What we do Sanstar Ltd manufactures plant-based specialty maize products and ingredient solutions for food, animal nutrition, pharmaceuticals, and industrial sectors in India and global markets. |
Founded in 1,982 |
Market share Among top maize specialty product producers in India; poised to become the second largest after expansion. |
Problem solved Provides natural, functional ingredients to improve taste, texture, and nutrition in food and animal feed, replacing synthetic additives. |
Top clients or who we serve Serves large Indian and international food, pharma, industrial companies, and animal nutrition sectors; B2B focus. |
Key management Mr. Gouthamchand Sohanlal Chowdhary (Chairman & MD), Mr. Sambhav Gautam Chowdhary (Joint MD), Mr. Shreyans Gautam Chowdhary (Joint MD). |
Our journey and innovations Founded in 1982, merged with Sanstar Biopolymers in 2022, IPO in 2024; ongoing Dhule plant expansion doubling capacity. |
Where we operate India (Maharashtra, Gujarat), exports to 58 countries across Asia, Africa, Americas, Europe, Middle East, Oceania. |
Top products or what we offer Native starch, modified starch, liquid glucose, maltodextrin, dextrose, and co-products like gluten, fiber for food and animal nutrition. |
Top brands No specific brand names; products recognized for quality and exported globally with diversified applications. |
Raw materials needed Maize sourced directly (~30%) from farmers and through distributors (70%); stored in large capacity silos. |
Raw materials supplier Local farmers and multiple agricultural suppliers and traders for maize. |
Recurring vs cyclical contribution Revenue is largely recurring from stable long-term contracts with diverse industries but subject to commodity price cycles. |
Our industry position 3rd largest maize specialty products producer in India; strong exporter and positioned for growth post expansion. |
Financial highlights FY25 revenue Rs. 953 crores; EBITDA Rs. 74 crores; PAT Rs. 44 crores; growing exports contributing 35% of revenue. |
Geographical revenue split ~65% domestic India revenue, ~35% exports across 58 countries with focus on Southeast Asia. |
Order book - |
Whats driving growth Capacity expansion, increasing demand in food and pharma sectors, export market growth, and higher-margin derivative products. |
Our future plans Commission Dhule native starch expansion by Q4 FY26; increase capacity to 2,100 TPD; focus on higher-value products. |
Our green promise Installed biogas plants and solar power; committed to sustainability and reducing environmental impact. |
Our people and values Foster inclusive performance-driven culture; strong employee engagement and ethical corporate governance. |
Key challenges ahead Short-term pricing pressure from Chinese starch exports; managing capacity ramp-up and maintaining margin expansion. |
Interesting facts One of India’s leading maize wet milling companies with two major plants and wide export footprint. |
Risks and strategy Commodity price volatility and regulatory changes mitigated by supply chain diversification and strong R&D investments. |
