Sayaji Industries Ltd

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.

CFO resignation details

• Name of resigning CFO: Nilesh A. Pandya.
• Effective date of resignation: 7 August 2026.
• Reason for resignation: to pursue other career opportunities.
• No other material reasons for resignation stated.
• Board has approved the resignation.

Financial results approved

• Approved unaudited standalone and consolidated quarterly results for quarter ended 30 June 2026 with limited review.
• Statutory auditors issued an unmodified limited review report on the results.

CFO changes

• CFO Nilesh A. Pandya resigned, effective 7 August 2026.
• Niravkumar C. Mistry appointed as CFO, effective 8 August 2026.
• Nomination and Remuneration Committee recommended Niravkumar C. Mistry as CFO.

AGM date

• 85th AGM scheduled for 21 September 2026 at 3:30 PM via video conferencing.

Accounting policy changes

• Inventory valuation changed from FIFO to Weighted Average basis, retrospective from 01 April 2025.
• Inventory value decreased by Rs 9.03 lakhs; retained earnings down Rs 6.76 lakhs.

Meeting Details

• Date: 7 August 2026; time and location not disclosed.

Key Agenda Items

• To consider and approve unaudited standalone and consolidated financial results for Q1 ended 30 June 2026.
• Any other items to be discussed.

Other Notes

• Trading window for designated persons remains closed until 48 hours after results publication.

Dematerialisation details

• Details of securities dematerialised/rematerialised during the period have been furnished to all stock exchanges.

Sayaji Industries Limited — Closure of Trading Window from 1 July 2026 till 48 hours after declaration of Un-Audited Financial Results for the first quarter ended 30 June 2026