# Agricultural Processing - Maize — company-by-company sector analysis

> Agricultural Processing - Maize: Gujarat Ambuja Exports Ltd owns the largest revenue base; AVT Natural Products Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Agricultural Processing - Maize has outperformed NIFTY 500 by 13.7% over 52 weeks and 2.9% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Gujarat Ambuja Exports Ltd leads with revenue of ₹5,729 crore, based on 3 of 4 comparable companies through Mar 2026.

### Is the Agricultural Processing - Maize sector outperforming NIFTY 500?

Agricultural Processing - Maize has outperformed NIFTY 500 by 13.7% over 52 weeks and 2.9% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Agricultural Processing - Maize company is largest by revenue?

Gujarat Ambuja Exports Ltd leads with revenue of ₹5,729 crore, based on 3 of 4 comparable companies through Mar 2026.

### Which Agricultural Processing - Maize company is growing fastest?

AVT Natural Products Ltd has the fastest current revenue growth at 27.8%, across 3 of 4 comparable companies.

### Which Agricultural Processing - Maize company has the strongest 4-Factor Sector Score?

Gujarat Ambuja Exports Ltd ranks first at 65.4/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Agricultural Processing - Maize company reports the most CAPEX?

Sanstar Ltd reports the largest latest CAPEX at ₹13 crore, with 1 of 4 companies comparable.

### Which Agricultural Processing - Maize company has the least gross debt?

Sanstar Ltd has the lowest comparable gross debt at ₹20 crore. Gujarat Ambuja Exports Ltd has the highest at ₹441 crore.

### Which Agricultural Processing - Maize company has the lowest comparable PEG?

Gujarat Ambuja Exports Ltd has the lowest comparable Guarded PEG at 1.56, among 1 of 4 companies that pass the metric’s comparability rules.

### How much history does this Agricultural Processing - Maize comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Agricultural Processing - Maize has outperformed NIFTY 500 by 13.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.9%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Gujarat Ambuja Exports Ltd is the strongest against the sector itself at +6.9%.

13-week sector return versus NIFTY 500: 2.9%
52-week sector return versus NIFTY 500: 14%
Stocks leading NIFTY: 3/4
Stocks leading sector: 2/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹10.7K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Gujarat Ambuja Exports Ltd (GAEL): 65/100 — Favorable setup; evidence 97%
   - Growth & earnings 27.9/35 | Capital efficiency 13.9/25 | Valuation 9.6/20 | Relative strength 14.0/20
   - Exact sum: 27.9 + 13.9 + 9.6 + 14 = 65.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. AVT Natural Products Ltd (AVTNPL): 65/100 — Favorable setup; evidence 84%
   - Growth & earnings 27.9/35 | Capital efficiency 16.0/25 | Valuation 12.7/20 | Relative strength 8.6/20
   - Exact sum: 27.9 + 16 + 12.7 + 8.6 = 65.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): 27/100 — Adverse evidence; evidence 84%
   - Growth & earnings 10.2/35 | Capital efficiency 9.2/25 | Valuation 7.5/20 | Relative strength 0.0/20
   - Exact sum: 10.2 + 9.2 + 7.5 + 0 = 26.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Sanstar Ltd (SANSTAR): 68/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 17.3/35 | Capital efficiency 20.7/25 | Valuation 10.0/20 | Relative strength 20.0/20
   - Exact sum: 17.3 + 20.7 + 10 + 20 = 68
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Gujarat Ambuja Exports Ltd is the scale leader at ₹5,729 crore, 299.8% ahead of Sukhjit Starch & Chemicals Ltd. AVT Natural Products Ltd's growth is 27.8% from a ₹712 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Gujarat Ambuja Exports Ltd is the scale benchmark; AVT Natural Products Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Gujarat Ambuja Exports Ltd's growth falls below AVT Natural Products Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Gujarat Ambuja Exports Ltd · ₹5,729 crore | 299.8% versus #2 · Sukhjit Starch & Chemicals Ltd | 5/8 recent comparable periods | 3/4 companies · 50 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Gujarat Ambuja Exports Ltd (GAEL): ₹5.7K Cr
2. Sukhjit Starch & Chemicals Ltd (SUKHJITS): ₹1.4K Cr
3. AVT Natural Products Ltd (AVTNPL): ₹712 Cr

### Revenue growth — fastest growers
1. AVT Natural Products Ltd (AVTNPL): 28%
2. Gujarat Ambuja Exports Ltd (GAEL): 24%
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): -4.3%

### 20-quarter Revenue history
- GAEL: Jun 2021 ₹1.0K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹304 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹291 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AVTNPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹139 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹135 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹105 Cr | Sep 2024 ₹122 Cr | Dec 2024 ₹173 Cr | Mar 2025 ₹157 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹160 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹226 Cr
- SUKHJITS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹347 Cr | Mar 2023 ₹391 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹361 Cr | Mar 2024 ₹370 Cr | Jun 2024 ₹395 Cr | Sep 2024 ₹368 Cr | Dec 2024 ₹375 Cr | Mar 2025 ₹360 Cr | Jun 2025 ₹369 Cr | Sep 2025 ₹315 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹402 Cr

### 20-quarter Revenue growth history
- GAEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 -6.4% | Dec 2022 -8.7% | Mar 2023 14% | Jun 2023 -8.6% | Sep 2023 3.5% | Dec 2023 15% | Mar 2024 -5.7% | Jun 2024 -6.3% | Sep 2024 0.8% | Dec 2024 -13% | Mar 2025 -5.9% | Jun 2025 18% | Sep 2025 32% | Dec 2025 31% | Mar 2026 16%
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -4.3% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AVTNPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 -6.7% | Jun 2024 1.9% | Sep 2024 -9.6% | Dec 2024 12% | Mar 2025 26% | Jun 2025 26% | Sep 2025 31% | Dec 2025 12% | Mar 2026 44%
- SUKHJITS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 4.2% | Mar 2024 -5.4% | Jun 2024 22% | Sep 2024 15% | Dec 2024 3.9% | Mar 2025 -2.7% | Jun 2025 -6.6% | Sep 2025 -14% | Dec 2025 -7.5% | Mar 2026 12%

## Operating Economics & Margin Trend

What the numbers say: AVT Natural Products Ltd leads opm at 16%; Gujarat Ambuja Exports Ltd leads margin change at +8 percentage points.

Investor read: AVT Natural Products Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: AVT Natural Products Ltd · 16% | 23.1% versus #2 · Gujarat Ambuja Exports Ltd | 3/8 recent comparable periods | 4/4 companies · 62 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. AVT Natural Products Ltd (AVTNPL): 16%
2. Gujarat Ambuja Exports Ltd (GAEL): 13%
3. Sanstar Ltd (SANSTAR): 9.0%
4. Sukhjit Starch & Chemicals Ltd (SUKHJITS): 6.0%

### Margin change — fastest expanders
1. Gujarat Ambuja Exports Ltd (GAEL): +8.0 pp
2. Sanstar Ltd (SANSTAR): +1.0 pp
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): +1.0 pp
4. AVT Natural Products Ltd (AVTNPL): 0.0 pp

### 20-quarter OPM history
- GAEL: Jun 2021 16% | Sep 2021 13% | Dec 2021 13% | Mar 2022 17% | Jun 2022 13% | Sep 2022 8.7% | Dec 2022 10% | Mar 2023 7.0% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 8.0% | Jun 2024 10% | Sep 2024 10% | Dec 2024 11% | Mar 2025 5.0% | Jun 2025 7.0% | Sep 2025 5.0% | Dec 2025 7.0% | Mar 2026 13%
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.0% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 9.0% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AVTNPL: Jun 2021 17% | Sep 2021 16% | Dec 2021 27% | Mar 2022 15% | Jun 2022 24% | Sep 2022 21% | Dec 2022 19% | Mar 2023 18% | Jun 2023 11% | Sep 2023 12% | Dec 2023 23% | Mar 2024 13% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 17% | Mar 2025 16% | Jun 2025 12% | Sep 2025 9.0% | Dec 2025 12% | Mar 2026 16%
- SUKHJITS: Jun 2021 12% | Sep 2021 13% | Dec 2021 14% | Mar 2022 14% | Jun 2022 11% | Sep 2022 11% | Dec 2022 9.3% | Mar 2023 10% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 9.0% | Jun 2024 9.0% | Sep 2024 9.0% | Dec 2024 8.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 6.0% | Dec 2025 6.0% | Mar 2026 6.0%

### 20-quarter Margin change history
- GAEL: Jun 2021 +7.2 pp | Sep 2021 +1.6 pp | Dec 2021 −0.1 pp | Mar 2022 +5.8 pp | Jun 2022 −3.2 pp | Sep 2022 −4.0 pp | Dec 2022 −2.9 pp | Mar 2023 −10.1 pp | Jun 2023 −4.1 pp | Sep 2023 +0.3 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 −5.0 pp | Dec 2025 −4.0 pp | Mar 2026 +8.0 pp
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AVTNPL: Jun 2021 +2.6 pp | Sep 2021 +4.4 pp | Dec 2021 +7.0 pp | Mar 2022 +2.1 pp | Jun 2022 +7.7 pp | Sep 2022 +5.0 pp | Dec 2022 −7.8 pp | Mar 2023 +3.2 pp | Jun 2023 −13.2 pp | Sep 2023 −9.4 pp | Dec 2023 +4.0 pp | Mar 2024 −5.0 pp | Jun 2024 −3.0 pp | Sep 2024 −5.0 pp | Dec 2024 −6.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 −5.0 pp | Mar 2026 0.0 pp
- SUKHJITS: Jun 2021 +7.8 pp | Sep 2021 +6.6 pp | Dec 2021 +0.8 pp | Mar 2022 +3.7 pp | Jun 2022 −1.2 pp | Sep 2022 −2.6 pp | Dec 2022 −5.1 pp | Mar 2023 −4.0 pp | Jun 2023 −2.1 pp | Sep 2023 −1.7 pp | Dec 2023 +0.7 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −3.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp

## Profit Scale & Acceleration

What the numbers say: Gujarat Ambuja Exports Ltd leads with ₹304 crore of TTM profit, 375% above AVT Natural Products Ltd. AVT Natural Products Ltd shows 33.3% growth from a ₹64 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Gujarat Ambuja Exports Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Gujarat Ambuja Exports Ltd · ₹304 crore | 375% versus #2 · AVT Natural Products Ltd | 2/8 recent comparable periods | 3/4 companies · 50 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Gujarat Ambuja Exports Ltd (GAEL): ₹304 Cr
2. AVT Natural Products Ltd (AVTNPL): ₹64 Cr
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): ₹27 Cr

### Profit growth — fastest growers
1. AVT Natural Products Ltd (AVTNPL): 33%
2. Gujarat Ambuja Exports Ltd (GAEL): 22%
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): -34%

### 20-quarter Net profit history
- GAEL: Jun 2021 ₹114 Cr | Sep 2021 ₹103 Cr | Dec 2021 ₹105 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹64 Cr | Dec 2022 ₹82 Cr | Mar 2023 ₹69 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹101 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹135 Cr
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹14 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 ₹17 Cr | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AVTNPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹22 Cr
- SUKHJITS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹13 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹15 Cr

### 20-quarter Profit growth history
- GAEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9% | Sep 2022 -38% | Dec 2022 -22% | Mar 2023 -55% | Jun 2023 -38% | Sep 2023 30% | Dec 2023 23% | Mar 2024 32% | Jun 2024 8.5% | Sep 2024 -17% | Dec 2024 -30% | Mar 2025 -65% | Jun 2025 -16% | Sep 2025 -45% | Dec 2025 -7.0% | Mar 2026 322%
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 21% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- AVTNPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 69% | Mar 2024 -21% | Jun 2024 -25% | Sep 2024 -50% | Dec 2024 0.0% | Mar 2025 27% | Jun 2025 100% | Sep 2025 117% | Dec 2025 -23% | Mar 2026 57%
- SUKHJITS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 -20% | Jun 2024 27% | Sep 2024 18% | Dec 2024 -31% | Mar 2025 -75% | Jun 2025 -64% | Sep 2025 -69% | Dec 2025 -73% | Mar 2026 400%

## Capacity Spending & Returns On It

What the numbers say: Sanstar Ltd leads capex at ₹13 crore; the second comparison lacks enough current evidence.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Sanstar Ltd · ₹13 crore | Not enough peers | Not enough history | 1/4 companies · 1 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Sanstar Ltd (SANSTAR): ₹13 Cr

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹13 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Gujarat Ambuja Exports Ltd has the clearest covered balance-sheet capacity with ₹423 crore net cash and gross debt of ₹441 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Sanstar Ltd · ₹20 crore | 82.5% versus #2 · AVT Natural Products Ltd | 7/8 recent comparable periods | 4/4 companies · 58 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Sanstar Ltd (SANSTAR): ₹20 Cr
2. AVT Natural Products Ltd (AVTNPL): ₹114 Cr
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): ₹345 Cr
4. Gujarat Ambuja Exports Ltd (GAEL): ₹441 Cr

### Net debt — lowest net debt
1. Gujarat Ambuja Exports Ltd (GAEL): ₹-423 Cr
2. Sanstar Ltd (SANSTAR): ₹-141 Cr
3. AVT Natural Products Ltd (AVTNPL): ₹-37 Cr

### 20-quarter Gross debt history
- GAEL: Jun 2021 ₹163 Cr | Sep 2021 ₹122 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹281 Cr | Jun 2022 ₹278 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹229 Cr | Jun 2023 ₹227 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹199 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹168 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹229 Cr | Sep 2025 ₹288 Cr | Dec 2025 ₹288 Cr | Mar 2026 ₹441 Cr
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹85 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹112 Cr | Jun 2023 ₹112 Cr | Sep 2023 — | Dec 2023 ₹128 Cr | Mar 2024 ₹128 Cr | Jun 2024 ₹128 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹20 Cr
- AVTNPL: Jun 2021 ₹54 Cr | Sep 2021 ₹74 Cr | Dec 2021 — | Mar 2022 ₹25 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹98 Cr | Dec 2022 ₹98 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹70 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹43 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹96 Cr | Mar 2025 ₹113 Cr | Jun 2025 ₹113 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹114 Cr
- SUKHJITS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹288 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹332 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹338 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹299 Cr | Jun 2025 — | Sep 2025 ₹409 Cr | Dec 2025 — | Mar 2026 ₹345 Cr

### 20-quarter Net debt history
- GAEL: Jun 2021 ₹-91 Cr | Sep 2021 ₹-453 Cr | Dec 2021 ₹-453 Cr | Mar 2022 ₹-395 Cr | Jun 2022 ₹-395 Cr | Sep 2022 ₹-468 Cr | Dec 2022 ₹-468 Cr | Mar 2023 ₹-456 Cr | Jun 2023 ₹-459 Cr | Sep 2023 ₹-307 Cr | Dec 2023 ₹-307 Cr | Mar 2024 ₹-485 Cr | Jun 2024 ₹-491 Cr | Sep 2024 ₹-599 Cr | Dec 2024 ₹-599 Cr | Mar 2025 ₹-532 Cr | Jun 2025 ₹-542 Cr | Sep 2025 ₹-472 Cr | Dec 2025 ₹-472 Cr | Mar 2026 ₹-423 Cr
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹106 Cr | Sep 2023 — | Dec 2023 ₹125 Cr | Mar 2024 — | Jun 2024 ₹125 Cr | Sep 2024 ₹-242 Cr | Dec 2024 ₹-242 Cr | Mar 2025 ₹-94 Cr | Jun 2025 ₹-187 Cr | Sep 2025 ₹-119 Cr | Dec 2025 ₹-119 Cr | Mar 2026 ₹-141 Cr
- AVTNPL: Jun 2021 ₹32 Cr | Sep 2021 ₹39 Cr | Dec 2021 — | Mar 2022 ₹-18 Cr | Jun 2022 ₹-18 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹-42 Cr | Jun 2023 ₹-42 Cr | Sep 2023 ₹-58 Cr | Dec 2023 ₹-58 Cr | Mar 2024 ₹-111 Cr | Jun 2024 ₹-109 Cr | Sep 2024 ₹-64 Cr | Dec 2024 ₹-64 Cr | Mar 2025 ₹-58 Cr | Jun 2025 ₹-58 Cr | Sep 2025 ₹-57 Cr | Dec 2025 ₹-57 Cr | Mar 2026 ₹-37 Cr

## Return On Capital Employed

What the numbers say: Sanstar Ltd leads ROCE at 29.2%, 15 percentage points above AVT Natural Products Ltd. AVT Natural Products Ltd has the strongest latest improvement at +2.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Sanstar Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Sanstar Ltd · 29.2% | 105.6% versus #2 · AVT Natural Products Ltd | 0/2 recent comparable periods | 4/4 companies · 35 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Sanstar Ltd (SANSTAR): 29%
2. AVT Natural Products Ltd (AVTNPL): 14%
3. Gujarat Ambuja Exports Ltd (GAEL): 13%
4. Sukhjit Starch & Chemicals Ltd (SUKHJITS): 7.6%

### ROCE change — fastest improvers
1. AVT Natural Products Ltd (AVTNPL): +2.2 pp
2. Gujarat Ambuja Exports Ltd (GAEL): +0.3 pp
3. Sukhjit Starch & Chemicals Ltd (SUKHJITS): −1.0 pp
4. Sanstar Ltd (SANSTAR): −2.5 pp

### 20-quarter ROCE history
- GAEL: Jun 2021 — | Sep 2021 29% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 18% | Mar 2024 11% | Jun 2024 18% | Sep 2024 11% | Dec 2024 15% | Mar 2025 9.2% | Jun 2025 12% | Sep 2025 7.3% | Dec 2025 9.6% | Mar 2026 9.5%
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 — | Jun 2024 — | Sep 2024 11% | Dec 2024 — | Mar 2025 6.2% | Jun 2025 — | Sep 2025 0.9% | Dec 2025 — | Mar 2026 3.7%
- AVTNPL: Jun 2021 — | Sep 2021 21% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 14% | Dec 2023 18% | Mar 2024 14% | Jun 2024 16% | Sep 2024 11% | Dec 2024 14% | Mar 2025 12% | Jun 2025 16% | Sep 2025 14% | Dec 2025 16% | Mar 2026 14%

### 20-quarter ROCE change history
- GAEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.5 pp | Dec 2022 — | Mar 2023 −11.6 pp | Jun 2023 — | Sep 2023 −11.0 pp | Dec 2023 — | Mar 2024 −4.1 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 −2.9 pp | Mar 2025 −2.1 pp | Jun 2025 −6.0 pp | Sep 2025 −3.7 pp | Dec 2025 −5.2 pp | Mar 2026 +0.3 pp
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −10.5 pp | Dec 2025 — | Mar 2026 −2.5 pp
- AVTNPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.7 pp | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 −13.5 pp | Dec 2023 — | Mar 2024 −10.7 pp | Jun 2024 — | Sep 2024 −3.0 pp | Dec 2024 −4.2 pp | Mar 2025 −1.9 pp | Jun 2025 −0.2 pp | Sep 2025 +3.4 pp | Dec 2025 +1.9 pp | Mar 2026 +2.2 pp

## Valuation Against Growth & Quality

What the numbers say: Gujarat Ambuja Exports Ltd has the lowest comparable Guarded PEG at 1.56×. Only 1 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Gujarat Ambuja Exports Ltd · 1.56× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 8 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Gujarat Ambuja Exports Ltd (GAEL): 1.6

### P/E — lowest P/E
1. AVT Natural Products Ltd (AVTNPL): 16.4
2. Sukhjit Starch & Chemicals Ltd (SUKHJITS): 18.4
3. Gujarat Ambuja Exports Ltd (GAEL): 22.6
4. Sanstar Ltd (SANSTAR): 31.9

### 20-quarter Guarded PEG history
- GAEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.9 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.2 | Mar 2024 0.7 | Jun 2024 2.2 | Sep 2024 0.7 | Dec 2024 1.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- GAEL: Jun 2021 12.1 | Sep 2021 9.5 | Dec 2021 8.7 | Mar 2022 13.0 | Jun 2022 12.4 | Sep 2022 13.5 | Dec 2022 13.4 | Mar 2023 12.9 | Jun 2023 16.6 | Sep 2023 27.9 | Dec 2023 27.6 | Mar 2024 22.6 | Jun 2024 18.1 | Sep 2024 16.6 | Dec 2024 16.9 | Mar 2025 15.2 | Jun 2025 20.5 | Sep 2025 20.3 | Dec 2025 27.9 | Mar 2026 30.1
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 29.3 | Dec 2024 26.0 | Mar 2025 18.6 | Jun 2025 21.4 | Sep 2025 20.2 | Dec 2025 18.6 | Mar 2026 16.9
- AVTNPL: Jun 2021 24.2 | Sep 2021 22.2 | Dec 2021 20.1 | Mar 2022 25.4 | Jun 2022 19.4 | Sep 2022 18.6 | Dec 2022 17.6 | Mar 2023 15.3 | Jun 2023 18.1 | Sep 2023 20.3 | Dec 2023 29.5 | Mar 2024 22.6 | Jun 2024 24.4 | Sep 2024 26.1 | Dec 2024 25.7 | Mar 2025 18.4 | Jun 2025 21.1 | Sep 2025 20.0 | Dec 2025 16.5 | Mar 2026 14.9
- SUKHJITS: Jun 2021 16.8 | Sep 2021 13.4 | Dec 2021 10.2 | Mar 2022 12.9 | Jun 2022 9.1 | Sep 2022 8.3 | Dec 2022 7.9 | Mar 2023 8.2 | Jun 2023 10.4 | Sep 2023 12.2 | Dec 2023 15.2 | Mar 2024 13.6 | Jun 2024 14.2 | Sep 2024 17.3 | Dec 2024 15.6 | Mar 2025 12.4 | Jun 2025 14.2 | Sep 2025 16.6 | Dec 2025 23.5 | Mar 2026 28.8

## Enterprise Value & Book Value

What the numbers say: Sukhjit Starch & Chemicals Ltd leads both ev/ebitda at 9.6× and p/bv at 0.87×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Sukhjit Starch & Chemicals Ltd · 9.6× | 1% versus #2 · AVT Natural Products Ltd | 0/8 recent comparable periods | 4/4 companies · 67 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Sukhjit Starch & Chemicals Ltd (SUKHJITS): 9.6
2. AVT Natural Products Ltd (AVTNPL): 9.7
3. Sanstar Ltd (SANSTAR): 14.1
4. Gujarat Ambuja Exports Ltd (GAEL): 14.6

### P/BV — lowest P/BV
1. Sukhjit Starch & Chemicals Ltd (SUKHJITS): 0.9
2. AVT Natural Products Ltd (AVTNPL): 1.9
3. Sanstar Ltd (SANSTAR): 2.0
4. Gujarat Ambuja Exports Ltd (GAEL): 2.1

### 20-quarter EV/EBITDA history
- GAEL: Jun 2021 7.8 | Sep 2021 6.1 | Dec 2021 5.1 | Mar 2022 7.7 | Jun 2022 8.0 | Sep 2022 8.6 | Dec 2022 8.5 | Mar 2023 8.4 | Jun 2023 10.4 | Sep 2023 16.4 | Dec 2023 16.4 | Mar 2024 13.6 | Jun 2024 10.8 | Sep 2024 10.2 | Dec 2024 10.1 | Mar 2025 8.8 | Jun 2025 10.9 | Sep 2025 10.6 | Dec 2025 13.7 | Mar 2026 14.6
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 23.6 | Dec 2024 21.1 | Mar 2025 15.4 | Jun 2025 17.5 | Sep 2025 16.6 | Dec 2025 15.4 | Mar 2026 14.1
- AVTNPL: Jun 2021 14.6 | Sep 2021 13.6 | Dec 2021 12.4 | Mar 2022 15.9 | Jun 2022 12.5 | Sep 2022 12.5 | Dec 2022 12.1 | Mar 2023 9.8 | Jun 2023 11.4 | Sep 2023 12.4 | Dec 2023 17.0 | Mar 2024 13.9 | Jun 2024 14.3 | Sep 2024 14.8 | Dec 2024 15.2 | Mar 2025 11.1 | Jun 2025 11.9 | Sep 2025 12.4 | Dec 2025 10.6 | Mar 2026 9.7
- SUKHJITS: Jun 2021 9.1 | Sep 2021 7.8 | Dec 2021 6.5 | Mar 2022 7.6 | Jun 2022 6.2 | Sep 2022 6.2 | Dec 2022 5.9 | Mar 2023 5.4 | Jun 2023 6.2 | Sep 2023 7.1 | Dec 2023 8.3 | Mar 2024 7.7 | Jun 2024 7.5 | Sep 2024 8.8 | Dec 2024 8.3 | Mar 2025 7.0 | Jun 2025 7.4 | Sep 2025 7.4 | Dec 2025 9.7 | Mar 2026 9.6

### 20-quarter P/BV history
- GAEL: Jun 2021 5.4 | Sep 2021 2.4 | Dec 2021 2.1 | Mar 2022 3.1 | Jun 2022 3.5 | Sep 2022 2.8 | Dec 2022 2.6 | Mar 2023 2.5 | Jun 2023 2.6 | Sep 2023 3.3 | Dec 2023 3.3 | Mar 2024 2.9 | Jun 2024 2.5 | Sep 2024 2.1 | Dec 2024 2.0 | Mar 2025 1.6 | Jun 2025 1.8 | Sep 2025 1.6 | Dec 2025 1.9 | Mar 2026 2.0
- SANSTAR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 3.7 | Dec 2024 3.2 | Mar 2025 2.4 | Jun 2025 2.9 | Sep 2025 2.6 | Dec 2025 2.7 | Mar 2026 2.0
- AVTNPL: Jun 2021 3.7 | Sep 2021 3.8 | Dec 2021 3.5 | Mar 2022 5.2 | Jun 2022 4.5 | Sep 2022 3.7 | Dec 2022 4.0 | Mar 2023 3.3 | Jun 2023 3.8 | Sep 2023 2.9 | Dec 2023 3.2 | Mar 2024 2.9 | Jun 2024 3.0 | Sep 2024 2.8 | Dec 2024 2.5 | Mar 2025 1.7 | Jun 2025 2.2 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 1.6
- SUKHJITS: Jun 2021 1.1 | Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.5 | Jun 2024 1.5 | Sep 2024 1.8 | Dec 2024 1.6 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 0.8

## Market action

Gujarat Ambuja Exports Ltd has the strongest one-year price move in Agricultural Processing - Maize at +35.6%. It also leads on Mansfield relative strength against NIFTY at +16.3%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Gujarat Ambuja Exports Ltd (GAEL): 36%
2. Sanstar Ltd (SANSTAR): 13%
3. AVT Natural Products Ltd (AVTNPL): 0.9%
4. Sukhjit Starch & Chemicals Ltd (SUKHJITS): -7.4%

### Strongest relative strength versus NIFTY 500
1. Gujarat Ambuja Exports Ltd (GAEL): 16%
2. Sanstar Ltd (SANSTAR): 16%
3. AVT Natural Products Ltd (AVTNPL): 3.2%
4. Sukhjit Starch & Chemicals Ltd (SUKHJITS): -5.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Gujarat Ambuja Exports Ltd (GAEL) — market value ₹7.0K Cr; latest fundamentals Mar 2026
- Sanstar Ltd (SANSTAR) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- AVT Natural Products Ltd (AVTNPL) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sukhjit Starch & Chemicals Ltd (SUKHJITS) — market value ₹498 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 3. Withheld: 0. Graded companies: 4.

2 of 4 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | SANSTAR | Sanstar Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | AVTNPL | AVT Natural Products Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Agricultural Processing - Maize index?

The Nifty Agricultural Processing - Maize index tracks India's listed Agricultural Processing - Maize companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Agricultural Processing - Maize sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Agricultural Processing - Maize stocks in India?

Ranked by this page's four-factor score, Gujarat Ambuja Exports Ltd places first among 4 listed Agricultural Processing - Maize companies, followed by AVT Natural Products Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Agricultural Processing - Maize stocks are listed in India?

This comparison covers 4 listed Agricultural Processing - Maize companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Agricultural Processing - Maize company is the biggest?

Gujarat Ambuja Exports Ltd is the largest, with trailing-twelve-month revenue of ₹5,729 crore, ahead of Sukhjit Starch & Chemicals Ltd at ₹1,433 crore. That covers 3 of 4 companies with comparable reporting through Mar 2026.

### Which Agricultural Processing - Maize company is growing fastest?

AVT Natural Products Ltd has the fastest revenue growth at 27.8% year on year, across 3 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Agricultural Processing - Maize company has the best profit margins?

AVT Natural Products Ltd has the highest operating margin at 16%, from 4 of 4 comparable companies. Gujarat Ambuja Exports Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Agricultural Processing - Maize company makes the most profit?

Gujarat Ambuja Exports Ltd earns the most, at ₹304 crore of trailing-twelve-month net profit, from 3 of 4 comparable companies. AVT Natural Products Ltd has the fastest profit growth at 33.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Agricultural Processing - Maize company earns the highest return on capital?

Sanstar Ltd leads on return on capital employed at 29.2%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Agricultural Processing - Maize stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Gujarat Ambuja Exports Ltd screens cheapest at 1.56×. Only 1 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Agricultural Processing - Maize company has the strongest balance sheet?

Sanstar Ltd carries the lowest comparable gross debt at ₹20 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Agricultural Processing - Maize sector beating the market?

Agricultural Processing - Maize has outperformed NIFTY 500 by 13.7% over the last 52 weeks and 2.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Agricultural Processing - Maize stock has the strongest price momentum?

Gujarat Ambuja Exports Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Agricultural Processing - Maize company scores highest for research priority?

Gujarat Ambuja Exports Ltd scores 65.4 out of 100 with 97% evidence confidence, from 27.9 points on growth and earnings, 13.9 on capital efficiency, 9.6 on valuation and 14 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Agricultural Processing - Maize companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Agricultural Processing - Maize sector?

The 4 Agricultural Processing - Maize companies on this page carry ₹10,701 crore of combined market value. Gujarat Ambuja Exports Ltd is the largest at ₹6,955 crore, about 65% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Agricultural Processing - Maize sector performing?

3 of the 4 covered Agricultural Processing - Maize companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/agricultural-processing-maize