Investor Presentation
SANSTAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Sanstar reported FY2026 revenue of Rs. 7,846 Mn (down 17.7% YoY) with PAT of Rs. 345 Mn (down 21.3%) due to first-half pricing pressure from Chinese starch exports. However, Q4 showed strong recovery with PAT of Rs. 205 Mn, up 271% YoY and 49.9% QoQ, with margins expanding to 9.5%. The company successfully commissioned its Dhule expansion to 1,250 TPD, exceeding its IPO target of 1,000 TPD, making it India's #2 maize-based specialty products manufacturer with total capacity of 2,350 TPD. Gross margin improved significantly to 30.1% from 25.6% year-over-year. Net debt turned to net cash position of Rs. 37 Mn from net cash of Rs. 937 Mn previously. A derivatives facility at Dhule is on track for FY2026-27 commissioning to add higher-value products.
The strong Q4 recovery and capacity expansion position Sanstar well for FY2027, though investors should monitor the competitive native starch pricing environment and the timeline for the derivatives facility to boost margins. The balance sheet is now essentially debt-free post-IPO.