1. At a Glance – The Starch Veteran Trying to Stay Crunchy
₹217 crore market cap.
₹86 current price.
TTM sales ₹1,051 crore.
TTM PAT ₹-17.3 crore.
Debt ₹275 crore.
Debt-to-equity 3.50.
ROE: -40.8%.
Interest coverage: 0.02.
Welcome to Sayaji Industries Ltd — a company that processes 850 tonnes of maize per day, but somehow struggles to process profits.
The Q3 FY26 numbers look like a dramatic comeback episode. Revenue came in at ₹282.90 crore. PAT at ₹3.60 crore versus a loss of ₹9.23 crore in the previous quarter. That’s a 393% jump in quarterly profit variation. Sounds heroic.
But wait.
TTM profit is still negative ₹17.3 crore. ROCE is -7.62%. Debt is heavier than a Gujarati wedding buffet.
So is this a turnaround story or just one good quarter after a bad hangover?
Let’s peel this corn layer by layer.
2. Introduction – 80+ Years of Starch, 8 Quarters of Stress
Incorporated in 1941, Sayaji Industries is not new to the party. It has survived pre-independence India, license raj, economic reforms, demonetisation, GST, and probably more political speeches than we can count.
The company manufactures maize starch and derivatives used in textiles, pharmaceuticals, food, cosmetics, detergents, paints, poultry, animal feed — basically everywhere except maybe Parliament.
95% revenue comes from agro processing (maize).
Exports contribute ~13%.
Domestic market dominates at 87%.
They recently ventured into spray-dried food products — tomato powder, vegetable powders, non-dairy creamers. Sounds fancy. But currently, this segment contributes only 2% of revenue.
So the business is still largely maize →
