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 ₹ 1,921 Cr.
- Current Price ₹ 95.9
- High / Low ₹ 138 / 74.3
- Stock P/E 43.6
- Book Value ₹ 38.1
- Dividend Yield 0.00 %
- ROCE 5.83 %
- ROE 5.22 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 11.0% over last 3 years.
* 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 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 261 | 317 | 504 | 760 | 1,110 | 957 | 785 | 821 | |
| Sales growth | +21% | +59% | +51% | +46% | -14% | -18% | -0% | |
| 243 | 280 | 464 | 688 | 1,012 | 897 | 745 | 767 | |
| Operating Profit | 19 | 37 | 40 | 71 | 98 | 60 | 39 | 54 |
| OPM % | 7% | 12% | 8% | 9% | 9% | 6% | 5% | 7% |
| 0 | 0 | 0 | 1 | 14 | 14 | 10 | 11 | |
| Interest | 11 | 12 | 9 | 9 | 11 | 8 | 1 | 1 |
| Depreciation | 7 | 9 | 9 | 9 | 12 | 11 | 10 | 13 |
| Profit before tax | 1 | 17 | 22 | 54 | 90 | 55 | 38 | 52 |
| Tax % | 167% | 15% | 28% | 24% | 26% | 20% | 10% | |
| -1 | 14 | 16 | 41 | 67 | 44 | 34 | 44 | |
| EPS in Rs | -0.05 | 0.95 | 1.08 | 2.76 | 4.75 | 2.40 | 1.89 | 2.36 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 1% |
| TTM: | 0% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | -5% |
| TTM: | 63% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 11% |
| Last Year: | 5% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 30 | 30 | 30 | 30 | 28 | 36 | 36 |
| Reserves | 26 | 40 | 56 | 96 | 226 | 623 | 657 |
| 112 | 102 | 85 | 81 | 128 | 27 | 20 | |
| 39 | 26 | 37 | 49 | 146 | 71 | 89 | |
| Total Liabilities | 207 | 197 | 207 | 257 | 528 | 758 | 803 |
| 148 | 140 | 133 | 160 | 202 | 192 | 424 | |
| CWIP | 0 | 1 | 3 | 1 | 20 | 88 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 28 |
| 58 | 56 | 71 | 95 | 305 | 478 | 340 | |
| Total Assets | 207 | 197 | 207 | 257 | 528 | 758 | 803 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 8 | 30 | 30 | 53 | 30 | 39 | 90 | |
| -3 | -2 | -4 | -34 | -38 | -175 | -178 | |
| -4 | -29 | -25 | -13 | 5 | 253 | -9 | |
| Net Cash Flow | 1 | -1 | 0 | 5 | -3 | 118 | -97 |
| Free Cash Flow | 5 | 29 | 25 | 18 | -8 | -51 | -56 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 44% | 81% | 89% | 81% | 39% | 101% | 228% |
Ratios
Standalone / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 44 | 24 | 29 | 20 | 39 | 39 | 44 |
| Inventory Days | 25 | 24 | 12 | 8 | 50 | 29 | 28 |
| Days Payable | 49 | 15 | 17 | 12 | 42 | 9 | 19 |
| Cash Conversion Cycle | 20 | 32 | 24 | 15 | 47 | 59 | 53 |
| Working Capital Days | -14 | 21 | 11 | 10 | 29 | 70 | 60 |
| ROCE % | 17% | 18% | 33% | 34% | 12% | 6% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Capacity Utilization % |
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| Export Revenue ₹ Mn |
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| Installed Capacity TPD |
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| Number of Countries Exported To count |
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| Derivatives Revenue Mix % |
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| Maize Processing Volume MT |
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| Starches Revenue Mix % |
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Extracted by Screener AI
Documents
Announcements
-
Board Meeting Intimation for Board Meeting Intimation For Approval Of Unaudited Financial Results For The Second Quarter And Half Year Ended On September 30, 2026
- Board meeting on 5 Nov 2026 to approve Q2 and half-year FY2026 unaudited results.
-
Change In Chairperson Of Stakeholders Relationship Committee.
- Aniket Sunil Talati steps down as SRC chair; Sejal Ronak Agrawal appointed chairperson on 13 October 2026.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Certification under Regulation 74(5) of the SEBI Regulation 2018, for the quarter ended 30th September, 2026
-
Closure of Trading Window
- Trading window closes October 1, 2026, until 48 hours after Q2 FY2026 results.
-
Announcement under Regulation 30 (LODR)-Change in Management
- Shareholders approved reappointment of MD, two JMDs, and regularized nominee and independent directors at 44th AGM.
Market Leadership[1]
Sanstar is set to become India’s #2 manufacturer of maize-based specialty products and ingredient solutions post Dhule expansion. Its installed capacity will rise from 1,100 TPD to 2,100 TPD, and is India’s second-largest exporter of maize-based specialty products.