About Sanstar Limited

Sanstar Limited is a public company incorporated on February 26, 1982, and registered with the Registrar of Companies, Ahmedabad (CIN: U15400GJ1982PLC072555). It is headquartered at “Sanstar House”, Paldi, Ahmedabad, Gujarat, and its equity shares were listed on BSE and NSE on July 26, 2024 following an Initial Public Offer (IPO). The company is among India’s largest corn wet millers and focuses on the manufacture of starches, starch derivatives and by-products as a single operating segment.

Sanstar’s product portfolio includes Maize Starches, Tapioca Starches, Modified Starches, Liquid Glucose, Malto Dextrin and High Maltose Corn Syrup, among others. Manufacturing operations are conducted at two sites: Shirpur, District Dhule, Maharashtra, and Bhachau, District Kutch, Gujarat; the registered office is in Ahmedabad, Gujarat. The company serves customers in India and international markets, with revenue reported under “India” and “Outside India” in its disaggregated revenue disclosures.

As of March 31, 2025, Sanstar had no subsidiaries. Its erstwhile wholly owned subsidiary, Expression Commercial LLP, remained a subsidiary only up to August 21, 2024 and the company disposed of its stake effective that date. A key corporate milestone was the National Company Law Tribunal (Ahmedabad) order dated November 23, 2023 sanctioning the amalgamation of Sanstar Biopolymers Limited with Sanstar Limited, effective from the appointed date of April 1, 2022.

Sanstar Limited Key Management

• Mr. Gouthamchand Sohanlal Chowdhary – Chairman and Managing Director
• Mr. Sambhav Gautam Chowdhary – Joint Managing Director
• Mr. Shreyans Gautam Chowdhary – Joint Managing Director
• Mr. Harish Kumar Shisupaldas Maheshwary – Chief Financial Officer
• Mrs. Fagun Harsh Shah – Company Secretary

Latest Updates on Sanstar Limited

• IPO and listing: The company completed its IPO and listed its equity shares on BSE and NSE on July 26, 2024.
• Capacity expansion: Sanstar commenced a mega expansion at its Shirpur plant, adding 1,000 MT/Day to the existing 750 MT/Day capacity to reach 1,750 MT/Day; Rs 11,377 Lakh (including advances) was incurred on the project during the year.
• Debt reduction using IPO proceeds: The company repaid Rs 85.04 crore of outstanding working capital borrowings and prepaid Rs 14.96 crore of term loans during FY 2024–25.
• Energy and process initiatives: The company reported installation of Thermal Vapour Recompression (TVR), energy-efficient spray dryers with heat recovery, flash dryers, and other efficiency upgrades; it also initiated a solar plant project at Bhachau, with land leased and construction underway.
• Workforce: Sanstar employed 76 people as of March 31, 2025, with training across safety, food quality and energy optimisation; industrial relations remained amicable.
• Credit rating: CARE Ratings assigned CARE BBB+; Stable/CARE A2 to long-term/short-term bank facilities and CARE A2 to short-term bank facilities.