🔍

SANDHAR - Sandhar Tech

📊 NSE: SANDHAR 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 12:46

📢 Recent Corporate Announcements

Sandhar Technologies Withdraws ICRA Credit Ratings for Rs 735 Crore Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 11 Mar 2026, 05:55 PM

Sandhar Technologies has voluntarily requested the withdrawal of its credit ratings from ICRA for debt facilities totaling Rs 735 crore. The withdrawn ratings include [ICRA]AA- (Stable) for Rs 150 crore in term loans and [ICRA]AA- (Stable)/[ICRA]A1+ for Rs 585 crore in working capital facilities. The company confirmed that this action is administrative and that its credit ratings from India Ratings & Research remain valid and in force. This move typically suggests a consolidation of rating agencies to streamline compliance costs.

ICRA withdrew ratings for total debt facilities amounting to Rs 735 crore.
The withdrawal covers Rs 150 crore in long-term term loans and Rs 585 crore in working capital facilities.
Ratings withdrawn were [ICRA]AA- (Stable) and [ICRA]A1+.
The withdrawal was initiated at the specific request of the company.
Credit ratings from India Ratings & Research continue to remain valid and active.

💡 No immediate action is required as the withdrawal is voluntary and the company maintains active ratings with another agency. Investors should continue to monitor the India Ratings & Research reports for any changes in the company's credit profile.

Sandhar Tech Q3 FY26: Revenue Up 24%, Existing Business EBITDA Margin Expands to 11.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Feb 2026, 03:26 PM

Sandhar Technologies reported a strong Q3 FY26 with consolidated revenue growth of 22% and a 24% increase for the nine-month period. The existing business saw EBITDA margins improve to 11.9% from 10.5%, while annualized ROCE rose significantly to 21.1%. Management highlighted a reduction in overseas losses to INR 8 crores and expects a break-even in Q4 FY26. The company is also seeing traction in its EV segment, with commercial invoicing for battery chargers and motor controllers now fully operational.

Consolidated revenue grew 22% in Q3 FY26 and 24% for the 9-month period.
Existing business EBITDA margin expanded to 11.9% from 10.5% year-on-year.
Overseas losses narrowed to INR 8 crores from INR 11 crores, with a break-even target for Q4 FY26.
New projects revenue surged to INR 305 crores in the 9-month period from just INR 2.74 crores previously.
Annualized ROCE for existing operations improved to 21.1% compared to 16.3% in the prior period.

💡 Investors should monitor the promised break-even in overseas operations in Q4 and the continued ramp-up of the high-growth EV component segment. The stock remains a positive play on the recovering Indian auto sector and internal efficiency improvements.

Sandhar Technologies Releases Audio Recording for Q3 FY26 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Feb 2026, 03:01 PM

Sandhar Technologies Limited has informed the exchanges that the audio recording of its Q3 FY26 investor conference call is now available. The call, held on February 16, 2026, discussed the company's standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI's Listing Obligations and Disclosure Requirements. Investors can access the recording via the company's official investor relations website.

Audio recording of the Q3 FY26 investor conference call is now live on the company website.
The call addressed financial performance for the nine-month period ending December 31, 2025.
Compliance filing under Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
The link provides access to management's commentary on the company's operational performance.

💡 Investors should listen to the recording to gain insights into management's outlook on the auto-component industry and specific growth strategies. No immediate action is required as this is a routine procedural update.

Sandhar Technologies 9M FY26 Consolidated Revenue Up 23.5%, Net Profit Jumps 36.2%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 02:38 PM

Sandhar Technologies reported a robust consolidated performance for 9M FY26, with revenue growing 23.5% YoY to ₹3,545.10 crore. The company's existing India operations showed strong efficiency, with ROCE improving from 16.3% to 21.1% and EBITDA margins expanding to 11.9%. While domestic new projects are scaling rapidly with revenue reaching ₹305.05 crore, the overseas business remains a challenge, posting an EBT loss of ₹25.81 crore due to global slowdowns. Profitability was also supported by ₹47.77 crore in one-time gains from asset sales and JV exits.

Consolidated 9M FY26 Revenue grew 23.5% YoY to ₹3,545.10 crore, driven by higher business volumes.
India existing business EBITDA grew 28.8% YoY to ₹343.16 crore with margins improving to 11.9%.
New India projects scaled significantly from ₹2.74 crore to ₹305.05 crore in revenue, with EBITDA turning positive at ₹1.14 crore.
Overseas operations EBITDA declined 22.8% YoY to ₹23.84 crore, impacted by slow ramp-up at the Romania plant.
Other income included one-time gains of ₹34.01 crore from Peenya asset sale and ₹13.76 crore from JV exit.

💡 Investors should monitor the scaling of new domestic projects and the turnaround of the Romania plant, which currently drags consolidated margins. The strong improvement in domestic ROCE and successful asset monetization are positive indicators of capital discipline.

Sandhar Technologies Schedules Q3 FY26 Earnings Conference Call for February 16

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 04:57 PM

Sandhar Technologies Limited has scheduled an investor conference call for February 16, 2026, at 10:00 AM IST. The purpose of the call is to discuss the company's financial performance for the third quarter and nine-month period ending December 31, 2025. The session will be attended by top management, including the Executive Chairman, CEO, and CFO, providing a platform for detailed operational insights. This is a routine regulatory filing following the conclusion of the December quarter.

Conference call set for Monday, February 16, 2026, at 10:00 AM IST
Discussion to cover financial results for Q3 FY25-26 and the nine-month period ended Dec 31, 2025
Senior leadership including Executive Chairman Jayant Davar and CFO Yashpal Jain to lead the call
Call organized by Emkay Global Financial Services Ltd with universal access numbers provided

💡 Investors should track the call for management commentary on automotive sector demand and margin outlook for the remainder of the fiscal year.

Sandhar Technologies Q3 Standalone PAT at ₹32.76 Cr; 9M FY26 PAT Grows 37% YoY

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 02:31 PM

Sandhar Technologies reported a standalone revenue of ₹737.04 crore for Q3 FY26, showing a marginal decline from ₹739.74 crore in the same period last year. Standalone Net Profit for the quarter stood at ₹32.76 crore, down from ₹35.20 crore YoY, impacted by a one-time ₹1.78 crore expense related to new Labour Code provisions. Despite the quarterly dip, the 9-month performance remains robust with standalone PAT rising 37% YoY to ₹132.75 crore. Additionally, the company is expanding the scope of its Tamil Nadu unit slump sale to its subsidiary to include land and buildings.

Standalone Revenue for Q3 FY26 at ₹737.04 crore vs ₹739.74 crore YoY.
Standalone Net Profit for the quarter decreased to ₹32.76 crore from ₹35.20 crore in Q3 FY25.
9-month FY26 Standalone PAT grew significantly to ₹132.75 crore from ₹96.62 crore in the previous year.
Recognized a one-time exceptional expense of ₹1.78 crore due to the notification of new Labour Codes.
Board approved including land and building in the slump sale of the TN Unit-I (Aluminium Die Castings) to its subsidiary, Sandhar Ascast Private Limited.

💡 Investors should note the strong 9-month growth trajectory despite a flat third quarter. Monitor the impact of the asset restructuring (slump sale) on the consolidated balance sheet and operational efficiency.

Sandhar Technologies Q3 Standalone PAT at ₹32.76 Cr; Revises Slump Sale Terms

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 02:27 PM

Sandhar Technologies reported a standalone revenue of ₹737.04 crore for Q3 FY26, remaining largely flat compared to ₹739.74 crore in the same quarter last year. Net profit for the quarter stood at ₹32.76 crore, a slight decline from ₹35.20 crore YoY, partly impacted by a one-time ₹1.78 crore expense related to new Labour Codes. For the nine-month period ending December 2025, the company showed stronger performance with revenue up 5.4% and PAT rising to ₹132.75 crore, though the latter was boosted by a ₹34 crore asset sale gain in Q2. Additionally, the board has revised the terms of a slump sale of its Aluminium Die Castings unit to a subsidiary to now include land and buildings.

Standalone Revenue for Q3 FY26 stood at ₹737.04 crore vs ₹739.74 crore YoY.
Standalone Net Profit for Q3 FY26 was ₹32.76 crore, down from ₹35.20 crore in Q3 FY25.
9M FY26 Standalone PAT reached ₹132.75 crore, a significant jump from ₹96.62 crore in 9M FY25.
Recognized an exceptional expense of ₹1.78 crore due to the notification of new Labour Codes affecting employee benefits.
Revised the slump sale of TN Unit-I (Aluminium Die Castings) to its WOS to include land and building assets.

💡 Investors should note the stable but flat revenue growth in the current quarter and look past the QoQ profit drop which was due to a high base from a one-time asset sale. Monitor the efficiency gains from the internal restructuring of the Aluminium Die Castings unit.

Sandhar Technologies to Close Trading Window from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 12:56 PM

Sandhar Technologies Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q3 financial results. The window will remain closed until 48 hours after the un-audited standalone and consolidated financial results for the quarter ended December 31, 2025, are declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure for designated persons starts on January 1, 2026.
Closure pertains to the un-audited financial results for the quarter ending December 31, 2025.
Window will reopen 48 hours after the official declaration of results.
Board meeting date for result approval is yet to be announced.

💡 This is a routine compliance notification and requires no immediate action from retail investors. Monitor for the upcoming board meeting date to assess the company's Q3 performance.

View All SANDHAR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The India business revenue grew 33% YoY to INR 1,153.02 Cr in Q2 FY26. Consolidated revenue grew 29% YoY. The overseas business revenue grew 2% on a quarter-to-quarter basis, while the Sundaram-Clayton (SCL) business contributed INR 198 Cr in revenue. Standalone revenue from operations grew 8.70% YoY to INR 805.03 Cr.

Geographic Revenue Split

India business is the primary driver, contributing the bulk of revenue with 33% growth. Overseas operations reported revenue of 11.47 Mn (USD/Euro mix) in Q2 FY26, representing a slight decline of 5.74% for the H1 period compared to the previous year.

Profitability Margins

Operational EBITDA for the India business was 9.47% in Q2 FY26, down from 10.16% YoY. However, normalized margins (excluding new projects) improved to 10.44% from 10.16%. The Sundaram-Clayton business operated at a lower margin of 4.48% for H1 FY26, which diluted overall profitability.

EBITDA Margin

Consolidated operational EBITDA grew by 19% YoY. Standalone operational EBITDA margin was impacted by exceptional items totaling INR 11.21 Cr, including INR 8.07 Cr from lower margins in new projects (ADC Pune & South India) and INR 3.14 Cr due to high input costs and lower volumes.

Capital Expenditure

The company is investing in two new machines and a new plant facility expected to be operational by April 2026. Gross block including CWIP for overseas operations stood at 75.82 Mn (USD/Euro) as of September 30, 2025.

Credit Rating & Borrowing

Overseas outstanding borrowings stood at 43.05 Mn (USD/Euro) as of Q2 FY26, an increase of 18.35% from 36.38 Mn in the previous year. The company is undergoing financial re-engineering of borrowings to reduce interest impact.

⚙️ Operational Drivers

Raw Materials

Aluminum and other metals for Die Casting (ADC) and CFD components. Standalone cost of materials was INR 558.10 Cr in Q2 FY26, representing 69.3% of standalone revenue.

Import Sources

Not specifically disclosed in available documents, though overseas operations in Europe and the US suggest international sourcing for those regions.

Capacity Expansion

New Aluminum Die Casting (ADC) lines are being expanded in Pune and South India. A new facility is planned for completion by April 2026 to house two new machines and improve operational efficiency.

Raw Material Costs

Material costs increased 11.85% YoY to INR 558.10 Cr on a standalone basis. High input costs had a specific profit impact of INR 3.14 Cr in the India business during Q2 FY26.

Manufacturing Efficiency

The company is focusing on operational efficiency to turn around overseas losses, which were halved in Q1. New projects in Pune and South India are currently in a ramp-up phase, dragging down immediate margins until volumes stabilize.

📈 Strategic Growth

Expected Growth Rate

11%

Growth Strategy

Growth will be driven by the integration of the Sundaram-Clayton acquisition, ramp-up of new ADC plants in Pune and South India, and a turnaround of overseas operations by April 2026. The company aims for a 10-50 bps margin improvement annually to reach an 11% target within two years.

Products & Services

Aluminum Die Casting (ADC) components, battery chargers, motor controllers for EVs, and traditional automotive components like locks and mirrors.

Brand Portfolio

Sandhar, Sundaram-Clayton (acquired business).

New Products/Services

Commercial invoicing has commenced for EV components, specifically battery chargers and motor controllers, which are expected to be significant growth drivers.

Market Expansion

Expansion into the EV segment and increasing the customer base for the ADC business in South India and Pune.

Strategic Alliances

The company has 5 Joint Ventures (JVs), all of which are now PAT positive and registered a revenue growth of 68.57% (calculated on a 50% partnership basis).

🌍 External Factors

Industry Trends

The industry is shifting toward Electric Vehicles (EVs); Sandhar is positioning itself by starting commercial production of battery chargers and motor controllers. The overall auto component industry grew by 7.4% while PVs lagged.

Competitive Landscape

The company competes in the die-casting and auto-component space, facing pressure from high input costs and sector-specific degrowth in passenger vehicles.

Competitive Moat

Sandhar's moat is built on its diversified product portfolio (ADC, EV components, JVs) and its ability to turn around acquisitions like Sundaram-Clayton. The 5 PAT-positive JVs provide a stable profit cushion.

Macro Economic Sensitivity

The company noted a 1.5% degrowth in the passenger vehicle segment, indicating sensitivity to domestic auto industry cycles.

Consumer Behavior

Shift toward EVs is driving the company's R&D and production focus toward battery-related electronics.

Geopolitical Risks

Management is monitoring the final arrangements between the European Union and US markets, which may impact overseas revenue stability.

⚖️ Regulatory & Governance

Industry Regulations

The company operates under a Risk Management Committee (RMC) that monitors operational, technological, and cyber security risks in accordance with SEBI Listing Regulations.

Legal Contingencies

The company reported NIL investor complaints pending at the end of FY 2024-25.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timeline for the overseas business turnaround, currently projected for April 2026. Any delay in volume ramp-up at the Pune and South India ADC plants could further dilute margins.