SUKHJITS

Sukhjit Starch & Chemicals financials

Market cap
₹499 Cr
Sector
Fast Moving Consumer Goods
Calls analysed
3
Latest concall · Q2 FY26 · call held 13 Nov 2025

Sukhjit Starch Q2 FY26

Revenue from Operations ₹312.68 cr EBITDA ₹20.05 cr Net Profit ₹4.07 cr

What went well

  • EBITDA for Q2 FY26 showed a slight sequential improvement, reaching ₹20.05 crores compared to ₹19.89 crores in the previous quarter.
  • Maize prices, a key input cost, have started softening gradually, moving from ₹22-23 in Q1 to ₹19-20 currently, supported by better Kharif crop arrivals and government policies.
  • Management maintained healthy capacity utilization across all plants and managed inventory prudently.

What to watch

  • Revenue from operations for Q2 FY26 declined by 14.84% QoQ to ₹312.68 crores from ₹367.20 crores in the previous quarter.
  • Net profit for Q2 FY26 decreased by 14.32% QoQ to ₹4.07 crores from ₹4.75 crores in the previous quarter.
Read the full call →

Guidance record · Q2 FY26

what the last two calls moved 6 tracked 2 delivered 0 missed 4 open
  • Maize Price Volatility delivered said Q4 FY25 Promised: Stabilize price fluctuation in H2 FY26 Q2 FY26: Prices softened from 22-23 to 19-20; management notes trend is aligning with global pricing ahead of H2 schedule.
  • Capacity Utilization Rate on track said Q4 FY25 Promised: 75-80% utilization on expanded capacity Q2 FY26: Maintained healthy capacity utilization despite scaling down some production to protect margins.
  • Total Production Capacity delayed said Q4 FY25 Promised: 2,000 TPD by next year [FY26] Q1 FY26: Management stated the balance 200 tons grinding capacity expansion will take 'another maybe two quarters after we decide to finish' the value-added product in Q1 FY27.

All 6 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.6%, net profit up 160.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue364 373 359 367 313 −14%344 −8%402 +12%395 +8%
EBITDA30 27 15 17 16 −47%19 −30%23 +53%30 +76%
Net profit13 11 2 5 4 −69%4 −64%13 +550%13 +160%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −7.8% 1Y

₹140₹160₹180₹200₹220Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025

1Y: ₹173.22 on 10 Sept 2025 → ₹159.78. High ₹216.65 (27 Feb 2026), low ₹140.64 (27 Mar 2026).

How the price took the results

close before → close after

Q2 FY26
+1.9%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 0.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.3%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.4k Cr₹1.5k Cr₹1.4k Cr
Operating profit₹147 Cr₹127 Cr₹103 Cr₹75 Cr
Operating margin10.2%9.3%6.9%5.3%
Interest₹28 Cr₹30 Cr₹29 Cr₹30 Cr
Depreciation₹36 Cr₹26 Cr₹29 Cr₹27 Cr
Net profit₹64 Cr₹55 Cr₹40 Cr₹26 Cr
Net margin4.4%4.0%2.7%1.8%
Cash from operations₹28 Cr₹66 Cr₹56 Cr₹2 Cr
Free cash flow₹-7 Cr₹27 Cr₹17 Cr₹-11 Cr
ROCE16.0%12.0%9.0%6.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹15 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr₹16 Cr
Reserves₹326 Cr₹409 Cr₹469 Cr₹512 Cr₹534 Cr₹575 Cr
Borrowings₹244 Cr₹248 Cr₹301 Cr₹313 Cr₹409 Cr₹329 Cr
Other liabilities₹122 Cr₹109 Cr₹120 Cr₹147 Cr₹195 Cr₹143 Cr
Total liabilities₹706 Cr₹783 Cr₹905 Cr₹987 Cr₹1.2k Cr₹1.1k Cr
Fixed assets₹377 Cr₹381 Cr₹434 Cr₹432 Cr₹541 Cr₹437 Cr
Capital work in progress₹67 Cr₹64 Cr₹16 Cr₹29 Cr₹22 Cr₹9 Cr
Investments₹47 Cr₹104 Cr₹116 Cr₹121 Cr₹73 Cr₹113 Cr
Other assets₹215 Cr₹234 Cr₹339 Cr₹404 Cr₹517 Cr₹503 Cr
Total assets₹706 Cr₹783 Cr₹905 Cr₹987 Cr₹1.2k Cr₹1.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.11 pp while promoters added +0.10 pp. The shareholder count shrank 8% to 9,638.

Promoters
66.2%
Public
33.8%

Since Jun 2025

  • Public −0.11 pp
  • Promoters +0.10 pp
  • FIIs 0.00 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.2%, Public 33.8%.Dec '23: Promoters 66.2%, FIIs 0.0%, DIIs 0.2%, Public 33.5%.Mar '24: Promoters 66.3%, FIIs 0.0%, Public 33.7%.Jun '24: Promoters 66.3%, FIIs 0.1%, Public 33.6%.Sep '24: Promoters 66.3%, FIIs 0.1%, Public 33.6%.Dec '24: Promoters 66.0%, FIIs 0.0%, Public 34.0%.Mar '25: Promoters 66.0%, Public 33.9%.Jun '25: Promoters 66.0%, Public 34.0%.Sep '25: Promoters 66.0%, Public 34.0%.Dec '25: Promoters 66.1%, FIIs 0.0%, Public 33.9%.Mar '26: Promoters 66.1%, Public 33.9%.Jun '26: Promoters 66.2%, Public 33.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Sukhjit Starch & Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bhavdeep Sardana 8.06%unchanged
Puneet Sardana 8.04%unchanged
Manjoo Sardana 8.01%unchanged
Dhiraj Sardana 7.73%unchanged
Pankaj Sardana 7.70%unchanged
Kuldip Krishan Sardana 5.87%unchanged
Kuldip Krishan Sardana (Huf) 2.31%unchanged
Rosina Malik 2.07%unchanged
Rohan Malik 1.91%unchanged
Inder Krishan Sardana (Huf) 1.77%unchanged
Suman Sardana 1.74%unchanged
Meenaxi Gadi 1.55%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹160, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~-38%. At that growth it is worth ₹10 — downside of 94%.

Growth the price implies
15.2% a year
for 7 years, fading to 4%
It has actually compounded at
-37.9% a year
net profit, FY23–FY26 · EPS -38.0%
The gap
0.5 pp
-94% downside if it only repeats history
Price today ₹159.78 Value at the reference growth ₹9.66

Change the assumptions yourself →

All earnings calls (3)

Read the Q2 FY26 call →

Learn to analyse Sukhjit Starch & Chemicals Limited

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