Sanstar Ltd
We are one of the major manufacturers of plant based speciality products and ingredient solutions in India for food, animal nutrition and other industrial applications, with an installed capacity of 1,100 metric tons per day.
- Market Cap ₹ 1,640 Cr.
- Current Price ₹ 90.0
- High / Low ₹ 138 / 78.5
- Stock P/E 81.7
- Book Value ₹ 36.2
- Dividend Yield 0.00 %
- ROCE 11.8 %
- ROE 9.63 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 130% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Earnings include an other income of Rs.18.7 Cr.
- Debtor days have increased from 32.6 to 39.4 days.
- Working capital days have increased from 36.6 days to 70.6 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 261 | 317 | 504 | 760 | 1,110 | 953 | 812 | |
| 243 | 280 | 464 | 688 | 1,012 | 897 | 794 | |
| Operating Profit | 19 | 37 | 40 | 71 | 98 | 56 | 18 |
| OPM % | 7% | 12% | 8% | 9% | 9% | 6% | 2% |
| 0 | 0 | 0 | 1 | 14 | 18 | 19 | |
| Interest | 11 | 12 | 9 | 9 | 11 | 8 | 3 |
| Depreciation | 7 | 9 | 9 | 9 | 12 | 11 | 10 |
| Profit before tax | 1 | 17 | 22 | 54 | 90 | 55 | 24 |
| Tax % | 167% | 15% | 28% | 24% | 26% | 20% | |
| -1 | 14 | 16 | 41 | 67 | 44 | 20 | |
| EPS in Rs | -0.24 | 4.77 | 5.40 | 13.81 | 4.75 | 2.40 | 1.09 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 24% |
| TTM: | -21% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 130% |
| 3 Years: | 40% |
| TTM: | -68% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -25% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 20% |
| Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 28 | 36 | 36 |
| Reserves | 26 | 40 | 56 | 96 | 226 | 623 | 623 |
| 112 | 102 | 85 | 81 | 128 | 27 | 22 | |
| 39 | 26 | 37 | 49 | 146 | 71 | 79 | |
| Total Liabilities | 207 | 197 | 207 | 257 | 528 | 758 | 761 |
| 148 | 140 | 133 | 160 | 202 | 192 | 188 | |
| CWIP | 0 | 1 | 3 | 1 | 20 | 88 | 185 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 28 |
| 58 | 56 | 71 | 95 | 305 | 478 | 360 | |
| Total Assets | 207 | 197 | 207 | 257 | 528 | 758 | 761 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 8 | 30 | 30 | 53 | 30 | 39 | |
| -3 | -2 | -4 | -34 | -38 | -175 | |
| -4 | -29 | -25 | -13 | 5 | 253 | |
| Net Cash Flow | 1 | -1 | 0 | 5 | -3 | 118 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 44 | 24 | 29 | 20 | 39 | 39 |
| Inventory Days | 25 | 24 | 12 | 8 | 50 | 29 |
| Days Payable | 49 | 15 | 17 | 12 | 42 | 9 |
| Cash Conversion Cycle | 20 | 32 | 24 | 15 | 47 | 59 |
| Working Capital Days | -14 | 21 | 11 | 10 | 29 | 71 |
| ROCE % | 17% | 18% | 33% | 34% | 12% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
15 Nov - Q2 revenue Rs1,964mn; EBITDA Rs14mn; Dhule expansion funded by Rs1,816mn IPO proceeds commissioning Dec 2025.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
15 Nov - Newspaper Advertisement of Unaudited Financial Results for the quarter and half year ended September 30,2025.
-
Monitoring Agency Report For The Second Quarter And Half Year Ended September 30, 2025 Of The Company
14 Nov - Acuité monitoring report for Q2 Sep 30, 2025: IPO proceeds utilization; INR 321.58Cr used, INR 41.91Cr unutilized.
- Submission Of The Unaudited Standalone Financial Results Of The Company For The Second Quarter And Half Year Ended 30Th September, 2025 14 Nov
-
Board Meeting Outcome for Outcome Of Board Meeting Held On 14Th November 2025
14 Nov - Board approved unaudited standalone Q2/H1 results for period ended 30 Sep 2025; limited review attached.
Concalls
-
Nov 2025TranscriptNotesPPT
Market Position[1] The Company is the third largest manufacturer of maize-based specialty products and ingredient solutions in India. Their revenues have grown at a CAGR of 45% between FY22 - FY24.[2]