powders**. 4. **Trade Dynamics:** Leveraging favorable US trade tariffs relative to international competitors to boost export margins.