Sansera ADS backlog at Rs 5,869.7 crore; FY27 guide Rs 550-600 crore

In Sept-26, Sansera reported a cumulative unexecuted ADS backlog of Rs 5,869.7 crore, after Rs 1,715.6 crore of new orders and Rs 309.7 crore executed, and management guided FY27 ADS revenue of Rs 550 crore to Rs 600 crore, with the backlog executable in about five years.

What is Sansera’s ADS backlog at Sept-26?

Sansera’s ADS backlog was Rs 5,869.7 crore at Sept-26, up from Rs 4,463.8 crore at Mar-26. The disclosed movement consists of Rs 1,715.6 crore of new orders during the period and Rs 309.7 crore of orders executed, producing a net addition of Rs 1,405.9 crore. This is a cumulative unexecuted order measure rather than an annualised revenue measure.

Sansera states that the Sept-26 ADS backlog is executable in about five years. That differs from the company’s order book for its other businesses: the Rs 2,241 crore order book disclosed at Sept-26 excludes ADS and represents peak annual revenue from new business, expected to reach peak annual revenue over the next three years. Sansera says ADS orders are structurally different and are excluded to avoid duplication.

The ADS revenue definition includes product sales, scrap sales and tooling income, according to Sansera’s presentation. This means the stated Rs 5,869.7 crore backlog and the FY27 revenue outlook cover linked operational activities in the ADS business, rather than product shipments alone.

How quickly is Sansera’s ADS business growing?

Sansera’s ADS revenue was Rs 164.3 crore in Q2FY27, compared with Rs 54.5 crore in Q2FY26, while the presentation describes ADS sales growth as 206.5% year on year. Revenue was Rs 145.4 crore in Q1FY27, so Q2FY27 added Rs 18.9 crore sequentially. The quarterly figure followed Rs 125.1 crore in Q3FY26 and Rs 116.9 crore in Q4FY26.

ADS generated Rs 309.7 crore in H1FY27, compared with Rs 335.9 crore in FY26. The first half of FY27 was therefore Rs 26.2 crore below the full preceding financial year, despite covering only two quarters. The H1FY27 total also equals the combined Q1FY27 and Q2FY27 ADS revenue disclosed by Sansera.

ADS was the key growth driver within Sansera’s non-auto business in Q2FY27, according to the presentation. ADS contributed 14.9% during the quarter, while non-auto contribution rose to 20.9% from 13.2% in Q2FY26. Sansera reported non-auto growth of 107.7% year on year and ADS growth of 206.5% in Q2FY27.

Sansera’s consolidated revenue rose 32% to Rs 1,091.5 crore in Q2FY27 from Rs 825.2 crore in Q2FY26. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 48% to Rs 211.2 crore, while profit after tax increased 52% to Rs 108.6 crore. These consolidated results provide the wider context for ADS’s faster reported sales growth.

What is Sansera’s FY27 ADS revenue guidance?

Sansera guided FY27 ADS revenue of Rs 550 crore to Rs 600 crore. Against H1FY27 revenue of Rs 309.7 crore, the range implies a further Rs 240.3 crore to Rs 290.3 crore across the remaining two quarters of FY27. This compares management’s full-year guidance with reported first-half revenue and is not a separate quarterly forecast.

At the low end of the guidance, FY27 ADS revenue would be Rs 214.1 crore above FY26 revenue of Rs 335.9 crore; at the high end, it would be Rs 264.1 crore higher. The presentation does not provide quarterly revenue guidance, customer-level targets or an expected split between product sales, scrap sales and tooling income for the Rs 550 crore to Rs 600 crore range.

The disclosed backlog of Rs 5,869.7 crore is larger than the FY27 revenue range, consistent with Sansera’s statement that execution should take about five years. However, the presentation does not provide a year-by-year schedule for converting the backlog into revenue or identify the portion expected to be recognised in FY28 or later years.

How is Sansera preparing to execute its ADS backlog?

Sansera is adding an 80,000 square foot hangar within its existing campus to facilitate execution of the current ADS order book. The company also plans a 45,000 square foot defence-focused facility within ADS and has established a brownfield surface-coating facility adjacent to its ADS plant in Bengaluru. These projects are listed as capital-expenditure initiatives.

Sansera reported capital expenditure of Rs 326 crore in H1FY27, after Rs 509.7 crore in FY26 and Rs 591.1 crore in FY25. Of the capital base shown in the presentation, plant and machinery represented 71%, construction work in progress represented 19%, other assets represented 9%, and land and buildings represented 1%.

Management lists an incremental asset turn of 2.0 to 2.2 times for ADS, compared with 1.25 to 1.3 times for automotive. The presentation does not state the investment amount earmarked specifically for the 80,000 square foot hangar, the 45,000 square foot defence facility or the surface-coating facility, so their individual capital requirements cannot be calculated from the disclosed material.

At Sept-26, Sansera’s total assets were Rs 5,067.5 crore, compared with Rs 4,494.7 crore at Mar-26. Property, plant and equipment rose to Rs 2,219.5 crore from Rs 2,072 crore, while construction work in progress rose to Rs 276.6 crore from Rs 219.6 crore. Those balance-sheet changes coincide with the disclosed H1FY27 capital expenditure and listed expansion projects.

Conclusion

Sansera’s Sept-26 ADS backlog of Rs 5,869.7 crore provides a disclosed cumulative order base that management says can be executed over about five years. The Rs 1,405.9 crore net backlog addition since Mar-26, alongside Q2FY27 ADS revenue of Rs 164.3 crore and reported 206.5% year-on-year ADS sales growth, shows the segment’s increasing contribution within non-auto operations.

The next measure to watch is delivery against management’s FY27 ADS revenue guidance of Rs 550 crore to Rs 600 crore after Rs 309.7 crore in H1FY27. Progress on the 80,000 square foot hangar, 45,000 square foot defence facility and Bengaluru surface-coating plant also matters, while Sansera has not disclosed project-specific capital costs or a yearly backlog-conversion schedule.