Sigachi Industries Limited (SIGACHI)
₹27.52 -0.61% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sigachi Industries' revenue was ₹121 Cr (-5.4% year on year, -0.5% on the previous quarter), and net profit ₹8.1 Cr (against a loss a year earlier); the operating margin was 13.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹121 | -5.4% | -0.5% |
| Operating profit | ₹16.5 | -31.5% | +0.6% |
| Net profit | ₹8.1 | from loss | +6.5% |
| EPS (₹) | 0.18 | from loss | -10.0% |
| Operating margin | 13.6% | — | — |
SIGACHI delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.08% of the SIGACHI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.38%. That is close to its usual level. Volume was 0.2 times its average, well below normal. 1 bulk or block deal was reported in SIGACHI in the last 60 days: ₹11 Cr sold, none bought.
Delivery in the last 5 sessions: 39.1% · 59.3% · 50.6% · 55.8% · 49.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 18 Sep | Sell | Spdr Portfolio Emerging Markets Etf | ₹11.13 Cr | ₹29.83 | 3,732,647 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sigachi Industries disclosed that 10 shareholders dissented against Resolution No. 8 regarding variation in initial public issue (IPO) objects during its AGM. A total of 181 shareholders participated in voting, with the 10 dissenters holding an aggregate of 75,802 shares. The company stated that no exit opportunity is required or applicable as conditions under Schedule XX of SEBI (ICDR) Regulations, 2018 were not triggered. The resolution concerns full utilization of IPO proceeds for a project initially outlined in its November 8, 2021 prospectus.
- 10 shareholders dissented out of 181 total shareholders voting on Resolution No. 8
- A total of 75,802 equity shares were voted against the resolution (largest being Navneet Mundada HUF with 63,000 shares)
- No exit offer is required under SEBI ICDR Regulation 59 and Schedule XX conditions
- The resolution relates to variation in IPO objects from the Prospectus dated November 8, 2021
Sigachi Industries reported voting results from its 37th AGM held on September 29, 2026. In an unusual development, Resolution 2 proposing a 10% dividend (Re. 0.10 per share) was rejected, with 99.66% of polled votes cast against it (primarily driven by 12.39 crore promoter votes voting against). Additionally, shareholders approved a variation in the objects of its 2021 IPO issue with 99.94% votes in favor, though 10 public shareholders (75,822 shares) dissented without meeting exit opportunity thresholds.
- Resolution 2 (dividend of Re. 0.10/share) rejected with 99.66% votes against (12,45,29,332 votes against)
- Promoters cast 12,39,08,930 votes against the dividend resolution after previously proposing it
- Resolution 8 to vary IPO objects from the Nov 8, 2021 prospectus was passed with 99.94% majority
- Material Related Party Transaction with subsidiary Trimax Bio Sciences was approved with 93.26% approval
- Total voter turnout represented 32.70% of outstanding share capital across 38.21 crore shares
Sigachi Industries has published its Sustainability Report for the financial year ended March 31, 2026. The report details operational boundaries, noting that its Hyderabad unit ceased operations in June 2025 and was excluded from FY26 environmental baselines. It reported an R&D spend of Rs 675.9 lakh (Rs 6.76 Cr, representing ~1.4% of FY26 revenue of Rs 477.8 Cr) and conducted ESG assessments on 5 key suppliers. The filing is a standard annual ESG disclosure prepared under GRI Standards and Business Responsibility and Sustainability Reporting (BRSR) norms.
- Hyderabad unit ceased operations in June 2025 and was excluded from the FY26 environmental baseline
- Reported R&D spend was Rs 675.9 lakh (Rs 6.76 Cr) during the period
- Conducted ESG risk assessments across 5 key and critical raw-material suppliers
- Covered operations across standalone units at Sultanpur, Jhagadia, Dahej, and Madinaguda
Sigachi Industries' shareholders have rejected both resolutions presented at the Extraordinary General Meeting held on September 15, 2026. The proposal to issue up to 11,00,00,000 convertible warrants to promoters and non-promoters was defeated decisively, with 99.42% of total votes polled cast against it. Concurrently, the resolution to increase authorised share capital was also voted down, receiving 96.37% against votes. Notably, promoter votes were recorded 100% against both resolutions, leading to a complete stall of the proposed capital raise.
- Resolution to issue up to 11,00,00,000 convertible warrants failed with 99.42% votes polled against.
- Increase in Authorised Share Capital resolution rejected with 96.37% votes cast against.
- Promoter group cast 12,39,08,930 votes (100% of their polled votes) AGAINST both resolutions.
- Public institutional shareholders voted 94.93% against the warrant issue, while 100% voted in favor of the capital clause alteration.
- Total turnout stood at 33.82% of outstanding shares (12,92,33,104 votes polled).
Sigachi Industries held its 1st Extraordinary General Meeting (EGM) for FY 2026-27 on September 15, 2026. The meeting put forward resolutions to increase authorized share capital and issue up to 11,00,00,000 (11 crore) convertible warrants on a preferential basis to promoters and non-promoters. A total of 58 members attended the virtual meeting, which concluded at 11:28 AM. Voting results and the scrutinizer report are awaited.
- Proposed preferential issue of up to 11,00,00,000 convertible warrants to promoters and non-promoters
- Special business included increasing the Authorised Share Capital and altering the capital clause of MOA
- A total of 58 members attended the EGM held via video conference
- EGM commenced at 11:00 AM and concluded at 11:28 AM on September 15, 2026
Sigachi Industries issued a corrigendum to its EGM notice following feedback from NSE and BSE, detailing the exact utilization breakdown for its proposed Rs 290.40 Cr fundraise via 11.00 crore convertible warrants priced at Rs 26.40 each. The proceeds will fund MCC capacity expansion at Dahej (Rs 110.70 Cr), a new CCS facility at Dahej (Rs 61.71 Cr), an API facility expansion at Raichur (Rs 17.99 Cr), working capital (Rs 60.00 Cr), and general corporate purposes (Rs 40.00 Cr). CARE Ratings Limited has been appointed as the monitoring agency since the issue exceeds Rs 100 Cr. The EGM is scheduled for September 15, 2026.
- Proposed preferential issue of 11,00,00,000 convertible warrants at Rs 26.40 each (including Rs 25.40 premium), aggregating to Rs 290.40 Cr
- Allocation of Rs 110.70 Cr for MCC expansion and Rs 61.71 Cr for setting up CCS manufacturing at Dahej, Gujarat over 3 years
- Allotment split: up to 7.50 Cr warrants to promoters and 3.50 Cr warrants to non-promoter investors
- CARE Ratings Limited appointed as the monitoring agency to oversee proceed deployment on a quarterly basis
- Rs 60.00 Cr allocated for working capital and Rs 40.00 Cr for general corporate purposes over 2 years
Sigachi Industries Limited has informed the exchanges that September 22, 2026, has been fixed as the record date for determining shareholder eligibility for the dividend for the financial year ended March 31, 2026. The specific dividend payout amount per share was not disclosed in the present filing. Sigachi reported FY26 full-year revenue of Rs 477.83 Cr with a net loss of Rs 82.81 Cr, while TTM net profit stands at Rs 26 Cr.
- Record date fixed as September 22, 2026
- Dividend declared pertains to the financial year ended March 31, 2026
- Specific dividend amount per share not disclosed in the filing
Sigachi Industries has submitted its standalone Business Responsibility and Sustainability Report (BRSR) for FY26 pursuant to SEBI Listing Regulations. The report details that Microcrystalline Cellulose (MCC) and other excipients accounted for 76.07% of turnover, while Operations and Management services contributed 14.10%. Exports represented 57.20% of total revenue across 65+ countries. The total workforce stood at 1,248 employees and 692 workers as of March 31, 2026.
- MCC and other excipients contributed 76.07% of the entity's turnover
- Operations and Management services contributed 14.10% of total turnover
- Exports represented 57.20% of total turnover, reaching 65+ international countries
- Employee turnover rate for permanent employees stood at 34.34% in FY26 compared to 46.36% in FY25
Sigachi Industries has issued the notice for its 37th Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing, with the e-voting cut-off date set as September 22, 2026. Key agenda items include the approval of a 10% dividend (₹0.10 per equity share of face value ₹1), the re-appointment of two Independent Directors for 5-year terms, and approval for material related-party transactions with subsidiary Trimax Bio Sciences of up to ₹50.00 Cr in sales and ₹50.00 Cr in purchases.
- 37th AGM scheduled for September 29, 2026 at 11:00 AM IST via Video Conferencing.
- Proposed final dividend of 10% (₹0.10 per share on face value of ₹1) for FY26.
- Cut-off date for remote e-voting set as September 22, 2026.
- Seeking shareholder approval for material related party transactions with subsidiary Trimax Bio Sciences Private Limited (up to ₹50.00 Cr sales and ₹50.00 Cr purchases).
- Re-appointment of Independent Directors Ms. Dhanalakshmi Guntaka and Mr. Janardhana Reddy Yeddula for 5-year terms.
Sigachi Industries has issued an EGM notice for September 15, 2026, to seek shareholder approval for raising up to Rs 290.40 Cr through the preferential allotment of 11.00 crore convertible warrants at an issue price of Rs 26.40 per warrant. Promoter Mr. Amit Raj Sinha will subscribe to 7.50 crore warrants (Rs 198.00 Cr), while non-promoters will take up the remaining 3.50 crore warrants. To accommodate the issuance, the company is also increasing its authorized share capital from Rs 43.00 Cr to Rs 60.00 Cr. The fundraise represents ~24.3% of the company's current market capitalization of Rs 1,197 Cr.
- Preferential issue of up to 11.00 crore convertible warrants at Rs 26.40 each, aggregating up to Rs 290.40 Cr
- Promoter Amit Raj Sinha to receive 7.50 crore warrants (~68.2% of total issue) worth Rs 198.00 Cr
- Authorised share capital to be increased from Rs 43.00 Cr to Rs 60.00 Cr (face value Re 1 each)
- EGM scheduled on September 15, 2026, with e-voting cut-off date fixed as September 8, 2026
Sigachi Industries Limited has issued a clerical correction regarding the outcome of its Board of Directors meeting held on August 22, 2026. Due to a typographical oversight in Annexure A, the name of the proposed allottee at Serial No. 34 was incorrectly mentioned as 'Anil Kondoth' instead of 'K Neelima'. All other terms and details in the original board meeting outcome remain unchanged.
- Corrigendum issued for Annexure A of the Board Meeting outcome dated August 22, 2026
- Name of proposed allottee at Sl. No. 34 corrected from 'Anil Kondoth' to 'K Neelima'
- All other details and terms in the original filing remain unchanged
Sigachi Industries has approved the issuance of up to 11.00 crore convertible warrants at an issue price of ₹26.40 per warrant on a preferential basis, raising up to ₹290.40 crore. The promoter group will be allotted 7.50 crore warrants (₹198.00 crore), increasing the promoter holding from 36.69% to 43.73% upon full conversion. The fundraise represents ~24.6% of current market cap (₹1,180 crore) and ~61.7% of TTM revenue (₹471 crore). The company has also appointed RSM Astute Consulting Pvt Ltd as internal auditors and scheduled an EGM on September 15, 2026 to seek shareholder approval.
- Issuance of up to 11,00,00,000 convertible warrants at ₹26.40 each, raising up to ₹290.40 crore
- Promoter Amit Raj Sinha to receive 7.50 crore warrants (68.18% of the issue), raising promoter stake to 43.73%
- Authorised share capital proposed to be increased from ₹43.00 crore to ₹60.00 crore
- Conversion tenure of up to 18 months from allotment date; Care Ratings appointed as Monitoring Agency
- Extra-Ordinary General Meeting (EGM) scheduled for September 15, 2026 to vote on the proposal
Sigachi Industries has approved a preferential issue of up to 11.00 crore convertible warrants at an issue price of ₹26.40 per warrant, raising up to ₹290.40 crore. Promoter Amit Raj Sinha is subscribing to 7.50 crore warrants (₹198 crore), which will increase total promoter shareholding from 36.69% to 43.73% post-full conversion. The proposed fundraise equals ~24.6% of current market cap (₹1,180 crore) and ~61.6% of TTM revenue (₹471 crore). An EGM is scheduled on September 15, 2026 to seek shareholder approval.
- Preferential issuance of up to 11,00,00,000 convertible warrants at ₹26.40 each, raising ~₹290.40 crore
- Promoter Amit Raj Sinha allotted 7,50,00,000 warrants (68.2% of total issue), taking promoter stake to 43.73% post-conversion
- 42 non-promoter investors to be allotted the remaining 3,50,00,000 warrants
- Authorised share capital to be increased from ₹43.00 crore to ₹60.00 crore
- EGM convened for September 15, 2026; Care Ratings appointed as Monitoring Agency
Sigachi Industries released its Q1 FY27 earnings call transcript, reaffirming its full-year FY27 revenue guidance of ₹650-675 crore and full-year EBITDA margin target of ~18%. For Q1 FY27, revenue stood at ₹121.27 crore with EBITDA at ₹16.5 crore (13.6% margin) and PAT at ₹8.14 crore. MCC average realization improved to ₹241.36 per kg from ₹216 per kg in Q4. The company's 12,000 MTPA MCC capacity expansion at Dahej-2 is targeted for commissioning by Q2 FY28, raising total capacity to 30,000 MTPA.
- Reaffirmed FY27 revenue guidance of ₹650-675 crore, expecting significant ramp-up in the second half
- Reported Q1 FY27 revenue of ₹121.27 crore, EBITDA of ₹16.50 crore (13.6% margin), and PAT of ₹8.14 crore
- Average MCC realization increased to ₹241.36/kg in Q1 from ₹216.00/kg in Q4
- Segment revenue contribution: MCC ₹82.74 crore, API ₹21.68 crore, and O&M ₹13.06 crore
- 12,000 MTPA MCC Dahej-2 expansion on track for Q2 FY28 commissioning, scaling total excipient capacity to 30,000 MTPA
Sigachi Industries has released the audio recording of its Q1 FY 2026-27 earnings call, providing transparency into its recent performance. The company currently reports a TTM revenue of Rs 478 Cr but faces a TTM net loss of Rs 83 Cr, largely due to past operational disruptions. Investors can access the recording to hear management's updates on the Dahej SEZ expansion, which aims to increase MCC capacity to 33,700 MTPA. The company maintains a market capitalization of Rs 1054 Cr with a P/B ratio of 2.2.
- Audio recording of the Q1 FY 2026-27 earnings call was made available on August 13, 2026.
- Company is executing a capacity expansion from 21,700 MTPA to 33,700 MTPA for Microcrystalline Cellulose (MCC).
- TTM revenue stands at Rs 478 Cr with an operating profit margin of 11.2%.
- The company is integrating the Rs 100 Cr acquisition of Trimax Bio Sciences to scale its API portfolio.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the MCC segment contributed INR 66.4 Cr (60% of revenue, down from 81% YoY), the API segment recorded INR 18.41 Cr (17% of revenue, up from 7% YoY), and O&M services contributed INR 13.17 Cr (12% of revenue, up from 8% YoY). Overall revenue for Q2 FY26 was INR 110.5 Cr, a 13.80% decrease from INR 128.2 Cr in Q2 FY25.
Geographic Revenue Split
Not explicitly disclosed in percentages, but the company has a significant export presence through Sigachi US Inc. and is actively pursuing 9 Certificate of Suitability filings with the European Directorate of Quality and Medicine to expand in regulated European markets.
Profitability Margins
Gross margin for Q2 FY26 was 35.96%, down from 37.75% in Q2 FY25. Net Profit (PAT) margin stood at 9.59% (INR 10.5 Cr) in Q2 FY26 compared to 16.81% (INR 21.0 Cr) in Q2 FY25, representing a 722 bps decline due to operational disruptions.
EBITDA Margin
EBITDA margin plummeted to 6.78% (INR 7.5 Cr) in Q2 FY26 from 21.38% (INR 29.3 Cr) in Q2 FY25, a contraction of 1460 bps. This was primarily driven by the Pashamylaram unit fire incident which increased operational costs and disrupted high-margin MCC production.
Capital Expenditure
The company is investing INR 90 Cr in a new Croscarmellose Sodium (CCS) facility, with INR 32.30 Cr already earmarked in fixed deposits. Additionally, it is fast-tracking a 12,000 MTPA expansion at Dahej SEZ to reach a total capacity of 33,700 MTPA.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE A-; Stable' for long-term facilities (INR 75.38 Cr) and 'CARE A2' for short-term facilities (INR 51.75 Cr). The overall gearing ratio stood at 0.40x as of September 30, 2024, with interest coverage at 7.27x.
Operational Drivers
Raw Materials
Refined wood pulp is the primary raw material, accounting for nearly 100% of the material requirement for MCC production.
Import Sources
100% of refined wood pulp is imported from Switzerland, USA, Canada, and South Africa due to lack of domestic availability of the required grade.
Key Suppliers
Not disclosed by specific company names, but the company maintains a concentrated supplier base with long-term established relationships.
Capacity Expansion
Current installed capacity is 21,700 MTPA (increased from 14,500 MTPA in FY24). A planned expansion of 12,000 MTPA at Dahej SEZ is underway, targeting a total capacity of 33,700 MTPA. The CCS facility is expected to commence operations in October 2026.
Raw Material Costs
Raw material costs are a significant portion of the total expenses which were INR 103.0 Cr in Q2 FY26. Procurement is 100% import-dependent, making the company sensitive to global pulp prices and forex fluctuations.
Manufacturing Efficiency
The Dahej expansion is expected to generate peak revenue of INR 250 Cr at full utilization. The company is currently deprioritizing low-throughput SKUs to optimize resources during the recovery phase.
Logistics & Distribution
Distribution costs were impacted by the 'prompt relocation' of production from Hyderabad to Gujarat (Dahej and Jhagadia) to maintain supply consistency for global customers.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth is driven by expanding MCC capacity to 33,700 MTPA, commercializing the new CCS product line by 2026, and increasing API revenue through the newly operational R&D center in Hyderabad. The company is also targeting high-value regulated markets in Europe with 9 active CEP filings.
Products & Services
Microcrystalline Cellulose (MCC) in 60 grades, Active Pharmaceutical Ingredients (APIs), Croscarmellose Sodium (CCS), and Operations & Maintenance (O&M) services for pharma plants.
Brand Portfolio
Sigachi, Trimax Bio Sciences (80% owned subsidiary).
New Products/Services
Croscarmellose Sodium (CCS) and new API molecules developed at the Hyderabad R&D center; CCS facility has a peak revenue potential linked to the INR 90 Cr investment.
Market Expansion
Expanding presence in regulated markets (Europe/USA) and scaling the API portfolio through the Raichur facility (Trimax) which has a 100 KL capacity.
Market Share & Ranking
Leading global manufacturer of pharmaceutical excipients; specific global market share percentage not disclosed.
Strategic Alliances
Acquired 80% stake in Trimax Bio Sciences Private Limited for INR 100 Cr to enter the API manufacturing segment.
External Factors
Industry Trends
The excipient industry is shifting toward high-purity, multi-functional grades. Sigachi is positioning itself as a fully integrated pharma company by moving from excipients (MCC) into APIs and specialized chemicals (CCS).
Competitive Landscape
Competes with global excipient manufacturers but maintains an edge in regulated markets due to quality certifications and a diverse product range.
Competitive Moat
Moat is built on 60 distinct grades of MCC (15 to 250 microns) and high regulatory barriers in 'regulated markets' where Chinese players are less competitive. This is sustainable due to the long lead times for pharmaceutical ingredient approvals.
Macro Economic Sensitivity
Highly sensitive to global trade cycles and pharmaceutical demand; revenue grew 33% in FY24 during a period of healthy demand.
Consumer Behavior
Increasing demand for nutraceuticals and high-quality pharmaceutical excipients is driving volume growth in the MCC segment.
Geopolitical Risks
Exposure to trade barriers in wood pulp exporting countries (Switzerland, USA, Canada) and regulatory changes in European pharmaceutical markets.
Regulatory & Governance
Industry Regulations
Subject to stringent EDQM (European Directorate of Quality and Medicine) standards and USFDA requirements for API and excipient manufacturing.
Environmental Compliance
Received environmental clearance for the CCS facility in April 2025.
Taxation Policy Impact
Tax expense for Q2 FY26 was INR 3.1 Cr on a PBT of INR 7.4 Cr (effective rate ~41% for the quarter, impacted by exceptional items).
Legal Contingencies
The company is processing insurance claims for the Pashamylaram unit fire incident (June 2025) which fully covers structural damage, inventory, and 90 days of production loss.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline for the full restoration of the Pashamylaram unit and the successful ramp-up of the Dahej expansion to offset current margin pressure (EBITDA down 74% QoQ).
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Dahej, Jhagadia) and Telangana (Hyderabad), making it vulnerable to regional industrial risks.
Third Party Dependencies
100% dependency on foreign suppliers for refined wood pulp.
Technology Obsolescence Risk
Low risk in MCC due to its fundamental nature in tablet manufacturing, but the company is mitigating API risks through its new R&D center.
Credit & Counterparty Risk
Receivables and working capital limits of ~INR 30 Cr are unutilized, suggesting healthy liquidity and manageable counterparty risk.
