Sayaji Industries Ltd

Sayaji Industries Limited — Trading window closed from 1 October 2026 until 48 hours after declaration of Un-Audited Financial Results for the quarter and half-year ended 30 September 2026.

AGM Details

• Held 21 September 2026 at 3:30 PM IST via VC/OAVM; voting cut-off date: 11 September 2026.

Key Resolutions and Outcomes

• Ordinary: Adopt audited financial statements for year ended 31 March 2026; passed.
• Ordinary: Re-appoint Varun P. Mehta as director retiring by rotation; passed.
• Special/Ordinary: Ratify remuneration of Cost Auditors for FY 2026-27; passed.
• Special: Approve remuneration of Varun P. Mehta as Executive Director for 01/04/2027–31/03/2029; passed.

AGM Details

• 85th AGM held on 21 September 2026 at 3:30 PM IST via VC/OAVM.
• Meeting concluded at 4:08 PM IST.
• Remote e-voting from 18 Sept to 20 Sept 2026; cut-off 11 Sept 2026.
• 30 members attended the meeting via VC.

Key Resolutions

• Ordinary: Adopt audited financial statements and reports.
• Ordinary: Reappoint Varun P. Mehta by rotation.
• Ordinary: Ratify remuneration of Dalwadi & Associates as Cost Auditors for 2026-27.
• Special: Approve remuneration of Varun P. Mehta as Executive Director for 01.04.2027–31.03.2029.

Voting Status

• Adopt financial statements — results pending; to be declared within 48 hours.
• Reappointment of Varun P. Mehta — results pending.
• Ratification of Cost Auditors remuneration — results pending.
• Executive Director remuneration — results pending.

Director Changes

• Varun P. Mehta reappointed as Director by rotation.

Auditor Appointments

• Cost Auditor remuneration ratification placed as Ordinary Resolution.

Rating Action

• Fixed Deposit ₹40 crore: CARE BB+; Positive; Reaffirmed; Outlook revised from Stable.
• Long Term Bank facilities ₹58.80 crore: CARE BB+; Positive; Reaffirmed; Outlook revised from Stable.
• Long Term / Short Term facilities ₹135 crore: CARE BB+; Positive / CARE A4+; Reaffirmed; Outlook from Stable.
• Short Term Bank Facilities ₹23.50 crore: CARE A4+; Reaffirmed.

Agency

• Rating Agency: CARE Ratings Limited.

Outlook & Rationale

• Outlook revised from Stable to Positive for Fixed Deposit and LT facilities.
• Ratings reaffirmed across all rated instruments.

Facility Size & Notes

• Total rated facilities ₹217.30 crore; LT ₹58.80 crore; ST ₹23.50 crore.
• Total LT/ST facilities ₹135.00 crore.

Financial Highlights

• FD outstanding as of 31 Mar 2026: ₹30.03 crore.

Subject & Financials

• Q1 FY27 revenue from operations ₹288 crore; up 6% YoY and 8% QoQ.
• Gross profit ₹93 crore; gross margin 32.2%.
• EBITDA ₹21 crore; EBITDA margin 7.3%.
• PAT ₹7 crore; Basic EPS ₹2.78.
• Input costs rising; management expects margins to remain healthy.

Capex & Projects

• ~95% of Technology Modernisation & Automation delivered; commissioning by September 2026.
• Product Upgradation (Sayaji Standalone) launched Apr 2026; ₹14 Cr; completion Jun 2027.
• New Product Project (Sayaji Standalone): ₹40 Cr; planning stage; completion Dec 2027.
• Alland & Sayaji Gum Arabic Plant 2: JV capex ₹42.5 Cr; commence Aug 2026.
• Nigay & Sayaji Caramel Colours Plant: JV capex ₹42.5 Cr; commence Aug 2026.
• Greenfield Maize Starch & Derivatives Plant: capex TBD; planning stage.

Partnerships & JV Activity

• Alland & Sayaji Gum Arabic JV revenue ₹66.7 Cr; EBITDA ₹15.1 Cr FY26.
• Nigay & Sayaji Caramel Colours Plant: FY26 revenue ₹150 Cr; EBITDA ₹22 Cr; Sayaji's EBITDA share ₹14 Cr.
• Sayaji Seeds Private Limited: FY26 revenue ₹64.7 Cr; EBITDA ₹2.8 Cr.
• Nigay & Sayaji JV to commence caramel colours operations Q3 FY28.
• Sayaji Standalone Greenfield Maize Starch & Derivatives Plant: capex undecided.

Export & Market Dynamics

• Exports to Middle East account for 59% of export mix.
• Logistics pressures in Middle East; alternate routes opened.
• US tariff rebalancing improves export competitiveness.
• Export market diversification: US and domestic markets showing healthy visibility.

Consolidated financials (Q1 FY27)

• Revenue ₹288 cr; YoY +6%; QoQ +8%.
• EBITDA ₹21 cr; margin 7.3%; YoY +287%; QoQ -19%.
• PAT ₹7 cr; margin 2.5%; YoY +306%; QoQ -33%.
• Gross margin 32.2%; YoY 968 bps; QoQ 28 bps.
• COGS ₹195 cr; YoY -7%; QoQ +7%.

Operational developments and outlook

• Technology Modernisation and Automation Project ~95% delivered; commissioning by Sep 2026.
• Alland & Sayaji Gum Arabic Spray-Drying Plant 2 to commence by Sep 2026; civil works in Q3 FY27.
• Nigay & Sayaji Caramel Colours Plant to commence by Sep 2026; civil works in Q3 FY27.
• Exports to the Middle East under pressure; alternate routes opened; US markets viewed; domestic demand visible.
• Margins expected to remain healthy for rest of year; procurement strategy comfortable; raw material availability comfortable.

CFO Appointment

• Appointment of Niravkumar C Mistry as Chief Financial Officer (KMP) effective 8 August 2026.
• Reason: board approved appointment on 7 August 2026.
• Brief profile: 20+ years in finance; PGDIB, PGDBA, PGDCA; Megha Engg, Arvind, Adani, Reliance.
• Relationships with other directors: None.
• Term: Not specified.
• Impact: No change to board composition.