GLOBAL ECONOMY
The global economy entered 2026 amidst a mixed macroeconomic backdrop, where stable growth was accompanied by uneven business confidence across regions. Geopolitical uncertainties, trade restrictions, volatile commodity prices and tighter financial conditions continued to shape the operating environment. These factors affected investment decisions, trade flows and customer inventory behaviour, particularly for export-oriented sectors and industries linked to discretionary consumption. At the same time, inflationary stress remained elevated, with headline inflation projected at 4.4% in 2026 before falling to 3.7% in 2027, with the increase linked to higher commodity prices, firmer inflation expectations and financial conditions. Despite resilient demand conditions in certain regions, global growth exhibited a lack of broad-based momentum and remained dependent on selective regional strength.
In the current macroeconomic environment, the global economy continues to face multiple downside risks, including a longer or wider conflict in the Middle East, fresh trade tensions, higher energy prices and financial market volatility. However, improvements in productivity levels, driven by advancements in artificial intelligence, along with the gradual resolution of trade-related issues in certain countries, could support global economic activity.
GDP Growth Projections (%)
| Particulars | 2025 (Actual) | 2026 (Projected) | 2027 (Projected) |
| Global Economy | 3.4% | 3.1% | 3.2% |
| Advanced Economies (AEs) | 1.9% | 1.8% | 1.7% |
| Emerging Markets and Developing Economies (EMDEs) | 4.4% | 3.9% | 4.2% |
(Source: World Economic Outlook Update, April 2026) Outlook
Global growth is expected to remain steady but below pre-pandemic averages through 2027, with continued uncertainty around tariff and trade flows, geopolitical developments and energy prices. For the food processing industry, operating conditions are likely to be shaped by volatility in agricultural raw material prices, currency fluctuations, export demand trends, energy and logistics costs and seasonal consumption patterns in food and industrial applications. While structural enablers such as population growth and urbanisation continue to support growth prospects, disciplined working capital management, cost efficiency and diversification across products, customers and geographies will remain critical.
(Source: World Economic Outlook Update, April 2026)
INDIAN ECONOMY
India remains a high-growth, resilient economy, backed by robust macroeconomic fundamentals amidst an uncertain global environment. Real GDP is projected at 7.4% in FY 2025-26 and is expected to remain close to 7% in FY 2026-27, while inflation has fallen to historically low level, averaging about 1.7%. Growth is primarily driven by the services sector, which is expanding at 9.1% and accounts for more than half of GVA, propelled by strengthening global competitiveness in services exports. Manufacturing activity is gaining traction, supported by PLI-led investments and higher capacity utilisation, while agriculture remains steady and continues to support rural demand.
Indias external sector remains resilient, with exports of USD 825.3 Billion and forex reserves exceeding USD 701 Billion, complemented by record remittance inflows. Fiscal prudence continues to bolster sovereign credibility, evidenced by sustained capital expenditure and a gradual improvement in debt-to-GDP ratio. The financial sector remains stable, backed by low non-performing assets, strong capital buffers and healthy credit growth, particularly in the MSME segment. Capital markets are also witnessing increased participation, reflecting growing investor confidence and a shift towards market-linked savings instruments.
Outlook
The Indian economy is poised to sustain its momentum in the upcoming financial year, reaffirming its stature as one of the worlds fastest-growing major economies. Expansion is likely to remain broadly aligned with its medium-term potential, supported by strong domestic fundamentals and structural drivers, even as external conditions stay uncertain. Inflation may see moderate pressures after a period of easing in the previous year, though it is likely to remain contained within a manageable range.
Economic activity continues to be supported by resilient domestic demand, with consumption driven by improving rural conditions and stable urban uptake. The broader macroeconomic environment reflects a phase of consolidation, with manufacturing and services sustaining growth momentum. Within this backdrop, food processing industry is likely to benefit from stable macroeconomic fundamentals and broad-based demand across domestic and export markets.
(Source: Press Information Bureau
GLOBAL FOOD PROCESSING INDUSTRY Overview
The global food processing industry serves as a critical link between agriculture and consumers by transforming raw produce into safe, packaged and value-added food products. It covers categories such as dairy, bakery, beverages, snacks, meat and poultry, fruits and vegetables, frozen foods, ready-to-eat meals and food ingredients. The steady growth of the sector is being driven by urbanisation, changing consumption patterns, higher demand for convenience foods and stricter food safety standards. At the same time, automation, robotics, artificial intelligence, high-pressure processing, vacuum packaging and improved preservation systems are helping companies elevate productivity, consistency and shelf life, while ensuring waste reduction.
Global key trends shaping the industry
• Rising demand for convenience foods: Busy lifestyles and urbanisation are pushing up the uptake for ready-to-eat, ready-to-cook, frozen and packaged food products
• Technology-led processing: Automation, robotics, Al-based sorting, high-pressure processing and advanced packaging are improving efficiency, guality control and food safety
• Health and wellness focus: Consumers are showing growing preference for clean-label, fortified, functional, minimally processed and bettefoyou food products
• Shelf-life extension and waste reduction: Progress in preservation technologies and cold-chain infrastructure, coupled with packaging innovation, is helping reduce spoilage and post-harvest losses
• Growth in emerging markets: Asia-Pacific, India, Brazil and other developing markets are witnessing rising incomes, complemented by modern retail penetration and export-oriented food processing investments
• Sustainability pressure: Companies are investing in energy-efficient operations, recyclable packaging, water management and responsible sourcing to maintain alignment with stricter sustainability norms
INDIAN FOOD PROCESSING INDUSTRY Indian key trends shaping the industry
• Shift towards packaged and convenience foods:
Rising urbanisation, prevalence of nuclear families, changing work patterns and higher disposable incomes are driving up the demand for packaged, frozen, ready-to-eat and ready-to-cook products
• Strong agricultural base: Indias position as a leading producer of milk, spices, fruits, vegetables, eggs, poultry and meat provides a strong raw material base for processing
• Expansion of modern retail and e-commerce:
Organised retail, online grocery platforms and digital supply chains are expanding market access and reducing supply-chain inefficiencies
• Higher value addition: The industry is moving from primary processing towards branded, packaged and export-ready products
• Export orientation: Conducive policy measures, stringent guality standards and rising global demand for Indian food products are accelerating the momentum for processed food exports
• Technology and cold-chain adoption: Investments in cold storage, logistics, food parks, testing labs and processing infrastructure are helping reduce wastage and improve food safety
Indian Market Size - 2025
Indias food processing market stood at Rs.30,49,800 Crores (approximately USD 354.5 Billion) in 2024 and was expected to grow to Rs.45,84,415 Crores (nearly USD 535 Billion) by the end of FY 2025-26.
(Source: https://www.ibef.org/industry/food-processing )
Key growth drivers
• Large domestic consumption base supporting the rise in demand for packaged and processed foods
• Young demographic profile propelling growth in snacks, beverages, frozen foods and convenience-led categories
• Surge in urbanisation and income levels driving premiumisation and branded product adoption
• Abundance in agricultural production enabling
cost-competitive sourcing for dairy, fruits, vegetables, grains, spices, meat and poultry
• Development of cold-chain and logistics infrastructure improving shelf life and reducing post-harvest losses
• Greater acceptance of Indian processed foods in international markets pushing up exports
• Policy support, including 100% FDI permissions in food processing and food product retail trading through approved routes, further strengthening the sector
(Source: https://www.investindia.gov.in/sector/food-processing )
Government initiatives
The Government of India has introduced several schemes to strengthen food processing infrastructure, attract investment, support small enterprises and improve value addition.
• Production-Linked Incentive Scheme for Food Processing Industry (PLISFPI): With an outlay of ^10,900 Crores spanning FY 2021-22 to FY 2026-27, the scheme aims to position Indian food manufacturers as global champions by incentivising incremental sales and brand promotion
• Pradhan Mantri Kisan Sampada Yojana (PMKSY):
Focuses on developing modern infrastructure, mega food parks, integrated cold chains, agro-processing clusters and backward-forward linkages
• PM Formalisation of Micro Food Processing Enterprises Scheme (PMFME): Supports micro food processing units through credit-linked subsidies, branding, marketing support and capacity building
• FDI liberalisation: India permits 100% FDI in the food processing sector and in trading, including e-commerce, for food products manufactured or produced in India
• Export promotion initiatives: Agencies such as APEDA are supporting agri-food exports, product guality improvement, branding and market access
(Source: https://www.pib . gov. in/PressReleasePage. aspxRs.PRID=2254015®=3&lang=2 https://www.investindia.gov . in/sector/food-processing)
BUSINESS OVERVIEW
Gujarat Ambuja Exports Limited (GAEL or the Company) is a diversified agro-processing company with operations spanning maize processing, agro-processing, cotton yarn and renewable energy. Over the years, the Company has built a strong integrated business model covering agricultural sourcing, processing, value-added manufacturing and global supply capabilities. Its product portfolio caters to a wide range of end-user industries, including food and beverages, pharmaceuticals, paper, textiles, animal nutrition, construction chemicals and industrial applications.
In FY 2025-26, GAEL strengthened its long-term focus on scale expansion, value addition and portfolio diversification. The year represented a key milestone in the Companys transition from a commodity-oriented agro-processor to a more diversified and application-led enterprise. During the year, revenue growth remained robust, supported by volume expansion across key businesses, particularly agro and maize processing, coupled with better capacity utilisation and sustained demand from core end-user industries.
Profitability remained resilient despite, heightened competition in certain starch derivative segments and geopolitical disruptions affecting export markets.
A major development during the year was the commissioning of Indias first maize starch-based fermentation facility for Sodium Gluconate at Hubli, Karnataka, with an installed capacity of 30,000 TPA. This marks GAELS entry into fermentation-led specialty products and sets the base for a planned scale-up to 1,20,000 TPA by FY 2027-28. Sodium Gluconate, a bio-based value-added specialty chemical, finds application across construction chemicals, pharmaceuticals, food processing, cleaning agents and metal treatment industries.
GAEL further bolstered its starch derivatives portfolio with the commissioning of a new Maltodextrin facility at Hubli, raising capacity from 7,000 TPA to 23,000 TPA. The Company also brought into operation a 1,200 TPD maize processing plant at Sitarganj, Uttarakhand increasing the units total capacity to 2,000 TPD, positioning it as one of the largest facilities of its kind in a single location in India. Further capacity additions were undertaken in value-added product lines such as Dextrose Monohydrate, Dextrose Anhydrous and Sorbitol to strengthen portfolio diversification.
Sustainability and resource efficiency continued to remain integral to GAELS operating framework. During the year, the Company fortified its renewable energy footprint through wind, solar, biomass and biogas-based power across its manufacturing locations. Initiatives around water conservation, recycling, responsible resource management and environmental compliance were maintained as well. As part of its forward strategy, GAEL is also expanding biogas- based power generation capacity from 8 MW to 10 MW and solar capacity augmentation from 10 MW to 12 MW.
Segment-wise Performance 1. Maize processing
The Maize Processing segment remained the principal growth driver of the Company, buoyed by robust demand across food, pharmaceutical, paper, textile, animal nutrition and industrial applications. The segment benefits from GAELS integrated manufacturing capabilities, multi-location presence and diversified product portfolio comprising starch, starch derivatives such as Liguid Glucose, Maltodextrin, Dextrose, Sorbitol and other value-added products.
During the year, the Company strengthened its position in the maize processing industry through capacity expansion and increased focus on value-added downstream products. Thecommissioning of the greenfield maize processing unit at Sitarganj is
expected to improve operating scale, boost customer servicing capabilities and support GAELS long-term growth in starch and starch derivative products.
Ramping up of value-added product portfolio, consisting of Maltodextrin, Dextrose, Sorbitol and Liguid Glucose at existing facilities, is expected to support better product mix and margin resilience over the medium term. This enhanced capacity positions the Company well to better serve a wide range of industries, including food processing, pharmaceuticals, confectionery, paper and industrial applications.
2. Agro-processing
The Agro-processing segment continued to support GAELS integrated agri-business model with activities linked to oilseeds, edible oils, de-oiled cakes and other agro-based products. The segment caters to both domestic as well as export markets, while benefitting from the Companys procurement network, processing infrastructure and long-standing relationships with institutional customers. Agro-processing also provides strategic synergies to the Companys broader agrivalue chain by enabling better utilisation of agricultural raw materials and supporting relationships across farmer, trader and institutional customer ecosystems.
The segment operated in a challenging environment during the year, marked by volatility in agricultural commodity prices, changing demand-supply dynamics and fluctuating export opportunities. However, by leveraging its established sourcing network, in addition to vast processing and risk management capabilities, GAEL ensured raw material availability and mitigated price fluctuations. As a result, the segment was able to maintain a steady trajectory and contribute effectively to the Companys diversified business profile.
Key developments during the year included continued emphasis on better capacity utilisation, process efficienciesand market-linked productmixoptimisation. Through disciplined inventory management and firm focus on customer servicing, GAELS agro-processing operations remained aligned with its broader strategy of strengthening value addition, improving asset productivity and maintaining a balanced portfolio across agri-linked businesses.
3. Spinning
The Spinning segment operated in a relatively subdued environment during the year, impacted by volatility in cotton prices, pressure on yarn realisations and fluctuating demand across domestic and export textile
markets. The segment remains closely linked to cotton availability, global textile demand, yarn prices, foreign exchange movements and export competitiveness.
During the year, the Company focused on operating discipline, cost optimisation, guality consistency and efficient working capital management to navigate margin pressure, arising out of market cyclicality. Operations were managed prudently by balancing production with demand conditions and selective market participation.
The key development in this segment was the Companys continued focus on stabilising performance through better operating efficiencies. Given the cyclical nature of the textile and yarn industry, the Company remained cautious in its approach, prioritising guality improvement and risk-controlled operations. Its performance is expected to remain closely linked to cotton prices, yarn spreads, export demand and global textile market recovery.
4. Renewables
The Renewable Energy segment continued to support GAELS sustainability agenda and resource-efficiency objectives. Renewable energy assets across wind, solar, biomass and biogas-based power generation help the Company reduce dependence on conventional energy sources and support captive energy reguirements across manufacturing locations.
During the year, the Company continued to emphasise energy efficiency, lower carbon intensity and responsible resource management. Renewable energy remains an important enabler for cost optimisation, particularly in energy-intensive manufacturing operations such as maize processing and starch derivative production.
A key development in this segment was the continued investment in biogas-based power generation. Currently, the Company is undertaking capacity augmentation through the planned installation of additional biogas engines, enhancing renewable power availability and improving energy self-sufficiency at relevant manufacturing locations.
The Renewables segment also aligns with the Companys broader ESG priorities, including waste-to-energy utilisation, improvement in energy mix and reduction in environmental footprint. Going forward, renewable energy initiatives are expected to play a more prominent role in supporting sustainable manufacturing, cost efficiency and long-term operational resilience.
FINANCIAL PERFORMANCE OVERVIEW
Key Financial Metrics
(Rs. in Crores)
| Particulars | FY 2025-26 | FY 2024-25 | Variance (%) |
| Income from Operations | 5,836 | 4,696 | 24 |
| EBIT | 437 | 359 | 22 |
| EBITDA | 574 | 485 | 18 |
| PBT | 405 | 343 | 18 |
| PAT | 305 | 251 | 22 |
Key Ratios
| Ratios | FY 2025-26 | FY 2024-25 | Variance (%) |
| Debtors Turnover Ratio | 14.46 | 13.61 | 6 |
| Inventory Turnover Ratio | 7.50 | 6.11 | 23 |
| Debt Service Coverage Ratio | 15.31 | 20.57 | (26) |
| Current Ratio | 3.22 | 4.38 | (26) |
| Gross Profit Margin (%) | 25.76 | 26.88 | (4.16) |
| Net Profit Margin (%) | 5.32 | 5.44 | (2) |
| EBIT Margin (%) | 7.48 | 7.65 | (2) |
| Return on Net Worth (%) | 9.25 | 8.35 | 11 |
| Debt-to-Eguity Ratio (%) | 0.13 | 0.07 | 82 |
Expense Breakdown
(Rs. in Crores, except EPS)
| Particulars | FY 2025-26 | FY 2024-25 | Variance (%) |
| Depreciation | 137 | 126 | 9 |
| EPS (Rs.) | 6.65 | 5.47 | 22 |
| Material Cost | 3,493 | 3,067 | 14 |
| Employee Benefit Expenses | 147 | 134 | 10 |
| Other Expenses | 862 | 705 | 22 |
Balance Sheet Overview
(Rs. in Crores)
| Particulars | FY 2025-26 | FY 2024-25 | Variance (%) |
| Shareholders Fund | 3,297 | 3,004 | 10 |
| Non-Current Liabilities | 170 | 127 | 34 |
| Current Liabilities | 687 | 454 | 51 |
| Non-Current Assets | 1,942 | 1,598 | 22 |
| Current Assets | 2,212 | 1,987 | 11 |
RISKS AND MITIGATION STRATEGIES
GAEL operates in a dynamic business environment influenced by commodity cycles, climatic conditions, regulatory changes, global trade developments, evolving customer reguirements and technological advancements. In this context, the Company adopts a structured approach to identify, assess and mitigate key risks that may affect its operations, profitability, growth objectives and stakeholder value.
| Risk Category | Specific Risk | Potential Impact | Mitigation Strategies |
| Market and Competition Risk | Competitive intensity across starch, starch derivatives, agroprocessing and textile markets | Pressure on pricing, margins and market share | The Company focuses on product guality, customer servicing, value-added offerings, application-led solutions and lasting customer relationships. Capacity expansion, process efficiency and product diversification further sharpen competitiveness. |
| Raw Material and Commodity Risk | Volatility in maize, oilseeds, cotton and other agricultural commodity prices | Escalation in input costs, margin pressure and working capital fluctuations | The Company undertakes diversified procurement, regional sourcing, market monitoring, inventory planning and efficient warehousing. Moreover, improvements in yields, operating efficiencies and product mix partly offset raw material volatility. |
| Export and Geopolitical Risk | Geopolitical tensions, trade restrictions, freight volatility and disruption in international demand | Fower export volumes, increased logistics cost and uncertainty in customer orders | The Company serves several markets, including domestic and export markets, to reduce dependence on any single geography. In addition, tracking of global trade developments and proactive logistics management help in minimising disruption. |
| Capacity Ramp-up and New Product Risk | Delay or lowethan- expected utilisation of new capacities and new product platforms, including fermentation- led products | Fower return on capital employed, higher fixed cost absorption period and slowethan- expected contribution from new capacities | The Company manages expansion through phased commissioning, technical stabilisation, product testing, customer approvals and focused market development efforts. Its well-established maize processing capabilities and customer network ensure capacity absorption. |
| Technology and Operational Risk | Process disruptions, eguipment downtime, automation issues or technology obsolescence | Production loss, guality issues, higher downtime and operational inefficiencies | The Company invests in plant automation, process controls, preventive maintenance, IT systems and business continuity processes. Moreover, with regular maintenance and technology upgradation, improvements in operating reliability are achieved. |
| Quality and Food Safety Risk | Failure to meet customer specifications, food safety norms or guality standards | Product rejection, reputational damage, regulatory action and erosion of customer confidence | The Company maintains guality assurance systems, testing protocols, process controls and compliance with applicable food safety and product standards. Continuous monitoring and customer feedback mechanisms ensure guality consistency. |
| Financial, Credit and Currency Risk | Customer defaults, delayed receivables, liguidity stress or exchange rate fluctuations | Impact on cash flows, working capital, revenue realisation and profitability | The Company implements credit assessment, exposure monitoring and disciplined collection processes. Furthermore, monitoring of foreign currency exposure and probable use of hedging tools, such as forward contracts, wherever reguired, contain financial vulnerabilities. |
| Supply Chain and Fogistics Risk | Disruption in transportation, warehousing, container availability, freight rates or port operations | Delay in procurement, production or customer deliveries | The Company operates from multiple locations, aided by vendor diversification and logistics planning. In addition, warehouse optimisation and continuous monitoring of supply-chain conditions fortify operational agility. |
| Regulatory and Compliance Risk | Changes in food safety regulations, environmental norms, taxation, import-export policies or industry- specific laws | Higher compliance cost, operational restrictions or business disruption | The Company adopts a compliance-oriented operating framework with continuous monitoring of regulatory shifts. Internal teams and external advisors support timely adherence to applicable laws. |
| Environmental and Climate Risk | Climate change, erratic rainfall, water stress, crop yield variability and stricter environmental regulations | Impact on raw material availability, water usage, cost structure and operating continuity | The Company emphasises water conservation, recycling, renewable energy, waste management and efficient resource utilisation. These endeavours minimise environmental impact and augment long-term resilience. |
| Energy Cost and Availability Risk | Volatility in power, fuel and energy costs | Increase in manufacturing cost, particularly in energy- intensive operations | The Company invests in renewable energy, biomass, biogas and energy-efficiency initiatives. Captive and renewable energy sources help support cost optimisation and reduce dependence on conventional power. |
| Natural Disaster and Business Continuity Risk | Floods, droughts, fire, earthguakes or other disruptions affecting plants, suppliers or logistics | Business interruption, asset damage and supply-chain disruption | The Company strengthens operational continuity through preventive maintenance, safety measures, insurance coverage, emergency response planning and infrastructure resilience measures. Multi-location operations also help reduce concentration risk. |
| Human Capital and Industrial Relations Risk | Shortage of skilled manpower, employee attrition or industrial relations issues | Impact on productivity, safety, operational continuity and project execution | The Company remains focused on strengthening employee capabilities through training, skill development, workplace safety initiatives and stable industrial relations. Enhanced expertise in technical and operational domains further boosts market stature. |
| Cybersecurity and Data Risk | Cyberattacks, data loss, system breach or disruption in digital infrastructure | Operational disruption, financial loss and reputational risk | The Company bolsters IT controls, access management, data backup, cybersecurity monitoring and disaster recovery processes. Periodic review of technology infrastructure supports business continuity. |
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
GAEL has established a robust internal control framework aligned with the scale and complexity of its operations. The framework is designed to ensure operational efficiency, regulatory compliance and safeguarding of assets, while maintaining accurate, timely and reliable financial reporting.
The Companys internal controls cover all critical business functions, including procurement, manufacturing, sales, inventory management, treasury, finance, statutory compliances, information systems and reporting. These controls help ensure the integrity of transactions through proper authorisation and reporting processes, while protecting assets against unauthorised access or depletion.
GAEL continuously reviews and fortifies its internal control systems in line with evolving business reguirements, regulatory stringency, accounting standards and risk dynamics. Independent internal auditors conduct risk- based audits across business areas, and their observations are reviewed by the Audit Committee, which monitors the adeguacy of internal controls, implementation of corrective actions and the overall effectiveness of the internal audit function.
HUMAN RESOURCES
GAEL considers its human capital to be one of the fundamental strengths supporting sustainable growth and business excellence. To align with this philosophy, the Company remains focused on building a capable, engaged and performance-oriented workforce across its manufacturing locations and corporate functions.
The Companys human resource practices are centred on talent development, employee engagement, productivity enhancement, skill building, workplace safety and stable industrial relations. During the year, GAEL continued to invest in training and development programmes to strengthen functional, technical, safety and managerial capabilities across levels. A collaborative and constructive work culture remained a priority all through, boosting efficiency, accountability and long-term organisational growth.
Aspects covering health, safety and employee well-being continue to hold prominence in GAELS people agenda. To reaffirm this commitment, employees at various plants were imparted training in basic and advanced fire safety, including mock drills for emergency preparedness. The Company also maintained structured monitoring and review mechanisms,
supported by compliance reporting systems, with health, safety and environment-related reports from plants and units periodically placed before the Board for review.
Across its operations, GAEL maintained cordial and constructive relations with employees, staff and workers. Reflecting this stable workplace environment, the Board acknowledged the contribution and commitment of employees at all levels towards the Companys performance and continued position in the agro-based industry.
As of 31st March, 2026, GAELS workforce comprised 2,551 employees.
CAUTIONARY STATEMENT
Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations, strategies, outlook, or future plans may constitute forward-looking statements within
the meaning of applicable securities laws and regulations. These statements are based on certain assumptions and expectations of future events and are subject to risks, uncertainties, and factors beyond the Companys control.
Actual results may differ materially from those expressed or implied in such forward-looking statements due to factors including, but not limited to, changes in domestic and global economic conditions, demand-supply dynamics, agricultural commodity prices, availability of raw materials, energy and logistics costs, foreign exchange movements, competitive pressures, customer preferences, geopolitical developments, regulatory changes, tax laws, environmental norms, and other business risks.
The Company assumes no obligation to publicly update, modify, or revise any forward-looking statements on the basis of subseguent developments, new information or future events, except as reguired under applicable laws and regulations.
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