Sanstar Limited · NSE:SANSTAR
Sanstar — H1 FY2026 Earnings Presentation
17 slides from Sanstar's earnings presentation, 2025
Slide 1: Sanstar Limited Q2 and H1 FY2026 Earnings Presentation
Sanstar Limited (BSE: 544217 | NSE: SANSTAR) Q2 and H1 FY2026 Earnings Presentation
Slide 2: Sanstar Investment Case
Sanstar Investment Case • Set to become India’s #2 in maize-based specialty products and ingredient solutions post Dhule expansion taking total capacity to 2,100 TPD Market Leadership in • India’s 2nd largest product exporter, with exports contributing 35%+ of revenues, serving 58 countries with a f
Slide 3: Sanstar Business Overview
Sanstar Business Overview Set to become India’s #2 in Maize-Based Specialty Products Post Dhule Expansion Native Starch Products Food / Personal Care Kutch, Gujurat Paper 350 TPD Pharma (Dhule 2) Wet Milling Process Industrial Modified Starch Products Industrial Yellow Dextrin White Dextrin Food (Dh
Slide 4: Q2 and H1 FY26 Key Financial Performance
Q2 and H1 FY26 Key Financial Performance Revenue Gross Profit EBITDA* Q2 FY26 Q2 FY26 Q2 FY26 Rs. 1,964 Mn Rs. 487 Mn Rs. 14 Mn 15.8% QoQ 24.8% Margin 0.7% Margin H1 FY26 H1 FY26 H1 FY26 Rs. 3,661 Mn Rs. 899 Mn Rs. 4 Mn (28.1)% YoY 24.5% Margin 0.1% Margin Cash Profit (Net Profit + Depreciation) was
Slide 5: Q2 and H1 FY26 Results Commentary
Q2 and H1 FY26 Results Commentary Commenting on the performance Mr. Gouthamchand Chowdhary, Chairman and Managing Director said: “In the second quarter of FY26, Sanstar navigated a dynamic operating environment marked by external pressures and transitionary phase in our capacity expansion journey. T
Slide 6: Q2 FY26 Financial Highlights
Q2 FY26 Financial Highlights Rs. Million Revenues from Operations EBITDA* PAT 2,056 1,964 1,697 75 115 6 14 (3) (9) Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 EBITDA Margins PAT Margins 5.6% 3.7% 0.7% 0.3% (0.2)% (0.5)% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Cas
Slide 7: H1 FY26 Financial Highlights
H1 FY26 Financial Highlights Rs. Million Revenues from Operations EBITDA* PAT 5,091 397 3,661 240 4 3 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 EBITDA Margins PAT Margins 7.8% 4.7% 0.1% 0.1% H1 FY25 H1 FY26 H1 FY25 H1 FY26 Cash Profit (Net Profit + Depreciation) was Rs. 50 Million in H1 FY2026
Slide 8: H1 FY2026 Cash Flows Analysis
H1 FY2026 Cash Flows Analysis Rs. Mn FY24 FY25 H1 FY26 Long Term Debt 309 147 121 Short Term Debt 967 123 104 • In H1 FY26, the company repaid Rs. 47 Mn of Total Debt 1,276 271 224 debt, reducing borrowings from Rs. 271 Mn to Rs. 224 Mn (-) Cash & Cash Equivalents 32 1,207 370 Net Debt 1,245 (937) (
Slide 9: Manufacturing Platform
Manufacturing Platform 2 3rd Largest 3.63 Lakh MTPA Dhule Plant is located in Manufacturing Facilities Capacity in India Installed Capacity proximity to Mumbai Agra National Highway 50,000 MT 10.68 Million 13,670 Sq Ft RM Storage at Dhule Sq Ft Total Land Area Storage Area at Kutch Kutch Dhule, Maha
Slide 10: Food / Personal Care and Pharma
Food / Personal Care and Pharma • Native Maize Starch: A cereal starch with low ash and protein content, derived from maize that contains around 71% starch. It is produced through a wet milling process involving steeping, grinding, purification, and drying. Its functional properties can vary with ch
Slide 11: Animal Nutrition
Animal Nutrition • Corn Gluten Meal 60%: Produced as a by-product of maize starch manufacturing, maize gluten meal contains 60–75% crude protein and is used as a rich source of protein, energy, and pigments for livestock and fish. It is also valued in pet food for its high digestibility and serves a
Slide 12: Application of Products Across End Use Industries
Application of Products Across End Use Industries Food Products Product Applications Ingredients Gravies Bakery Confectionery Ketchups Sauces Jams Toppings Thickening Agents Stablizers Sweeteners Mayonnaise Pastas Soups Creams Deserts Syrups Processed Foods Emulsifiers Excipients Other Core Products
Slide 13: Exports: A Major Lever for the Next Phase of Growth
Exports: A Major Lever for the Next Phase of Growth 36% 201 1% 68% % Revenue from Exports 58 Countries across all Continents 5% 11% 15% 33% Exports Sales CAGR (FY21-FY25)* Rs. 3,400 million Exports Revenue FY25^ Growing Share Of North America and Europe in Asia Africa America Middle East Europe and
Slide 14: Board of Directors
Board of Directors Mr. Gouthamchand Chowdhary Mr. Sambhav Chowdhary Mr. Shreyans Chowdhary Promoter and CMD Promoter and Jt. MD Promoter and Jt. MD He Has served on the Board of Sanstar Biopolymers He has served on the Board of Sanstar Biopolymers With over 12 years on the Board, he holds a B.E. fro
Slide 15: Q2 and H1 FY2026 Income Statement
Q2 and H1 FY2026 Income Statement (Rs. Million) Q2 FY2026 Q2 FY2025 Y-o-Y (%) Q1 FY2026 Q-o-Q (%) H1 FY2026 H1 FY2025 Y-o-Y (%) Operating Revenue 1,964 2,056 (4.5)% 1,697 15.8% 3,661 5,091 (28.1)% Other Income 25 36 31 56 37 Total Income 1,989 2,092 (4.9)% 1,728 15.1% 3,717 5,128 (27.5)% COGS 1,477
Slide 16: Balance Sheet as on 30th September 2025
Balance Sheet as on 30th September 2025 As on 30 As on 31 As on 30 As on 31 Rs. Million INR Mn Sep, 2025 Mar, 2025 Sep, 2025 Mar, 2025 Equity and liabilities Assets a) Equity Share Capital 365 364 Non-Current Assets b) Other Equity 6,229 6,227 a) Property, Plant and Equipment 1,881 1,915 Shareholder
Slide 17: Disclaimer
Disclaimer This presentation contains “forward looking statements” including, Fagun Shah but without limitation, statements relating to the implementation of strategic initiatives, and other statements relating Sanstar Ltd. Company Secretary future business developments and economic performance. Whi