Sanstar

NSE: SANSTAR · Other Agricultural Products

52W Range₹74 ₹137

Snapshot

Unlock Sanstar's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Sanstar Limited is a manufacturer of plant-based specialty products and ingredient solutions derived primarily from maize. The company serves a diverse range of industries including food, pharmaceuticals, paper, industrial applications, animal nutrition, and cosmetics.

Business Model

The company generates revenue through the processing and sale of corn-based ingredients such as liquid glucose, maltodextrin, starches, and various co-products. It operates as a B2B supplier, catering to both domestic Indian markets and international export clients.

Growth Outlook

Growth is driven by the increasing demand for plant-based ingredients across the food and pharmaceutical sectors. The company continues to leverage its established manufacturing capabilities to expand its footprint in both domestic and global markets.

Key Risks

  • Raw Material Price Volatility. The company's profitability is sensitive to fluctuations in the price and availability of maize, which is its primary raw material.
  • Regulatory and Quality Standards. As a supplier to the food and pharmaceutical industries, the company faces stringent quality control requirements and evolving international regulatory standards.
  • Export Market Risks. Exposure to international markets introduces risks related to currency fluctuations, geopolitical instability, and changes in trade policies.
  • Competitive Intensity. The specialty starch and ingredient sector is highly competitive, requiring continuous investment in process efficiency and product innovation to maintain market share.

Price

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Key Metrics

REVENUE

₹784 Cr

TTM · standalone

-15.3%YoY

NET PROFIT

₹35 Cr

TTM · standalone

-19.8%YoY

EPS

₹1.92

TTM · standalone

-29.2%YoY

RETURN ON EQUITY

5.3%

TTM · standalone

-1.3 ppYoY

RETURN ON CAPITAL EMPLOYED

5.9%

TTM · standalone

-2.9 ppYoY

P/E

57.9x

Q4 FY26 · standalone

57.9 vs 73.3x5Y avg

EV/EBITDA

39.2x

Q4 FY26 · standalone

39.2 vs 43.3x5Y avg

EBITDA MARGIN

6.6%

TTM · standalone

-1.4 ppYoY

NET PROFIT MARGIN

9.5%

Q4 FY26 · standalone

+7.1 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

-0.01xYoY

Peers · Other Agricultural Products

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
SanstarSANSTAR
1,46357.9339.16-15.3%6.6%5.3%5.9%+18.5%
Chamanlal SetiaCLSEL
1,12812.098.78-3.7%11.6%15.1%19.7%-15.6%
Gulshan PolyolsGULPOLY
9094.6%3.8%5.8%+7.0%
AVT Natural ProdAVTNPL
86813.909.3852.1%14.5%14.8%20.5%-0.4%
Regaal ResourcesREGAAL
69813.6710.7111.3%11.4%11.5%
Sukhjit StarchSUKHJITS
48716.186.8620.3%6.9%5.8%10.9%-6.7%

As of Q4 FY26

Financials