Subscribe for Long Term Sanstar Ltd; Geojit Financial Services

Geojit Financial Services, has come out with its report on Sanstar Ltd. The research firm has recommended to “ Subscribe- Long Term” the ipo in its research report as on July 18 2024.

Broker Research

July 18, 2024 / 15:17 IST

IPO

Geojit Financial Service, IPO report on Sanstar Ltd

Sanstar Ltd., established in 1982, is one of India's largest manufacturers of maize-based specialty products and ingredient solutions. The company caters to various sectors, including food and beverages, animal nutrition, pharmaceuticals, and other industrial applications. Sanstar offers a diversified product portfolio that includes liquid glucose, dried glucose solids, maltodextrin powder, dextrose monohydrate, native maize starches, modified maize starches, and co-products such as germs, gluten, fiber, and enriched protein, among others. The company operate two manufacturing plants in Gujarat and Maharashtra and export to 49 countries across Asia, Africa, the Middle East, the Americas, Europe, and Oceania. The Indian maize starch market is projected to grow at a 4.74% CAGR from 2023-29, reaching 9.5mn tons, aided by robust demand across end-user sectors, increased import substitutions, strong export growth, and expanding domestic consumption.

Valuation and Outlook

Given its leading position in the industry with diverse product portfolio and prestigious clientele in domestic and global markets, robust financial position and improving margin profile, we assign a “Subscribe” rating on a medium to long term basis.

For all IPO report, click here