Sanstar Ltd(SANSTAR)

NSE: SANSTARBSE: 544217

₹ 90.05-5.36%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,803 crWebsite: www.sanstar.inUpdated: 24 Oct 2026

About

Sanstar Limited is an Indian manufacturer of maize-based specialty products - native starch, modified starch, liquid glucose, maltodextrin, dextrose monohydrate and co-products - operating two wet-milling plants at Dhule (Maharashtra) and Kutch (Gujarat) with combined installed capacity of 2,350 TPD as of FY26. The company reported revenue of ₹784.63 crore in FY26 and holds the position of India's second-largest player in maize-based specialty products and its second-largest exporter in the category.^[1][2][3]

Business segments

Sanstar operates as a single business segment: manufacture and trading of maize-based commodities and derivatives. In FY26 domestic revenue was ₹506.63 crore and export revenue ₹265.66 crore, totalling ₹772.29 crore.^[1]

Products

The portfolio spans 4 major product families with 13+ functional applications: Native Maize Starch, Modified Starch, Liquid Glucose, Maltodextrin, Dextrose Monohydrate, Tapioca and maize-based co-products.^[1]
End-use segments served include food and beverage, pharmaceuticals, paper and packaging, textiles, adhesives, personal care, animal nutrition and other industrial applications.^[1]

Manufacturing operations

Two SCADA-automated wet-milling facilities: 2,000 TPD at Dhule, Maharashtra and 350 TPD at Kutch, Gujarat; combined land area of 110 hectares; total installed capacity 2,350 TPD as of FY26.^[1]
Maize storage capacity at Dhule is 50,000 MT; 30% of maize is sourced directly from local farmers and the remainder through mandis and stockists.^[1]
A 3 MW solar plant was commissioned at Kutch in August 2026 at an investment of ~₹7.5 crore; expected to meet ~40% of Kutch facility's electricity needs and save ~₹3 crore annually in power costs.^[4]
Sanstar holds 8 international certifications including USFDA registration, HACCP, FSSC 22000, ISO 9001:2015, SGS, Kosher, Halal and APEDA. An R&D facility of 2,200 sq. ft. operates in Ahmedabad.^[1]

Key operating numbers

Total installed capacity grew from 1,100 TPD to 2,350 TPD following commissioning of the Dhule native starch expansion in Q4 FY26; the addition was scaled to 1,250 TPD vs. the originally planned 1,000 TPD.^[4][3]
Q1 FY27 revenue from operations: ₹2,062 million, +21.5% YoY vs ₹1,697 million in Q1 FY26.^[4]
Q1 FY27 gross profit margin: 33.4%, up from 24.3% in Q1 FY26. FY26 full-year gross profit margin: 30.1%, up from 25.6% in FY25.^[4][3]
Q1 FY27 EBITDA: ₹154 million at a margin of 7.5%, vs ₹-9 million (-0.5%) in Q1 FY26 and ₹194 million (8.9%) in Q4 FY26.^[4][3]
FY26 full-year EBITDA: ₹377 million at a margin of 4.8%, down from 5.9% in FY25, impacted by H1 maintenance shutdowns and Chinese starch pricing pressure.^[3]

Exports and distribution

Exports contributed 34% of revenue in FY26 across 41 countries; Asia's share of the export book fell from 68% to 49% as the Americas, Africa and the Middle East each grew. Export sales CAGR was 26% from FY21 to FY26.^[1]
Q1 FY27 export revenue: ₹723 million, up 24.5% YoY. FY26 export revenue: ₹2,657 million (34% of revenues), down from ₹3,432 million in FY25 due to weak global starch prices in H1 and geopolitical uncertainty in H2.^[4][3]
Export ports used: Hazira, Nhava Sheva, Mundra and Kandla. Domestic distribution: 70% through direct distributor network covering 22 Indian pincodes.^[1]

Expansion and capex

Total capex of ~₹225 crore was incurred for the Dhule capacity expansion in FY26; gross block of PPE increased from ₹246.26 crore to ₹487.63 crore with ₹244.29 crore in additions.^[3][1]
Remaining capital commitments as at FY26 year-end: ₹22.32 crore net of advances, principally related to the Dhule derivatives facility.^[1]
Derivatives facility at Dhule is expected to be commissioned within FY2026-27; commissioning will shift product mix toward higher-value offerings including Modified Starch, Dextrose Monohydrate and Maltodextrin.^[3][1]

Recent developments

Corn Products Development Inc. (an Ingredion subsidiary) was allotted 1,80,24,157 equity shares at ₹110 per share (₹198.27 crore / ~₹1,983 million) on a preferential basis subsequent to FY26 year-end, giving it ~9% of Sanstar.^[1][4]
The Ingredion partnership provides Sanstar access to Ingredion's global R&D infrastructure, technical expertise and formulation capabilities.^[4]
Native starch pricing pressure from Chinese export-driven oversupply, which weighed heavily on FY26, had moderated as of Q1 FY27 per management commentary, though conditions remain competitive.^[4]

Market Cap

₹1,803 Cr

High / Low

₹138 / 74

Stock P/E

38.0

Price / Book

2.4

Book Value

₹38

EPS

₹1.9

No. of Shares

18.22 Cr

ROCE

5.7%

ROE

5.1%

OPM

5.0%

Debt / Equity

0.03

Sales

₹785 Cr

Net Profit

₹34 Cr

Promoter holding

64.2%

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