SANSTAR
Sanstar share price & financials
- Price
- ₹107.63
- Market cap
- ₹2.2k Cr
- Sector
- Fast Moving Consumer Goods
What Sanstar Limited does
Sanstar manufactures maize-based specialty products and ingredient solutions through a wet-milling process that converts maize into native starch, modified starch and derivatives, along with co-products such as gluten, germ, fibre and maize steep liquor used in animal nutrition and food. It sources maize partly (about 30%) directly from local farmers near its Dhule plant and the remainder through mandis, stock houses and traders, storing raw material in silos before processing. Its products serve food & beverage, pharmaceutical, paper, textile, adhesives, personal care, construction chemicals and animal-nutrition customers in India and abroad, with the Kutch facility's port access supporting exports.
- Market position
- India's 2nd-largest maize-based specialty products manufacturer (post-expansion)
- Installed manufacturing capacity
- 2,350 TPD (tonnes per day)
- Manufacturing facilities
- 2 (Dhule, Maharashtra and Kutch, Gujarat)
- Export footprint
- 34 countries across all continents
- Total land area
- 10.68 million sq ft (210 acres at Dhule, 64 acres at Kutch)
- Raw-material storage
- 50,000 MT maize storage silos at Dhule
Quarterly results
Q1 FY27: revenue up 21.5%, net profit up 2890.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 206 | 220 | 227 | 170 | 196 −5% | 202 −8% | 217 −5% | 206 +22% |
| EBITDA | 11 | 19 | 0 | -1 | 1 −91% | 18 −5% | 19 | 15 +1754% |
| Net profit | 8 | 14 | 6 | -0 | 1 −87% | 14 +0% | 20 +241% | 9 +2891% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +24.9% 1Y
1Y: ₹88.49 on 10 Sept 2025 → ₹110.53. High ₹127.43 (24 Jun 2026), low ₹75.78 (30 Mar 2026).
Financials, as filed
Revenue fell 14.7% a year over 2 years, FY24 to FY26. Operating margin narrowed to 4.8%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.1k Cr | ₹944 Cr | ₹784 Cr |
| Operating profit | ₹98 Cr | ₹57 Cr | ₹37 Cr |
| Operating margin | 9.1% | 6.1% | 4.8% |
| Interest | ₹11 Cr | ₹8 Cr | ₹2 Cr |
| Depreciation | ₹11 Cr | ₹11 Cr | ₹9 Cr |
| Net profit | ₹67 Cr | ₹45 Cr | ₹35 Cr |
| Net margin | 6.2% | 4.7% | 4.5% |
| Cash from operations | ₹29 Cr | ₹39 Cr | ₹90 Cr |
| Free cash flow | ₹-12 Cr | ₹-51 Cr | ₹-56 Cr |
| ROCE | 29.0% | — | — |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹30 Cr | ₹30 Cr | ₹28 Cr | ₹28 Cr | ₹36 Cr | ₹36 Cr |
| Reserves | ₹40 Cr | ₹56 Cr | ₹159 Cr | ₹226 Cr | ₹623 Cr | ₹657 Cr |
| Borrowings | ₹102 Cr | ₹85 Cr | ₹112 Cr | ₹128 Cr | ₹22 Cr | ₹20 Cr |
| Other liabilities | ₹26 Cr | ₹37 Cr | ₹70 Cr | ₹146 Cr | ₹79 Cr | ₹89 Cr |
| Total liabilities | ₹197 Cr | ₹207 Cr | ₹368 Cr | ₹528 Cr | ₹761 Cr | ₹803 Cr |
| Fixed assets | ₹140 Cr | ₹133 Cr | ₹196 Cr | ₹202 Cr | ₹188 Cr | ₹424 Cr |
| Capital work in progress | ₹1 Cr | ₹3 Cr | ₹1 Cr | ₹20 Cr | ₹185 Cr | ₹11 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹28 Cr | ₹28 Cr |
| Other assets | ₹56 Cr | ₹71 Cr | ₹172 Cr | ₹305 Cr | ₹360 Cr | ₹340 Cr |
| Total assets | ₹197 Cr | ₹207 Cr | ₹368 Cr | ₹528 Cr | ₹761 Cr | ₹803 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +8.68 pp while promoters trimmed −6.20 pp. The shareholder count shrank 26% to 73,384.
- Promoters
- 64.2%
- FIIs
- 0.3%
- DIIs
- 0.3%
- Public
- 35.2%
Since Jun 2025
- Public +8.68 pp
- Promoters −6.20 pp
- DIIs −2.59 pp
How it drifted, 8 quarters
Over this window the public went from 23.3% to 35.2% — +11.9 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 70.4%, FIIs 2.1%, DIIs 4.2%, Public 23.3%.Dec '24: Promoters 70.4%, FIIs 0.8%, DIIs 4.2%, Public 24.6%.Mar '25: Promoters 70.4%, FIIs 0.7%, DIIs 4.0%, Public 24.9%.Jun '25: Promoters 70.4%, FIIs 0.2%, DIIs 2.9%, Public 26.6%.Sep '25: Promoters 70.4%, FIIs 0.1%, DIIs 0.9%, Public 28.6%.Dec '25: Promoters 70.4%, FIIs 0.0%, DIIs 0.0%, Public 29.6%.Mar '26: Promoters 70.5%, FIIs 0.0%, DIIs 0.3%, Public 29.1%.Jun '26: Promoters 64.2%, FIIs 0.3%, DIIs 0.3%, Public 35.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Core Products Development .Inc newly disclosed 9.00% held
- Sahaj Securities LLP newly disclosed 1.17% held
The same filing shows 10 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Sanstar Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sambhav Gautamchand Chowdhary | 16.03% | −1.58 pp |
| Shreyans Gautamchand Chowdhary | 15.96% | −1.58 pp |
| Core Products Development .Inc | 9.00% | newly disclosed |
| Gautamchand Sohanlal Chowdhary | 7.39% | −0.73 pp |
| Sambhav Starch Products Pvt. Ltd. | 5.38% | −0.54 pp |
| Sanstar Gems & Jewels Private Limited | 5.32% | −0.52 pp |
| Samiksha Shreyans Chowdhary | 3.84% | −0.39 pp |
| Richa Sambhav Chowdhary | 3.80% | −0.38 pp |
| Ranidevi Gautam Chowdhary | 3.55% | −0.35 pp |
| S Gauthamchand Chowdhary (Huf) | 2.89% | −0.29 pp |
| Gagandeep Credit Capital Pvt Ltd | 1.58% | −0.15 pp |
| Sahaj Securities LLP | 1.17% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹111, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~-28%. At that growth it is worth ₹5 — downside of 95%.
- Growth the price implies
- 30.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -27.6% a year
- net profit, FY24–FY26
- The gap
- 0.6 pp
- -95% downside if it only repeats history
Learn to analyse Sanstar Limited
Guides on how to read this kind of business and the numbers that matter.