Sayaji Industries Limited · BSE:SAYAJIIND
Sayaji Industries — Q4 FY2026 Earnings Presentation
36 slides from Sayaji Industries's earnings presentation, Jun 3, 2026
Slide 1: Submission of Investor Presentation cover letter to BSE
Date: 3rd June, 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 Q4 and FY2025-26 Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations
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 Q4 & FY26 | May 2026
Slide 3: Inside the presentation
02 Inside the presentation About the Business Industry Financial 01 02 03 04 Company Profile Overview Profile Sayaji at a Glance Product Portfolio Indian Maize Starch & Derivatives Market Q4 & FY26 Performance Highlights • Maize Starch & Derivatives History & Milestones • Speciality Food Ingredients
Slide 4: About the Company
About the 01 Company Sayaji at a Glance 04 History & Milestones 05 Board of Directors • Promoter Directors 06 • Non-Promoter Directors 07 Corporate Structure 08 JV Philosophy & International Partners 09 Subsidiary: Sayaji Seeds 10
Slide 5: Sayaji at a Glance
04 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 6: History & Milestones
05 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 Sorbit
Slide 7: Board of Directors: Promoter Directors
06 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 ~2
Slide 8: Board of Directors: Non-Promoter Directors
07 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 9: Corporate Structure
08 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-Dried
Slide 10: JV Philosophy & International Partners
JV Philosophy & International Partners 09 • 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 pro
Slide 11: Subsidiary: Sayaji Seeds Private Limited
10 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 12: Business Profile
Business 02 Profile Product Portfolio • Maize Starch & Derivatives 12 • Speciality Food Ingredients 13 Manufacturing Infrastructure • Maize Starch & Derivatives 14 • Speciality Food Ingredients 16 Production Capacity & Utilisation 17 Revenue Mix Profile 18 Strategic Priorities 19 CAPEX Roadmap 20 Gl
Slide 13: Product Portfolio: Maize Starch & Derivatives
12 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 14: Product Portfolio: Speciality Food Ingredients
13 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 15: Manufacturing Infrastructure: Maize Starch & Derivatives
14 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 16: Manufacturing Infrastructure (Cont.)
15 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 6
Slide 17: Manufacturing Infrastructure: Speciality Food Ingredients
16 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 18: Production Capacity & Utilisation
17 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 19: Revenue Mix Profile
18 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 20: Strategic Priorities
19 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 21: CAPEX Roadmap
20 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 22: Global Presence
21 Europe / Others 15% Far East & APAC 9% Americas 12% Middle East 59% Africa 4% Global Presence (% of exports) Map not to scale SAY AJ I INDUSTRIE S LI MITE D | Inv estor Pr esentat ion 2 02 6
Slide 23: Industry Overview
Industry 03 Overview Indian Maize Starch & Derivatives Market 23 Industry Tailwinds & Elevating Challenges 25
Slide 24: Indian Maize Starch & Derivatives Market
23 Industry Overview Total Indian maize starch Total Addressable Market Size, $ Millions 8,000 Total Starch & Derivatives Market ($ Mn) & derivatives market $5.2 Bn 7,000 2022 4,702 Starch (native + modified) 2024-2029 (P) CAGR – 5.0% in 2024 1,033 2023 4,934 Derivatives (sweeteners) 6,000 2024-2029
Slide 25: Industry Overview (Cont.)
24 Industry Overview (Cont.) Native Starch Market Size ($ 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 26: Industry Tailwinds & Elevating Challenges
25 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 27: Financial Profile
Financial 04 Profile Q4 & FY26 Performance Highlights 29 Q4 & FY26 P&L Snapshot 30 Management Commentary 31 Key Performance Indicators 32 5Y P&L Snapshot 33 5Y Balance Sheet 34 5Y Cash Flow Snapshot 35 Capital Markets Overview 36
Slide 28: Q4 & FY26 Performance Highlights (Consol)
Q4 & FY26 Performance Highlights (Consol) 27 Q4 Performance Highlights Revenue (in ₹ Crore) EBITDA (in ₹ Crore) PAT (in ₹ Crore) 9% NA 238% YOY Growth YOY Growth YOY Growth 283 26 4 11 268 247 16 0 -8 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 Q4FY25 Q3FY26 Q4FY26 FY26 Performance Highlights Revenue
Slide 29: Q4 & FY26 P&L Snapshot (Consol)
28 Q4 & FY26 P&L Snapshot (Consol) YOY QOQ YOY PARTICULARS (in ₹ Crore) Q4FY25 Q3FY26 Q4FY26 FY25 FY26 Change Change Change Revenue from Operations 247 283 268 9% -5% 1,004 1,072 7% COGS 190 206 183 -4% -11% 778 792 2% Gross Profit 56 77 85 51% 10% 226 280 24% Gross Margin (%) 22.8% 27.2% 31.8% 9.00
Slide 30: Management Commentary
29 Management Commentary Sayaji Industries has built further on the turnaround in financial However, given the firm demand environment in the domestic performance and closed FY26 on a strong note. Q4FY26 stands out market, we do not expect any net impact on overall volumes in the as a particularly e
Slide 31: Key Performance Indicators
30 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 32: 5Y P&L Snapshot
31 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 33: 5Y Balance Sheet Snapshot
32 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 34: 5Y Cash Flow Snapshot
33 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 35: Capital Markets Overview
34 Capital Markets Overview ₹120 ₹147/ ₹54 Shareholding Pattern (in %) Current Market Price 52 Week High/Low ₹303 Crore 2.53 Crore Market Capitalization No. of Shares Outstanding 25% 540728 BSE Scrip Code 100% Market price data as of 22nd May 2026 75% Promoters Public Shareholding data as of 31 st M
Slide 36: 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