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 ₹ 1,528 Cr.
- Current Price ₹ 83.9
- High / Low ₹ 107 / 77.0
- Stock P/E 22.3
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 29.2 %
- ROE 29.9 %
- Face Value ₹ 2.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
Cons
- Debtor days have increased from 32.3 to 40.2 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|
| 504 | 1,205 | 1,067 | |
| 464 | 1,133 | 969 | |
| Operating Profit | 40 | 72 | 98 |
| OPM % | 8% | 6% | 9% |
| 0 | 5 | 14 | |
| Interest | 9 | 10 | 11 |
| Depreciation | 9 | 12 | 12 |
| Profit before tax | 22 | 55 | 90 |
| Tax % | 28% | 25% | 26% |
| 16 | 42 | 67 | |
| EPS in Rs | 5.40 | 14.17 | 4.75 |
| Dividend Payout % | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -11% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 59% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -7% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 28% |
| Last Year: | 30% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|
| Equity Capital | 30 | 28 | 28 |
| Reserves | 56 | 159 | 226 |
| 85 | 112 | 128 | |
| 37 | 70 | 146 | |
| Total Liabilities | 207 | 368 | 528 |
| 133 | 196 | 202 | |
| CWIP | 3 | 1 | 20 |
| Investments | -0 | 0 | 0 |
| 71 | 172 | 305 | |
| Total Assets | 207 | 368 | 528 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|
| 30 | -6 | 29 | |
| -4 | -71 | -37 | |
| -25 | 83 | 5 | |
| Net Cash Flow | 0 | 6 | -3 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|
| Debtor Days | 29 | 28 | 40 |
| Inventory Days | 12 | 10 | 50 |
| Days Payable | 17 | 11 | 42 |
| Cash Conversion Cycle | 24 | 26 | 48 |
| Working Capital Days | 11 | 13 | 30 |
| ROCE % | 28% | 29% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Installed Maize Crushing Capacity TPA |
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| Export Presence (Number of Countries) count |
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| Composite Capacity Utilization % |
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| Customer Base count |
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| Dhule Facility Utilization % ・Standalone data |
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| Kutch Facility Utilization % ・Standalone data |
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| Total Production Volume MT |
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| Total Sales Volume MT |
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| Maize Procurement Price (Average) Rs/Kg ・Standalone data |
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| Maize Storage Capacity (Silos) MT |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Feb - Newspaper Advertisement of Unaudited Financial Results for the third quarter and nine months ended December 31, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
13 Feb - Q3/9M FY26: Q3 revenue Rs2,018mn, EBITDA Rs179mn; Dhule expansion commissioning end-Feb 2026.
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Monitoring Agency Report For The Third Quarter And Nine Months Ended December 31, 2025 Of The Company
13 Feb - Acuite monitoring report (Feb 10, 2026): INR363.48cr net proceeds, no deviations, INR4.306cr unutilized.
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Board Meeting Outcome for Board Meeting Outcome For Outcome Of Board Meeting Held On 13Th February, 2026
13 Feb - Approved Q3/9M results to Dec 31, 2025; 9M net profit Rs13.96 crore; Rs4.31 crore IPO unutilised.
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Submission Of Unaudited Standalone Financial Results Of The Company For The Third Quarter And Nine Months Ended 31St December, 2025
13 Feb - Unaudited Q3/9M FY26 results: Q3 revenue Rs201.76cr, 9M revenue Rs567.85cr; Q3 net profit Rs13.67cr; Board approved Feb 13, 2026.
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.