Sayaji Industries Ltd (SAYAJIIND) fair value: what the stock is really worth
As of Oct 12, 2026: fair value of Sayaji Industries Ltd ₹31.12, price ₹104, upside -70.1%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range ₹35.00 – ₹141.75 · fair‑value band ₹24.93 – ₹41.00 · the ₹104.10 price screens above the ₹31.12 fair value. Dashed = 300-day average. As of Oct 13, 2026.
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Sayaji Industries Limited manufactures and sells starches, and its derivatives and other products in India and internationally.
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Sayaji Industries Limited manufactures and sells starches, and its derivatives and other products in India and internationally. The company offers modified starches; derivative products, including liquid glucose, dextrose monohydrate, dextrose anhydrous, sorbitol, etc.; and other byproducts, such as maize oil, maize oil cake, maize gluten, and maize wet and dry bran. Its products are used in textile, pharmaceutical, food processing, paper and packaging, confectionary, consumer products, animal nutrition, and soaps and detergent industries. The company is also involved in the manufacture of spray drying of fruits and vegetables powder; and processing and sale of seeds. Sayaji Industries Limited was founded in 1941 and is based in Ahmedabad, India.
Stock analysis
Sayaji Industries Ltd (SAYAJIIND) currently trades at ₹104.10, while our model-based Fair Value estimate is ₹31.12, 70.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹144.50 per share, and 10 of the 24 models we run sit above the ₹104.10 price.
Bear case: the Earnings-Based group reads lowest at ₹4.04, and 14 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: ₹24.93 (bear) to ₹41.00 (bull), the price of ₹104.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Consumer Non-Cyclicals sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sayaji Industries Ltd reported revenue of ₹10.7B in FY2026 versus ₹7.9B in FY2022, a compound +7.9%/yr. Reported net income was ₹13.7M in FY2026, compounding −48.1%/yr from FY2022.
Key figures
Market cap ₹2.6B (≈ $27.5M) · P/E ratio 3.6 · EPS (TTM) ₹29.21 · Net margin 0.1% · Return on equity 1.6% · Return on assets (EBIT) 1.2% · Operating margin 4.3% · Revenue (TTM) ₹10.9B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 27% below its 52-week high and 60% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Non-Cyclicals peers we cover trades at −20% fair-value upside, at −70%, SAYAJIIND screens richer than that median.
Fair Value models
Bear ₹24.93Fair Value ₹31.12Bull ₹41.00
Price ₹104.10 · Upside -70.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹15.69 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF₹152.71₹251.59₹399.7179
Growth DCF₹154.47₹240.19₹359.9278
Owner Earnings₹84.13₹144.50₹234.9275
All 24 models by family
DCF Models
FCF DCF₹152.71₹251.59₹399.7179
Owner Earnings₹84.13₹144.50₹234.9275
5Y Revenue Exit₹79.99₹124.60₹179.5472
5Y EBITDA Exit₹125.60₹211.32₹311.2274
5Y P/E Exit₹44.42₹56.98₹68.3672
10Y Revenue Exit₹103.33₹150.53₹211.2567
10Y EBITDA Exit₹133.90₹209.90₹310.9868
10Y P/E Exit₹82.97₹104.23₹127.0465
Earnings-Based
Graham-Dodd₹3.68₹12.39₹16.6164
Lynch FV₹2.83₹4.04₹5.2561
PEG = 1.0₹2.83₹4.04₹5.2557
EPV₹35.79₹45.13₹53.1874
Multiples
P/E Multiple₹8.53₹11.38₹14.2263
P/S Multiple₹6.91₹9.21₹11.5158
P/B Multiple₹6.91₹9.21₹11.5155
EV/EBIT₹68.80₹99.51₹130.2265
EV/EBITDA₹126.53₹176.48₹226.4367
EV/Revenue₹42.43₹70.61₹98.7952
Asset-Based
NCAV (Graham)₹18.33₹24.57₹36.6754
Growth DCF
Growth DCF₹154.47₹240.19₹359.9278
Rev-Margin DCF₹79.99₹126.61₹182.1672
Economic Profit
Residual Income₹24.99₹23.28₹22.6771
ROIC Compounder₹35.79₹50.25₹69.2671
Growth Earnings
Growth-Adj P/E₹7.25₹10.36₹13.4767
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
Start year 2021 (pandemic). Over 10 years: +7.9% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−54.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−54.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−54.6% vs −23.8%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7% → 2%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +13.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Food & Tobacco · 26 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside−70.1% · Bottom 25%
Profitability
Return on equity (TTM)1.6% · Top 25%
Return on assets2.1% · Top 25%
Net margin (TTM)1.1% · Below median
Operating margin (TTM)4.3% · Above median
Growth and dividend
Revenue growth5.9% · Top 25%
Balance sheet
Debt / equity0.65× · Highest 25%
Valuation Multiplesvs Food & Tobacco median · lower = cheaper
P/E (TTM)3.6× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 76
FUTURE (revenue growth)30· sector 0
PAST (return on equity)6· sector 0
HEALTH (low debt)68· sector 97
DIVIDEND (yield)0· sector 63
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Sayaji Industries Ltd (SAYAJIIND) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of ₹31.12 versus a price of ₹104.10, about −70% upside (overvalued).
What is the fair value of SAYAJIIND?
Our model-based fair value for Sayaji Industries Ltd is ₹31.12 (as of Oct 13, 2026), built from audited fundamentals. The current price: ₹104.10.
What is the quality score of SAYAJIIND?
Sayaji Industries Ltd has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Sayaji Industries Ltd (SAYAJIIND)?
Our model-based price target is the fair value of ₹31.12 (as of Oct 13, 2026) from 24 valuation models. Cautious scenario ₹24.93, optimistic scenario ₹41.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Sayaji Industries Ltd stock forecast for 2026?
Our models put fair value at ₹31.12, about −70% upside versus a price of ₹104.10 (overvalued). Cautious scenario ₹24.93, optimistic scenario ₹41.00. The calculation is refreshed regularly with new filings.
What is the revenue of Sayaji Industries Ltd (SAYAJIIND)?
Sayaji Industries Ltd reported trailing-twelve-month revenue of about ₹10.9B (latest available figure, as of Oct 13, 2026).
What growth is priced into Sayaji Industries Ltd (SAYAJIIND)?
For today's price to be fair in a discounted-cash-flow model, Sayaji Industries Ltd would have to grow free cash flow by +17.8 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.0 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of SAYAJIIND use?
Our models discount Sayaji Industries Ltd at 10.9 %: a base by market capitalisation (nano), damped by beta 0.36, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sayaji Industries Ltd that is +17.8 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Sayaji Industries Ltd (SAYAJIIND) delivered so far?
Over the past 5 years revenue at Sayaji Industries Ltd grew +14.0 % a year. The price currently implies +17.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sayaji Industries Ltd (SAYAJIIND) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Sayaji Industries Ltd (+17.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sayaji Industries Ltd (SAYAJIIND)?
The free-cash-flow yield on the price is 6.84 %: that much free cash flow Sayaji Industries Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sayaji Industries Ltd (SAYAJIIND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sayaji Industries Ltd it is ₹31.12 per share (as of Oct 13, 2026), against a price of ₹104.10. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Sayaji Industries Ltd stock overvalued or undervalued in 2026?
As of Oct 13, 2026, SAYAJIIND trades above its calculated fair value: price ₹104.10, fair value ₹31.12, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAYAJIIND?
No. The price is what the market pays today (₹104.10); the fair value is what the company's own numbers justify (₹31.12). For Sayaji Industries Ltd the two are ₹72.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sayaji Industries Ltd worth?
The market values Sayaji Industries Ltd at about ₹2.6B (market capitalisation, as of Oct 13, 2026). Per share that is ₹104.10; our models calculate a fair value of ₹31.12 per share.
What do the bullish and bearish scenarios say about SAYAJIIND?
Our models span a range for Sayaji Industries Ltd: cautious scenario ₹24.93, base ₹31.12, optimistic ₹41.00 per share (as of Oct 13, 2026, price ₹104.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAYAJIIND?
Sayaji Industries Ltd trades at a price-to-earnings ratio of 3.6 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹31.12 is built from several models across several years.
How solid is the balance sheet of Sayaji Industries Ltd (SAYAJIIND)?
Balance-sheet figures for Sayaji Industries Ltd (as of Oct 13, 2026): return on equity 1.6%, debt of 0.65 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is SAYAJIIND from its 52-week high?
Sayaji Industries Ltd trades at ₹104.10, about 27% below its 52-week high of ₹141.75 and 60% above the low of ₹65.05 (as of Oct 12, 2026). Distance from the high says nothing about value: that is what the fair value of ₹31.12 is for.
Which stocks are comparable to Sayaji Industries Ltd?
From the same area (Consumer Non-Cyclicals) we also value FB, URC, MONDE, CNPF, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sayaji Industries Ltd stock attractive at the current price?
The data as of Oct 13, 2026: price ₹104.10, calculated fair value ₹31.12 (−70%), Quality Score 41/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAYAJIIND calculated?
We run Sayaji Industries Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹31.12, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.8 % above its aggregate fair value. Sayaji Industries Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sayaji Industries Ltd (SAYAJIIND)?
The closing price on Oct 12, 2026 was ₹104.10. Our model-based fair value is ₹31.12, about −70% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sayaji Industries Ltd right now?
The price sits above even our optimistic bull case (₹41.00). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Sayaji Industries Ltd
How large is the market capitalisation of Sayaji Industries Ltd (SAYAJIIND)?
The market capitalisation of Sayaji Industries Ltd is ₹2.6B (≈ $27.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Sayaji Industries Ltd (SAYAJIIND)?
Earnings per share at Sayaji Industries Ltd are ₹29.21 (price ÷ EPS = P/E 3.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Sayaji Industries Ltd (SAYAJIIND)?
The net margin of Sayaji Industries Ltd is 0.1% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sayaji Industries Ltd (SAYAJIIND)?
The return on equity (ROE) of Sayaji Industries Ltd is 1.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sayaji Industries Ltd (SAYAJIIND)?
On an EBIT basis the return on assets of Sayaji Industries Ltd is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sayaji Industries Ltd (SAYAJIIND)?
The operating margin of Sayaji Industries Ltd is 4.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sayaji Industries Ltd (SAYAJIIND)?
Revenue at Sayaji Industries Ltd is growing +5.9% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sayaji Industries Ltd (SAYAJIIND)?
Earnings per share at Sayaji Industries Ltd are growing +11.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Sayaji Industries Ltd (SAYAJIIND) carry?
The net debt of Sayaji Industries Ltd is ₹2.2B (fiscal year 2026, ≈ 12.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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