Sansera H1FY27 capex reaches Rs326 crore for new capacity

Sansera spent Rs326 crore on capital expenditure in the first half of fiscal year 2027 (H1FY27), funding automotive additions and aerospace-defence segment (ADS) facilities, including an 80,000-square-foot hangar and a 45,000-square-foot defence plant. Plant and machinery represented 71% of the displayed capital base, while ADS unexecuted orders stood at Rs5,869.7 crore in September 2026.

How much capital expenditure has Sansera reported?

Sansera reported capital expenditure of Rs326 crore in H1FY27, following Rs509.7 crore in fiscal year 2026 (FY26) and Rs591.1 crore in FY25. H1FY27 expenditure equalled about 64% of FY26’s full-year capex, but the presentation does not disclose a full-year FY27 capex target, project-wise cost or funding plan.

Sansera’s annual capex declined by Rs81.4 crore from FY25 to FY26, before the company incurred Rs326 crore during the first six months of FY27. The upcoming project list covers internal-combustion-engine automotive components, technology-agnostic and xEV products, and ADS facilities rather than one business line.

The disclosed investment was accompanied by Rs370.4 crore of net cash used in investing activities in H1FY27, compared with Rs188.3 crore in H1FY26. Net cash generated from operating activities rose to Rs222.3 crore from Rs205 crore, while financing activities generated Rs152 crore against a Rs0.1 crore outflow in the prior-year half.

Where is Sansera directing its capital expenditure?

Sansera directed 71% of its displayed capital base to plant and machinery, while construction work in progress (CWIP) represented 19%, other assets 9%, and land and buildings 1%. The mix places the largest share in operating equipment, with nearly one-fifth in projects that remained under development.

By business classification, non-auto received 33% of the capex allocation and auto passenger-vehicle and commercial-vehicle activity received another 33%. Legacy two-wheeler components accounted for 11%, auto technology-agnostic and xEV products 11%, common capex 7%, and maintenance 5%, making non-auto and auto passenger-vehicle and commercial-vehicle activity the joint-largest disclosed allocations.

The allocation coincided with higher sales in several categories in the second quarter of FY27 (Q2FY27). Non-auto sales rose to Rs213.5 crore from Rs102.8 crore in Q2FY26, while auto internal-combustion-engine sales increased to Rs669.7 crore from Rs566.5 crore; auto internal-combustion-engine products still made up 66% of Q2FY27 sales.

Technology-agnostic sales reached Rs83.7 crore in Q2FY27, compared with Rs68.7 crore a year earlier, and xEV sales increased to Rs52.6 crore from Rs38.7 crore. In the same quarter, technology-agnostic products contributed 21% of sales, xEV 5%, and non-auto 8%, showing that the capex programme spans categories with different current sales contributions.

Which automotive projects is Sansera adding?

Sansera plans to add forging capacity at Pantnagar Plant 6, primarily for two-wheelers, and 80,000 square feet of manufacturing capacity and machinery at Manesar Plant 4 for passenger-vehicle and two-wheeler segments. These projects are listed under auto internal-combustion-engine activity and add capacity at existing automotive locations.

For technology-agnostic and xEV work, Sansera lists a 60:40 joint venture with Nichidai Corporation for cold- and warm-forged precision components. The company also plans additional machining capacity at Bengaluru Plant 2, primarily for technology-agnostic and xEV products, where Q2FY27 xEV sales were Rs52.6 crore.

The automotive programme accompanies a Rs2,241 crore order book excluding ADS as of September 2026, measured as peak annual revenue from new business. Auto internal-combustion-engine business accounted for Rs1,550 crore, compared with Rs350 crore for technology-agnostic and xEV combined and Rs340 crore for non-auto.

Sansera says this order book comprises letters of intent and purchase orders for production that started after April 1, 2026, or had not started by that date. The company expects the orders to reach peak annual revenue within the next three years, while noting that ADS orders are excluded because they are presented as cumulative backlog rather than peak annual revenue.

What ADS facilities is Sansera adding?

Sansera is adding an 80,000-square-foot hangar within its existing campus to facilitate execution of the ADS order book, a 45,000-square-foot defence-focused plant, and a brownfield surface-coating facility beside its Bengaluru ADS plant. The hangar and defence plant add physical capacity, while the coating facility adds a process capability adjacent to the existing operation.

Cumulative unexecuted ADS orders increased to Rs5,869.7 crore in September 2026 from Rs4,463.8 crore in March 2026. Sansera recorded Rs1,715.6 crore of new ADS orders and executed Rs309.7 crore during that period, and says the September 2026 backlog is executable in about five years.

ADS revenue was Rs164.3 crore in Q2FY27, up from Rs54.5 crore in Q2FY26, while H1FY27 ADS revenue reached Rs309.7 crore. Management guided for FY27 ADS revenue of Rs550 crore to Rs600 crore, and the presentation says segment revenue includes product sales, scrap sales and tooling income.

What asset turns and balance-sheet changes accompany the projects?

Sansera discloses incremental asset-turn ranges of 1.25 to 1.3 times for automotive and 2.0 to 2.2 times for ADS. Asset turn measures revenue relative to assets, but the presentation does not provide commissioning dates, individual project costs or project-level revenue estimates for the Pantnagar, Manesar, Bengaluru or ADS additions.

Property, plant and equipment stood at Rs2,219.5 crore in September 2026, compared with Rs2,072 crore in March 2026. CWIP increased to Rs276.6 crore from Rs219.6 crore, while total assets rose to Rs5,067.5 crore from Rs4,494.7 crore over the same period.

Current borrowings increased to Rs563 crore in September 2026 from Rs361.9 crore in March 2026, while non-current borrowings declined to Rs73.3 crore from Rs95.6 crore. Total equity rose to Rs3,292.9 crore from Rs3,107.5 crore, and cash and cash equivalents were unchanged at Rs103.7 crore at both reporting dates.

Conclusion

Sansera’s reported Rs326 crore H1FY27 capex is concentrated in plant and machinery and divided across non-auto, passenger-vehicle and commercial-vehicle uses, alongside two-wheeler, technology-agnostic and xEV programmes. The investment links established automotive capacity additions with ADS facilities as ADS backlog increased by Rs1,405.9 crore between March and September 2026.

The next reported markers are execution of the 80,000-square-foot ADS hangar, the 45,000-square-foot defence plant, the Pantnagar and Manesar automotive additions, and the Bengaluru machining and coating facilities. Management’s FY27 ADS revenue guidance of Rs550 crore to Rs600 crore, the stated five-year ADS backlog execution period, and incremental asset-turn ranges of 1.25 to 1.3 times for automotive and 2.0 to 2.2 times for ADS are the disclosed measures to watch.