Financial Performance - Q2 FY27 (Standalone)
Revenue from Operations: ₹2,183 million, up 11.1% YoY from ₹1,964 million in Q2 FY26
Gross Profit: ₹708 million, up 45.3% YoY from ₹487 million in Q2 FY26
Gross Margin: 32.4% compared to 24.8% in Q2 FY26
EBITDA: ₹83 million, up 515.6% YoY from ₹14 million in Q2 FY26
EBITDA Margin: 3.8% compared to 0.7% in Q2 FY26
PBT: ₹80 million, up 767.4% YoY from ₹9 million in Q2 FY26
PBT Margin: 3.7% compared to 0.5% in Q2 FY26
PAT: ₹59 million, up 830.2% YoY from ₹6 million in Q2 FY26
PAT Margin: 2.7% compared to 0.3% in Q2 FY26
EPS: ₹0.29
Financial Performance - H1 FY27 (Standalone)
Revenue from Operations: ₹4,244 million, up 15.9% YoY from ₹3,661 million in H1 FY26
Gross Profit: ₹1,397 million, up 55.4% YoY from ₹899 million in H1 FY26
Gross Margin: 32.9% compared to 24.5% in H1 FY26
EBITDA: ₹237 million compared to ₹4 million in H1 FY26
EBITDA Margin: 5.6% compared to 0.1% in H1 FY26
PBT: ₹205 million compared to ₹1 million in H1 FY26
PBT Margin: 4.8% compared to 0.0% in H1 FY26
PAT: ₹151 million compared to ₹3 million in H1 FY26
PAT Margin: 3.6% compared to 0.1% in H1 FY26
EPS: ₹0.78
Export Performance
Q2 FY27 Export Revenue: ₹755 million, up 17.1% YoY from ₹645 million in Q2 FY26 and up 4.5% QoQ from ₹723 million in Q1 FY27
H1 FY27 Export Revenue: ₹1,478 million
Operational Highlights
Solar Power Plant: Commissioned 3 MW captive solar power plant at Kutch, Gujarat
Investment: Approximately ₹75 million
Expected Benefits: To meet approximately 40% of Kutch facility's electricity requirement, expected annual power cost savings of around ₹30 million
Management Commentary
Mr. Gouthamchand Chowdhary, Chairman and Managing Director, commented on the improved operating performance driven by stable plant operations and benefits of higher manufacturing capacity. He noted that while the native starch market remains competitive due to global pricing dynamics, the Company is benefiting from improved operating efficiencies, larger manufacturing scale, and wider product portfolio.
The export business showed steady demand from overseas customers with improved geopolitical conditions and easing of regional uncertainties supporting export shipments.
The Company highlighted that the Indian starch and starch derivatives market is expected to grow over the medium term, supported by increasing adoption of clean label and specialty starches across food and beverage categories, rising pharmaceutical applications, and higher usage of starch-based ingredients across industrial sectors.
Forward Outlook
The Company enters the second half of FY2027 with expanded capacities, stable plant operations, and wider product portfolio. Focus areas include improving utilization of manufacturing facilities, increasing contribution of value-added products, strengthening presence across domestic and export markets, disciplined cost management, improving operational efficiencies, and increasing share of renewable energy in operations.
Company Background
Sanstar Limited is one of India's leading corn-based specialty products and ingredient solutions companies, manufacturing starch, glucose, modified starches, dextrose, and other corn derivatives. The Company serves diverse industries including food and beverage, pharmaceuticals, animal nutrition, paper, and textiles.
Manufacturing Capacity: Recently commissioned new facility at Dhule plant, increasing total installed capacity from 1,100 TPD to 2,350 TPD of processing maize-based specialty products.