Sayaji Industries Limited · BSE:SAYAJIIND
Sayaji Industries — Q1 FY27 Earnings Presentation
37 slides from Sayaji Industries's earnings presentation, Aug 10, 2026
Slide 1: BSE submission letter for Investor Presentation Q1FY27
Date: 10th August, 2026 To, The Manager, BSE Limited, Phiroz Jeeboy Towers, Dalal Street Mumbai-400 001 Script Code: 540728 Dear Sir/Madam, Subject: Submission of Investor Presentation for Q1 ended on 30th June, 2026 Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listi
Slide 2: Eight Decades in the Maize Starch & Derivatives Industry
S AYA J I I N D U S T R I E S L I M I T E D Eight Decades in the Maize Starch & Derivatives Industry. Pivoting to Speciality Food Ingredients. Since 1941 Sayaji Industries Limited BSE: 540728 | Bloomberg: SAYIND:IN Earnings Presentation Q1FY27 | August 2026
Slide 3: Inside the presentation
02 Inside the presentation 01 02 03 04 05 Q1FY27 About the Business Industry Financial Performance Company Profile Overview Profile Highlights Q1FY27 Performance Highlights Sayaji at a Glance Product Portfolio Industry Overview Key Performance Indicators • Maize Starch & Derivatives Q1FY27 P&L Snaps
Slide 4: Q1FY27 Performance Highlights
Q1FY27 Performace 01 Highlights Q1FY27 Performance Highlights 04 Q1FY27 P&L Snapshot 05 Management Commentary 06
Slide 5: Q1FY27 Performance Highlights (Consol)
4 Q1FY27 Performance Highlights (Consol) Revenue (₹ in Crore) EBITDA (₹ in Crore) PAT (₹ in Crore) 6% 287% YoY Growth 35 0 YoY Growth 30 12 30 0 26 11 25 10 288 25 0 272 268 8 21 7 20 6 20 0 4 15 15 0 2 10 0 10 0 -4 -2 5 5 50 -4 -6 0 0 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 N
Slide 6: Q1FY27 P&L Snapshot (Consol)
5 Q1FY27 P&L Snapshot (Consol) PARTICULARS (₹ in Crore) Q1FY27 Q4FY26 Q1FY26 YoY Change QoQ Change Revenue from Operations 288 268 272 6% 8% COGS 195 182 211 -7% 7% Gross Profit 93 85 61 52% 9% Gross Margin (%) 32.2% 31.9% 22.5% 968 bps 28 bps Operating Expenses 75 62 58 30% 20% Other Income 2 1 1 2
Slide 7: Management Commentary
6 Management Commentary Sayaji Industries has carried forward the momentum o f the up, which is allowing us to manage continuity in our last two quarters and delivered a healthy performance in exports business. Alongside this, the Company has focused Q1FY27, marking a good start to the financial yea
Slide 8: About the Company
About the 02 Company Sayaji at a Glance 08 History & Milestones 09 Board of Directors • Promoter Directors 10 • Non-Promoter Directors 11 Corporate Structure 12 JV Philosophy & International Partners 13 Subsidiary: Sayaji Seeds Private Limited 14
Slide 9: Sayaji at a Glance
08 Sayaji at a Glance Founded in 1941, Sayaji Industries is Alongside the core maize starch one of India’s oldest maize wet milling company, manufacturing native & modified starches, sweeteners business, Sayaji operates a spray- drying division and 2 JVs with international partners for manufacturing
Slide 10: History & Milestones
09 History & Milestones Over 8 decades of operations | From 1 TPD (1941) to 1,000 TPD (2026) 1941- 1984- Scale-up: Starch & 2016- Pivot to Speciality Foundation 1983 2015 Derivatives Present Food Ingredients 1941 1973 1980s 2000 2016 2023 Founded as HCC with a modest Dextrose Anhydrous plant Sorbito
Slide 11: Board of Directors: Promoter Directors
010 Board of Directors Promoter Directors Mr. Priyam B. Mehta Mr. Varun P. Mehta Mr. Vishal P. Mehta Mrs. Sujata P. Mehta Chairman & Managing Director Executive Director & Joint CEO Executive Director & Joint CEO Non-Executive Director 40+ years experience 20+ years experience 15+ years experience ~
Slide 12: Board of Directors: Non-Promoter Directors
011 Board of Directors Non-Promoter Directors Mr. Amit N. Shah Mr. Birad R. Yajnik Mr. Jaysheel P. Hazarat Whole-Time Director (Technical) Independent Director Independent Director Joined as a junior engineer (1986), rose Curator of Mahatma Gandhi Digital Museums (Hyderabad, B.Com, Sydenham College
Slide 13: Corporate Structure
012 Corporate Structure Holding Company, Subsidiaries, Joint Ventures Sayaji Seeds Alland & Sayaji LLP - JV Sayaji Industries Private Limited 50: 50 Joint Venture Limited 64% Subsidiary Type: JV Company, 50% Profit Consolidation Type: Consolidated Standalone Product: Hybrid Seeds Product: Spray-Drie
Slide 14: JV Philosophy & International Partners
JV Philosophy & International Partners 013 • Niche product expansion through Forward integration strategy culturally aligned global partners Sayaji's finished products (Dextrose syrup) will serve as raw material for Nigay JV • Collaboration with Sayaji is the first products. Vertical linkage will pr
Slide 15: Subsidiary: Sayaji Seeds Private Limited
14 Subsidiary: Sayaji Seeds Private Limited Empowering Farmers with Quality Seeds R&D Engine Product Portfolio Go-to-Market 45-acre dedicated R&D farm in Gujarat Maize | Castor | Pearl Millet 75+ member Sales & Marketing team 4 Scientists | 6 Jr. Breeders | ~15 RAs Paddy | Cotton | Mustard GJ · RJ ·
Slide 16: Business Profile
Business 03 Profile Product Portfolio • Maize Starch & Derivatives 16 • Speciality Food Ingredients 17 Manufacturing Infrastructure • Maize Starch & Derivatives 18 • Speciality Food Ingredients 20 Production Capacity & Utilisation 21 Revenue Mix Profile 22 Strategic Priorities 23 CAPEX Roadmap 24 Gl
Slide 17: Product Portfolio: Maize Starch & Derivatives
16 Product Portfolio: Maize Starch & Derivatives From native & modified starch to high value-added sweetener derivatives & downstream products Category Products Key applications & industries served Native Maize Starch, Native Textiles sizing, paper, corrugated packaging, pharma (tablet binder/filler
Slide 18: Product Portfolio: Speciality Food Ingredients
17 Product Portfolio: Speciality Food Ingredients • Three speciality food ingredients businesses, contributing healthily to EBITDA • Opening new avenues of growth to strengthen the business model Spray-Dried Food Ingredients Sayaji Industries (Standalone) Gum Arabic Powder (Spray-Dried) Alland & Say
Slide 19: Manufacturing Infrastructure: Maize Starch & Derivatives
18 Manufacturing Infrastructure: Maize Starch & Derivatives Integrated corn wet milling & derivatives manufacturing complex | Ahmedabad, Gujarat Plant & Process Overview Captive Energy Infrastructure 1,000 TPD ~16,500 MT Wet milling Maize crushing capacity In-house maize storage Process (continuous
Slide 20: Manufacturing Infrastructure (Cont.)
19 Manufacturing Infrastructure (Cont.) Maize Plant Aerial View Maize Plant Aerial View Autoclave for Sorbitol Production DMH Plant Lab Micro Lab – Micro Biological Testing for Finished Products SAY AJ I INDUSTRIE S LI MITE D | Inv estor Pr esentat ion 2 02 7
Slide 21: Manufacturing Infrastructure: Speciality Food Ingredients
20 Manufacturing Infrastructure: Speciality Food Ingredients Our Spray Dryer Division (SDD) is a dedicated facility for manufacturing 100% Natural Fruit & Vegetable Powders with world-class processing infrastructure and strict quality standards. The division is equipped with: Key Features of the Div
Slide 22: Production Capacity & Utilisation
21 Production Capacity & Utilisation Maize Grind Capacity Utilisation Spray-Drying Division Capacity Utilisation ~3.5 lakh MT/year Installed capacity: 1,000 MT/day Installed capacity: 1,680 MT/year Crushing capacity: ~1,000 TPD × 86% 71% ~350 days 79% 80% 65% 76% 70% 34% 40% Plant running near optim
Slide 23: Revenue Mix Profile
22 Revenue Mix Profile Well-diversified revenue streams over product segments, geographies and application sectors Business - Standalone (₹ Cr) Product Categories - Maize Division (₹ Cr) Application Sector - Maize Division (₹ Cr) 14 35 18 31 248 243 227 220 222 186 226 2 196 356 337 345 318 206 209
Slide 24: Strategic Priorities
23 Strategic Priorities Near-term optimisation, mid-term expansion, long-term transformation 01 Product mix shift 02 Cost optimisation 03 JV-led speciality growth • Pivot from low-margin, low-value-add Two-pronged JV growth strategy: product categories towards higher-value- • Technology Modernisatio
Slide 25: CAPEX Roadmap
24 CAPEX Roadmap Project Total capex Peak revenue Payback Status Completion Sayaji Standalone – Technology Modernisation & NA, Cost September ₹20 Cr 2-3 yrs Launched - April 2026 Automation savings CAPEX 2027 Sayaji Standalone – Product Upgradation Project ₹14 Cr ₹30 Cr ~1.5 yrs Launched - April 202
Slide 26: Global Presence
25 Europe / Others 15% Far East & APAC 9% Americas 12% Middle East 59% Africa 4% Global Presence (% of exports) Map not to scale, only for illustration purpose. SAY AJ I INDUSTRIE S LI MITE D | Inv estor Pr esentat ion 2 02 7
Slide 27: Industry Overview
Industry 04 Overview Industry Overview 27 Industry Tailwinds & Elevating Challenges 29
Slide 28: Industry Overview
27 Industry Overview Total Indian maize starch Total Addressable Market Size, $ Millions 8,000 Total Starch & Derivatives Market ($ Mn) & derivatives market $5.2 Bn 7,000 2022 4,702 Starch (native + modified) 2024-2029 (P) CAGR – 5.0% in 2024 1,033 2023 4,934 Derivatives (sweeteners) 6,000 2024-2029
Slide 29: Industry Overview (Cont.)
28 Industry Overview (Cont.) Native Starch Market Size ($ Mn) Modified Starch Market Size ($ Mn) CAGR: 3.60% (2019-24) | 4.48% (2024-29F) CAGR: 5.09% (2019-24) | 5.87% (2024-29F) 2,479 1,731 1,668 1,016 1,991 1,302 2019 2024 2029F 2019 2024 2029F Starch Derivatives Market Size ($ Mn) Co-Products Mar
Slide 30: Industry Tailwinds & Elevating Challenges
29 Industry Tailwinds&& Industry Tailwinds Elevating Elevating Challenges Challenges India-specific demand drivers and input cost pressures shaping the maize starch industry Demand Drivers Pharma & Personal Care: Textiles: Food Processing & Poultry & Aquafeed: Bio-Packaging & China+1: Glucose, HMCS,
Slide 31: Financial Profile
Financial 05 Profile Key Performance Indicators 31 5Y P&L Snapshot 32 5Y Balance Sheet Snapshot 33 5Y Cash Flow Snapshot 34 Capital Markets Overview 35
Slide 32: Key Performance Indicators
31 Key Performance Indicators Revenue from Operations Gross Profit & Gross Margins EBITDA & EBITDA Margins ( ₹ IN C R OR E ) ( ₹ IN C R OR E & I N %) ( ₹ IN C R OR E & I N %) 53 8% 1072 256 277 280 47 1,040 1004 250 7% 975 35 % 226 7% 6% 35 30 % 793 32% 25 % 5% 27% 26% 26% 25 4% 23% 20 % 4% 3% 3% 13
Slide 33: 5Y P&L Snapshot
32 5Y P&L Snapshot PARTICULARS (₹ in Crore) FY22 FY23 FY24 FY25 FY26 Revenue from Operations 793 1,040 975 1,004 1,072 COGS 537 763 725 778 792 Gross Profit 256 277 250 226 280 Gross Margin (%) 32.3% 26.7% 25.7% 22.5% 26.1% Operating Expenses 207 256 245 238 241 Other Income 4 10 3 32 3 Share in pro
Slide 34: 5Y Balance Sheet Snapshot
33 5Y Balance Sheet Snapshot PARTICULARS (₹ in Crore) FY22 FY23 FY24 FY25 FY26 Equity Share Capital Equity Share Capital 3 3 3 3 13 Other Equity 107 116 104 92 83 Non-Current Liabilities Long Term Borrowings 66 64 82 76 60 Others 27 28 28 26 25 Current Liabilities Short Term Borrowings 47 64 81 138
Slide 35: 5Y Cash Flow Snapshot
34 5Y Cash Flow Snapshot PARTICULARS (₹ in Crore) FY22 FY23 FY24 FY25 FY26 Cash Flow from Operating Activities 73 22 40 (33) 38 Cash Flow from Investing Activities (34) (29) (60) 4 (19) Cash Flow from Financing Activities (39) 6 20 30 (20) Net Cash Flows (0) (0) 1 1 (1) Cash at the Beginning of Year
Slide 36: Capital Markets Overview
35 Capital Markets Overview ₹106 ₹147/ ₹54 Shareholding Pattern (in %) Current Market Price 52 Week High/Low ₹268 Crore 2.53 Crore Market Capitalization No. of Shares Outstanding 25% 540728 BSE Scrip Code 100% Market price data as of 7th August 2026 75% Promoters Public Shareholding data as of 30 th
Slide 37: Thank You
Thank You This document which has been prepared by Sayaji Industries Limited (“Sayaji” or “Sayaji Industries” or “the Company”), has been prepared solely for information purposes. This document has been prepared by the Company based on information and data which the Company considers reliable, but t