loader2
Login Open ICICI 3-in-1 Account
Text Size
Text to Speech
Color Contrast
Pause Animations
Open ICICI 3-in-1 Account

Sanstar Results: Latest Quarterly Results & Analysis

Open Free Trading Account Online with ICICIDIRECT
+91
Sanstar Ltd. 16 Feb 2026 12:56 PM
Result PDF

Q3FY26 Quarterly Result Announced for Sanstar Ltd.

Food & Beverages company Sanstar announced Q3FY26 results

  • Revenue from operations: Rs 2,018 million against Rs 2,214 million during Q3FY25, change -9%.
  • EBITDA: Rs 179 million against Rs 202 million during Q3FY25, change -11%.
  • EBITDA Margin: 8.9% for Q3FY26.
  • PBT: Rs 178 million against Rs 215 million during Q3FY25, change -17%.
  • PBT Margin: 8.8% for Q3FY26.
  • PAT: Rs 137 million against Rs 143 million during Q3FY25, change -4%.
  • PAT Margin: 6.8% for Q3FY26.
  • EPS: Rs 0.75 for Q3FY26.

Gouthamchand Chowdhary, Chairman & Managing Director, said: “The third quarter of FY26 reflect a phase of operational stabilization and steady progress for Sanstar, following the transitionary period experienced in the first half of the year. With maintenance-related disruptions behind us and capacity utilization improving, the Company is focused on restoring the operational momentum.

Revenue from Operations during Q3 was Rs 2,018 million, reflecting improved throughput across both manufacturing locations. For the nine-month period, Revenue from Operations was Rs 5,679 million. Higher production levels during the quarter were supported by uninterrupted plant operations and better alignment between production planning and customer demand. This helped normalize volumes after the volatility seen earlier in the year.

Market conditions in the native starch segment improved during the quarter, leading to sequential growth in profitability. EBITDA for Q3 reached Rs 179 million, up from Rs 14 million in Q2. This improvement was driven by higher plant utilization, better cost control, and a shift in the sales mix toward value-added applications. However, despite these positive developments, the overall market conditions in the native starch segment continue to remain under pressure. Elevated export volumes from China into Asian markets continues to influence regional pricing, particularly in Southeast Asia, which also impacts realizations in India.

Export revenue for the quarter was Rs 644 million, while exports for the nine months amounted to Rs 1,869 million. Demand from overseas customers remained steady, though realizations were influenced by prevailing global starch pricing trends. The Company continued to prioritize long-standing customer relationships.

Progress on the Dhule expansion remains on schedule. The native starch capacity expansion is nearing completion, with operations set to commence by the end of February 2026. Following that, the derivatives facility is expected to come online in Q1FY27. As these capacities come on stream, the Company expects a gradual improvement in product mix, with higher contribution from derivatives such as liquid glucose, dextrose and other specialty starch-based ingredients, which typically offer more stable pricing compared to native starch.

Demand trends across key end-user industries such as food and beverage and pharmaceuticals, stable during the quarter. According to industry estimates, India’s starch and starch-derivatives market is expected to grow at a CAGR of around 7% over the medium term, supported by rising processed food consumption, increased use of starch-based excipients in pharmaceuticals, growth in packaging applications and policy support for bio-based products. These structural drivers continue to drive the long-term demand for maize-based ingredients.

Looking ahead, the Company expects market conditions in native starch to gradually improve as global trade flows normalize and Chinese export intensity moderates. With expanded capacity at Dhule and normalized operations across plants, Sanstar remains focused on improving capacity utilization, managing costs with discipline and increasing participation in higher-value derivative segments. These priorities are expected to support more stable performance as the Company moves into the next phase of growth.”

Result PDF

Result PDF

Food & Beverages company Sanstar announced Q2FY26 results

  • Revenue from Operations: Rs 1,964 million compared to Rs 2,056 million during Q2FY25, change -4.5%.
  • EBITDA: Rs 14 million compared to Rs 115 million during Q2FY25, change -88.2%.
  • EBITDA Margin: 0.7% for Q2FY26.
  • PBT: Rs 9 million compared to Rs 101 million during Q2FY25, change -90.9%.
  • PAT: Rs 6 million compared to Rs 75 million during Q2FY25, change -91.6%.
  • PAT Margin: 0.3% for Q2FY26.
  • EPS: Rs 0.03 for Q2FY26.

Gouthamchand Chowdhary, Chairman and Managing Director said: the second quarter of FY26, Sanstar navigated a dynamic operating environment marked by external pressures and transitionary phase in our capacity expansion journey.

The Company reported a steady improvement in operating performance as operations normalized following the completion of the annual maintenance shutdown in Q1. Revenue from Operations in Q2 was Rs 1,964 million, marking a 15.8% sequential increase over Q1, supported by improved plant utilization and strong demand traction across key customer segments.

During the quarter, the native starch business continued to face pricing headwinds. China’s comn starch exports have recently rebounded after policy changes and Southeast Asia remains a key destination which created oversupply conditions in the markets. However, the sequential improvement in profitability reflects the Company'’s ability to mitigate some of this impact through better capacity utilization, process optimization and an improved product mix.

Revenue from Exports for the quarter was Rs 645 million, compared with Rs 779 million in Q2FY25. The decline was mainly due to weaker realisations in native starch across key Asian markets, where elevated Chinese export volumes kept pricing under pressure.

On the operations front, both our facilities maintained continuous production during the quarter, with no downtime. This stability helped improve throughput as we worked through the residual inventory buffers.

A positive development was the nearing completion of the Dhule expansion project. The ramp-up of native starch capacity is on track for commissioning by December 2025. As these capacity come online, we expect to see improved absorption of fixed costs and step-up in contribution from higher-margin derivative segments.

On the demand side, industries that use starch such as food and beverage, textiles, pharmaceuticals and packaging continued to exhibit steady growth, driven by a resilient base demand environment. The wider Indian starch and starch-derivatives market is projected to grow at over 7% CAGR over the medium term, supported by trends in clean-label formulations, bio-based applications and ethanol-blending policies.

Looking ahead, we expect pricing pressures in native starch to ease gradually as Chinese export flows normalize. Meanwhile, with Dhule’s expanded capacity coming Qline, we anticipate stronger performance in the second half of FY26. We remain focused on disciplined cost control, optimizing product mix and capturing incremental share in higher-value derivative segments.”

Result PDF

Trending News

Nestle India adds 20,500 tonnes of Maggi capacity at Sanand facility

Nestle India has announced addition of 20,500 tonnes/annum of Maggi capacity at Sanand facility. 

Published on 02-Apr-2026 09:19

Power Grid wins transmission project for 2.7 GW of renewable energy capacity at Tumkur-II, Karnataka

Power Grid Corporation of India Limited (POWERGRID) has been declared the successful bidder under Tariff-Based Competitive Bidding (TBCB) for a transmission project aimed at integrating 2.7 GW of additional renewable energy capacity at Tumkur-II, Karnataka. 

Published on 02-Apr-2026 09:18

Tata Power resumes operations at 4,150 MW Mundra thermal power plant

Tata Power Company Limited has resumed operations at its 4,150 MW Mundra thermal power plant in Gujarat from April 1, 2026, after a nine-month shutdown. 

Published on 02-Apr-2026 09:17

Indian Bank's gross advances grow 13.6% YoY to ₹6,680 lakh crore

Indian Bank reported steady business growth in Q4FY26 (provisional), with gross advances rising to ₹6.68 lakh crore, up 13.6% YoY (4.5% QoQ). 

Published on 02-Apr-2026 09:16

South Indian Bank's gross advances grow 15.7% YoY to ₹101,295 crore

South Indian Bank reported steady business growth in Q4FY26 (provisional), with gross advances rising to ₹1,01,295 crore, up 15.7% YoY (4.7% QoQ). 

Published on 02-Apr-2026 09:15

Karnataka Bank's gross advances grow 6.9% YoY to ₹83,336.9 crore

Karnataka Bank reported healthy sequential business growth in Q4FY26 (provisional), with gross advances rising to ₹83,336.9 crore, up 6.9% YoY (7.8% QoQ). 

Published on 02-Apr-2026 09:14

Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
Download App

Download Our App

Get it on google Play Store Download on the App Store
market app