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Sayaji Industries Ltd (SAYAJIIND) Fair Value & Analysis

Consumer Non-Cyclicals · IN · Market cap ₹2.5B (≈ $26.1M) · ISIN INE327G01032

SI Sayaji Industries Ltd SAYAJIIND · BSE
Price₹113.55
Fair Value₹9.67
Upside-91.5%
Quality38/100

Structural break: The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.

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Strengths

Moderate debt · generates free cash flow

Risks

!Trades 1074% ABOVE our fair value of ₹9.67
!Mixed Growth (revenue 5y +14.0 %/yr)
!Thin margins · 0.1% net margin
!Mixed vs. peers (5/10)
Mixed Growth (revenue 5y +14.0 %/yr)
Thin margins · 0.1% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (5/10)
Narrow moat 22/100
Evidence: High Range ₹6.16 – ₹12.09 Share as image

Fair value as of: Aug 29, 2026

From 26 valuation models · updated today

Below-average quality, and trading another 1,074% above our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (₹12.09). The favourable scenario is already priced in.
  • Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (₹6.16 to ₹12.09) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹141.75 ₹31.75 Fair Value ₹9.67 Jan 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range ₹31.75 – ₹141.75 · fair‑value band ₹6.16 – ₹12.09 · the ₹113.55 price screens above the ₹9.67 fair value. Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Sayaji Industries Ltd (SAYAJIIND) currently trades at ₹113.55, while our model-based Fair Value estimate is ₹9.67, implying the stock looks roughly 91.5% overvalued today. The Quality Score stands at 38/100 (below-average quality), in the Consumer Non-Cyclicals sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Sayaji Industries Ltd generated revenue of ₹10.7B at a net margin of 0.1%. Revenue grew 8.5% year over year. It earns a return on equity of 1.6%. Net debt stands at ₹2.2B. Fundamentals as of Aug 29, 2026

Our scenario range runs from ₹6.16 (bear case) to ₹12.09 (bull case); at ₹113.55, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 111% 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 11% fair-value upside, at -91%, SAYAJIIND screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF ₹55.85 ₹94.02 ₹147.34 80
Residual Income ₹25.06 ₹23.50 ₹17.46 76
Rev-Margin DCF ₹45.13 ₹85.37 ₹132.70 74
All 26 models by family
DCF Models
FCF DCF ₹55.06 ₹99.10 ₹165.06 38
Owner Earnings ₹0.2700 31
5Y Revenue Exit ₹45.13 ₹85.22 ₹136.50 39
5Y EBITDA Exit ₹90.74 ₹171.94 ₹268.17 41
5Y P/E Exit ₹9.56 ₹17.60 ₹25.32 38
10Y Revenue Exit ₹46.08 ₹83.31 ₹133.76 36
10Y EBITDA Exit ₹76.65 ₹142.69 ₹233.50 37
10Y P/E Exit ₹25.72 ₹37.01 ₹49.55 35
Earnings-Based
Graham-Dodd ₹3.68 ₹12.39 ₹16.61 54
Lynch FV ₹2.83 ₹4.04 ₹5.25 50
PEG = 1.0 ₹2.83 ₹4.04 ₹5.25 46
EPV ₹35.79 ₹45.13 ₹53.18 59
Dividend Discount
Gordon GGM ₹2.20 ₹4.38 ₹6.63 70
DDM Multi-Stage ₹2.20 ₹3.70 ₹4.62 61
Multiples
P/E Multiple ₹8.53 ₹11.38 ₹14.22 63
P/S Multiple ₹6.91 ₹9.21 ₹11.51 58
P/B Multiple ₹6.91 ₹9.21 ₹11.51 55
EV/EBIT ₹68.80 ₹99.51 ₹130.22 53
EV/EBITDA ₹126.53 ₹176.48 ₹226.43 54
EV/Revenue ₹42.43 ₹70.61 ₹98.79 43
Asset-Based
NCAV (Graham) ₹18.33 ₹24.57 ₹36.67 50
Growth DCF
Growth DCF ₹55.85 ₹94.02 ₹147.34 80
Rev-Margin DCF ₹45.13 ₹85.37 ₹132.70 74
Economic Profit
Residual Income ₹25.06 ₹23.50 ₹17.46 76
ROIC Compounder ₹35.79 ₹50.25 ₹69.26 72
Growth Earnings
Growth-Adj P/E ₹7.25 ₹10.36 ₹13.47 68

Widest divergence: Growth DCF (₹85.37) versus Dividend Discount (₹3.70). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 218.4
P/S ratio 0.28 P/E × margin
EPS (TTM) ₹0.5200 price ÷ EPS = P/E 218.4
Net margin 0.1% FY2026
Return on equity 1.6% TTM
Return on assets (EBIT) 1.2% avg 5y
More key figures
Profitability
Operating margin 6.5% TTM
Growth
Revenue (TTM) ₹10.7B TTM
Revenue growth (YoY) +8.5% 3y avg +1.0%
EPS growth (YoY) +11.6%
Balance sheet & cash flow
Free cash flow ₹180M FY2026
Net debt ₹2.2B FY2026 · ≈ 12.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 38/100

Of which business quality 39 · Market factors (momentum, volatility) 76

Profitability 49
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 88
Price trend over the last 3–12 months (market factor)
52W Momentum 82
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sayaji Industries Limited manufactures and sells starches, and its derivatives and other products in India and internationally.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

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.

Growth Quality 85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹10.7B
Latest YoY
+6.8%
Avg. revenue growth/yr (3Y) 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.
+1.0%
Avg. revenue growth/yr (5Y) 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.
+14.0%
Avg. revenue growth/yr (10Y) 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.
+7.9%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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% (-54.6 + 0.0)
Revenue +7.9%/yr
FY22 ₹7.9B
FY23 ₹10.4B
FY24 ₹9.7B
FY25 ₹10.0B
FY26 ₹10.7B
Net income −48.1%/yr
FY22 ₹189M
FY23 ₹72.2M
FY24 −₹117M
FY25 −₹112M
FY26 ₹13.7M

SAYAJIIND screens 91% overvalued. Compare with FB →

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Cite: Fair Value Calculator (2026). "Sayaji Industries Ltd Fair Value". https://www.fairvalue-calculator.com/stock/SAYAJIIND

Peer Group

Food & Tobacco · 22 stocks

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.

Quality Score 38 · Bottom 25%
Fair Value upside −92% · Bottom 25%
Return on equity (TTM) 2% · Top 25%
Return on assets 2% · Top 25%
Net margin (TTM) 0% · Top 25%
Operating margin (TTM) 6% · Top 25%
Revenue growth 9% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.65× · Higher than 75% of peers

Valuation Multiples vs Food & Tobacco median · lower = cheaper

P/E (TTM) 218.4× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 20
FUTURE43 · sector 0
PAST6 · sector 0
HEALTH68 · sector 95
DIVIDEND5 · sector 54

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Tobacco

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Frequently asked questions

Is Sayaji Industries Ltd (SAYAJIIND) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of ₹9.67 versus a price of ₹113.55, about −91% (overvalued).
What is the fair value of SAYAJIIND?
Our model-based fair value for Sayaji Industries Ltd is ₹9.67 (as of Aug 29, 2026), built from audited fundamentals. The current price: ₹113.55.
What is the quality score of SAYAJIIND?
Sayaji Industries Ltd has a Quality Score of 38/100. 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 revenue of Sayaji Industries Ltd (SAYAJIIND)?
Sayaji Industries Ltd reported trailing-twelve-month revenue of about ₹10.7B (latest available figure, as of Aug 29, 2026).
What is the net profit margin of SAYAJIIND?
The net profit margin of Sayaji Industries Ltd is about 0.1%, meaning it keeps roughly 0.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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