Sandhar ends FY26 with higher margins and stronger profit momentum

FY26 consolidated revenue was 4,852.09 crore, EBITDA was 512.98 crore (10.57% margin), and PAT was 198.66 crore (4.09% margin).

Management guided for over 15% overall revenue growth for the current financial year, excluding any impact from a potential pricing retrigger.

FY26 product mix by revenue percentage was ADC 31.0%, locking systems 17.9%, sheet metal 18.0%, cabins and fabrication 12.1%, assemblies 10.0%, vision systems 5.3%, and others 5.7%.

The five new projects disclosed had FY26 revenue of 468 crore with EBITDA of -1.02 crore and EBT of -46 crore on investment of 342 crore. Management expects Khed City and Sanaswadi to begin turnaround by end of Q2 FY27, the acquired SCL die-casting unit from Q3 FY27, and EV and Romania by FY28.

Overseas FY26 revenue was 45.70 million Euro and EBT was -2.56 million Euro. Management highlighted a Q4 turnaround with EBITDA margin of 14.6% and EBT near break-even, while noting aluminum pass-through lags can impact near-term margins.

As per the debt profile slide, consolidated gross debt was 948 crore, cash and cash equivalents were 51 crore, and net debt was 897 crore at FY26 end.

Management stated it is developing telematics-related products through in-house R&D and partner discussions, preferring technology transfer or collaborations on a royalty basis rather than forming joint ventures, with customer showcases planned in the current year and further development thereafter.