SANSTAR LIMITED — Interim / Quarterly Report 2025

Nov 14, 2025

Regd. & Corp. Office : "Sanstar House" Nr. Parimal Under Bridge, Opp. Suvidha Shopping Centre, Paldi, Ahmedabad — 380007. Gujarat (India) Phone : +91 79-26651819 /20 / 21 Fax : +91 79-26651822 CIN : U15400GJ1982PLC072555 E-Mail : sanstar@sanstar.in Website : www.sanstar.in

Date: 14t November, 2025

To,	To,
BSE Limited,	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Plot No. C/1, G Block,
Dalal Street,	Bandra-Kurla Complex,
Mumbai — 400 001	Bandra (E), Mumbai - 400 051
Scrip Code: 544217	Symbol - SANSTAR

Sub: Submission of Unaudited Financial Results for the quarter and half year ended 30% September, 2025, under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requir: nts) Regulations, 2015

Dear Sir/Madam,

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, please find enclosed herewith the Unaudited Standalone Financial Results along with Limited Review Report for the quarter and half year ended 30t September, 2025, as approved by the Board of Directors at their Meeting held on Friday, 14t November, 2025.

The above-Board Meeting commenced at 04:30 P.M. and concluded at 05:30 P.M.

You are requested to take the above on record.

Thanking You,

Yours Faithfully,

For, SANSTAR LIMITED
FAGUN SHAH !
COMPANY SECRETARY & -
COMPLIANCE OFFICER
(ACS-62163)

Factory (1) : Gulabpura. Village : Karvand, Taluka : Shirpur, Dist. : Dhule — 425 405. Maharashtra (India)

(2) : "Sanstar Nagar" Sukhpar Road, Post Sukapar, Village Morgar, Taluka Bhachau. Dist. Kutch-370 020. Gujarat (India)

S. C. BAPNA & ASSOCIATES CHARTERED ACCOUNTANTS

305, Lodha Supremus, Next to Lodha Eternis, End of 11th Road, Off Mahakali Caves Road, Near Hotel Tunga International, Andheri (East), Mumbai — 400 069 Maharashtra Phone : 7738007589 Email:mumbai@scbapna.in

Independent Auditor's Review Report on the Quarterly and Year to date Unaudited Financial Results of Disclosure Sanstar Limited ("the Company"), pursuant to the Regulation 33 of the SEBI (Listing Obligations and Requirements) Regulations, 201 5, as amended

Review report To the Board of Directors Sanstar Limited

• 1. We Company"), have reviewed the accompanying statement of unaudited financial resulis of Sanstar Limited ('the for the quarter and half year ended 30th September, 2025 ('the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, as amended time to time (the "Listing Regulations").
• ^N. The Statement, which is the responsibility of the Company's Management and approved by the Company's down Board of Directors, has been prepared in accordance with the recognition and measurement principles laid 133 of in Indian Accounting Standard 34, "Interim Financial Reporting" ("Ind AS 34") prescribed under Section the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. 2410 We conducted "Review our review of the Statement in accordance with the Standard on Review Engagements (SRE) the Institute of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by review to obtain of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the moderate assurance as to whether the statement is free from material misstatement. ^A assurance specified under that Section 143(10) of the Companies Act, 2013 and consequently doss not enable us to obtain Accordingly, we do we would become aware of all significant matters that might be identified in an audit, not express an audit opinion.
• 1. causes Based on Us our to believe review conducted as stated in paragraph 3 above, nothing has come to our attention that measurement principles that the accompanying Statement, prepared in accordance with the recognition and Section 133 of the Companies laid down in the zforesaid Indian Accounting Standard (Ind AS") specified under accounting principles Act, 2013 as amended, read with relevant rules issued thereunder and other terms of Regulations generally accepted in India, has not disclosed the information required to be disclosed in contains any material 33 misstatement. of the Listing Regulations, including the manner in which it is to be disclosed, or that it

For 8. C. BAPNA & ASSOCIATES Chartered Accountants Firm's Registration No.115649W g < o [oC ST s

Rahul Agarwal Partner "lembership No.: 434266 UDIN: ¢ 6j 34266 GPTZ Place: Ahmedabad Date: \&- l \\ 2805

Offices :

Jaipur : "Arihant' "C-44/45", Grealer Kailash Colony, Lal Kothi, Tonk Road, Jaipur, Rajasthan-302015 Phone: 0141- 4038223/ 2741824/ Fax : 0141-4034824 | Email : bapnasc@gmail.com Vadodara : 74-76, Gayatri Chambers, RC Dutt Road, Near Railway Station, Alkapuri, Vadodara, Gujarat-390005 Phone : 0265-2331056, 2334365 New Delhi: Plot No. 3-Th-78, No. A4,Maiden Garhi, New Delhi-110068 Udaipur : Second Floor, 2 Hazareshwar Colony, Hospital Road, Udaipur - 313001

SANSTAR LIMITED CIN: L15400GJ1982PLC072555

SANSTAR HOUSE NR.PARIMALUNDERBRIDGE, OPP.SUVIDHA SHOPPING CENTRE, PALDI, AHMEDABAD, GUJARAT, INDIA, 380007
Website: www.sanstar.in; Email: md@sanstar.in; Telephone: +91 26651819/20/21

Statement of unaudited standalone financial results for the quarter and six months ended, 30th September, 2025

					(Rs. In Crore, except per equity share data)
Sr.No.	Particulars		Quarter ended		Half year ended		Year ended
		30-09-2025	30-06-2025	30-09-2024	30-09-2025	30-09-2024	31-03-2025
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Income
	(a) Revenue from operations	196.43	169.66	205.58	366.09	509.11	957.45
	(b) Other Income	2.48	3.14	3.60	5.62	3.70	14.00
	Total Income	198.91	172.80	209.18	371.71	512.81	971.45
$\overline{2}$	Expenses
	a) Cost of Materials Consumed	156.98	118,96	147.35	275.94	369.92	711.33
	b) Purchase of Stock-in-trade
	c) Changes in Inventories of Finished Goods, Work-in- Progress and Stock-in-Trade	(9.25)	9.54	2.58	0.29	2.61	(2.19)
	d) Employee Benefit Expense	5.75	5.45	6.38	11.20	12.12	23.02
	e) Finance Costs	0.52	0.63	1.61	1.15	5.30	7.54
	f) Depreciation and Amortization Expense	2.39	2.35	3.39	4.74	6.56	11.45
	g) Other Expenses	41.60	36.64	37.81	78.24	84.72	165.29
	Total Expenses	197.99	173.57	199.12	371.56	481.23	916.44
3	Profit/ (Loss) before tax (1-2)	0.92	(0.77)	10.06	0.15	31.58	55.01
4	Tax Expenses
	a) Current Tax		-	2.02	٠	7.58	8.16
	b) (Excess) /Shortage of tax earlier year	(0.07)			(0.07)		1.97
	c) Deferred tax [charge/(credit)]	0.36	(0.43)	0.52	(0.07)	(0.02)	1.10
5	Net Profit/(Loss) for the period/year (3-4)	0.63	(0.34)	7.52	0.29	24.02	43.78
6	Other Comprehensive income/(Loss) (Net of tax)
	Items that will not be reclassified to Profit or Loss:
	(i) Remeasurement of post employment benefit obligations	(0.03)	(0.03)	$\overline{a}$	(0.06)	$\overline{\phantom{a}}$	0.22
	(ii) Income-tax relating to Items that will not be reclassified to Profit or Loss	0.01	0.01	٠	0.02	$\overline{\phantom{0}}$	(0.06)
	Total Other Comprehensive Income/(Loss) (i+ii)	(0.02)	(0.02)		(0.04)	$\qquad \qquad \blacksquare$	0.16
7	Total Comprehensive Income/(Loss) for the period/year (5+6)	0.61	(0.36)	7.52	0.25	24.02	43.94
8	Paid-up Equity share capital (face value Rs.2 per share. fully paid)	36.45	36.45	36.45	36.45	36.45	36.45
9	Other equity						592.84
10	Earnings per equity share (EPS)	(Not Annualised)	(Not Annualised)	(Not Annualised)	(Not Annualised)	(Not Annualised)	(Annualised)
	Basic (in Rs.)	0.03	(0.02)	0.43	0.02	1.53	2.58
	Diluted (in Rs.)	0.03	(0.02)	0.43	0.02	1.53	2.58

The above financial results have been reviewed and recommended by the Audit Committee at its meeting held on November 14, 2025. The Board of Directors at its meeting held on November 14, 2025 have approved the above results and taken them on record.
As the company is having only one segment "Manufacture of Starch" there are no reportable segments in accordance with the requirement of IND AS 108 'Operating Segment' specified under Section 133 of the Companies Act. 2013.
The above financial results of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standard Rules), 2015 (as amended) and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended.
In Financial year 2024-2025, the Company has completed its Initial Public Offer ("IPO") of 5,37,00,000 equity shares of face value of 2/- each comprising of (i) fresh issue of 4,18,00,000 equity shares at an issue price of 95/- per equity share; (ii) an offer for sale of 1,19,00,000 equity shares at an issue price of 95/- per equity share. The equity shares of the Company were listed on BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE") on July 26, 2024.
Out of the Net proceeds which were unutilised as at September 30, 2025, 41.91 Crore are temporarily invested in Fixed Deposits.
For and on behalf of the Board of Directors Sanstar Limited Place: Ahmedabad

SANSTAR LIMITED
(CIN) L15400GJ1982PLC0O72555 Statement of Assets and Liablities as at September 30, 2025
		Rs. in Crore
Particulars	Asat September 30, 2025 (unaudred]	i March 31, 2025 (Audited)
Assets
[Non-Current assets.
a) Property, Plant and Equipment	188.08]	191.51]
b) Capital work-in-progress	185.09)	87.57]
©) Financial Assets
iinvestments	28.41	00.01}
ii.ther financial assets	05.24	03.66)
d) Other Non-Current Assets	15.19	26.20)
	222,01	308.95
Current assets
a) Inventories	39.18)	55.93
b) Financial Assets
(i) Trade Receivables	91.28	102.99
(1) Cash and Cash Equivalents	37.01]	120.73)
(1) Bank balance other than (i) above	103.80f	935
(iv) Other financial assets	02.41	05.54]
©) Current Tax Assets (Net)	00.00	04.13)
d) Other Current Assets	65.58	6567
	339.26)	448,57}
Total Assets	761.27)	757.52]
Equity and Liabi
Equity
a) Equity Share Capital	3645	36.45]
b) Other Eq	622.94]	622,69
Total Equity	659.39]	659.12
[Non-Current Liabi
2)Financial Liabilities
Borrowings	12.05	14.74)
b) Deferred Tax Liabilities (net)	33.70)	33.77
Current Liabilities	25.75	28.51]
2) Financial Lizbilities
Borrowings (i) (ii) Trade Payables	1033	123;
	0053
Total outstanding dues of Micro Enterprises and small Enterprises		00.0
Total outstanding dues of other than Micro Enterprises and small Enterprises	22.06	18.24
(iil) Other Financial Liabilities b) Other current liabilities	0857,	06.1§
¢) Provisions	07.79) 06.80)	06.7¢ 06.44
d) Current Tax Liabilities (net)	-	-
Total Liabilities	56.13]	49.87]
Total Equity And Liabi	761.27]	757.52)

For and on behalf of the Board of Directors sanstar Limited

Gouthamchand Sohanlal Chowdhary. hmedabad (Chairman and Managing Director) Date : 14th November 2025 (DIN-00196397)

Plac

	SANSTAR LIMITED
Statement of Cash Flows for the period ended September 30, 2025
			Rs. In Crorel
		For the period ended For the year ended
	Particulars	September 30,2025	March31,2025
	[A-"[Cash Flow From Operating Activities
	Net Profit Before Tax as per Statement of Profit and Loss	00.15	55.03)
	Adjustments For:
	Depreciation and Amortisation Expenses,	0474	1145
	Interest income	-05.49	-13.57)
	impairment allowance on financial/non-financial assets	00.10	00.47)
	Excess provision no langer required written back	-	00.43)
	Loss/(Profit) on disposal of property, plant and equipment (net)	-	0019
	Unrealised foreign exchange (gain)/loss (net)	0170	-04.03
	Finance Cost	o1.15	07.54
	(Operating Profit Before Working Capital Changes	~01.25]	56.65
	Adjustment for changes in working capital
	(increase) / decrease in Inventories	1674	58.10]
	(Increase) / decrease in Trade Receivables	13.40)	1855
	(Increase) / decrease in Other Financial Assets	03.18	-00.37)
	Increase / (decrease) in Trade Payables	0435	7.7
	(increase) / decrease in Current Assets	00.09	0058
	increase / (decrease) in Other Current Liabilties	01.08	03.2))
	increase / (decrease) in Provision	00.36	0188
	increase / (decrease) in Other Financial Liabilities	0241	-
	Cash generated from operations Income Taxes paid (net of refunds)	40.37] 04.13	60.86] 22.1))
	[Net cash generated from operating activities	44.50)	38.74]
5.	cash Flows From Investing Activities
	Purchase of property, plant and equipment (including capital work-		-923)
	inprogress, capital advances/payables)	87.93
	Redemption/{investment) of Non-Current Fixed Deposits with Bank Redemption / (Investment) in Other Bank deposits	-01.34 1026	-02.11]
	Proceeds from disposal of property, plant and equipment		-91.59) 02.54]
	Proceeds/(Investment) from redemption of Investment	- -28.40)	00.1¢]
	interest income	05.49]	0.5}
	Net cash generated from/(used in) investing activities	122,44	17461}
	cash Flows From Financing Activi
	Proceeds from fresh issue of shares		397.10)
	Share issue expenses	- -	-35.5¢]
	Repayments of long term borrowings	0268	161
	Repayments of short term borrowings	0135	-84.3g]
	Finance cost paid	0115	-07.54]
	Net cash flows generated from from financing activities (C) . Net increase in cash and cash equivalents (A+8+C)	0578 8372	253,44}
			117.57)
E.	cash & Cash Equivalents at the beginning of the year / period	12073	03.1§
F.	cash and cash equivalents at end of the year	37.01	120.73]
	companent of Cash and Cash Equivalents
	Cash on hand	00.17	00.13]
	Balances with banks
	- In Current Accounts	0181}	0055}
	in deposits with original maturity of less than three months	35.03)	120.0
	Cash and Cash Equivalents at the end of the year / period	37.01]	120.73}

Notes:

(1) The Cash Flow Statement has been prepared under the Indirect method as set out in Ind AS 7 on Cash Flow Statements notified under Section 133 of The Companies Act 2013, read together with Paragraph 7 of the Companies (Indian Accounting Standard) Rules 2015 (as amended|.

Place: Ahmedabad Date : 14th November 2025 For and on behalf of the Board of Directors SANSTAR LIMITED

(Chairman and Managing Director] (DIN-00196397)