Sanstar Ltd

₹ 117 -1.71%

06 Jul - close price

About

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.

Key Points

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.

Website BSE NSE

Market Cap ₹ 2,337 Cr.
Current Price ₹ 117
High / Low ₹ 138 / 74.3
Stock P/E 67.8
Book Value ₹ 38.1
Dividend Yield 0.00 %
ROCE 5.69 %
ROE 5.09 %
Face Value ₹ 2.00

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding has decreased over last quarter: -6.20%
Tax rate seems low
Company has a low return on equity of 10.9% 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.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Agricultural Food & other Products Other Agricultural Products

Part of BSE Fast Moving Consumer Goods

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	304	249	269	256	303	206	220	227	170	196	202	217
	281	225	242	232	275	194	201	227	171	195	184	197
Operating Profit	23	24	27	24	27	11	19	0	-1	1	18	19
OPM %	8%	9%	10%	9%	9%	6%	9%	0%	-1%	1%	9%	9%
	1	5	6	3	1	4	6	5	3	2	3	3
Interest	3	3	2	3	4	2	1	1	1	1	1	-0
Depreciation	2	4	2	3	3	3	2	3	2	2	2	2
Profit before tax	18	21	29	21	22	10	21	2	-1	1	18	20
Tax %	23%	31%	25%	22%	23%	25%	34%	-179%	-56%	32%	23%	-0%
	14	15	22	16	16	8	14	6	-0	1	14	20
EPS in Rs	4.78	5.01	1.56	1.15	1.17	0.41	0.78	0.30	-0.02	0.03	0.75	1.12
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	261	317	504	760	1,110	953	785
	243	280	464	688	1,012	897	747
Operating Profit	19	37	40	71	98	56	38
OPM %	7%	12%	8%	9%	9%	6%	5%
	0	0	0	1	14	18	12
Interest	11	12	9	9	11	8	1
Depreciation	7	9	9	9	12	11	10
Profit before tax	1	17	22	54	90	55	38
Tax %	167%	15%	28%	24%	26%	20%	10%
	-1	14	16	41	67	44	34
EPS in Rs	-0.24	4.77	5.40	13.81	4.75	2.40	1.89
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	20%
3 Years:	1%
TTM:	-18%

Compounded Profit Growth
10 Years:	%
5 Years:	20%
3 Years:	-5%
TTM:	-22%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	19%

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/OP	44%	81%	89%	81%	39%	108%	238%

Ratios

Standalone Figures in Rs. Crores / 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	71	73
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

Top 10 Customer Concentration
%

Installed Capacity
TPD

Number of Countries Exported To
count

Derivatives Revenue Mix
%

Maize Processing Volume
MT

Starches Revenue Mix
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	70.37%	70.37%	70.37%	70.38%	70.38%	70.38%	70.53%	64.18%
	2.06%	0.83%	0.71%	0.22%	0.14%	0.01%	0.01%	0.41%
	4.24%	4.16%	4.03%	2.86%	0.86%	0.01%	0.31%	0.27%
	23.31%	24.63%	24.87%	26.56%	28.62%	29.60%	29.14%	35.13%
No. of Shareholders	1,13,037	1,05,788	1,01,260	98,828	95,049	87,807	82,066	73,490

	Mar 2025	Mar 2026	Jun 2026
	70.37%	70.53%	64.18%
	0.71%	0.01%	0.41%
	4.03%	0.31%	0.27%
	24.87%	29.14%	35.13%
No. of Shareholders	1,01,260	82,066	73,490

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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Financial Year 2025
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DRHP

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Concalls

May 2026

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