Sayaji Industries Ltd (SAYAJIIND)

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Sayaji Industries Ltd (SAYAJIIND) · mywealthgrid

About

Sayaji operates agricultural food products in consumer staples. Quarterly revenue consistently ₹230–₹260 Cr, market cap ₹290 Cr. Mid-sized domestic player sustaining operations through 21 months of losses.

Face value: ₹5

Market cap

₹302 Cr

P/E

—

P/B

3.3×

Dividend yield

ROE

-11.5%

ROCE

0.8%

Debt / equity

2.33

OPM

-1.1%

EPS (TTM)

₹-4.4

Book value

₹36.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Persistent unprofitability: eight consecutive quarters (Mar 2024–Mar 2025) accumulated ₹22.78 Cr losses, ROE −11.5%
Operating margin instability: OPM swings −8.97% to +2.6% (average −1.12%), indicating cost-control breakdown or structural weakness
High leverage with negative earnings: D/E 2.33 creates refinance risk if downturn or working-capital stress hits
Zero FII, minimal DII (0.01%) despite 25% public float; institutional skepticism signals weak confidence in trajectory

Generated analysis · source review pending

Growth drivers

Revenue anchored ₹230–₹260 Cr past 21 months with no uptrend; verify whether market demand constrained by pricing compression, volume drop, or structural contraction
Operating margin swings ±9% (−8.97% to +2.6%); extreme sensitivity to input costs. Identify whether cost rationalization or product mix shift could restore profitability to support returns
Stock price up 113.58% in 12 months despite losses; market pricing turnaround expectations not yet showing in results. Verify if management signaled cost overhaul, new revenue, or sector recovery

Generated analysis · source review pending

1,794 historical price candles were omitted because the exchange source has not been verified.

₹119.5+0.7%1Y

Quick read

rule-based

Pros

+High promoter holding of 75% with no pledge

Cons

−Low return on equity of -5.3% (3-yr avg)
−Modest revenue growth of 9.5% a year over the last 5 years
−Heavily leveraged (debt/equity 2.3)
−Weak interest coverage of 0.1×

Research score

Structured signal from quality, growth, valuation and momentum.

41/100

Business quality: 0
Growth: 33
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	644	639	559	793	1,040	975	1,004
COGS	436	462	360	537	763	725	778
Gross profit	208	177	199	256	277	250	226
	178	157	147	207	256	245	238
Operating profit (EBITDA)	29	20	51	49	21	5	-11
OPM %	4.6%	3.1%	9.2%	6.1%	2%	0.6%	-1.1%
Depreciation	10	11	12	13	15	16	19
Interest	12	17	14	11	12	15	19
	5	4	2	4	10	3	32
Profit before tax	33	-5	28	29	8	-19	-13
Tax	8	-3	12	11	2	-7	-2
Tax %	23.9%	-55.7%	42%	35.8%	17.8%	-38.3%	-16.7%
	25	-2	17	19	7	-12	-11
PAT margin %	3.9%	-0.4%	3%	2.4%	0.7%	-1.2%	-1.1%
EPS (₹)	—	—	—	—	—	—	—
EPS adjusted (₹)	10	-0.9	6.5	7.5	2.9	-4.6	-4.4
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	3	3	3	3	3	3	3
Reserves	77	74	91	107	113	100	88
Minority interest	1	0	0	0	3	3	3
	136	124	140	113	128	163	213
	112	144	123	176	177	269	214
Total equity & liabilities	329	346	358	399	424	539	522
	206	202	210	243	248	290	292
CWIP	4	10	9	3	22	11	21
Investments	0	3	5	6	11	15	19
	120	131	133	147	144	223	190
Total assets	329	346	358	399	424	539	522

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	32.2%	27.6%	35.6%	32.3%	26.7%	25.7%	22.5%
EBITDA margin %	4.6%	3.1%	9.2%	6.1%	2%	0.6%	-1.1%
EBIT margin %	3%	1.3%	7%	4.5%	0.6%	-1.1%	-3.1%
PAT margin %	3.9%	-0.4%	3%	2.4%	0.7%	-1.2%	-1.1%
Working capital
Receivable days	26	31	33	28	20	25	24
Inventory days	45	44	60	48	33	60	43
Payable days	—	—	—	—	1	—	—
NWC days	—	—	—	—	52	—	—
Leverage
Current ratio	0.66	0.59	0.65	0.72	0.64	0.62	0.53
Debt to EBITDA	4.62	6.32	2.74	2.33	6.04	30.4	—
Debt to equity	1.69	1.62	1.5	1.02	1.11	1.58	2.33
Interest coverage	2	0.7	3	3.5	1.4	-0.6	0.1
Asset turnover	1.96	1.85	1.56	1.99	2.45	1.81	1.92
Return ratios
Return on assets %	7.7%	-0.7%	4.6%	4.7%	1.6%	-2.2%	-2.1%
Return on capital employed %	15.6%	8.3%	26.9%	21.5%	7.8%	-4%	0.8%
Return on equity %	31.5%	-3.1%	17.6%	17.1%	6%	-11.3%	-12.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.99%	74.99%	74.97%	74.97%	74.97%	74.97%	74.95%	74.95%	74.95%	74.6%	74.95%	74.95%
FII	0.01%	0.01%	0.01%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.01%	0.01%	0.01%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.99%	24.99%	25.01%	25.01%	25.01%	25.01%	25.03%	25.03%	25.03%	25.39%	25.04%	25.04%
No. of shareholders	—	—	—	—	—	—	—	—	3,394	3,687	3,532	3,509

Promoter holding down 0.04 percentage points since Sep 2023.

Mr. Priyam B. MehtaExecutive Director-Chairperson-MD
Mr. Vishal P. MehtaExecutive Director-CEO
Mr. Varun P. MehtaExecutive Director-CEO
Mrs. Sujata P. MehtaNon-Executive - Non Independent Director
Mr. Jaysheel P. HazaratNon-Executive - Independent Director
Mr. Amit Nareshchandra ShahExecutive Director
Mr. Birad YajnikNon-Executive - Independent Director
Mr. Chiranjiv PatelNon-Executive - Independent Director
Mr. Mrunal Upendra GandhiNon-Executive - Independent Director
Mr. Bharat Pranjivandas MandaliaNon-Executive - Independent Director
Mr. Nilesh Arvind PandyaChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Sayaji Industries Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

4

Dividend dividend29 Jul 2022 · ex-date₹1
Final dividend9 Sept 2021 · ex-date₹1
Dividend dividend8 Aug 2019 · ex-date₹2
Dividend dividend2 Aug 2018 · ex-date₹3.75

1

Board meeting to consider results7 Aug 2026

1

Face value ₹10 → ₹527 Dec 2018 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

28 Sept 2026, 2:36 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	32.2%	27.6%	35.6%	32.3%	26.7%	25.7%	22.5%
EBITDA margin %	4.6%	3.1%	9.2%	6.1%	2%	0.6%	-1.1%
EBIT margin %	3%	1.3%	7%	4.5%	0.6%	-1.1%	-3.1%
PAT margin %	3.9%	-0.4%	3%	2.4%	0.7%	-1.2%	-1.1%
Working capital
Receivable days	26	31	33	28	20	25	24
Inventory days	45	44	60	48	33	60	43
Payable days	—	—	—	—	1	—	—
NWC days	—	—	—	—	52	—	—
Leverage
Current ratio	0.66	0.59	0.65	0.72	0.64	0.62	0.53
Debt to EBITDA	4.62	6.32	2.74	2.33	6.04	30.4	—
Debt to equity	1.69	1.62	1.5	1.02	1.11	1.58	2.33
Interest coverage	2	0.7	3	3.5	1.4	-0.6	0.1
Asset turnover	1.96	1.85	1.56	1.99	2.45	1.81	1.92
Return ratios
Return on assets %	7.7%	-0.7%	4.6%	4.7%	1.6%	-2.2%	-2.1%
Return on capital employed %	15.6%	8.3%	26.9%	21.5%	7.8%	-4%	0.8%
Return on equity %	31.5%	-3.1%	17.6%	17.1%	6%	-11.3%	-12.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lt Foods LimitedLTFOODSLTFOODS	₹13,862 Cr	₹14,836 Cr	₹11,633 Cr	₹1,247 Cr	10.6%	₹640 Cr	5.7%	20.1%	14.9%	176
Krbl LimitedKRBLKRBL	₹8,604 Cr	₹8,774 Cr	₹6,009 Cr	₹992 Cr	14.8%	₹758 Cr	10.6%	15.5%	11.7%	323
Gujarat Ambuja Exports LimitedGAELGAEL	₹7,233 Cr	₹7,667 Cr	₹6,032 Cr	₹602 Cr	8.1%	₹416 Cr	5.3%	13.2%	9.7%	84
Trualt Bioenergy LimitedTRUALTTRUALT	₹3,812 Cr	₹5,458 Cr	₹2,051 Cr	₹381 Cr	16.8%	₹149 Cr	5.6%	10.8%	6.3%	170
Kaveri Seed Company LimitedKSCLKSCL	₹3,676 Cr	₹3,676 Cr	₹1,279 Cr	₹292 Cr	24.2%	₹250 Cr	21.2%	18.2%	18.2%	396
Amir Chand Jagdish Kumar (Exports) LimitedAEROPLANEAEROPLANE	₹2,156 Cr	₹2,914 Cr	₹2,287 Cr	₹225 Cr	9.9%	₹103 Cr	4.5%	24.1%	11.2%	253
Sanstar LimitedSANSTARSANSTAR	₹2,063 Cr	₹2,083 Cr	₹821 Cr	₹54 Cr	4.8%	₹44 Cr	4.4%	5.5%	5.1%	53
Grm Overseas LimitedGRMOVERGRMOVER	₹1,613 Cr	₹1,979 Cr	₹1,869 Cr	₹102 Cr	5.1%	₹77 Cr	4.2%	23.7%	14.5%	212
Chaman Lal Setia Exports LimitedCLSELCLSEL	₹1,401 Cr	₹1,484 Cr	₹1,478 Cr	₹171 Cr	10.9%	₹125 Cr	8%	19%	14.6%	197
Avt Natural Products LimitedAVTNPLAVTNPL	₹1,338 Cr	₹1,452 Cr	₹822 Cr	₹114 Cr	12.6%	₹84 Cr	9.1%	16.9%	12.2%	327
Gulshan Polyols LimitedGULPOLYGULPOLY	₹1,009 Cr	₹1,401 Cr	₹2,260 Cr	₹134 Cr	4.7%	₹43 Cr	1.2%	7.5%	4.1%	49
Regaal Resources LimitedREGAALREGAAL	₹883 Cr	₹1,493 Cr	₹1,090 Cr	₹133 Cr	11.2%	₹60 Cr	4.9%	15%	15.2%	50

Date	Category	Subject	Filing
28 Sept 2026, 2:36 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 6:25 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
22 Sept 2026, 11:37 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Aug 2026, 11:20 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
27 Aug 2026, 11:52 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
26 Aug 2026, 5:35 pm	Company Update General	Notice Of 85Th Annual General Meeting Of The Company.	PDF
26 Aug 2026, 5:27 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
26 Aug 2026, 11:44 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	20	28	23	43	35	73	22	40	-33
	-10	-33	-35	-23	-21	-34	-29	-60	4
Cash from financing	-9	4	12	-21	-14	-39	6	20	30
Net cash flow	0	-0	-0	-0	0	-0	-0	1	1
Free cash flow	7	-7	-39	21	15	38	—	—	—
CFO / Operating profit %	—	—	77.3%	221.1%	69%	150.8%	104.7%	748.8%	—

Sayaji Industries Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

4

1

1

Announcements

4

1

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Credit ratings

Compounded sales growth

Return on equity

Sayaji Industries Ltd

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends4

Board meetings1

Stock splits1

Announcements

Dividends4

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Quarterly record

Board and management

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

4

1

1

4

1

1