Sanstar Limited · NSE:SANSTAR
Sanstar — Q4 FY2026 Earnings Presentation
22 slides from Sanstar's earnings presentation, May 27, 2026
Slide 1: Submission of Press Release to BSE and NSE
Regd. & Corp. Office : “Sanstar House” Nr. Parimal Under Bridge, Opp. Suvidha Shopping Centre, Paldi, Ahmedabad — 380007. Gujarat (India) Phone : +91 79-26651819 /20 / 21 Fax: +91 79-26651822 CIN : U15400GJ1982PLC072555 E-Mall : sanstar@sanstar.ln Webslte : www.sanstar.in Date: 27th May, 2026 To, To
Slide 2: Sanstar Limited Q4 and FY2026 Earnings Presentation
Sanstar Limited (BSE: 544217 | NSE: SANSTAR) Q4 and FY2026 Earnings Presentation
Slide 3: 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 34% of revenues, serving 34 countries with a fo
Slide 4: Sanstar Business Overview
Sanstar Business Overview India’s #2 Maize Based Specialty Products Manufacturer – 2,350 TPD Capacity Native Starch Products Food / Personal Care Kutch, Gujurat Paper 350 TPD Pharma (Dhule 2) Wet Milling Process Industrial Modified Starch Products Industrial Dhule, Maharashtra (1) Yellow Dextrin Whi
Slide 5: Q4 and FY26 Key Financial Performance
Q4 and FY26 Key Financial Performance Revenue Gross Profit EBITDA* Q4 FY26 Q4 FY26 Q4 FY26 Rs. 2,168 Mn Rs. 745 Mn Rs. 194 Mn 7.4% QoQ 34.4% Margin 8.9% Margin FY26 FY26 FY26 Rs. 7,846 Mn Rs. 2,362 Mn Rs. 377 Mn (17.7)% YoY 30.1% Margin 4.8% Margin * EBITDA excludes other income 4
Slide 6: Q4 and FY26 Results Commentary
Q4 and FY26 Results Commentary Commenting on the performance Mr. Gouthamchand Chowdhary, Chairman and Managing Director said: “FY2026 was a transition year for Sanstar. The first half of the year was impacted by maintenance shutdowns, lower plant utilization and pricing pressure in the native starch
Slide 7: Q4 FY26 Financial Highlights
Q4 FY26 Financial Highlights Rs. Million Revenues from Operations EBITDA* PAT 2,263 179 194 2,018 2,168 205 137 55 (5) Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 EBITDA Margins PAT Margins 9.5% 8.9% 8.9% 6.8% 2.4% (0.2)% Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 *
Slide 8: FY26 Financial Highlights
FY26 Financial Highlights Rs. Million Revenues from Operations EBITDA* PAT 9,534 560 7,846 438 345 377 FY25 FY26 FY25 FY26 FY25 FY26 EBITDA Margins PAT Margins 4.6% 4.4% 5.9% 4.8% FY25 FY26 FY25 FY26 * EBITDA excludes other income 7
Slide 9: FY2026 Cash Flows Analysis
FY2026 Cash Flows Analysis Rs. Mn FY24 FY25 FY26 Long Term Debt 309 147 100 Short Term Debt 967 123 99 • In FY26, the company repaid Rs. 72 Mn of debt, Total Debt 1,276 271 199 reducing borrowings from Rs. 271 Mn to Rs. 199 Mn (-) Cash & Cash Equivalents 32 1,207 236 Net Debt 1,245 (937) (37) • Net
Slide 10: Manufacturing Platform
Manufacturing Platform 2 3rd Largest 2,350 TPD 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, Maharasht
Slide 11: 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 12: 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 13: 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 14: Exports: A Major Lever for the Next Phase of Growth
Exports: A Major Lever for the Next Phase of Growth 34% 201 1% 49% % Revenue from Exports 34 Countries across all Continents 12% 16% 22% 26% Exports Sales CAGR (FY21-FY26)* Rs. 2,657 million Exports Revenue FY26^ Growing Share Of North America and Europe in Asia Africa America Middle East Europe and
Slide 15: 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 16: Q4 and FY2026 Income Statement
Q4 and FY2026 Income Statement (Rs. Million) Q4 FY2026 Q4 FY2025 Y-o-Y (%) Q3 FY2026 Q-o-Q (%) FY2026 FY2025 Y-o-Y (%) Operating Revenue 2,168 2,263 (4.2)% 2,018 7.4% 7,846 9,534 (17.7)% Other Income 32 59 29 118 180 Total Income 2,200 2,322 (5.3)% 2,047 7.5% 7,964 9,714 (18.0)% COGS 1,423 1,794 1,2
Slide 17: Balance Sheet as on 31st March 2026
Balance Sheet as on 31st March 2026 As on 31 As on 31 As on 31 As on 31 Rs. Million Rs. Million Mar, 2026 Mar, 2025 Mar, 2026 Mar, 2025 Equity and liabilities Assets a) Equity Share Capital 365 364 Non-Current Assets b) Other Equity 6,575 6,227 a) Property, Plant and Equipment 4,244 1,915 Shareholde
Slide 18: 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
Slide 19: Q4 and FY26 Press Release
Q4 and FY26 Press Release Q4 FY26 Revenue from Operations at Rs. 2,168 Million Q4 FY26 Gross Profit at Rs. 745 Million, up 58.7% YoY with a margin of 34.4% Q4 FY26 PAT at Rs. 205 Million, up 271.2% YoY with a margin of 9.5% Ahmedabad, 25th May 2026: Sanstar Limited (“Sanstar” or the “Company”) (BSE:
Slide 20: Q4 and FY26 Press Release: Management Commentary
Q4 and FY26 Press Release Commenting on the performance Mr. Gouthamchand Chowdhary, Chairman and Managing Director said: “FY2026 was a transition year for Sanstar. The first half of the year was impacted by maintenance shutdowns, lower plant utilization and pricing pressure in the native starch from
Slide 21: India's #2 Maize-Based Specialty Products Manufacturer
Q4 and FY26 Press Release India’s #2 Maize-Based Specialty Products Manufacturer - 2,350 TPA Capacity Local Farmers (30%) Distributors (70%) Kutch, Gujurat Dhule, Maharashtra (1) Dhule, Maharashtra (2) 350 TPD 750 TPD 1,250 TPD Wet Milling Process Wet Milling Process Wet Milling Process Derivates FY
Slide 22: About Sanstar
Q4 and FY26 Press Release About Sanstar: Sanstar Limited, headquartered in Ahmedabad, Gujurat is one of India’s largest producers of maize-based specialty products and ingredient solutions and set to become the second-largest producer following its ongoing capacity expansion. The company’s diverse p