NSE: SANDHAR · BSE: 541163
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (90%), Overseas (10%). Asset-heavy auto-components supplier concentrated on Indian two-wheelers, with a small EV business and a recovering overseas subsidiary.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,324 | 2,909 | 3,521 | 3,885 | 4,852 |
| EBITDA (ex other income) | 192 | 245 | 345 | 395 | 443 |
| margin % | 8.3 | 8.4 | 9.8 | 10.2 | 9.1 |
| Owners' profit | 56 | 73 | 110 | 142 | 199 |
| EPS, as reported (₹) | 9.29 | 12.22 | 18.32 | 23.53 | 33.00 |
| ROE % · ROCE % | 6.5 · 8.2 | 8.0 · 9.9 | 10.8 · 13.8 | 12.4 · 15.4 | 14.9 · 17.6 |
| Debt / equity (x) | 0.60 | 0.59 | 0.61 | 0.72 | 0.71 |
| Cash from operations | 49 | 308 | 275 | 247 | 210 |
| Capex | (297) | (257) | (237) | (316) | (299) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 984 | 974 | 1,014 | 1,090 | 1,270 | 1,185 | 1,307 | 1,382 |
| Profit before tax | 50 | 42 | 56 | 36 | 96 | 45 | 79 | 51 |
| Net profit | 40 | 30 | 43 | 28 | 73 | 33 | 64 | 37 |
| EPS (₹) | 6.65 | 4.97 | 7.08 | 4.65 | 12.19 | 5.56 | 10.60 | 6.19 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 3,306 | 68.1 |
| Overseas | 362 | 7.5 |
| a) India | 1,078 | 22.2 |
| b) Overseas | 106 | 2.2 |
| Total, before eliminations | 4,852 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.6 | 25.3 | 18 of 119 | 86% |
| P/B | 2.1 | 3.2 | 41 of 117 | 66% |
| ROCE | 13.9 | 12.6 | 55 of 125 | 57% |
| ROE | 14.9 | 11.7 | 38 of 117 | 68% |
| Debt / Equity | 0.7 | 0.3 | 95 of 117 | 19% |
| EBITDA margin | 8.6 | 12.2 | 93 of 118 | 21% |
| Revenue growth | 26.8 | 20.2 | 39 of 113 | 66% |
| Profit growth | 33.1 | 24.4 | 50 of 115 | 57% |
| Market cap | 2829 | 1460 | 47 of 126 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Sandhar to review September 2026 quarterly and half-year results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Sandhar Tech invests Rs 1.62 cr in renewable energy SPV with Hero Rooftop | strategic transactions | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 for Q2 FY26-27 results | compliance | minimal | — | — |
| 23 Sept 2026 · 34th AGM results: all 6 resolutions approved, Rs 4 dividend declared | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Sandhar Technologies 34th AGM held, Rs 4 dividend declared | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Sandhar Technologies 34th AGM: Dividend of Rs 4 per share declared | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Vijay Dahiya resigns from senior management role | management changes | medium | — | — |
| 3 Sept 2026 · VP-Operations Dahiya resigns as Senior Management Personnel | management changes | medium | — | — |
| 27 Aug 2026 · Tax Deduction at Source communication on INR 4 final dividend for FY26 | corporate actions | medium | — | — |
| 26 Aug 2026 · Sandhar Technologies announces 34th AGM notice and annual report dispatch | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.