This study investigates the potential of native and physically modified Euryale ferox Salisb. (makhana) starch as excipients for colon-targeted drug delivery systems. Physical modifications, including pregelatinization, retrogradation, ultrasonication, autoclave heating, and osmotic pressure treatment, were applied to enhance delayed-release characteristics. Functional analysis revealed improvements in swelling, solubility, and water-holding capacity, attributed to increased amylose content and structural reorganization. FTIR analysis showed significant molecular changes, with prominent peaks at ~3320 cm