Sanstar Limited Reports Q4 and FY2026 Results; Reaches 2,350 TPD Capacity Milestone
Sanstar Limited, a leading producer of maize-based specialty products and ingredient solutions in India, has announced its audited financial results for the quarter and year ended March 31, 2026. The company reported a significant increase in profitability during the quarter while expanding its manufacturing footprint.Financial Performance Overview
The financial results highlight a quarter of recovery and improved margins. The detailed financial metrics for Q4 FY26 and the full year FY2026 are presented below:| Metric (Rs. Million) | Q4 FY26 | Q4 FY25 | Y-o-Y (%) | FY26 | FY25 | Y-o-Y (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 2,168 | 2,263 | (4.2)% | 7,846 | 9,534 | (17.7)% |
| Gross Profit | 745 | 470 | 58.7% | 2,362 | 2,443 | (3.3)% |
| Gross Profit Margin (%) | 34.4% | 20.7% | 30.1% | 25.6% | ||
| EBITDA* | 194 | (5) | n/a | 377 | 560 | (32.7)% |
| EBITDA Margin (%) | 8.9% | (0.2)% | 4.8% | 5.9% | ||
| PAT | 205 | 55 | 271.2% | 345 | 438 | (21.3)% |
| PAT Margin (%) | 9.5% | 2.4% | 4.4% | 4.6% |
*EBITDA excludes other income.
Sanstar reported that Revenue from Operations for Q4 FY26 stood at Rs. 2,168 million, marking a 7.4% Quarter-over-Quarter (QoQ) increase. The company's Gross Profit for the quarter was Rs. 745 million, achieving a 34.4% margin. Profit After Tax (PAT) for the quarter was Rs. 205 million, showing a 271.2% YoY increase.
Operational Milestones and Capacity Expansion
Sanstar has solidified its market position by significantly expanding its manufacturing capacity. The company has scaled its total installed capacity to 2,350 Tons Per Day (TPD), positioning itself as India's second-largest maize-based specialty products manufacturer.The operational capacity is spread across two strategic facilities:
| Facility | Location | Installed Capacity | Total Land Area |
|---|---|---|---|
| Dhule (1) | Maharashtra | 750 TPD | 210 Acres |
| Dhule (2) | Maharashtra | 1,250 TPD | 13,670 Sq Ft |
| Kutch | Gujarat | 350 TPD | 64 Acres |
| Total | 2,350 TPD |
The expanded Dhule facility, initially planned for a 1,000 TPD expansion, has successfully scaled its installed crushing capacity to 1,250 TPD. Additionally, the company incurred a total capital expenditure (capex) of about Rs. 225 crore to enhance the maize grinding capacity.
The company’s product portfolio is highly diversified, covering Native Starch, Modified Starch (including Yellow Dextrin, White Dextrin, Oxidized Starch, and Cationic Starch), and Derivatives (such as Maltodextrin Powder and Dextrose Anhydrous). By-products and Co-products include Corn Germs, Gluten Meal, and Fiber, catering to diverse end industries such as Food, Pharmaceutical, Paper, Textiles, and Animal Nutrition.
Market Positioning and Future Outlook
In a comment on the performance, Mr. Gouthamchand Chowdhary, Chairman and Managing Director, noted that FY2026 was a "transition year" for Sanstar. He observed that the first half of the year faced challenges from maintenance shutdowns, lower plant utilization, and pricing pressure in the native starch segment due to elevated exports from China into Southeast Asian markets.The second half of the year reflected a recovery in operations and profitability. Mr. Chowdhary pointed out that export revenue for FY2026 totaled Rs. 2,657 million.
The company’s expansion strategy includes commissioning the derivatives facility at Dhule within FY2026-27, which is expected to strengthen the product mix towards higher value-added offerings. The expanded Dhule facility benefits from a strategic location near key maize growing regions and major ports, supporting efficient sourcing and export operations.
Industry analysts suggest the Indian starch and starch derivatives market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.3% over the medium term, driven by increasing use of clean-label modified starches and higher usage of starch-based ingredients across industrial and pharmaceutical sectors.
SANSTAR Stock Price Movement
Today, Sanstar Limited shares rallied strongly, closing at ₹114.05 after gaining 6.49% in post-market trading. The equity saw robust investor interest, with a total volume of 1.25 million shares traded during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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