Sandhar Technologies Limited has informed the Exchange about Credit Rating
SANDHAR · price
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India Ratings & Research has renewed and reaffirmed Sandhar Technologies' credit ratings at IND AA-/Stable for long-term and IND A1+ for short-term debt. The company received ratings for bank loan facilities of INR 7,350 million (affirmed) and INR 700 million (newly assigned), plus commercial paper of INR 800 million (affirmed). The ratings reflect the company's strong and diversified business profile with healthy revenue growth of INR 48,520 million in FY26, stable EBITDA margins around 9%, and adequate liquidity with 38% average utilisation of working capital limits. However, the ratings are constrained by significant revenue concentration (top two customers Hero and TVS account for 56.1% of revenue) and weak performance at the overseas Barcelona subsidiary. Net adjusted leverage stood at 2.5x at FY26.
The reaffirmation of investment-grade ratings with stable outlook signals continued financial stability and should support investor confidence. The newly assigned rating to INR 700 million in bank facilities indicates lenders view the company's creditworthiness positively.