Sanstar Ltd

SRC chairperson change

• Resignation of Aniket Talati as SRC Chair; Sejal Ronak Agrawal appointed Chairperson.
• Talati remains independent director and SRC member; Board approved circular resolution on 13 October 2026.
• Other committees and board composition unchanged.

Sanstar Ltd – Closure of Trading Window

Governance / Compliance

• Appointed Keyur J. Shah & Associates as Secretarial Auditor for 2026-04-01 to 2027-03-31.
• Approval obtained at the 44th AGM held on September 23, 2026.
• Term is one year, commencing April 1, 2026.

MD and Joint MD re-appointments

• Gouthamchand Sohanlal Chowdhary re-appointed MD for five years, 01 Sep 2026–31 Aug 2031.
• Sambhav Gautam Chowdhary re-appointed Joint MD for five years, 01 Sep 2026–31 Aug 2031.
• Shreyans Gautam Chowdhary re-appointed Joint MD for five years, 01 Sep 2026–31 Aug 2031.

Nominee Director regularisation

• Jacques Georges Florent Guglielmi regularised as Nominee Director from 24 Jun 2026.
• Profile: VP Asia-Pacific and Global Pharma Beauty & Home at Ingredion; COO PureCircle.
• Not liable to retire by rotation.

Independent Director regularisation

• Niraj Yogeshbhai Shah regularised as Independent Director; first term three years from 24 Jun 2026.
• Profile: Entrepreneur and MD of Rajkrupa Textiles (India) Pvt Ltd; 20+ years textiles.
• Not related to other directors.

Director relationships

• Gouthamchand Chowdhary father to Sambhav and Shreyans; Sambhav and Shreyans are brothers.

Compliance status

• Not debarred from holding director roles by SEBI or other authorities.

AGM Details

• AGM held in September 2026 via video conferencing (OAVM).
• Record date for voting set in September 2026.

Key Resolutions

• Resolution 1: Adoption of audited standalone financial statements and related reports.
• Resolution 2: Re-appointment by rotation of a director.
• Resolution 3: Re-appointment as Managing Director.
• Resolution 4: Re-appointment as Joint Managing Director.
• Resolution 5: Re-appointment as Joint Managing Director.
• Resolution 6: Appointment of secretarial auditor and remuneration.
• Resolution 7: Regularisation and appointment of a nominee director.
• Resolution 8: Appointment of independent director.
• Resolution 9: Approval of remuneration payable to directors under Schedule V.

Voting Results

• Resolution 1 passed by requisite majority.
• Resolution 2 passed by requisite majority.
• Resolution 3 passed by requisite majority.
• Resolution 4 passed by requisite majority.
• Resolution 5 passed by requisite majority.
• Resolution 6 passed by requisite majority.
• Resolution 7 passed by requisite majority.
• Resolution 8 passed by requisite majority.
• Resolution 9 passed by requisite majority.

Dividend

• Dividend proposed/declared: none.

Directors & Management

• MD re-appointed; two JMDs re-appointed.
• Independent director appointed.
• Nominee director regularised.

Auditors

• Secretarial auditor appointed; remuneration fixed.

Other Approvals

• Remuneration payable to directors approved under Schedule V.

AGM Details

• Date and mode: 23 September 2026, held via Video Conferencing (VC/OAVM).
• Meeting duration: 11:30 A.M. to 11:50 A.M.
• Quorum met; meeting conducted with e-voting.

Resolutions

• Adopt Audited Standalone Financial Statements, Balance Sheet, and Profit and Loss for FY 2025-26.
• Re-appoint Shreyans Gautam Chowdhary by rotation.
• Re-appoint Gouthamchand Sohanlal Chowdhary as Ordinary Managing Director.
• Re-appoint Sambhav Gautam Chowdhary as Joint Managing Director.
• Re-appoint Shreyans Gautam Chowdhary as Joint Managing Director.
• Approve appointment and remuneration of Secretarial Auditor.
• Regularise Jacques Georges Florent Guglielmi as Nominee Director.
• Appoint Niraj Yogeshbhai Shah as Independent Director.
• Approve remuneration payable to MDs under Section 197 and Schedule V.

Director and Auditor Changes

• Gouthamchand Sohanlal Chowdhary designated Ordinary Managing Director.
• Sambhav Gautam Chowdhary designated Joint Managing Director.
• Shreyans Gautam Chowdhary designated Joint Managing Director.
• Jacques Georges Florent Guglielmi regularised as Nominee Director.
• Niraj Yogeshbhai Shah appointed Independent Director.
• Secretarial Auditor appointed; remuneration fixed.

Book closure and AGM schedule

• 44th AGM scheduled for 23 September 2026 at 11:30 IST.
• Share transfer books close 17 Sep 2026 to 23 Sep 2026 (inclusive) for equity shares of Rs 2.

AGM and Shareholder Communications

• 44th AGM scheduled Sep 23, 2026 at 11:30 IST via VC/OAVM.
• Electronic Notice and FY2025-26 Annual Report sent to registered emails; non-registered emails unable to receive.
• Annual Report and AGM notice accessible via provided link and QR code.
• Cut-off date for e-voting and AGM participation: Sep 18, 2026.
• Remote e-voting opens Sep 19, 2026 at 09:00 IST; closes Sep 22, 2026 at 17:00 IST.
• SEBI KYC alignment: PAN, address, bank details required; email update optional.
• Relodgement window for transfer deeds per SEBI circular open Jul 7, 2025 to Jan 6, 2026.
• Transfers re-lodged will be issued in demat mode; contact MUFG Intime for inquiries.

Financial snapshot

• Revenue from operations ₹784.63 Cr; YoY decline from prior year.
• PAT ₹34.45 Cr; earnings moderated but margin held.
• EPS ₹1.89; stable earnings per share.
• Total expenses ₹757.97 Cr; disciplined cost management.
• Operating cash flow ₹89.90 Cr; strong working-capital discipline.
• Capex in year ₹225 Cr; expansion funded by IPO proceeds.
• Exports contributed 34% of revenue; geographic diversification.
• Capacity expanded to 2,350 TPD; downstream value-chain leverage.

Capacity expansion & operations

• Dhule capacity expanded from 1,100 to 2,350 TPD.
• Total project capex ~₹225 Cr; IPO funded ₹181.6 Cr.
• Derivatives facility at Dhule to be commissioned FY2026-27.
• R&D at Ahmedabad underpins higher-margin product shift.
• SCADA-automated wet milling at two plants.
• Facilities near maize belt; global footprint to 41 countries.

Product portfolio & markets

• Four product families: native starch, modified starch, derivatives, co-products.
• Exports share 34% of revenue; 41 countries served.
• Eight international certifications including USFDA, HACCP, ISO 9001, Kosher, Halal.
• Direct farmer network sourcing ~30% of maize.
• Global customer base across food, pharma and industrial sectors.

Governance & leadership

• Jacques Guglielmi appointed as Nominee Director representing Corn Products Development Inc.
• Niraj Yogeshbhai Shah appointed Independent Director for a 3-year term.
• MD/Joint MDs reappointed for five years from Sep 1, 2026.
• Secretarial Auditor: Keyur J. Shah & Associates; ₹1.20 Lakh remuneration.
• Statutory Auditor: M/s S.C. Bapna & Associates; unqualified opinion.
• Board met four times; Independent Directors met separately as required.

Dividend & capital structure

• Dividend for FY2025-26 not declared; profits retained for expansion.
• IPO details: 5.37 Cr shares; gross ₹510.15 Cr; net proceeds ₹361.54 Cr.
• Post-IPO paid-up capital increased; shares ~20.02 Cr.
• Authorised capital increased to ₹50 Cr.
• Preferential allotment to Corn Products Development Inc.; ₹198.27 Cr.

ESG & CSR

• 6 MW solar and 1.6 MW biogas capacity installed.
• Water: closed-loop cooling; treated wastewater reused for irrigation.
• CSR spend ₹1.18 Cr; carry-forward ₹0.07 Cr; rural development emphasis.
• Zero POSH complaints; strong governance and workplace safety.
• CSR projects include rural development and education initiatives.

Risks & outlook

• Maize price volatility remains a key input risk.
• FX exposure; hedging via forwards and options.
• Competitive intensity and pricing pressure across regions.
• Outlook: growth in value-added products to improve margins.
• Derivatives capacity online to stabilise long-term profitability.

Audit & internal controls

• Internal financial controls assessed as adequate; no material weaknesses.
• Audit trail maintained in the accounting software; traceable edits.
• Independent Director meetings held; governance robust.
• Secretarial audit MR-3; no qualifications.
• CFO certification affirms accuracy of financial statements.