Sayaji Industries Q1 FY27: Profit turns ₹7.34 cr, revenue +6%

Stock moves as results show earnings reversal

Shares of Sayaji Industries Limited traded at ₹103.4, up 2.94% from the previous close of ₹100.45, after the company reported a sharp turnaround in quarterly earnings. The agro-processing company began FY27 with a return to profitability compared with losses in the year-ago quarter. The board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, along with a limited review report from statutory auditors. The company operates in maize processing and also has businesses through subsidiaries in seeds and international operations. The results update also included a change in inventory valuation policy following implementation of a new ERP system. Alongside the financials, the company disclosed changes in its finance leadership at the CFO level.

Consolidated revenue rises to ₹288.08 crore

On a consolidated basis, revenue from operations increased 5.9% year-on-year (YoY) to ₹288.08 crore in Q1 FY27 from ₹271.95 crore in Q1 FY26. Total income rose to ₹289.90 crore from ₹272.62 crore over the same period. The company also reported sales of ₹288.075 crore (₹2,880.75 million) compared with ₹271.952 crore (₹2,719.52 million) a year ago, consistent with the consolidated revenue numbers shared in the results summary. The reported rise in top line came alongside an improvement in operating profitability metrics referenced in the update, including EBITDA and margins. A separate quarterly snapshot cited EBITDA of ₹21 crore in Q1 FY27 against ₹5 crore in Q1 FY26, with EBITDA margins expanding 532 basis points to 7.3%. These metrics together indicate the quarter’s improvement was not limited to net profit alone.

Profit turns positive after last year’s loss

The most significant change in the quarter was the swing in earnings compared with Q1 FY26. Consolidated profit before tax (PBT) stood at ₹9.36 crore, compared with a loss before tax of ₹5.13 crore a year ago. Net profit came in at ₹7.34 crore, reversing the net loss of ₹3.57 crore recorded in Q1 FY26. Basic earnings per share (EPS) improved to ₹2.78 from a loss of ₹1.52, reflecting better shareholder earnings versus the same quarter last year. Another disclosure stated profit attributable to owners at ₹7.03 crore in Q1 FY27 versus a loss of ₹3.84 crore in Q1 FY26. The same dataset also carried a comparison table that listed profit after tax at ₹7 crore for Q1 FY27 versus a negative ₹4 crore in Q1 FY26, and ₹11 crore in Q4 FY26.

Standalone results also show core-business recovery

On a standalone basis, Sayaji Industries reported a similar improvement, suggesting the turnaround was driven by the core operating business rather than only subsidiaries or associates. Revenue from operations increased to ₹263.48 crore in Q1 FY27 from ₹248.88 crore in Q1 FY26. Standalone total income rose to ₹266.95 crore from ₹251.36 crore in the corresponding quarter last year. Standalone profit after tax (PAT) was ₹6.67 crore, compared with a loss of ₹3.76 crore in Q1 FY26. Standalone PBT was ₹8.41 crore versus a loss of ₹5.58 crore in Q1 FY26. Standalone basic and diluted EPS improved to ₹2.64 from a loss of ₹1.49.

Segment revenue shows maize processing dominates

The company disclosed revenues across three business segments for Q1 FY27, showing the scale of the maize processing business relative to other units. Agro Processing-Maize reported revenue of ₹255.19 crore (₹25,519.35 lakh). Agri Seeds reported revenue of ₹24.61 crore (₹2,460.71 lakh). Spray Dried Food Products reported revenue of ₹8.75 crore (₹875.18 lakh). The segment split aligns with the company’s positioning as an established manufacturer of starch, liquid glucose, dextrose monohydrate, sorbitol, maize germ and cattle feed ingredients, along with other value-added maize products. End-user industries cited include food and beverages, pharmaceuticals, textiles, paper, adhesives and confectionery.

ERP-linked accounting change shifts inventory valuation

During the quarter ended June 30, 2026, the company changed its inventory valuation method from FIFO (First-In-First-Out) to a Weighted Average Cost basis after implementing a new ERP system. The company said the change was made to eliminate manual intervention, provide a consistent basis for inventory valuation, and utilise full functionalities of the new system. The policy change has been applied retrospectively from April 1, 2025 to ensure comparability between reporting periods. The company disclosed that the revised methodology had a minor impact on financial reporting. It reduced inventory by ₹0.09 crore (₹9.03 lakh) and retained earnings by ₹0.07 crore (₹6.76 lakh) as at April 1, 2025. It also reduced Q1 FY27 profit after tax by ₹0.08 crore (₹7.5 lakh).

CFO transition and governance updates

Sayaji Industries announced the resignation of Nilesh A Pandya as Chief Financial Officer, effective August 7, 2026. Following board approval on August 7, the company appointed Niravkumar C Mistry as CFO with effect from August 8, 2026. The board meeting that approved the financial results commenced at 11:00 a.m. and concluded at 12:30 p.m. on August 7, 2026. The company also scheduled its 85th Annual General Meeting for Monday, September 21, 2026 at 3:30 p.m. through video conferencing or other audio-visual means, in line with applicable MCA and SEBI circulars. Statutory auditors Shah & Shah Associates issued an unmodified opinion on both standalone and consolidated financial results after conducting a limited review.

Key numbers at a glance

Market impact and why the quarter matters

The Q1 FY27 update matters mainly for the swing back to profitability and the parallel improvement in per-share earnings. Moving from losses to positive PBT and PAT changes how investors interpret operating stability after a weak prior-year quarter. The presence of both standalone and consolidated improvements reduces the risk that the turnaround is purely due to non-core factors, based on the company’s own framing of the results. The accounting change adds an additional disclosure point for investors because inventory valuation affects cost of goods sold and reported profitability. In this case, the company quantified the impact and described it as minor, including a ₹0.08 crore reduction in Q1 FY27 PAT due to the change.

Analysis: what investors can track next

Investors tracking Sayaji Industries after this quarter are likely to focus on whether the improved profitability holds across subsequent quarters and how operating metrics trend relative to revenue growth. Segment revenue data shows the Agro Processing-Maize unit remains the dominant contributor, so changes in maize-based demand and pricing can heavily influence overall results. The CFO change is another item to monitor, especially around reporting cadence and financial controls, although the company has already disclosed continuity through the immediate appointment effective the day after the resignation. The retrospective application of inventory valuation from April 1, 2025 improves comparability across periods, but it also means stakeholders may want to reconcile any restated effects when reviewing year-on-year movement. The company’s AGM on September 21, 2026 is the next scheduled corporate event disclosed in the update.

Conclusion

Sayaji Industries opened FY27 with higher consolidated revenue and a return to profit, reporting ₹288.08 crore in revenue from operations and ₹7.34 crore in net profit for Q1 FY27. Alongside the results, the company implemented an ERP-linked shift from FIFO to weighted average inventory valuation and disclosed a CFO transition effective August 8, 2026. The next confirmed milestone on the corporate calendar is the 85th AGM scheduled for September 21, 2026 via video conferencing.