Food & Beverages company Sanstar announced Q1FY27 results Consolidated Financial Highlights: Consolidated Revenue from operations for Q1FY27 stood at Rs 206.16 crore, representing a 21.51% YoY increase from Rs 169.66 crore in Q1FY26 and a 4.90% QoQ decline from Rs 216.78 crore in Q4FY26. Total Income for the quarter was Rs 208.93 crore in Q1FY27, reflecting a growth of 20.90% YoY compared to Rs 172.81 crore in Q1FY26 and a decline of 5.04% QoQ from Rs 220.01 crore in Q4FY26. Profit before tax (PBT) reached Rs 12.55 crore in Q1FY27, showing a turnaround from a loss of Rs 0.76 crore in Q1FY26, though it declined by 38.60% QoQ from Rs 20.44 crore in Q4FY26. Consolidated Net Profit for the period was Rs 9.21 crore in Q1FY27, a turnaround from a loss of Rs 0.33 crore in Q1FY26, while recording a 55.05% decline QoQ compared to Rs 20.49 crore in Q4FY26. Basic Earnings Per Share (EPS) for the quarter stood at Rs 0.50 in Q1FY27, compared to a loss of Rs 0.02 in Q1FY26 and a profit of Rs 1.12 in Q4FY26. Standalone Financial Highlights: Standalone Revenue from operations reached Rs 206.16 crore in Q1FY27, up 21.51% YoY from Rs 169.66 crore in Q1FY26 and down 4.90% QoQ from Rs 216.78 crore in Q4FY26. Total Income for the quarter was Rs 208.93 crore, a YoY growth of 20.90% from Rs 172.81 crore in Q1FY26 and a QoQ decline of 5.04% from Rs 220.01 crore in Q4FY26. Standalone Profit before tax stood at Rs 12.55 crore in Q1FY27, reflecting a turnaround from a loss of Rs 0.76 crore in Q1FY26, but down 38.60% QoQ from Rs 20.44 crore in Q4FY26. Standalone Net Profit for the period was Rs 9.21 crore in Q1FY27, compared to a loss of Rs 0.33 crore in Q1FY26 and a profit of Rs 20.49 crore in Q4FY26. Business Highlights: Single Segment Operations: The company operates in a single operating segment, namely "Manufacturing and trading of commodities". Strategic Acquisition: During Q1FY27, the company invested Rs 0.15 crore to acquire a 30% shareholding (1,50,000 equity shares) in Spark Ingredients Private Limited, making it an Associate company. Capital Raising: The company completed a preferential issue of 1,80,24,157 equity shares on a private placement basis to Corn Products Development Inc. (a non-promoter) at Rs 110 per share, aggregating to Rs 198.27 crore. The shares were allotted on June 24, 2026. Utilization of Funds: As of June 30, 2026, the proceeds from the preferential issue (Rs 198.27 crore) remained unutilised and were temporarily invested in fixed deposits or held in a separate account. Impact of Labour Codes: The company assessed the financial implications of the new Labour Codes, resulting in an increase in gratuity liability arising out of past service cost by Rs 0.67 crore, which was presented under employee benefits expense. Board Appointments: The Board approved the re-appointment of Mr. Gouthamchand Sohanlal Chowdhary as Managing Director, and Mr. Sambhav Gautam Chowdhary and Mr. Shreyans Gautam Chowdhary as Joint Managing Directors for five-year terms starting September 01, 2026. Result PDF
Food & Beverages company Sanstar announced Q4FY26 & FY26 results Financial Highlights: Revenue from Operations: For Q4FY26, revenue stood at Rs 216.78 crore, reflecting a YoY decrease of 4.47% from Rs 226.92 crore in Q4FY25, but an increase of 7.45% QoQ from Rs 201.76 crore in Q3FY26. Annual revenue for FY26 was Rs 784.63 crore, down 18.05% YoY from Rs 957.45 crore in FY25. Total Income: Total income for Q4FY26 was Rs 220.01 crore, down 5.26% YoY from Rs 232.23 crore in Q4FY25, but up 7.48% QoQ from Rs 204.69 crore in Q3FY26. Annual total income for FY26 stood at Rs 796.41 crore, representing an 18.02% YoY decline from Rs 971.46 crore in FY25. Net Profit: Net profit for Q4FY26 was Rs 20.49 crore, up 271.56% YoY from Rs 5.52 crore in Q4FY25 and up 49.89% QoQ from Rs 13.67 crore in Q3FY26. For the full year FY26, net profit was Rs 34.45 crore, compared to Rs 43.80 crore in FY25. Business Highlights: Dividend: The Board of Directors has recommended a dividend of Rs 2/- per equity share (200%) on the face value of Rs 1/- each for the financial year 2025-26, subject to approval at the ensuing Annual General Meeting. Secretarial and Internal Auditors: M/s. Keyur J. Shah & Associates was appointed as the Secretarial Auditor for FY27. M/s. Kamal M. Shah & Co., Chartered Accountants, was appointed as the Internal Auditor for FY27. Operational Update: The Company's business activity falls within a single primary business segment, i.e., "Manufacture and trading of commodities." IPO Proceeds Utilization: The Company completed its Initial Public Offering (IPO) in FY25. As of March 31, 2026, the entire proceeds of Rs 361.54 crore have been utilized for their designated purposes, including capital expenditure for the expansion of the Dhule plant, borrowing repayment, and general corporate purposes. Labour Codes: The Company assessed the financial implications of the new Labour Codes (effective November 21, 2025) and recorded an incremental gratuity liability of Rs 0.67 crore under "Employee benefits expense" for FY26. Result PDF
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
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