SANSTAR

Sanstar Limited

Corn-based specialty ingredients including starches, glucose and dextrose

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Agricultural Food & other Products›Other Agricultural Products

sanstar.in

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Key metrics

Price as of 2026-10-16

Stock price

₹97.41

Market cap

1,951 Cr

ROE (FY24)

26.3%

ROCE (FY24)

26.3%

Operating margin (FY24)

8.1%

Debt / equity (FY24)

0.50

OCF / EBITDA (FY24)

29.1%

OCF / EBITDA (3Y)

24.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Sanstar makes maize-based starches and starch derivatives for food, pharmaceutical, paper, textile, animal-nutrition and other industries, and describes itself as India's second-largest maker of maize-based specialty products.

Company snapshot

8thBy market cap

Ranked among 23 companies in Other Agricultural Products.

What we see

Positives

✓Return on equity of 26.3% — the company generates strong returns on shareholders' money.

Concerns

✗Revenue fell 11% in the latest year — top line is under pressure.

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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

Metric	Jun 2024	Jun 2026
Sales	291 Cr	206 Cr
Operating expenses (approx.)	263 Cr	191 Cr
EBITDA	27 Cr	15 Cr
OPM %	9.4%	7.5%
Other income	0.96 Cr	3 Cr
Interest	4 Cr	0.34 Cr
Depreciation	3 Cr	5 Cr
Profit before tax	22 Cr	13 Cr
Tax %	23.3%	26.6%
Net profit	17 Cr	9 Cr
EPS (₹)	₹1.18	₹0.50

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

Metric	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	504 Cr	1,205 Cr	1,067 Cr	Sign in free for the trailing twelve months
Operating expenses (approx.)	465 Cr	1,133 Cr	969 Cr	Sign in free for the trailing twelve months
EBITDA	40 Cr	72 Cr	98 Cr	Sign in free for the trailing twelve months
OPM %	7.9%	6.0%	9.2%	Sign in free for the trailing twelve months
Other income	0.36 Cr	5 Cr	14 Cr	Sign in free for the trailing twelve months
Interest	9 Cr	10 Cr	11 Cr	Sign in free for the trailing twelve months
Depreciation	9 Cr	12 Cr	12 Cr	Sign in free for the trailing twelve months
Profit before tax	22 Cr	55 Cr	90 Cr	Sign in free for the trailing twelve months
Tax %	27.6%	24.5%	25.6%	Sign in free for the trailing twelve months
Net profit	16 Cr	42 Cr	67 Cr	Sign in free for the trailing twelve months
EPS (₹)	₹1.08	₹2.98	₹4.75	Sign in free for the trailing twelve months
Dividend payout %	—	—	—	Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

Metric	Mar 2022	Mar 2023	Mar 2024
Equity capital	30 Cr	28 Cr	28 Cr
Reserves	56 Cr	159 Cr	226 Cr
Borrowings	85 Cr	112 Cr	128 Cr
Other liabilities	37 Cr	70 Cr	146 Cr
Total liabilities	207 Cr	368 Cr	528 Cr
Fixed assets (net)	133 Cr	196 Cr	202 Cr
CWIP	3 Cr	0.91 Cr	20 Cr
Investments	—	0.15 Cr	0.16 Cr
Inventories	13 Cr	27 Cr	114 Cr
Trade receivables	40 Cr	91 Cr	118 Cr
Cash & bank	0.64 Cr	6 Cr	3 Cr
Other assets	18 Cr	48 Cr	70 Cr
Total assets	207 Cr	368 Cr	528 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

Metric	Mar 2022	Mar 2023	Mar 2024
Cash from operating activity	30 Cr	-6 Cr	29 Cr
Cash from investing	-4 Cr	-71 Cr	-37 Cr
Cash from financing	-25 Cr	83 Cr	5 Cr
Net cash flow	0.19 Cr	6 Cr	-3 Cr
Free cash flow (OCF − Capex)	28 Cr	-78 Cr	-9 Cr

Ratios

Metric	Mar 2022	Mar 2023	Mar 2024
ROCE %	18.2%	21.8%	26.3%
ROE %	18.7%	22.3%	26.3%
Debtor days	29	28	40
Inventory days	12	10	50
Days payable	17	11	42
Cash conversion cycle	24	26	48
OCF / EBITDA %	74.8%	-8.3%	29.1%
OCF / EBITDA % (3 years)	—	—	24.9%
Debt / equity	1.00	0.60	0.50
Current ratio	1.32	1.40	1.44
Net debt / EBITDA	2.13	1.46	1.27