Sandhar Technologies Limited(SANDHAR)

NSE: SANDHARBSE: 541163

₹ 475.1+4.04%refreshed 26 Oct, 02:41 pm ISTMarket cap: ₹ 2,860 crNext results: 16 Nov 2026Website: www.sandhargroup.comUpdated: 24 Oct 2026

About

Sandhar Technologies Limited manufactures automotive components - locking systems, mirrors, operator cabins, aluminium die castings and precision assemblies - supplying OEMs across two-wheelers, passenger vehicles and commercial vehicles in India and overseas. The company reported FY26 consolidated revenue of ₹4,852 cr, its highest-ever, with operations spanning India and four overseas geographies (Spain, Mexico, Romania, Poland). India accounted for 90.3% of FY26 segment revenue, with the overseas business contributing the remaining 9.7%.^[1][2][3][4]

Business segments

India segment contributed 90.3% of FY26 consolidated revenue (₹4,383.84 cr), with EBIT of ₹327.18 cr (7.5% margin); its revenue share rose 4.6 percentage points over the five years to FY26.^[2]
Overseas segment (Spain, Mexico, Romania, Poland) contributed 9.7% of FY26 revenue (₹468.25 cr), with EBIT of ₹0.12 cr, reflecting a near-breakeven result after a loss-making period.^[2][4]
ADC (aluminium die casting) revenue share within consolidated sales was 34.4% in Q1 FY27, up from 33.8% in Q1 FY26.^[5]

Products and portfolio

Product portfolio spans four divisions: Automotive (locking systems, mirrors, vision systems), Casting/Machining/Tooling (HPDC, LPDC, zinc and magnesium castings), Sheet Metal & Allied Business, and Cabins & Fabrication.^[4]
The Pathredi, Rajasthan unit produces Electric Steering Locks (Smart Locks), Door Handle Assemblies, Door Mirror Assemblies (manual to auto-dimming and EC mirrors), Key Cylinder Sets, Driver Monitoring Systems, Magnesium Die Casted Components and SMT-based electronic parts.^[4]
Post Sundaram-Clayton and TVS machining acquisitions, Sandhar offers HPDC, LPDC, machining, zinc and magnesium castings - described as the only player combining all these capabilities.^[3]
EV business produces battery chargers and motor control units; 41,000 battery chargers and 5,500 MCUs were sold in FY26, generating ₹20 cr revenue.^[3]
Smart key/lock volumes reached ~5,000 locksets per month as of Q4 FY26, with volumes growing each month.^[3]

Operations and R&D

During FY26, Sandhar transferred seven manufacturing units via slump sale to two subsidiaries: three units to Sandhar Engineering Pvt Ltd and four units to Sandhar Ascast Pvt Ltd.^[4]
Sandhar Engineering Pvt Ltd and Sandhar Ascast Pvt Ltd became material subsidiaries effective 1 April 2026; Barcelona SL ceased to be a material subsidiary.^[4]
International operations span Poland, South Korea, Romania, Japan, Taiwan, Spain and Mexico through collaborations and subsidiaries.^[4]
The Sandhar Centre for Innovation & Development (SCID), recognised by DSIR since 2012, has filed 29 patents to date, of which 25 have been granted by the Indian Patent Office.^[4]
The Group holds 50% interest in six joint ventures (Sandhar Han Sung, Jinyoung Sandhar Mechatronics, Sandhar Whetron Electronics, Kwangsung Sandhar, Winnercom Sandhar, Sandhar Han Shin Auto Technologies) and 69.12% in Sandhar Amkin Industries.^[4]

Key operating numbers

Consolidated revenue in Q1 FY27 reached ₹1,381.89 cr, up 26.77% YoY - the highest-ever quarterly revenue. India Business grew 29.57% YoY to ₹1,253 cr in Q1 FY27.^[5]
India business (ex-new-projects) EBITDA margin was 9.08% in Q1 FY27, down from 10.81% in Q1 FY26, impacted by minimum wages (₹5.84 cr) and energy cost increases (₹7.50 cr).^[5]
Overseas EBITDA improved 153.85% YoY to €1.32 mn in Q1 FY27 (from €0.52 mn), and EBT loss narrowed 68.91% to -€0.37 mn, though revenue fell 7.5% YoY in euro terms.^[5]
FY26 India business grew revenue 28% vs industry growth of 12.7%; Sandhar's two-wheeler vertical grew 35.1% vs industry 12.9%.^[3]
Consolidated capex was ₹298.85 cr in FY26 vs ₹316.18 cr in FY25; standalone capex was ₹100.90 cr vs ₹140.11 cr.^[4]

Customers and concentration

Several OEM customers each individually account for 10% or more of the Group's total revenue, indicating material concentration in the customer base.^[4]
HMSI revenue share within Sandhar's sales rose to 4.2% in Q2 FY26 from 3.7% in Q2 FY25, with further share gains expected from smart-lock and other new projects in FY27.^[6]

New projects and capex pipeline

Four new project verticals (SCL/ADC at Hosur, Sanaswadi Cabins & Fab, Chennai Sheet Metal, EV) collectively had ₹341 cr capital deployed as of Q1 FY27, generating ₹130 cr quarterly revenue with PBT loss of ₹7.41 cr.^[5]
ADC new plant at Avigna Industrial Park, Hosur (HPDC & LPDC) - described as one of Sandhar's largest casting facilities - has Phase I expected to start by end of August 2026; full target completion by March 2027.^[5]
ADC business has commenced HPDC castings using 1250T machine capacity, expanding into heavier/larger casting applications.^[5]
Chennai (Oragadam) sheet metal fabricated parts facility: Phase I started; Phase II targeted for March 2027; full turnaround expected in FY28.^[5]
FY27 planned capex is ₹275 - 310 cr (5 - 7% of revenue), with term debt repayment of ~₹103 cr on schedule.^[3]
Sandhar invested ₹99.90 cr in subsidiaries in FY26, including ₹62.64 cr in Sandhar Engineering, ₹14.12 cr in Sandhar Auto Electric Solutions and ₹13.14 cr in Sandhar Ascast.^[4]

Recent developments

Sandhar joined the Government of India's PLI (Production Linked Incentive) Scheme and committed to meet all requirements to avail its benefits.^[4]
Sanaswadi (CFD) cabins & fabrication turnaround was revised from Q2 FY27 to Q3 FY27; SCL (Hosur ADC) turnaround expected by Q4 FY27; EV powertrain and Chennai sheet metal turnarounds expected in FY28.^[5]
Overseas subsidiaries hit 14.6% EBITDA and EBT breakeven in Q4 FY26, reversing a full-year FY26 EBT loss of €2.56 mn (₹26.19 cr).^[3]
Sandhar Technologies Barcelona SL was established during FY26, extending the group's presence into Europe.^[4]
Company is developing telematics products via technology transfer/royalty arrangement (not a JV); customer lock-in expected within 12 months of Q4 FY26.^[3]

Market Cap

₹2,860 Cr

High / Low

₹764 / 424

Stock P/E

13.1

Price / Book

2.0

Book Value

₹221

EPS

₹33.0

No. of Shares

6.02 Cr

ROCE

14.1%

ROE

16.1%

OPM

6.5%

Debt / Equity

0.71

Sales

₹4,852 Cr

Net Profit

₹199 Cr

Promoter holding

70.4%

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Sandhar Technologies Limited(SANDHAR)

About

Business segments

Products and portfolio

Operations and R&D

Key operating numbers

Customers and concentration

New projects and capex pipeline

Recent developments

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