Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Sansuy has made flexible PVC plastic for Brazilian farms, trucks, and construction sites since 1966. Its sales are growing, but its debts dwarf its assets by nearly five to one — a warning that revenue alone cannot solve.
| Full name | Sansuy S.A. Indústria de Plásticos |
| Tickers / exchange | SNSY3 (ordinary), SNSY5 (preferred) — B3, São Paulo |
| Headquarters | Embu das Artes, São Paulo, Brazil |
| Sector | Flexible PVC plastics & polyethylene pipes |
| Employees | 2,459 |
| Market value (market cap) | R$12.3m (~US$2.4m) |
| Yearly sales (revenue, TTM) | R$949m (~US$184m) |
| Net profit (FY2025) | R$-282.7m (~US$-54.9m) |
| Net margin (FY2025) | -29.0% (our calculation) |
| Return on equity | Not meaningful — equity is deeply negative |
| Price-to-earnings (P/E) | N/A — company is loss-making |
| Dividend yield | None paid |
| Website | sansuy.com.br |
What it is
Sansuy produces flexible PVC plastics and plastic pipes, organised into two main lines: laminated and confectioned PVC laminates, and plastic pipes. Its customers span agriculture — buying farm tarps, pillow tanks, and greenhouse covers — and the automotive industry, buying door panels, sun blinds, and trunk covers.
Through its subsidiary Kanaflex S.A., Sansuy also makes high-density polyethylene pipes and flexible hoses for sanitation, construction, and underground cable protection. The company runs industrial plants in Embu das Artes (SP) and Camaçari (BA).
Founded in 1966 by Japanese immigrants, Sansuy describes itself as South America’s leading plastics converter, serving multiple sectors of the economy. In 1973 it formed a joint venture with Japan’s Totaku Industries, creating Kanaflex and beginning a long process of product diversification.
Who owns it
Insiders — the founding family and their descendants — control 60.3% of the shares, giving them firm command of the company. The controlling structure is characterised by shareholders holding the majority of shares, which belong to the founders and their descendants.
SNSY3 shares are ordinary shares that carry voting rights; SNSY5 shares are preferred shares with priority in any dividend distribution. Institutional investors hold only 0.5% of the capital (EODHD), leaving the free float extremely thin and daily trading volumes very low.
Who runs it
The names of the current chief executive and chief financial officer are not disclosed in available public sources after thorough search of the company’s investor-relations pages and regulatory filings. Clients on record include Mercedes-Benz, Promo Infláveis, Weatherhaven, and White Martins, suggesting sustained commercial relationships that would require active management.
The founding family’s long hold over voting shares means that board composition has historically reflected family governance rather than independent oversight.
The money, in plain words
Sales have grown every year — from R$886.8m (~US$172m) in 2023 to R$975.9m (~US$189m) in 2025, a rise of about 10% over two years (our calculation). But the company loses money at every level below gross profit: it lost R$282.7m (~US$54.9m) at the bottom line in 2025, a net loss margin of 29.0% (our calculation), meaning that for every real of sales, it burned nearly 29 cents.
The balance sheet is the deeper problem. Total liabilities stand at R$2.84bn (~US$551m) against total assets of only R$570m (~US$111m) — liabilities exceed assets by about R$2.27bn (US$441 mn) (our calculation), leaving stockholders’ equity at negative R$2.25bn (US$437 mn).
The company holds just R$10.7m (~US$2.1m) in cash against R$294.6m (~US$57.2m) in total debt, a net debt position of R$283.9m (~US$55.1m, our calculation).
The market value of R$12.3m (~US$2.4m) is a fraction of annual sales of R$949m (US$184 mn) — a price-to-sales ratio of about 0.013x (our calculation). The market is pricing in substantial risk, not recovery.
No dividend has been paid.
What it is doing now
A judge of the 3rd Judicial Court of Embu das Artes formally closed Sansuy’s court-supervised debt-restructuring process in December 2020, ending a years-long creditor protection regime. The plan was originally approved in 2007, and the company has operated without a sustained profit record throughout that entire period.
Despite the formal closure of restructuring, the 2025 accounts show a worsening loss — R$282.7m (US$55 mn) against R$22.8m (US$4 mn) in 2024 — driven by a collapse in operating income from positive R$33.8m (US$7 mn) to negative R$38.8m (US$8 mn). The company continues to export PVC laminates internationally, including to the United States, but scale alone has not restored profitability.
What to watch
- Path to solvency. With liabilities nearly five times assets, any credible recovery requires either a capital injection, debt forgiveness, or asset sales — none of which has been announced.
- Operating cost control. Gross profit fell from R$249m (US$48 mn) in 2024 to R$190m (US$37 mn) in 2025 on higher sales — meaning raw-material or production costs rose faster than revenue. That deterioration is the most urgent operational signal.
- Governance disclosure. The absence of named executives in public filings is unusual for a listed company and is itself a governance flag worth monitoring.
- Liquidity. With only R$10.7m (US$2 mn) in cash and R$294.6m (US$57 mn) in debt, any tightening of credit lines would be immediately critical for a company of this size.
Sources
- Sansuy S.A. Investor Relations — Court closure of recuperação judicial, December 2020
- MarketScreener — Sansuy S.A. company profile & clients
- EMIS — Sansuy S.A. company profile (founding history)
- Investidor10 — SNSY5 history, Kanaflex, plant locations
- Análise de Ações — SNSY5 ownership structure
- Yahoo Finance — SNSY5 market data
- Market data: EODHD.
This is news, not investment advice.
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