Key Metrics of Sanstar Limited
About Sanstar Limited
Sectors
Company details
- Registered office
- Sanstar House, Nr. Parimal Under Bridge, Opp.suvidha Shopping Centre, Paldi, Ahmedabad, Ahmedabad, In-gj, 380007
- Listed
- NSE: SANSTAR · ₹93.59
Operational Areas of Sanstar Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Apr 2026 | CARE | Reaffirmed | BBB+ | A2 | Stable | ₹114 Cr | View |
| 07 Apr 2025 | CARE | Other | — | — | — | — | View |
| 07 Jun 2024 | CARE | Other | — | — | — | — | View |
| 26 Mar 2024 | CARE | Other | — | — | — | — | View |
| 16 Feb 2023 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Apr 2026)
+ Comfortable capital structure and debt coverage indicators
Steady accretion to net worth in the last few years, supported by profitability and further strengthened by Initial Public Offering (IPO)‑led equity infusion, resulted in a comfortable capital structure for SAL. Net worth increased significantly to ₹629.29 crore as on March 31, 2025, compared to ₹217.51 crore as on March 31, 2024. The company’s reliance on external debt continues to remain low evident from reduction in total debt to ₹27.07 crore as on March 31, 2025 (Previous Year: ₹127.64 crore
+ Moderate scale of operations with moderation in profitability; sequential recovery visible in Q3FY26
SAL operates at a moderate scale in the maize processing industry, with TOI of ₹947.83 crore in FY25, against ₹1,087.07 crore in FY24 and ₹1,208.03 crore in FY23. Decline in FY25 was primarily considering lower sales realisations and moderation in volumes across key product segments, particularly native starch. Profitability also moderated in FY25, with PBILDT margin declining to 5.34% from 6.91% in FY24, reflecting pressure on spreads
+ Diversified clientele and geographically spread revenue base
SAL has a diversified customer base across multiple end-user industries, including food, pharmaceuticals, textiles, paper, adhesives and animal nutrition, which provides some diversification to its revenue profile. However, customer concentration remains moderate, with contribution of top 10 customers at ~34% in 9MFY26, compared to 28.49% in FY25 and lower levels in earlier periods, indicating some increase in concentration in the recent period.
Credit challenges
− Profitability susceptible to raw material price volatility and spread compression
SAL uses maize as its key raw material, accounting for ~75 –80% of total cost of sales, exposing profitability to volatility in Agri - commodity prices. Maize procurement is largely market -linked and, although minimum selling price ( MSP) provides a benchmark, actual procurement prices are driven by mandi dynamics, crop output, farmer selling patterns and competing demand from sectors such as ethanol, animal feed and starch processing.
− Execution, ramp-up, and saleability risks associated with large -scale capacity expansion
SAL is in the process of undertaking a significant capacity expansion at its Dhule facility, increasing total capacity from ~ 1,100 TPD to ~2,100 TPD, with phased commissioning of native starch and derivative capacities in FY27. The expansion is largely funded through IPO proceeds, resulting in limited incremental reliance on debt. While a part of the capacity is nearing commissioning, the project exposes the company to risks related to timely stabilisati on and
− Competitive industry scenario with pressure on realisations amid ongoing capacity additions
The maize processing industry remains competitive, with the presence of large, integrated players and medium-sized and unorganised participants. Key players include Roquette India Private Limited, Gujarat Ambuja Exports Limited and Sukhjit Starch and Chemicals Limited, and other mid-sized entities such as Gulshan Polyols Limited, Sayaji Industries Limited and SAL. A significant portion of the industry operates in commoditised segments such as native starch, where pricing flexibility remains
Could lead to an upgrade
• Significant increase in scale of operations, with total operating income (TOI) exceeding ₹1,400 crore and profit before interest, lease rentals, depreciation, and taxation (PBILDT) margin above 8% on a sustained basis. • Successful and timely completion of the ongoing capital expenditure (capex).
Could lead to a downgrade
• Sustained decline in profitability, with PBILDT margin falling below 6%. • Total debt to PBILDT exceeding 4x on a sustained basis. • Significant delay in, or cost overruns in the planned capex, leading to deterioration in the capital structure.
Agency-reported financials (CARE, 06 Apr 2026)
| Metric | March 31, 2024 | March 31, 2025 | 9MFY26 |
|---|---|---|---|
| Total operating income | ₹1,087 Cr | ₹948 Cr | ₹568 Cr |
| PBILDT* | ₹75.10 Cr | ₹50.58 Cr | ₹26.86 Cr |
| Profit after tax (PAT) | ₹66.77 Cr | ₹43.80 Cr | ₹13.96 Cr |
| Overall gearing (x) | 0.59× | 0.04× | — |
| Interest coverage (x) | 6.99× | 6.71× | 15.62× |
| Revenue growth (YoY) | — | −12.8% | — |
| PAT margin | 6.1% | 4.6% | 2.5% |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹95.0 Cr | — | BBB+ / A2 (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹18.8 Cr | — | A2 | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹7.50 Cr | CARE A2 |
| Forward Contract | ₹11.3 Cr | CARE A2 |
| Working Capital Limits | ₹95.0 Cr | CARE BBB+; Stable / CARE A2 |
Lenders
| Fund-based - LT/ ST | Working Capital Limits | Karur Vysya Bank Ltd. |
| Non-fund-based - ST | Bank Guarantee | Karur Vysya Bank Ltd. |
| Non-fund-based - ST | Bank Guarantee | Proposed |
| Non-fund-based - ST | Forward Contract | Karur Vysya Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 69% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 62% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 15.62×
What happened, step by step
- Apr 2025 — Project / plant of ₹201.55 cr
- Apr 2025 — Term debt tied up (₹150 cr)
“Press Release Execution and market risks associated with large-scale capex SAL is undertaking a capacity expansion project to increase its production from 1,100 TPD to 2,100 TPD, with completion targeted for July 2025 at an estimated cost of ₹201.55 crore.”
Rated limits by facility
Timeline
From the report
Press Release Execution and market risks associated with large-scale capex SAL is undertaking a capacity expansion project to increase its production from 1,100 TPD to 2,100 TPD, with completion targeted for July 2025 at an estimated cost of ₹201.55 crore.
From the report
Prior to its IPO, the company had got a term loan sanctioned of ₹150 crore for this expansion, of which only ₹12.46 crore was disbursed.
From the report
The company has achieved ₹48.45 crore of GCA in 9MFY25 against a debt repayment obligation of ₹17.30 crore for FY25.
From the report
Cash and liquid investments as on March 31, 2024, stood at ₹3.16 crore.
From the report
Cash credit (CC) utilisation for 12-months ending February 28, 2025, was at moderate level with average utilisation above 29%.
From the report
Key weaknesses Project risk emanating from large sized planned capex SAL is undertaking an expansion project of increasing its production capacity from 1,100 TPD (tons per day) to 2,100 TPD, which is estimated to be completed by July 2025 with project cost of ₹201.55 crore.
From the report
Cash and liquid investments as on March 31, 2024, stood at ₹3.16 crore.
From the report
CC utilisation for 12-months ending March 31, 2024, was at moderate level with maximum utilisation above 90% in peak procurement season.
From the report
Total debt of SG declined from Rs.125.36 crore as on March 31, 2022, to Rs.111.70 crore as on March 31, 2023, due to decline in the working capital borrowing and repayment of term loans.
From the report
Total debt of SG declined from Rs.160.79 crore as on March 31, 2021, to Rs.125.36 crore as on March 31, 2022, due to decline in the working capital borrowing and repayment of term loans.
From the report
SG is expected to earn GCA of Rs.55 to Rs.60 crore (Including the GST rebate to the tune of Rs.15 crore per year).as compared to debt repayment obligation of Rs.20.78 crore for FY24.
From the report
On a standalone basis, average monthly fund based working capital utilization of SBPL remained moderate at 67.55% for past 12 months ended November 30, 2022 and average monthly fund based working capital utilization of SL remained low at 61% for past 12 months ended November 30, 2022.
From the report
SG had cash and cash equivalents of Rs.2.29 crore as on March 31, 2022.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Sanstar Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Patanjali Foods |
Dal & Pulses · Food & Beverages | patanjalifoods.com | — | Mumbai, India |
 Swiggy |
E-commerce · Food Delivery | swiggy.com | 2014 | Bangalore, India |
 Tata Consumer Products |
Dal & Pulses · Food & Beverages | tataconsumer.com | 1962 | Kolkata, India |
| Biscuits & Bakery · Food & Beverages | britannia.co.in | 1892 | Kolkata, India | |
 Heritage Foods |
Dairy, Ghee & Milk Products · Food & Beverages | heritagefoods.in | 1992 | Hyderabad, India |
| Hindustan Foods Limited | · Manufacturing (Food stuffs) | — | — | Mumbai, Maharashtra, India |
 Zydus Wellness |
Packaged Foods & Confectionery · Food & Beverages | zyduswellness.com | — | Ahmedabad, India |
| Dhampur Bio Organics Limited | · Manufacturing (Food stuffs) | — | — | Moradabad, Uttar Pradesh, India |
| Packaged Foods & Confectionery · Food & Beverages | sapphirefoods.in | — | Panchkula, Haryana, India | |
| Packaged Foods & Confectionery · Food & Beverages | waghbakritea.com | 1915 | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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