Sayaji Industries Limited has announced the successful completion of its Independent Directors meeting held on March 19, 2026, in compliance with regulatory requirements under the Companies Act, 2013 and SEBI LODR Regulations.

Meeting Details and Regulatory Compliance

The separate Board Meeting of Independent Directors was conducted in accordance with Section 149(7) read with Schedule IV of the Companies Act, 2013 and Regulations 25(3) of the SEBI (LODR) Regulations, 2015. The meeting was held from 03:30 p.m. to 4:15 p.m. on March 19, 2026.

Key Agenda Items Discussed

The Independent Directors reviewed three critical areas of corporate governance during the meeting:

• Performance Review of Non-Independent Directors: The Independent Directors conducted a comprehensive assessment of the performance of Non-Independent Directors and evaluated the Board's overall effectiveness
• Chairperson Performance Assessment: A detailed review of the Chairperson's performance was undertaken, incorporating feedback and views from both Executive Directors and Non-Executive Directors
• Information Flow Evaluation: The Directors assessed the quality, quantity, and timeliness of information flow between the Company Management and the Board to ensure effective decision-making capabilities

Corporate Governance Framework

This meeting represents part of Sayaji Industries Limited's commitment to maintaining robust corporate governance standards. The Independent Directors' separate meeting is a mandatory requirement designed to ensure independent oversight of the company's management and board operations.

The meeting outcome was formally communicated to BSE Limited through the company's designated compliance officer, Vishnu H Thaker (ACS-60441), who serves as Company Secretary & Compliance Officer for Sayaji Industries Limited.

Sayaji Industries Limited has delivered a robust performance in Q3FY26, demonstrating significant operational improvements across key financial metrics. The company reported consolidated revenue of ₹282.90 crores for the quarter ended December 31, 2025, marking a 13% quarter-on-quarter growth and 5% year-on-year increase.

Consolidated Financial Performance

The company's consolidated results for Q3FY26 showed marked improvement in profitability metrics:

Total operating expenses decreased to ₹267.50 crores, reflecting improved operational efficiency and cost management initiatives.

Nine-Month Performance Overview

For the nine months ended December 31, 2025, the consolidated performance showed:

Management Commentary on Performance Drivers

Priyam Mehta, Chairman and Managing Director, highlighted several key factors contributing to the improved performance. The sharp correction in maize prices following government policy adjustments in the ethanol blending programme significantly benefited gross margins. The moderation in input costs, combined with improved realization of by-products and operational efficiencies, drove the earnings improvement.

Market Dynamics and Outlook

The company benefited from favorable market conditions during the quarter:

The management expressed confidence about sustained positive momentum, citing improved enquiry levels and conversion of export orders due to India's advantageous position relative to competing nations.

Standalone Results Comparison

The standalone financial results for Q3FY26 showed net profit of ₹351.82 lakhs compared to a net loss of ₹220.27 lakhs in Q3FY25. Standalone revenue from operations reached ₹26,014.22 lakhs, representing a 3.09% year-on-year growth.

Operational Highlights

Finance costs increased to ₹6.53 crores from ₹5.06 crores in Q3FY25, while depreciation and amortization expenses rose to ₹5.25 crores. The company's maize processing operations continued to run at optimum capacity during the quarter, with management noting comfortable raw material availability and pricing.

The financial results were approved by the Board of Directors on February 12, 2026, and submitted to BSE Limited under Regulation 33 of SEBI listing requirements. The company operates as a leading corn wet milling and specialty ingredients group, serving diverse industries across food, industrial and pharmaceutical sectors.