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 ₹ 1,560 Cr.
- Current Price ₹ 85.6
- High / Low ₹ 107 / 74.3
- Stock P/E 80.1
- 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.14.5 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 | 794 | |
| 243 | 280 | 464 | 688 | 1,012 | 897 | 776 | |
| Operating Profit | 19 | 37 | 40 | 71 | 98 | 56 | 18 |
| OPM % | 7% | 12% | 8% | 9% | 9% | 6% | 2% |
| 0 | 0 | 0 | 1 | 14 | 18 | 14 | |
| 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 | 20 |
| Tax % | 167% | 15% | 28% | 24% | 26% | 20% | |
| -1 | 14 | 16 | 41 | 67 | 44 | 19 | |
| EPS in Rs | -0.24 | 4.77 | 5.40 | 13.81 | 4.75 | 2.40 | 1.06 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 30% |
| 3 Years: | 24% |
| TTM: | -19% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 130% |
| 3 Years: | 40% |
| TTM: | -64% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -13% |
| 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 |
| Free Cash Flow | 5 | 29 | 25 | 18 | -8 | -51 |
| CFO/OP | 44% | 81% | 89% | 81% | 39% | 108% |
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% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Installed Maize Crushing Capacity TPA |
|
||||
| Export Presence (Number of Countries) count |
|||||
| Composite Capacity Utilization % |
|||||
| Customer Base count |
|||||
| Dhule Facility Utilization % |
|||||
| Kutch Facility Utilization % |
|||||
| Total Production Volume MT |
|||||
| Total Sales Volume MT |
|||||
| Maize Procurement Price (Average) Rs/Kg |
|||||
| Maize Storage Capacity (Silos) MT |
|||||
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
2d - Certification under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the fourth Quarter and Year ended on 31st March, 2026
-
Announcement under Regulation 30 (LODR)-Credit Rating
2 Apr - CARE reaffirmed Sanstar’s ratings: BBB+/A2 on Rs95 crore facilities and A2 on Rs18.75 crore.
-
Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015
28 Mar - Designated person purchased 30,000 Sanstar shares; disclosure dated 28 March 2026.
-
Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015
26 Mar - Sambhav Starch (promoter) acquired 20,000 shares on 26-Mar-2026; holding ~59.0%.
- Closure of Trading Window 25 Mar
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.