Overview

Detailed Summary

Sandhar Technologies Limited is an Indian Tier-1 automotive components manufacturer designing and supplying a diversified portfolio — aluminium die castings, locking systems, sheet metal, cabins & fabrication, vision systems and assemblies — to two-wheelers, passenger vehicles and off-highway OEMs from a multi-country manufacturing footprint.
Consolidated revenue for 9M FY26 rose sharply by 23.5% to ₹3,545.10 crore with EBITDA increasing 26.7% to ₹368.13 crore; however consolidated margins remain mid-single digits on account of consolidation of new projects and weaker overseas profitability despite improved India operating margins.
New projects have scaled unusually fast: revenue in that segment expanded from ₹2.74 crore to ₹305.05 crore in 9M and gross investments jumped to ₹307.14 crore, indicating aggressive capex and near-term negative contributions now moving toward recovery as management expects these to turn profitable from April 2026.
Overseas subsidiaries are under pressure: 9M FY26 overseas revenue grew only 2% while EBITDA declined and EBT remained negative, largely driven by slower volumes in Romania and translation impacts from currency movements; management expects operational and financial restructuring to produce a turnaround starting Q4 FY26 into FY27.
Sandhar has started commercial invoicing for EV-related components (battery chargers, motor controllers) and recorded early revenues, showing strategic intent to enter the EV supply chain; management positions EV as an emerging vertical that should scale materially over the next fiscal year with ongoing product approvals.

Sector: Auto Ancillaries
Industry: Auto Ancillaries - Others
Market Cap: 3,038 Cr
Volatility: High Risk
P/E Ratio: 17.2
Industry P/E: 36.1
PEG Ratio: 1.0
P/B Ratio: 2.5
52W High: 600.10
52W Low: 329.00

Sales CAGR

1Y: 10.32%
3Y: 14.49%
5Y: 12.18%
10Y: —

Profit CAGR

1Y: 28.46%
3Y: 31.48%
5Y: 18.04%
10Y: —

ROE

TTM: 14.15%
3Y: 10.82%
5Y: 9.69%
10Y: 10.51%

ROCE

TTM: 12.89%
3Y: 14.74%
5Y: 13.30%
10Y: 15.06%

Technicals

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HARSHA	356.20	3,249 Cr	30.71	2.47	0.28	8.88	11.25	5.64
SANDHAR	505.95	3,038 Cr	17.16	2.47	0.69	14.15	12.89	5.54
CARRARO	507.10	2,880 Cr	25.60	5.85	0.90	20.14	22.75	9.54
RML	821.20	2,262 Cr	30.52	3.33	0.58	7.07	11.38	3.20
DIVGIITTS	669.55	2,048 Cr	55.66	3.37	0.39	4.98	6.82	5.34
NDRAUTO	735.20	1,756 Cr	29.13	5.42	0.37	17.47	20.08	11.29
RICOAUTO	125.10	1,693 Cr	32.16	2.25	0.40	5.69	8.38	2.58

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	885	890	918	913	984	974	1,014	1,090	1,270	1,185
Expenses	804	801	820	827	885	879	910	1,008	1,152	1,076
Operating Profit	81	89	98	86	99	95	104	82	118	108
OPM %	9.17	9.96	10.68	9.39	10.04	9.75	10.24	7.56	9.29	9.13
Other Income	3.83	2.90	4.85	6.54	7.19	4.52	10	21	39	2.54
Interest	13	13	14	14	14	14	15	17	17	17
Depreciation	37	40	42	41	42	44	44	50	44	49
Profit Before Tax	35	39	46	37	50	42	56	36	96	45
Tax %	22.36	34.39	22.71	21.76	20.04	28.43	23.29	22.86	23.32	25.23
Net Profit	28	25	36	29	40	30	43	28	73	33
EPS in Rs	4.58	4.21	5.96	4.83	6.65	4.97	7.08	4.65	12.19	5.56

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,748	1,984	2,336	1,943	1,864	2,324	2,909	3,521	3,885	4,062
Expenses	1,465	1,738	2,084	1,747	1,675	2,118	2,660	3,180	3,501	3,682
Operating Profit	283	246	251	196	188	206	249	341	383	380
OPM %	16.19	12.40	10.77	10.10	10.11	8.87	8.56	9.67	9.87	9.35
Other Income	6.38	-0.57	-1.23	0.55	-0.42	-6.84	8.58	15	29	43
Interest	43	43	24	20	16	18	36	52	57	60
Depreciation	58	68	81	98	94	100	122	154	171	180
Profit Before Tax	52	97	145	78	78	81	100	150	185	184
Tax %	20.04	32.37	34.08	27.00	25.87	31.33	26.71	26.59	23.27	23.49
Net Profit	42	66	96	57	58	56	74	110	142	141
EPS in Rs	—	—	15.92	9.47	9.61	9.29	12.22	18.32	23.53	29.48
Dividend Payout %	24.80	15.77	15.81	21.12	23.41	24.22	20.63	17.82	14.87	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	51	60	60	60	60	60	60	60	60
Reserves	251	574	659	702	744	799	860	956	1,079
Borrowings	391	221	268	277	310	614	666	741	924
Other Liabilities	373	729	474	326	481	502	569	670	727
Total Liabilities	1,067	1,584	1,462	1,366	1,596	1,975	2,155	2,427	2,790
Fixed Assets	595	678	743	831	842	942	1,172	1,336	1,343
CWIP	29	72	37	33	15	128	115	76	69
Investments	11	24	39	48	58	53	49	57	61
Other Assets	432	811	641	454	681	852	820	958	1,317
Total Assets	1,067	1,584	1,462	1,366	1,596	1,975	2,155	2,427	2,790

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	96	188	133	239	124	49	308	275	247
Cash from Investing Activity	-107	-186	-141	-112	-98	-310	-269	-241	-300
Cash from Financing Activity	14	247	-243	-124	-26	260	-37	-7.13	101
Net Cash Flow	2.07	249	-251	3.00	-0.73	-1.87	2.41	27	48

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%	70.38%
FIIs	0.91%	1.65%	1.35%	1.51%	1.48%	1.61%	0.90%	0.72%	0.69%	0.83%	0.66%	1.16%
DIIs	16.52%	16.96%	16.96%	16.41%	16.15%	16.31%	16.16%	15.69%	15.70%	15.75%	15.86%	15.88%
Public	12.20%	11.01%	11.31%	11.69%	11.99%	11.70%	12.55%	13.21%	13.23%	13.04%	13.10%	12.58%
Total Shareholders	30,731	28,412	29,346	31,286	37,270	35,855	37,588	40,195	40,783	39,063	39,722	39,514

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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