NSE: SANSTAR · BSE: 544217 · ISIN INE08NE01025
Sanstar Limited stock analysis
Sanstar Limited ranks #2580 in the TickerSutra evidence-ranked universe with a score of 45/100 and 89% data confidence. The latest captured fundamentals show ROCE of 5.7%, quarterly sales growth of 21.5% and quarterly profit growth of 2808.8%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.03×
- Strong CFO/EBITDA of 2.37×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Extreme base-effect growth requires manual validation
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹504cr | ₹40cr | ₹16cr | 8.0% |
| 2023 | ₹760cr | ₹71cr | ₹41cr | 9.0% |
| 2024 | ₹1,110cr | ₹98cr | ₹67cr | 9.0% |
| 2025 | ₹953cr | ₹56cr | ₹44cr | 6.0% |
| 2026 | ₹785cr | ₹38cr | ₹34cr | 4.8% |
| TTM | ₹821cr | ₹54cr | ₹44cr | 7.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
RoutineChange in Directors/KMP/SMP/Auditor/RTANSE · 26 Sept 2026 · Structured filingSanstar Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
Sanstar Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA
Open original XBRL sourceSanstar Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
RoutineSanstar Ltd - 544217 - Announcement under Regulation 30 (LODR)-Change in ManagementNSE · 25 Sept 2026Intimation for Re-Appointment of Joint Managing Directors and Regularization of the appointment of Nominee Director and Independent Director under Regulation 30
RoutineAppointmentNSE · 25 Sept 2026Sanstar Limited has informed the Exchange regarding Appointment of Mr Jacques Georges Florent Guglielmi as Nominee Director of the Company w.e.f. September 23, 2026.
RoutineSanstar Ltd - 544217 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 25 Sept 2026Intimation of Voting Results and Scrutinizer''s Report on Remote E-voting and E-voting at 44th Annual General Meeting Held on 23rd September 2026.
MANAGEMENT COMMENTARY
Signals from filed documents
Exports contributed 34% of revenue across 41 countries, but Asia's share of that book fell from 68% to 49%, as the Americas, Africa and the Middle East each built a meaningfully stronger presence. We ended the year with materially less concentration in the one region where pricing pressure was heaviest — the same discipline that is reshaping our product mix, applied to geography. Chairman and Managing Director's Mess
The Board believes that the Company's internal control systems are adeq uate and operating effectively to support its operations, safeguard its assets and ensure the reliability of its financial reporting. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE During F.Y.2025 -26, the Company's financial performance was influenced by prevailing market conditions, product-wise demand and realizati
Performance across product categories remained influenced by varying market conditions, demand trends and application-specific requirements. Going forward, the Company remains focused on strengthening its value -added product portfolio, expanding application-specific offerings, improving operational efficiency and deepening its presence across domestic and international markets. These initiatives are expected to supp
For manufacturers such as Sanstar Limited, the combination of a growing domestic starch industry and established international demand provides opportunities to expand across higher -value segments of the starch and starch derivatives market. Product quality, manufacturing scale, supply reliability and application -specific capabilities remain important enablers for strengthening international market presence and supp
Growth Priorities Moving further up the value chain: Strengthen participation across derivatives and specialised ingredient applications, supported by the expanded manufacturing base and growing demand for application-led solutions. Strengths supporting the priority: Diversified applications Innovation and technical support Long-standing customer relationships Turning scale into performance: Ramp up utilisation of the
Total installed capacity moved from 1,100 TPD to 2,350 TPD, on total project capex of approximately ₹225 crores, of which ₹181.6 crore came from IPO proceeds. Sanstar is now India's second largest maize-based specialty products manufacturer — a commitment kept with something to spare, and the standard we intend to hold ourselves to on what follows. Our export markets moved with the same instinct this year.
Key risks are periodically reviewed by the Board and the Audit Committee, and appropriate mitigation strategies are implemented to address emerging risks. These include, but are not limited to, risks related to market volatility, raw material price fluctuations, regulatory changes, operational disruptions, environmental and sustainability factors, information security threats, and financial liquidity. Considering the
Increasing competition may exert pressure on pricing, customer retention, product differentiation and market share. Capacity Expansion and Scale-up Expanded manufacturing capacity provides headroom to cater to incremental demand, strengthen customer relationships and improve operating leverage as utilization increases. Changing Customer Requirements Evolving customer preferences, product specifications and applicatio
COMMITTEES OF THE BOARD: In compliance with applicable statutory requirements, the Board has constituted various committees to ensure focused oversight and effective governance. The terms of reference of these committees are approved by the Board and are periodically reviewed to e nsure continued relevance and alignment with the Company’s evolving business needs and regulatory framework. Currently, the Board has the
The facility of participation at the AGM through VC/ OAVM will be mad e available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Audit
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
DIRECTOR & BUSINESS NETWORK
Loading corporate intelligence
Loading universe coverage and exchange-backed evidence…