NSE: SHARDAMOTR · BSE: 535602
SHARDA MOTOR INDS LTD
Manufactures automotive components for passenger and commercial vehicles — primarily exhaust and emissions systems, suspension parts, and lightweighting components. FY26 revenue of ₹3,396.8 crore split 52% passenger vehicles, 44% commercial vehicles, and 4% other by end-market. On a product basis the mix was CV emissions 44%, PV emissions 43%, and suspension 9%. The emission business carries roughly 30% market share and the lightweighting vertical grew to ~14% market share in FY26 (from 12.5%), contributing ~10% of gross sales. New export wins include a top-3 global agricultural equipment OEM order worth USD 2 million annually (USD 10 million lifetime), with start of production scheduled for Q1 FY28. Materials make up 74.9% of revenue, the dominant cost. Capacity is being added at the Uttarakhand facility and the Chakan 3 lightweighting plant, with FY27 capex guided at ₹90–110 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CV emissions (44%), PV emissions (43%), Suspension (9%), Others (lightweighting, exports) (4%). Auto-component manufacturer across emissions, suspension/lightweighting, and export verticals; materials-heavy cost structure with capex at 2.7% of revenue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,255 | 2,700 | 2,809 | 2,837 | 3,397 |
| EBITDA (ex other income) | 228 | 282 | 361 | 396 | 437 |
| margin % | 10.1 | 10.4 | 12.9 | 14.0 | 12.9 |
| Owners' profit | 149 | 208 | 300 | 315 | 345 |
| EPS, as reported (₹) | 50.19 | 70.07 | 100.77 | 109.71 | 60.17 |
| ROE % · ROCE % | 26.0 · 36.6 | 27.5 · 35.1 | 29.8 · 38.2 | 29.7 · 37.6 | 26.3 · 33.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 192 | (200) | 370 | 271 | 363 |
| Capex | (35) | (103) | (73) | (92) | (92) |
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 | 711 | 690 | 750 | 756 | 787 | 882 | 972 | 1,011 |
| Profit before tax | 106 | 100 | 109 | 129 | 103 | 106 | 117 | 114 |
| Net profit | 79 | 75 | 84 | 100 | 75 | 81 | 89 | 87 |
| EPS (₹) | 27.39 | 25.63 | 29.24 | 34.82 | 13.01 | 14.17 | 15.58 | 15.07 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.2 | 25.3 | 25 of 119 | 80% |
| P/B | 3.6 | 3.2 | 62 of 117 | 46% |
| ROCE | 33.1 | 12.6 | 5 of 125 | 97% |
| ROE | 26.3 | 11.7 | 7 of 117 | 95% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 12.9 | 12.2 | 53 of 118 | 56% |
| Revenue growth | 33.7 | 20.2 | 20 of 113 | 83% |
| Profit growth | (13.4) | 24.4 | 93 of 115 | 19% |
| Market cap | 4726 | 1460 | 39 of 126 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Final dividend FY 2025-26 withheld for shareholders with incomplete KYC details | corporate actions | medium | — | — |
| 15 Oct 2026 · New Haridwar plant gets factory license | capex operations | medium | — | — |
| 15 Oct 2026 · RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · Sharda Motor gets Crisil ESG 67, placed in 'Strong' category | credit debt | medium | — | — |
| 29 Sept 2026 · Trading Window Closure for Q2 FY27 Results Period | compliance | minimal | — | — |
| 25 Sept 2026 · AGM 2026 results: all 8 resolutions passed, FY26 dividend approved | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Sharda Motor Industries 41st AGM held on Sept 24, 2026; 8 resolutions tabled | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Submission of newspaper advertisement copies dated September 2, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Sends FY26 Annual Report weblink to shareholders; 41st AGM on Sept 24 | compliance | minimal | — | — |
| 1 Sept 2026 · Sharda Motor FY26 BRSR: Rs 3,397 cr turnover, ESG progress detailed | 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.