Sayaji Industries

What Sayaji Industries does

Sayaji Industries Limited (SIL), founded in 1941 in Ahmedabad as Hindustan Colors and Chemicals and listed on the Bombay Stock Exchange, is one of India's largest corn wet milling companies and the largest exporter in the Indian starch industry. The company's core operating focus is processing maize into a broad portfolio of starch derivatives and sweeteners — including native and modified starches, liquid glucose, dextrose monohydrate, dextrose anhydrous, and sorbitol — serving B2B customers across paper and gypsum, textiles, pharmaceuticals, food and beverages, consumer products, and industrial applications. Its technology platform is based on corn wet milling with a well-equipped R&D laboratory that historically developed import-substitute products (notably pharmaceutical-grade Dextrose Anhydrous, recognized with India's National Award for Import Substitution in 1976). The company holds ISO 9001:2008 certification and Export House Status granted by the Government of India.

SIL operates through a group structure with seven wholly-owned subsidiaries spanning related and adjacent businesses: Maize Products (core corn wet milling), N.B. Commercial / NBC Plastics (HMHDPE barrels with 60,000-unit/month capacity and IIP/UN approvals for hazardous chemicals), Sayaji Spray Drying (contract spray drying), Alland & Sayaji (functional ingredients for food, beverage and pharma), Sayaji Seeds (hybrid seeds for farmers), Varun Travels (IATA-approved travel), and Sayaji Samruddhi (affordable housing under Sayaji Properties). The captive HMHDPE barrel operation provides vertical integration into packaging.

The revenue model is B2B sales of industrial commodities, executed via direct sales through regional offices in Ahmedabad, Mumbai, Delhi, Chennai, and Kolkata for the domestic market and direct export channels for international markets. Reported FY2026 full-year sales were Rs. 1,071.76 crore (~6.75% YoY growth), with quarterly results showing a profit turnaround — Q4 FY2026 net profit of Rs. 10.96 crore versus prior-year losses. Pricing is not publicly disclosed and operates through standard B2B industrial procurement rather than software or subscription models. Customer concentration risk is moderate-to-low given diversification across at least seven end-use industries, though no named customer logos are disclosed. The company is family-controlled (Mehta family) and led by Chairman & Managing Director Priyam Bipin Mehta alongside Executive Director & CEO Varun Priyam Mehta and Executive Director & Joint CEO Vishal Priyam Mehta.

Name

Sayaji Industries

Legal name

Sayaji Industries Limited

Website

https://sayajigroup.in

Company type

Public

Founded year

1941

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sayaji Industries Limited, founded 1941 and listed in Ahmedabad, is one of India's largest corn wet milling companies producing starches, dextrose, liquid glucose, sorbitol, and HMHDPE packaging barrels for B2B customers across food, pharma, paper, textiles, and industrial sectors.

Ownership category

akta.pro rank

Product category

Industrial Starches & Corn Derivatives

NAICS

Wet Corn Milling and Starch Manufacturing (311221), Starch and Vegetable Fats and Oils Manufacturing (31122)

SIC

Grain Mill Products (2040)

akta.pro primary industry

Starches & Grain Derivatives Manufacturing (cornstarch, maltodextrin, glucose solids) (AFAKABAG)

akta.pro secondary industries

Native Starches & Flours (Corn, Potato, Tapioca, Wheat, Rice) (AFAJABAB), Starch-Based Thickeners (Native & Modified Starches, Dextrins) (AFAJAMAA), Glucose Syrups & Dextrose (Corn/Wheat/Tapioca Glucose, Dextrose Monohydrate) (AFAJAAAD)

Keywords

• Corn wet milling
• Starch manufacturing
• Liquid glucose production
• Sorbitol manufacturing
• HMHDPE barrels

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Industrial Starches and Derivatives: B2B manufacturing and sale of corn wet milling products including native starches, modified starches, liquid glucose, dextrose monohydrate, dextrose anhydrous, sorbitol, and corn syrups to various industries including paper, textiles, pharmaceuticals, food and beverages.
2. HMHDPE Barrels: Manufacturing and sale of high-quality HMHDPE (High Molecular Weight High Density Polyethylene) barrels for packaging in food, pharmaceutical, chemical, and other industries. Installed capacity of 60,000 barrels per month.
3. Export Sales: Export of starch products. SIL is the largest exporter in the Indian starch industry with export turnover exceeding Rs. 100 crore.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Sayaji Industries manufactures and sells corn-derived starch products through corn wet milling, including native starches, modified starches, liquid glucose, dextrose monohydrate, dextrose anhydrous, sorbitol, and corn syrups for industrial customers in paper, textile, pharmaceutical, food and beverage, and personal care sectors. Through subsidiary N.B. Commercial, it also manufactures HMHDPE (High Molecular Weight High Density Polyethylene) barrels for industrial packaging of food products, pharmaceutical bulk drugs, hazardous chemicals, lube oils, pesticides, and acids. The company is the largest exporter in the Indian starch industry.

Product overview

Sayaji Industries Ltd. (SIL) operates as one of India's largest corn wet milling companies, established in 1941. The company offers a diversified portfolio centered around corn processing: the core Maize Products division produces native starches, modified starches, Liquid Glucose, Dextrose Monohydrate, Dextrose Anhydrous, and Sorbitol for applications in paper, textiles, pharmaceuticals, food & beverages, and industrial sectors. Supporting divisions include N.B. Commercial (HMHDPE barrels packaging), Sayaji Spray Drying (contract spray drying services), Alland & Sayaji (functional ingredients), Sayaji Seeds (agricultural seeds), Varun Travels (travel services), and Sayaji Samruddhi (affordable housing). The company also maintains R&D capabilities for import substitution product development.

Differentiator

Problem solved

Functional benefit

Brands

• Maize Products: Corn wet milling business, one of the largest in India producing starches and sweeteners
• NBC (N.B. Commercial)
• Sayaji Samruddhi

Segments7 records

Ideal customer profiles6 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Gulshan Polyols: India-listed corn wet milling company producing starches, liquid glucose, dextrose, sorbitol, and ethanol. Operates in overlapping product lines and customer segments as SIL, particularly in sweetener and sorbitol markets.
• Ingredion India: Subsidiary of Ingredion Incorporated, a global ingredient solutions provider offering native and modified starches, sweeteners, and texturizers to F&B and industrial customers. Competes head-on with SIL in modified starches and value-added ingredients.
• Anil Starch Products: India-based maize starch and derivative manufacturer producing native starch, modified starch, liquid glucose, dextrose, and maltodextrin. Smaller scale domestic competitor in overlapping industrial and F&B segments.
• Sukhjit Starch & Chemicals: Indian listed corn wet milling and starch/sweetener manufacturer with a comparable product portfolio (native starches, modified starches, dextrose, glucose) serving F&B and industrial customers. Closest direct domestic competitor to SIL.
• Sunvin Group (formerly Riddhi Siddhi Gluco Biols): Indian corn wet miller producing starches, glucose, dextrose, and sorbitol with significant domestic and export presence. Directly competes with SIL in industrial starches and sweeteners.
• Roquette India: Indian operations of Roquette, a global starch and polyols leader (notably producing sorbitol and mannitol). Competes with SIL on pharmaceutical-grade starches and sorbitol specifically.

Broad incumbents

• Archer Daniels Midland (ADM): Global agribusiness and one of the world's largest corn wet millers producing starches, sweeteners (HFCS, dextrose), and ethanol. Serves F&B, industrial, and feed end-markets overlapping with SIL's portfolio.
• Tate & Lyle: Global specialty food and ingredient solutions provider producing modified starches, sweeteners, and texturizers. Competes with SIL on higher-value specialty starches and clean-label ingredients across Asia-Pacific export markets.
• Cargill India: Indian arm of Cargill, a global agribusiness and corn wet milling major offering starches, sweeteners, and edible oils. Larger scale and broader portfolio make it a key broad incumbent competing with SIL across multiple segments.

Regional players

• Bharat Starch Industries: Indian regional manufacturer of maize starch and derivatives primarily serving western Indian industrial customers. Operates in adjacent regional geographies with comparable product ranges.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/sayajiindsltd
• YouTubeyoutube.com/@sayaji1941
• Facebookfacebook.com/sayajiindustries
• LinkedInlinkedin.com/company/sayaji-industries-ltd-/?originalSubdomain=in
• Instagraminstagram.com/sayaji_industries_ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sayaji Industries