Sukhjit Starch & Chemicals Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹435 Cr
- P/E
- 12.75
- ROE
- 1.47%
- PEG
- -0.26
- Price to sales
- 0.31
- Debt to equity
- 0.61
- 52W high / low
- ₹217 / ₹139
- Sales growth (5Y)
- 15.44%
- EBITDA margin
- 6.42%
- Net profit margin
- 0.57%
- Promoter holding
- 66.15%
- Sales (last year)
- ₹1,459 Cr
Incorporated in 1943, The Sukhjit Starch & Chemicals Ltd is an Agro-Processing company that manufactures starch & its derivatives[1]
Guidance scorecard · Q2 FY27 call
What Sukhjit Starch & Chemicals Ltd's management guided
and where it ranks in Agricultural Food & other Products
RevenueQ2 FY26 call
0–10%- The company is optimistic about growth in exports beginning this quarter and building in the medium term due to improved competitiveness of Indian starch manufacturers, with maize costs aligning with global prices.
- Demand from sectors like paper, packaging, pharmaceuticals is resilient, and FMCG demand is expected to be bullish following GST rationalization.
- Plant utilization was consciously scaled down during uncertain market conditions but is expected to improve as market conditions stabilize.
- Sequential improvement in operating performance is anticipated with stabilizing raw material costs and firm demand.
- Management is actively pursuing new customer onboarding for higher-margin derivatives.
2 more points from Sukhjit Starch & Chemicals Ltd's call on revenue
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MarginsQ2 FY26 call
Up 0–2%See what Sukhjit Starch & Chemicals Ltd said on margins — free account, 30 seconds.
CapexQ2 FY26 call
- Focus on multiple cost optimization measures, improving yield and energy efficiency.
- Recasting the product portfolio to service demand and optimize profitability.
- Ongoing process of operational cost control and savings initiatives.
2 more points from Sukhjit Starch & Chemicals Ltd's call on capex
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FundraisingQ2 FY26 call
See what Sukhjit Starch & Chemicals Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
- Bhavdeep Sardana noted that export activities are expected to pick up starting this quarter as export customers enter their ordering cycles, implying potential future order inflow.
- The company is actively onboarding new customers for higher margin derivatives, indicating ongoing efforts to expand orders.
- Demand has shown resilience in sectors like paper, packaging, and pharmaceuticals, and FMCG demand is improving post-GST rationalization, which could positively influence order volumes.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural Food & other Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural Food & other Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹911 Cr | 14.0 | |
| 2 | 40%+ | Up 0–2% | ₹129 Cr | 7.0 | |
| 3 | 40%+ | Flat | ₹23 Cr | 9.5 | |
| 4 | 20–40% | Up 2%+ | ₹219 Cr | 15.0 | |
| 5 | 20–40% | Up 2%+ | ₹190 Cr | 17.9 | |
| 6 | 20–40% | Up 0–2% | ₹2,595 Cr | 33.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural Food & other Products rankingSukhjit Starch & Chemicals Ltd announcements
All announcements →- Capex / expansionNotableThe Sukhjit Starch and Chemicals Ltd signs MoU for new Maize Processing Unit
Financials of Sukhjit Starch & Chemicals Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Sukhjit Starch & Chemicals Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 66.24% | 66.34% | 66.34% | 66.33% | 66.01% | 66.05% | 66.05% | 66.05% | 66.08% | 66.08% | 66.15% | 66.15% |
| FIIs + | 0.02% | 0.01% | 0.07% | 0.06% | 0.01% | 0.00% | 0.00% | 0.00% | 0.02% | 0.00% | 0.00% | 0.04% |
| DIIs + | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public + | 33.52% | 33.66% | 33.60% | 33.62% | 33.97% | 33.94% | 33.95% | 33.96% | 33.90% | 33.91% | 33.84% | 33.81% |
| No. of Shareholders | 8,761 | 10,150 | 10,220 | 9,795 | 10,294 | 10,379 | 10,483 | 10,495 | 10,146 | 9,627 | 9,638 | 9,782 |
Financials of Sukhjit Starch & Chemicals Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 321 | 361 | 370 | 395 | 368 | 375 | 360 | 369 | 315 | 347 | 402 | 396 | 408 |
| Expenses + | 292 | 324 | 337 | 361 | 336 | 346 | 343 | 350 | 296 | 327 | 376 | 366 | 373 |
| Operating Profit | 29 | 37 | 33 | 34 | 32 | 29 | 17 | 19 | 18 | 20 | 26 | 30 | 35 |
| OPM % | 9% | 10% | 9% | 9% | 9% | 8% | 4.7% | 5% | 6% | 6% | 6% | 8% | 9% |
| Other Income + | 3 | 2 | 3 | 1 | 3 | 2 | 3 | 3 | 5 | 2 | 9 | 1 | 2 |
| Interest | 8 | 8 | 8 | 7 | 9 | 8 | 6 | 7 | 9 | 8 | 7 | 7 | 8 |
| Depreciation | 9 | 9 | 9 | 9 | 9 | 9 | 10 | 9 | 9 | 9 | 7 | 9 | 9 |
| Profit before tax | 16 | 21 | 19 | 18 | 17 | 14 | 4 | 6 | 5 | 4 | 20 | 16 | 21 |
| Tax % | 27% | 24% | 38% | 25% | 25% | 25% | 36% | 17% | 12% | 25% | 29% | 23% | 26% |
| Net Profit + | 11 | 16 | 12 | 14 | 13 | 11 | 3 | 5 | 4 | 3 | 15 | 12 | 15 |
| EPS in Rs | 3.65 | 5.13 | 3.81 | 4.43 | 4.02 | 3.45 | 0.90 | 1.60 | 1.38 | 1.00 | 4.67 | 3.89 | 4.89 |
Financials of Sukhjit Starch & Chemicals Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 532 | 565 | 652 | 701 | 742 | 799 | 699 | 1,159 | 1,447 | 1,375 | 1,498 | 1,432 | 1,552 |
| Expenses + | 468 | 505 | 602 | 638 | 650 | 743 | 634 | 1,001 | 1,299 | 1,247 | 1,386 | 1,350 | 1,442 |
| Operating Profit | 64 | 60 | 50 | 63 | 92 | 56 | 65 | 158 | 147 | 128 | 112 | 83 | 111 |
| OPM % | 12% | 11% | 8% | 9% | 12% | 7% | 9% | 14% | 10% | 9% | 7% | 6% | 7% |
| Other Income + | 2 | 3 | 2 | 5 | 3 | 10 | 8 | 3 | 3 | 10 | 8 | 19 | 14 |
| Interest | 18 | 15 | 13 | 18 | 16 | 19 | 23 | 24 | 28 | 33 | 30 | 31 | 29 |
| Depreciation | 13 | 12 | 12 | 15 | 13 | 14 | 22 | 35 | 36 | 35 | 36 | 34 | 34 |
| Profit before tax | 34 | 35 | 27 | 36 | 66 | 33 | 28 | 102 | 86 | 70 | 54 | 36 | 61 |
| Tax % | 33% | 36% | 33% | 37% | 37% | -1% | 26% | 29% | 27% | 28% | 26% | 24% | |
| Net Profit + | 23 | 22 | 18 | 23 | 42 | 33 | 21 | 73 | 63 | 50 | 40 | 27 | 45 |
| EPS in Rs | 7.74 | 7.59 | 6.20 | 7.66 | 14.11 | 11.23 | 7.09 | 23.35 | 20.31 | 16.01 | 12.79 | 8.65 | 14.45 |
| Dividend Payout % | 16% | 16% | 20% | 21% | 27% | 9% | 21% | 21% | 20% | 25% | 8% | 12% |
Financials of Sukhjit Starch & Chemicals Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 7 | 7 | 15 | 15 | 15 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 189 | 208 | 229 | 246 | 269 | 300 | 318 | 397 | 450 | 487 | 527 | 552 | 578 |
| Borrowings + | 165 | 129 | 106 | 153 | 186 | 322 | 312 | 288 | 332 | 338 | 299 | 345 | 325 |
| Other Liabilities + | 52 | 61 | 77 | 111 | 123 | 163 | 152 | 148 | 155 | 181 | 188 | 177 | 158 |
| Total Liabilities | 414 | 405 | 419 | 518 | 593 | 799 | 797 | 849 | 953 | 1,022 | 1,030 | 1,089 | 1,077 |
| Fixed Assets + | 219 | 222 | 234 | 233 | 244 | 249 | 509 | 513 | 559 | 551 | 566 | 543 | 529 |
| CWIP | 5 | 9 | 11 | 32 | 128 | 282 | 74 | 64 | 17 | 31 | 19 | 12 | 20 |
| Investments | 9 | 19 | 33 | 47 | 77 | 11 | 9 | 66 | 78 | 83 | 53 | 74 | 121 |
| Other Assets + | 181 | 154 | 141 | 205 | 144 | 257 | 205 | 206 | 300 | 356 | 392 | 459 | 408 |
| Total Assets | 414 | 405 | 419 | 518 | 593 | 799 | 797 | 849 | 953 | 1,022 | 1,030 | 1,089 | 1,077 |
Financials of Sukhjit Starch & Chemicals Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 65 | 86 | 40 | 11 | 126 | -61 | 116 | 144 | 41 | 78 | 68 | 4 |
| Cash from Investing Activity + | -22 | -30 | -29 | -43 | -146 | -92 | -68 | -85 | -43 | -39 | -1 | -10 |
| Cash from Financing Activity + | -31 | -59 | -21 | 42 | 18 | 151 | -50 | -60 | 2 | -36 | -66 | 6 |
| Net Cash Flow | 12 | -3 | -10 | 11 | -2 | -2 | -2 | -0 | 0 | 3 | 0 | -0 |
| Free Cash Flow | 37 | 66 | 23 | -18 | 7 | -218 | 45 | 116 | 10 | 42 | 34 | 11 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 112% | 155% | 94% | 29% | 156% | -86% | 188% | 106% | 41% | 72% | 71% | 19% |
Financials of Sukhjit Starch & Chemicals Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 39 | 38 | 34 | 37 | 30 | 25 | 33 | 21 | 20 | 21 | 28 | 24 |
| Inventory Days | 94 | 55 | 45 | 76 | 45 | 101 | 85 | 55 | 68 | 92 | 78 | 108 |
| Days Payable | 28 | 32 | 26 | 30 | 27 | 28 | 39 | 27 | 22 | 30 | 27 | 27 |
| Cash Conversion Cycle | 105 | 61 | 54 | 83 | 49 | 98 | 79 | 49 | 67 | 83 | 79 | 105 |
| Working Capital Days | 15 | 12 | 19 | 18 | 21 | 19 | 9 | -8 | -0 | 1 | 18 | 27 |
| ROCE % | 15% | 14% | 12% | 13% | 19% | 8% | 7% | 19% | 15% | 12% | 9% | 6% |
Guidance history
How Sukhjit Starch & Chemicals Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY26 call → | 0–10% | Up 0–2% | — | — | — |
| Q1 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q4 FY25 call → | 0–10% | Flat | Planned | — | — |
| Q2 FY25 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Sukhjit Starch & Chemicals Ltd's management said in earlier quarters
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