Sayaji Industries has accepted the resignation of Nilesh A Pandya as Chief Financial Officer, effective from the closure of business hours on August 7, 2026. The Board of Directors approved the departure at its meeting held on the same day in Ahmedabad, citing Pandya’s desire to pursue other career opportunities. This leadership change occurs shortly after the company reported a significant turnaround in profitability for Q1FY27.

The resignation was communicated to the Bombay Stock Exchange pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Vishnu H Thaker, Company Secretary & Compliance Officer, filed the intimation on behalf of the company. Pandya tendered his resignation under the same regulatory framework, relinquishing all statutory positions within the organization.

Leadership Transition

Nilesh A Pandya served as a Key Managerial Personnel for Sayaji Industries Limited. His resignation was formally accepted by Mrs. Priyanka B. Mehta, Chairman & Managing Director, on behalf of the Board of Directors on August 7, 2026.

The company has previously announced the appointment of Niravkumar C Mistry as the new Chief Financial Officer, with effect from August 8, 2026, ensuring continuity in financial leadership. Mr. Mistry brings over 20 years of experience in fund raising, working capital management, and debt capital markets.

Recent Financial Context

The change in CFO follows the approval of unaudited financial results for the quarter ended June 30, 2026 (Q1FY27). During this period, Sayaji Industries swung to profitability from losses recorded in the corresponding period of the previous year. Standalone net profit rose to ₹666.70 lakhs compared to a net loss of ₹375.77 lakhs in Q1FY26. Consolidated net profit stood at ₹733.71 lakhs against a loss of ₹356.74 lakhs year-on-year.

Revenue from operations grew to ₹26,348.47 lakhs on a standalone basis and ₹28,807.53 lakhs on a consolidated basis. The improvement was driven by strong performance across its Agro Processing-Maize, Agri Seeds, and Spray Dried Food Products segments. The Board also noted a change in accounting policy for inventory valuation from FIFO to Weighted Average during the quarter.

Sayaji Industries Limited returned to profitability in FY26, reporting a profit after tax of ₹1 crore compared to a net loss of ₹11 crore in the previous year. The company achieved revenue from operations of ₹1,072 crore for the fiscal year ended March 31, 2026, representing a 7% increase from ₹1,004 crore in FY25. This turnaround was supported by a 24% rise in gross profit to ₹280 crore and an 85% surge in EBITDA to ₹47 crore.

Financial Performance

The company's operational efficiency improved significantly during the year, with the gross margin expanding to 26.1% from 22.5% in FY25. EBITDA margins also improved, reaching 4.4% compared to 2.5% in the prior year. However, finance costs rose 29% to ₹25 crore, while depreciation increased 6% to ₹21 crore. Basic EPS for the year stood at ₹1, a substantial recovery from the negative EPS of ₹4 recorded in FY25.

Quarterly Results

For the fourth quarter of FY26, Sayaji Industries posted a PAT of ₹11 crore, a sharp increase from the net loss of ₹8 crore in the corresponding quarter of the previous year. Revenue for Q4FY26 stood at ₹268 crore, up 9% year-on-year. The quarter saw an EBITDA of ₹26 crore, translating to a margin of 9.6%, compared to an EBITDA of near zero in Q4FY25.

Five-Year Snapshot

A review of the company's performance over the last five years indicates a recovery from the lows of FY24 and FY25. While revenue has grown from ₹793 crore in FY22 to ₹1,072 crore in FY26, profitability has fluctuated due to varying cost structures. The company recorded its highest revenue in FY23 at ₹1,040 crore but faced profitability challenges in subsequent years before returning to the black in FY26.

Balance Sheet and Cash Flows

The company's balance sheet size expanded to ₹550 crore in FY26 from ₹522 crore in the previous year. Short-term borrowings increased to ₹160 crore from ₹138 crore, while long-term borrowings reduced to ₹60 crore from ₹76 crore. Cash flow from operating activities improved to ₹38 crore in FY26 from a negative ₹33 crore in FY25. Cash and bank balances at the end of the year stood at ₹1 crore.

Management Commentary

Co-Chairman and Managing Director Priyam B. Mehta acknowledged FY26 as a year of recovery and a return to annual profits for Sayaji Industries. Mehta indicated that the management's focus is now directed toward delivering strong performance and continued growth in FY27, building on the operational and financial improvements achieved during the year.