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 ₹ 2,039 Cr.
- Current Price ₹ 102
- High / Low ₹ 138 / 74.3
- Stock P/E 46.3
- 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
- Promoter holding has decreased over last quarter: -6.35%
- 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 | |
| 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 | -0.24 | 4.77 | 5.40 | 13.81 | 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: | 10% |
| 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% | 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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| Top 10 Customer Concentration % |
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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
-
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.
-
Announcement under Regulation 30 (LODR)-Change in Management
- M/s Keyur J. Shah & Associates re-appointed as Secretarial Auditor for April 1, 2026 to March 31, 2027.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
- Shareholder Meeting / Postal Ballot-Outcome of 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.