Sanstar Limited has scheduled its 44th Annual General Meeting (AGM) for September 23, 2026. The company also published a newspaper advertisement in Financial Express (English and Gujarati editions) on September 2, 2026, to inform shareholders about the event.

The meeting will be held through Video Conferencing (VC) or Other Audio Visual Means (OAVM), as permitted by Ministry of Corporate Affairs (MCA) circulars. Shareholders holding equity shares of face value ₹2 each as on the record date will be eligible to attend and vote.

E-Voting Schedule

The company has disclosed specific timelines for remote e-voting and participation eligibility:

Members who have cast their votes through remote e-voting may attend the AGM but will not be entitled to cast their vote again during the meeting. Only members who have not voted remotely may vote during the AGM via VC/OAVM.

Book Closure Details

The Register of Members and Share Transfer Books will be closed from September 17, 2026, to September 23, 2026. This closure is pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 91 of the Companies Act, 2013.

Electronic copies of the notice and the Integrated Annual Report for FY25-26 have been dispatched to shareholders with registered email addresses. The dispatch was completed on August 31, 2026. Fagun Harsh Shah, Company Secretary and Compliance Officer, signed the intimation dated August 31, 2026.

Sanstar reported a 18.1% decline in revenue from operations to ₹784.6 crore for the financial year ended March 31, 2026, compared to ₹957.4 crore in the previous year. Profit after tax fell 21.3% to ₹34.5 crore, reflecting headwinds in native starch pricing and lower volumes.

The maize-based specialty products manufacturer navigated a challenging first half marked by Chinese export surges into Southeast Asia and an annual maintenance shutdown. Despite the topline pressure, gross margin expanded to 30.1% from 25.9%, as the company optimized its product mix and controlled costs.

Capacity Expansion and Balance Sheet

A key milestone for the year was the commissioning of a 1,250 tonnes per day (TPD) expansion at its Dhule facility. Total installed capacity rose from 1,100 TPD to 2,350 TPD, funded largely by IPO proceeds. This positions the company as India’s second-largest maize-based specialty products manufacturer.

The balance sheet strengthened significantly. Finance costs dropped 81% to ₹1.4 crore, and net debt improved from ₹93.7 crore to a near-neutral ₹3.7 crore, even after deploying ₹178.5 crore in investing activities.

Financial Performance

Note: Gross profit figure derived from Chairman's message; EBITDA/PAT from KPI tables.

What the Numbers Show

While revenue contracted sharply, the divergence between top-line decline and stable gross profit indicates successful margin preservation. Gross margin expanded by 420 basis points to 30.1%, suggesting that higher-value products or cost efficiencies offset the volume loss in commoditized native starch. Additionally, the drastic reduction in finance costs (from ₹7.5 crore to ₹1.4 crore) contributed disproportionately to bottom-line stability relative to operating profit declines.

Strategic Outlook

Exports accounted for 34% of revenue across 41 countries. Geographically, Asia’s share of exports fell from 68% to 49%, as the company diversified into the Americas, Africa, and the Middle East to mitigate regional pricing pressures.

Looking ahead, management expects the upcoming derivatives facility at Dhule, slated for commissioning in FY27, to further stabilize margins through value-added products like liquid glucose and dextrose. The Board has not recommended a dividend for FY26, opting to retain earnings for internal deployment.