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Sanstar Limited (SANSTAR)

₹97.41 +0.13% last close, 16 Oct

📊 NSE: SANSTAR 🏢 Other Agricultural Products 📢 Latest filing: 13 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sanstar's revenue was ₹206 Cr (+21.5% year on year, -4.9% on the previous quarter), and net profit ₹9.2 Cr (against a loss a year earlier); the operating margin was 7.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹206	+21.5%	-4.9%
Operating profit	₹15.4	from loss	-20.5%
Net profit	₹9.2	from loss	-55.1%
EPS (₹)	0.46	from loss	-58.9%
Operating margin	7.5%	—	—

Full quarterly financials → Results calendar →

SANSTAR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 41.84% of the SANSTAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.16%. That is close to its usual level. Turnover was only ₹99 lakh, so a handful of trades can move this figure.

41.84%Delivery, 16 Oct

48.16%Own 20-session average

0.7×Volume vs its average

₹97.41NSE close · +0.13%

Delivery in the last 5 sessions: 43.8% · 50.1% · 64.0% · 65.7% · 41.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Sanstar Appoints Sejal Agrawal as Stakeholders Relationship Committee Chairperson

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 13 Oct 2026, 06:14 PM

Sanstar Limited announced a change in the leadership of its Stakeholders Relationship Committee (SRC) via a circular resolution dated October 13, 2026. Mr. Aniket Sunil Talati stepped down as SRC Chairperson effective October 1, 2026, but continues to serve as an Independent Director and member of the SRC. Ms. Sejal Ronak Agrawal, Non-Executive Independent Director, has been appointed as the new Chairperson of the committee. The reconstitutions represent routine board governance adjustments with no operational or financial impact.

Mr. Aniket Sunil Talati stepped down as Chairperson of the SRC effective October 1, 2026
Ms. Sejal Ronak Agrawal appointed Chairperson of the SRC via circular resolution on October 13, 2026
SRC now comprises 3 members: Sejal Agrawal (Chair), Aniket Talati (Member), and Gouthamchand Chowdhary (Member)
Mr. Talati retains his role as an Independent Director and general committee member

💡 Track subsequent quarterly financial performance and progress on operational updates such as Dhule plant expansion, as this administrative committee change requires no action.

Sanstar Submits Depository Compliance Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 10 Oct 2026, 04:44 PM

Sanstar Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation during the period were processed and listed on the exchanges. This is a standard quarterly administrative filing with no operational or financial impact on the company.

Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
Confirmation certificate issued by Registrar MUFG Intime India Private Limited on October 3, 2026
Company filing submitted to BSE and NSE on October 10, 2026

💡 No action required; this is a procedural filing. Investors should monitor upcoming Q2 FY27 earnings announcements for fundamental business updates.

Sanstar Re-Appoints Keyur J. Shah & Associates as Secretarial Auditor for FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 03:36 PM

Sanstar Limited announced that shareholders at the 44th AGM on September 23, 2026, approved the re-appointment of M/s. Keyur J. Shah and Associates as Secretarial Auditor. The appointment is for a period of one year covering April 1, 2026, to March 31, 2027. This is a routine statutory compliance appointment with no impact on operations or financials.

Shareholder approval obtained at the 44th AGM on September 23, 2026
Appointed Keyur J. Shah & Associates for a 1-year term (April 1, 2026 to March 31, 2027)
Peer Review Certificate number of the secretarial firm is 7577/2026

💡 Track statutory compliance reports in subsequent annual filings; no operational or trading action needed.

Sanstar Approves Re-Appointment of Top Management and Regularises Nominee & Independent Directors

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Sep 2026, 03:34 PM

Sanstar Limited shareholders approved key leadership resolutions at the 44th AGM held on September 23, 2026. Managing Director Gouthamchand Sohanlal Chowdhary and Joint Managing Directors Sambhav Chowdhary and Shreyans Chowdhary were each re-appointed for 5-year terms ending August 31, 2031. Additionally, shareholders regularised the appointment of Jacques Georges Florent Guglielmi as Nominee Director representing Corn Products Development Inc., alongside Niraj Yogeshbhai Shah as Independent Director for a 3-year term. These decisions offer leadership continuity and solidify institutional representation on the board.

Re-appointment of Managing Director Gouthamchand Chowdhary for a 5-year term from September 1, 2026 to August 31, 2031
Re-appointment of Sambhav Chowdhary and Shreyans Chowdhary as Joint Managing Directors for 5-year terms up to August 31, 2031
Regularisation of Jacques Georges Florent Guglielmi as Nominee Director of Corn Products Development Inc.
Appointment of Niraj Yogeshbhai Shah as Independent Director regularised for a term of 3 consecutive years

💡 Track execution of the ongoing 1,000 TPA capacity expansion at the Dhule plant and monitor upcoming quarterly operational results.

Sanstar Approves 5-Year Re-Appointments of MD and Joint MDs, Regularises Board Nominees

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Sep 2026, 03:30 PM

Sanstar Limited shareholders approved key board resolutions at the 44th Annual General Meeting held on September 23, 2026. Gouthamchand Sohanlal Chowdhary was re-appointed as Managing Director for a 5-year term from September 1, 2026, to August 31, 2031. Joint Managing Directors Sambhav Gautam Chowdhary and Shreyans Gautam Chowdhary were also re-appointed for identical 5-year terms ending August 31, 2031. Additionally, the appointments of Jacques Georges Florent Guglielmi (Nominee Director of Corn Products Development Inc.) and Niraj Yogeshbhai Shah (Independent Director for a 3-year term) were regularised.

Re-appointment of Managing Director Gouthamchand Chowdhary for a 5-year term from September 1, 2026, to August 31, 2031
Re-appointment of Joint Managing Directors Sambhav Chowdhary and Shreyans Chowdhary for 5-year terms up to August 31, 2031
Regularisation of Jacques Georges Florent Guglielmi as Nominee Director of Corn Products Development Inc.
Appointment of Niraj Yogeshbhai Shah as Independent Director approved for a 3-year term

💡 Track ongoing execution of the Dhule plant 1,000 TPA capacity expansion and upcoming quarterly financial performance.

Sanstar Approves 5-Year Re-Appointments of MD and Joint MDs, Regularises Board Nominees

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Sep 2026, 03:28 PM

Re-appointment of Managing Director Gouthamchand Chowdhary for a 5-year term from September 1, 2026, to August 31, 2031
Re-appointment of Joint Managing Directors Sambhav Chowdhary and Shreyans Chowdhary for 5-year terms up to August 31, 2031
Regularisation of Jacques Georges Florent Guglielmi as Nominee Director of Corn Products Development Inc.
Appointment of Niraj Yogeshbhai Shah as Independent Director approved for a 3-year term

💡 Track ongoing execution of the Dhule plant 1,000 TPA capacity expansion and upcoming quarterly financial performance.

Sanstar Shareholders Approve All 9 AGM Resolutions With Over 99.9% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 03:14 PM

Sanstar Limited released the voting results and scrutinizer's report for its 44th Annual General Meeting held on September 23, 2026. All 9 resolutions were passed with overwhelming shareholder approval (>99.9% votes in favor across resolutions). Key approvals included the adoption of FY26 financial statements, reappointment and remuneration of key managerial personnel, and regularisation of board appointments. Total valid votes polled stood at 14,67,50,232, representing approximately 73.28% of total outstanding shares.

All 9 resolutions passed with >99.9% votes in favor
14,67,50,232 valid votes polled, representing 73.28% of total outstanding shares
Promoter voting participation stood at 99.97% with 100% votes in favor
Public institutions cast 1,80,24,996 votes with 100% approval across resolutions

💡 Track the execution of ongoing capacity expansion at the Dhule plant (1,000 TPA addition) and upcoming quarterly financial performance.

Sanstar Sets 44th AGM for Sept 23, 2026; Book Closure from Sept 17 to Sept 23

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 08:03 PM

Sanstar Limited has scheduled its 44th Annual General Meeting (AGM) on Wednesday, September 23, 2026, at 11:30 AM IST. Pursuant to Regulation 42 of SEBI Listing Regulations, the company announced that its Register of Members and Share Transfer Books will be closed from September 17, 2026, to September 23, 2026 (both days inclusive). This is a standard administrative corporate governance filing.

44th Annual General Meeting scheduled for Wednesday, September 23, 2026 at 11:30 AM IST
Book closure period fixed from September 17, 2026 to September 23, 2026 (both days inclusive)
Applicable to equity shares with paid-up face value of Rs. 2/- each

💡 Ensure depository records and email addresses are up to date before the record/book closure dates to receive AGM notices and participate in e-voting.

Sanstar Sets AGM for Sept 23, 2026; Book Closure from Sept 17 to Sept 23

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 08:01 PM

Sanstar Limited has announced that its 44th Annual General Meeting (AGM) will take place on Wednesday, September 23, 2026, at 11:30 AM IST. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from September 17, 2026, to September 23, 2026 (both days inclusive). This is a routine statutory intimation pursuant to SEBI Listing Regulations.

44th Annual General Meeting scheduled for September 23, 2026, at 11:30 AM IST
Book closure period set from September 17, 2026, to September 23, 2026 (both days inclusive)
Equity shares have a face/paid-up value of Rs. 2/- each

💡 Track the upcoming AGM resolutions and annual report disclosures for operational updates regarding the Dhule plant expansion.

Sanstar Issues Notice for 44th AGM on Sept 23, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 07:53 PM

Sanstar Limited has scheduled its 44th Annual General Meeting (AGM) for September 23, 2026, via video conferencing. In the accompanying FY 2025-26 Annual Report, the company reported FY26 revenue from operations of ₹784.63 crore, down from ₹957.45 crore in FY25 due to export pricing pressure from Chinese supply in Southeast Asia. Installed capacity stood at 2,350 TPD across Dhule and Kutch facilities following recent expansion. Finance costs decreased significantly to ₹1.37 crore in FY26 from ₹7.53 crore in FY25.

44th Annual General Meeting scheduled for September 23, 2026, at 11:30 AM IST
Total installed capacity reached 2,350 TPD (Dhule: 2,000 TPD, Kutch: 350 TPD)
FY26 revenue from operations reported at ₹784.63 crore vs ₹957.45 crore in FY25
FY26 finance costs dropped to ₹1.37 crore from ₹7.53 crore in FY25
Export footprint spans 41 countries with a 26% export sales CAGR between FY21 and FY26

💡 Shareholders may review the AGM resolutions and e-voting schedule, and track capacity utilization of the expanded 2,350 TPD facility in upcoming quarterly results.

Sanstar Q1 FY27 PAT at Rs 92 Mn (Turnaround YoY); Dhule Capacity Expanded to 2,350 TPD

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 18 Aug 2026, 07:21 PM

Sanstar Limited reported a 21.5% YoY increase in Q1 FY27 operating revenue to Rs 2,062 million, rebounding to a net profit of Rs 92 million from a net loss of Rs 3 million in Q1 FY26. Operating EBITDA turned positive to Rs 154 million (7.5% margin), supported by a 24.5% YoY growth in export revenue to Rs 723 million. Operationally, the company commissioned 1,250 TPD of native starch capacity at Dhule, taking total installed manufacturing capacity from 1,100 TPD to 2,350 TPD. Additionally, Sanstar completed a Rs 1,983 million preferential equity allotment to Ingredion subsidiary Corn Products Development Inc. (~9% stake).

Revenue from operations grew 21.5% YoY to Rs 2,062 million, with export revenue up 24.5% YoY to Rs 723 million.
Turned profitable YoY with PAT of Rs 92 million and EBITDA of Rs 154 million (7.5% margin) versus an EBITDA loss of Rs 9 million in Q1 FY26.
Commissioned expanded capacity of 1,250 TPD at Dhule, raising total company capacity to 2,350 TPD from 1,100 TPD.
Raised Rs 1,983 million via preferential allotment to Ingredion Inc. subsidiary for an approximate 9% stake.
Commissioned a 3 MW captive solar plant at Kutch for Rs 7.5 crore, expected to yield Rs 3 crore in annual power savings.

💡 Track capacity ramp-up and utilization rates at the newly expanded Dhule facility, along with the commissioning schedule of the high-margin derivatives plant slated for FY2026-27.

Sanstar Q1 FY27 Turnaround: Revenue Up 21.5% to ₹206.2 Cr; Capacity Doubled to 2,350 TPD

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 18 Aug 2026, 07:16 PM

Sanstar Limited reported a sharp turnaround in Q1 FY27, with consolidated revenue rising 21.5% YoY to Rs 2,062 million (Rs 206.2 crore) and PAT reaching Rs 92 million compared to a net loss of Rs 3 million in Q1 FY26. The company successfully commissioned its Dhule native starch expansion, adding 1,250 TPD and taking total installed capacity from 1,100 TPD to 2,350 TPD. Additionally, Sanstar completed a Rs 198.27 crore preferential equity allotment for a ~9% stake to Corn Products Development Inc. (an Ingredion Inc. subsidiary) and commissioned a 3 MW captive solar plant at Kutch.

Q1 FY27 PAT turned positive at Rs 92 million vs a loss of Rs 3 million in Q1 FY26; Gross margin expanded to 33.4% from 24.3%
Installed capacity more than doubled from 1,100 TPD to 2,350 TPD after commissioning 1,250 TPD native starch expansion at Dhule
Completed strategic equity infusion of Rs 198.27 crore (~Rs 1,983 million) from Ingredion Inc. subsidiary for a 9.0% equity stake
Export revenue grew 24.5% YoY to Rs 723 million, accounting for ~35% of total Q1 revenue
Commissioned 3 MW captive solar power plant at Kutch at Rs 7.5 crore capex, targeting ~Rs 3 crore annual power savings

💡 Track capacity utilization ramp-up at the newly expanded 1,250 TPD Dhule facility and the timeline for commissioning the upcoming derivatives unit in FY27.

Sanstar Re-appoints MD & Joint MDs for 5 Years; Appoints Ingredion VP as Nominee Director

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 13 Aug 2026, 08:14 PM

Sanstar Limited has approved the re-appointment of its core leadership team, including the Managing Director and two Joint Managing Directors, for new 5-year terms. A significant addition is the regularisation of Mr. Jacques Georges Florent Guglielmi, a Vice President at global ingredient leader Ingredion Incorporated, as a Nominee Director. The board also approved the unaudited financial results for the quarter ended June 30, 2026, and scheduled the 44th Annual General Meeting (AGM) for September 23, 2026. These moves ensure leadership continuity as the company targets a 33% export growth rate and completes its Dhule plant expansion.

Re-appointment of Gouthamchand Sohanlal Chowdhary as Managing Director for a 5-year term
Appointment of Jacques Georges Florent Guglielmi (VP, Ingredion Incorporated) as Nominee Director
44th Annual General Meeting scheduled for September 23, 2026, via video conferencing
Book closure period for the AGM set from September 17 to September 23, 2026
Approval of Unaudited Standalone and Consolidated Financial Results for Q1 ended June 30, 2026

💡 Watch for shareholder approval of these appointments at the September 23 AGM and monitor progress on the 1,000 TPA Dhule plant expansion scheduled for December 2025.

Sanstar Re-appoints MD for 5-Year Term and Approves Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Aug 2026, 08:08 PM

Sanstar Limited's board has approved the unaudited financial results for the quarter ended June 30, 2026. The company confirmed the re-appointment of its Managing Director and two Joint Managing Directors for five-year terms, ensuring leadership stability. A significant board addition includes Jacques Georges Florent Guglielmi, a VP at global ingredient leader Ingredion, as a Nominee Director. The 44th Annual General Meeting is scheduled for September 23, 2026, with book closure starting September 17, 2026.

Approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2026
Re-appointed Managing Director and two Joint Managing Directors for a further term of 5 years
Appointed Jacques Georges Florent Guglielmi (VP at Ingredion) as Nominee Director effective June 24, 2026
Scheduled the 44th Annual General Meeting (AGM) for September 23, 2026
Set book closure period from September 17, 2026, to September 23, 2026

💡 Investors should examine the detailed Q1 FY27 financial statements to assess growth against the Jun 2024 revenue base of Rs 290.88 cr. Monitor the progress of the 1,000 TPA Dhule plant expansion scheduled for completion by December 2025.

Sanstar Commissions 3 MW Solar Plant; Expected to Save Rs 3 Crore Annually

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 12 Aug 2026, 06:33 PM

Sanstar Limited has commissioned a 3 MW solar power plant at its Kutch facility in Gujarat for captive consumption. The project involved an investment of approximately Rs 7.5 crore and is expected to generate annual power cost savings of Rs 3 crore. This installation will meet roughly 40% of the Kutch facility's total electricity requirements. This move follows the company's recent capacity expansion at its Dhule plant and adds to its existing 5.1 MW of renewable energy capacity.

Commissioned 3 MW solar power plant at Moda village, Kutch, for captive use
Total investment for the solar project stands at approximately Rs 7.5 crore
Expected to generate annual power cost savings of approximately Rs 3 crore
Meets approximately 40% of the total electricity requirement of the Kutch facility
Expands total renewable footprint to 6.5 MW solar and 1.6 MW biogas capacity

💡 Investors should monitor the impact on operating margins in future quarterly results, as the projected Rs 3 crore annual savings represent a meaningful reduction in operational costs relative to recent quarterly profits.

View All SANSTAR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 was INR 366.1 Cr, representing a 28.1% YoY decline from INR 509.1 Cr in H1 FY25. Q2 FY26 revenue was INR 196.4 Cr, down 4.5% YoY from INR 205.6 Cr in Q2 FY25, but up 15.8% QoQ from INR 169.7 Cr in Q1 FY26.

Geographic Revenue Split

Exports contributed 36% of total revenue in FY25, amounting to INR 340 Cr. The company exports to 58 countries across all continents, with a growing share in North America and Europe.

Profitability Margins

Gross margin for Q2 FY26 was 24.8% compared to 27.1% in Q2 FY25. PAT margin for Q2 FY26 was -0.5% (INR -0.9 Cr) compared to 0.7% (INR 1.4 Cr) in Q2 FY25. H1 FY26 PAT margin stood at 0.1% (INR 0.3 Cr).

EBITDA Margin

EBITDA margin for Q2 FY26 was 0.7% (INR 1.4 Cr), a significant decline of 88.2% YoY from 5.6% (INR 11.5 Cr) in Q2 FY25. H1 FY26 EBITDA margin was 0.1% (INR 0.4 Cr) vs 7.8% (INR 39.7 Cr) in H1 FY25.

Capital Expenditure

The company is expanding its Dhule facility with an additional 1,000 TPA capacity expected to be commissioned in December 2025. In FY25, net cash used in investing activities was INR 174.6 Cr, primarily for property, plant, and equipment.

Credit Rating & Borrowing

Long-term bank facilities are rated CARE BBB+; Stable and short-term facilities are rated CARE A2, upgraded from CARE BBB; Stable / CARE A3+ in April 2025. Finance costs decreased from INR 10.74 Cr in FY24 to INR 7.54 Cr in FY25 following debt repayment from IPO proceeds.

⚙️ Operational Drivers

Raw Materials

Maize (corn) is the primary raw material. Maize grinding volume grew 32.61% YoY to 1,77,922 MT in FY22. Raw material price fluctuations directly impact the sales realization of maize starch.

Import Sources

Sourced domestically within India, primarily from maize-growing regions to support its manufacturing units in Dhule (Maharashtra) and Kutch (Gujarat).

Capacity Expansion

Current capacity is being expanded at the Dhule plant by an additional 1,000 TPA, with commissioning scheduled for December 2025.

Raw Material Costs

Raw material costs are a significant portion of the cost of goods sold, reflected in a gross profit margin of 24.8% in Q2 FY26. Profitability is sensitive to maize price declines which can lead to lower sales realizations.

Manufacturing Efficiency

Maize grinding volume increased by 32.61% in FY22, indicating high capacity utilization driven by demand from textile, paper, and pharma industries.

Logistics & Distribution

The company maintains a global distribution network covering 58 countries across all continents.

📈 Strategic Growth

Expected Growth Rate

33%

Growth Strategy

Growth is driven by a 33% CAGR in export sales (FY21-FY25), capacity expansion at the Dhule plant (1,000 TPA addition), and a strategic shift toward capturing incremental market share in higher-value derivative segments.

Products & Services

Maize-based specialty products and ingredient solutions including maize starch, liquid glucose, maltodextrin, dextrose monohydrate, and sorbitol.

Brand Portfolio

Sanstar

New Products/Services

Focus on higher-value derivative segments to improve margins beyond basic starch products.

Market Expansion

Expanding presence in North America and Europe, which currently show growing shares in the export portfolio.

Market Share & Ranking

Sanstar is one of the largest producers of maize-based specialty products and ingredient solutions in India.

🌍 External Factors

Industry Trends

The maize starch industry is seeing improved demand from pharmaceuticals and food products. The industry is evolving toward specialty derivatives which offer higher margins than commodity starch.

Competitive Landscape

Faces increasing competition in the maize starch industry, which CARE Ratings expects will keep profitability at moderate levels.

Competitive Moat

Moat is built on a 38-year track record, established procurement networks, and a diverse product portfolio with wide industrial applications, making it difficult for new entrants to scale quickly.

Macro Economic Sensitivity

Sensitive to general market and macro-economic trends, including agricultural output (maize) and industrial demand from end-user sectors like textiles and pharma.

Consumer Behavior

Shift toward processed foods and specialty pharmaceutical ingredients is driving demand for maize-based derivatives.

Geopolitical Risks

Global operations in 58 countries expose the company to international trade barriers and regulatory changes in North America and Europe.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to food safety standards and pharmaceutical-grade manufacturing regulations for its derivative products.

Environmental Compliance

Investment in Solar and Biofuel plants demonstrates a commitment to ESG and renewable energy to reduce carbon footprint and costs.

Taxation Policy Impact

The company incurred tax expenses of INR 1.8 Cr in Q2 FY26 despite a loss before tax, likely due to deferred tax adjustments or minimum alternate tax.