Sanstar Ltd
NSE: SANSTAR BSE: 544217
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.
₹111
52W: ₹74.3 — ₹112
PE 104 · Book ₹36.2 · +207% vs bookMarket Cap₹2,022 Cr
Stock P/E104Price to Earnings
ROCE11.8%Return on Capital
ROE9.63%Return on Equity
Div. Yield0%Face Value ₹2
Strengths
- +Company has reduced debt.
- +Company is almost debt free.
- +Company has delivered good profit growth of 130% CAGR over last 5 years
Weaknesses
- −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
Shareholding Pattern
Promoters70.53%
FIIs0.01%
DIIs0.31%
Public29.14%
| Category | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Promoters | 70.37% | 70.37% | 70.37% | 70.38%▲0.0 | 70.38% | 70.38% | 70.53%▲0.2 |
| FIIs | 2.06% | 0.83%▼1.2 | 0.71%▼0.1 | 0.22%▼0.5 | 0.14%▼0.1 | 0.01%▼0.1 | 0.01% |
| DIIs | 4.24% | 4.16%▼0.1 | 4.03%▼0.1 | 2.86%▼1.2 | 0.86%▼2.0 | 0.01%▼0.8 | 0.31%▲0.3 |
| Public | 23.31% | 24.63%▲1.3 | 24.87%▲0.2 | 26.56%▲1.7 | 28.62%▲2.1 | 29.6%▲1.0 | 29.14%▼0.5 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 249 | 269 | 256 | 303 | 206 | 220 | 226 | 170 | 196 | 202 |
| Expenses | 225 | 242 | 232 | 275 | 194 | 201 | 227 | 171 | 195 | 184 |
| Operating Profit | 24 | 27 | 24 | 27 | 11 | 19 | 0 | -1 | 1 | 18 |
| OPM % | 9% | 10% | 9% | 9% | 6% | 9% | 0% | -1% | 1% | 9% |
| Net Profit | 15 | 22 | 16 | 16 | 8 | 14 | 6 | 0 | 1 | 14 |
| EPS ₹ | 5.01 | 1.56 | 1.15 | 1.17 | 0.41 | 0.78 | 0.3 | -0.02 | 0.03 | 0.75 |
AI Insights
Revenue Trend
TTM revenue at ₹794Cr, down 16.7% YoY. OPM at 2%.
Debt Position
Borrowings at ₹22Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.
Capex Cycle
CWIP at ₹185Cr (98% of fixed assets). Significant capex underway — growth runway building.
Institutional Flow
DIIs: 0.31% (-3.93pp change). FIIs: 0.01% (-2.05pp change). Promoters hold 70.53%.
Margin & Efficiency
ROCE improving from 0% (Mar 2020) to 12% (Mar 2025). Working capital days: 71.
Valuation
PE 104x with 11.8% ROCE. Price is 207% above book value of ₹36.2. Dividend yield: 0%.
Recent Announcements
- Format of the Annual Disclosure to be made by an entity identified as a LC - Annexure B2 14 May - Sanstar confirms it is not a Large Corporate; FY26 incremental borrowing and penalties are nil.
- Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 May - Sanstar’s FY2025-26 Q4 monitoring report shows full IPO proceeds utilization and no deviation.
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 May - Sanstar commissioned expanded Dhule native starch capacity; total capacity rises to 2,350 TPD from 1,100 TPD.
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 28 Apr - Sanstar confirms SEBI large corporate disclosure not applicable for FY 2026-27.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 13 Apr - Certification under Regulation 74(5) of the SEBI (DP) Regulations, 2018 for the fourth Quarter and Year ended on 31st March, 2026
- Financial Year 2025 from bse
- Rating update 6 Apr from care
- Rating update 7 Apr 2025 from care