Gujarat Ambuja Exports Limited (GAEL) share price
₹158.47 on NSE as of 2026-10-08. -2.77% on the day. market cap ₹7,269 Cr. P/E 17.5. 52-week range ₹101.74 to ₹183.36. Fast Moving Consumer Goods.
Gujarat Ambuja Exports Q1 FY27: Operating Profit Jumps 141% While Maize Does All the Heavy Lifting
At a glance
Corn is a quiet crop. It does not trend, and nobody posts about it.
Gujarat Ambuja Exports turned corn into ₹1,594 crore of revenue in the three months to June 2026. Net profit for the quarter was ₹177 crore, against ₹65 crore a year earlier. That is a rise of 172%. Operating profit, the money left from sales after running costs, rose from ₹96 crore to ₹232 crore. Operating margin climbed from 7% to 15% of sales. Over the past decade that margin has wandered between 5% and 15%, so the quarter sits at the top of the range.
One segment did the work. The Maize Processing Division reported revenue of ₹1,085 crore, against ₹796 crore a year earlier. Its segment result came in at ₹190 crore, against ₹37 crore. That is a fivefold move in segment profit on a 36% move in segment revenue.
The Other Agro Processing Division covers soya, edible oils and the branded goods. Its revenue edged up to ₹484 crore from ₹476 crore. Its segment result fell to ₹29 crore from ₹35 crore.
CARE Ratings, a credit-rating agency, wrote in a note dated December 2025 that maize prices had begun to decline. CARE dated the decline from the three months to December 2025. It expected the fall to improve the maize segment's profitability in coming quarters.
The board declared a 30% final dividend for the year to March 2026. The record date was 28 August 2026.
Introduction
Gujarat Ambuja Exports was incorporated in August 1991, promoted by the late Vijay Kumar Gupta and his family. The company is an agro processor based in Ahmedabad. Manish Gupta is Managing Director, and CARE Ratings, a credit-rating agency, says he looks after overall management and strategic activities.
Thirty-plus years on, the company runs 12 manufacturing facilities spread across 10 locations. Three sit in Gujarat, and two each in Madhya Pradesh and Maharashtra. Uttarakhand, Karnataka and West Bengal have one each.
The last two years have been a construction site. Commercial production began in March 2025 at a new maize plant at Sitarganj, Uttarakhand. It was built from scratch to handle 1,200 tonnes of corn a day. In December 2025 a plant making sodium gluconate, a chemical made from glucose, started up at Hubli. It makes 30,000 tonnes a year. The stated target is 120,000 tonnes by 2028. The Hubli maltodextrin unit went commercial in March 2026. Maltodextrin is a starch powder used to bulk out processed food. Capacity there rose from 7,000 tonnes a year to 23,000. In October 2025 the company signed an agreement with the Government of Gujarat for an expansion at Himmatnagar. That corn wet-milling derivative project is sized at 900 tonnes a day. It costs roughly ₹100 crore and is funded from the company's own cash.
CARE says the company had maize processing capacity of about 5,000 tonnes a day as on 30 June 2025, the largest in India. CARE also counts 4,500 tonnes a day of seed crushing and 1,200 tonnes a day of refining. Cotton spinning runs to 65,000 spindles. CARE further notes that plans to add ethanol manufacturing capacity were put on hold, on the expectation of lower profitability than earlier envisaged. The regulatory approvals for that ethanol capacity had already been obtained, and they sit unused.
The board has been reshuffled. Sulochana Vijaykumar Gupta resigned as Non-Executive Director on 19 November 2025, citing personal reasons. Shreyaan Manish Gupta was appointed Whole-time Director on 30 January 2026, for a five-year term running to January 2031.
Business model
Four divisions, with wildly different personalities.
Maize Processing is the one that carries the numbers. Corn goes in, is wet-milled, and comes out as unmodified starch plus a shopping list of derivatives. The list includes liquid glucose, sorbitol, dextrose anhydrous and dextrose monohydrate. Maltodextrin and high fructose corn syrup come off the same process. CARE Ratings, a credit-rating agency, puts maize processing at roughly 73% of revenue in the year to March 2025. That was up from about 70% the year before, and CARE cites a 20% share of the domestic market. The customer list reads like a supermarket aisle: ITC, Dabur, HUL and Colgate. Mondelez, Cargill India and Godrej Agrovet also buy. In the three months to June 2026 the division delivered 68% of segment revenue. It delivered 86% of segment profit before financing costs.
Other Agro Processing sells soya derivatives, de-oiled cakes, edible oils and vanaspati ghee, alongside wheat products. Brands include Ambuja Gold, Health, Magic and Sampoorna, with Ambuja Moon and Triveni beside them. Pelletised cattle feed goes out as Ambuja Gold Dan and Ambuja Special Dan. This is the only part of the company a household would recognise. It contributed ₹28.57 crore of segment result in the quarter, under 13% of the total.
Spinning sells 100% cotton yarn and polyester yarn, both carded and combed. Counts run from 12s to 32s, which is a measure of how fine the yarn is. Segment revenue was ₹23.72 crore and the segment result ₹1.41 crore.
Renewable Power is 10 MW of wind in Gujarat, with 1 MW of solar each in Madhya Pradesh and Maharashtra. Biogas engines add 8 MW. Segment revenue was ₹2.21 crore and the segment result ₹1.20 crore. That is a margin of 54%, the best in the company, on a base that rounds to nothing. Somewhere in Gujarat a windmill is running the highest-margin line in the group and receiving no credit for it.
CARE's phrase for the whole arrangement is a diversified revenue profile. The company sells industrial ingredients to branded manufacturers, sells branded products of its own, spins yarn and generates electricity.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Gujarat Ambuja Exports Limited.
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