SANDHAR TECHNOLOGIES LTD

Makes auto components sold primarily to Indian two-wheeler and passenger-vehicle makers, with FY26 consolidated revenue of ₹4,852.0861 crore. The India business accounts for 90.3% of segment revenue (₹4,383.8376 crore, EBIT ₹327.177 crore) and includes divisions covering cabins and fabrication, casting/machining/tooling, die-casting (Sundaram-Clayton), and a recently acquired 26% stake in a renewable-energy SPV tied to Hero Rooftop Energy. Two-wheelers are the dominant product line, contributing 67% of revenue and growing 35.1% YoY versus industry growth of 12.9%. An EV product line sold 41,000 battery chargers and 5,500 motor control units in FY26 for ₹20 crore of revenue, with management targeting doubling in FY27. The Overseas segment (Barcelona, Romania) made up 9.7% of segment revenue (₹468.2485 crore) and turned EBT-neutral in Q4 FY26 after years of losses, though the full-year loss was €2.56 million. Major input cost is materials at 63.9% of revenue, followed by employees at 12.7% and other operating expenses at 15.3%; depreciation runs at 4.0% and capex at 6.2% of revenue, with FY27 capex guided at ₹275–310 crore. Customer concentration is high: the top two customers, Hero and TVS, together account for 56.1% of revenue.