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Sandhar Technologies Limited (SANDHAR)

₹539.25 +1.28% last close, 16 Oct

📊 NSE: SANDHAR 🏢 Auto Ancillaries 📢 Latest filing: 23 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sandhar Technologies' revenue was ₹1,382 Cr (+26.8% year on year, +5.7% on the previous quarter), and net profit ₹37.3 Cr; the operating margin was 7.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,382	+26.8%	+5.7%
Operating profit	₹105	—	-18.5%
Net profit	₹37.3	—	-41.8%
EPS (₹)	6.19	—	-41.6%
Operating margin	7.6%	—	—

Full quarterly financials → Results calendar →

SANDHAR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.71% of the SANDHAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.85%. That is lower than usual for this stock.

40.71%Delivery, 16 Oct

47.85%Own 20-session average

0.7×Volume vs its average

₹539.25NSE close · +1.28%

Delivery in the last 5 sessions: 37.4% · 41.4% · 37.8% · 44.4% · 40.7%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Sandhar Technologies AGM Approves ₹4 Dividend per Share, All Resolutions Passed

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Sep 2026, 06:54 PM

Sandhar Technologies announced the voting results and Scrutinizer's Report for its 34th Annual General Meeting held on September 22, 2026. Shareholders approved all 6 resolutions with near-unanimous majorities, including the adoption of FY26 financial statements and a final dividend of ₹4 per equity share (face value ₹10). Total valid votes cast reached 50,906,089 shares, representing an 84.57% turnout of total outstanding voting shares. Other approvals included the appointment of Gazal Kalra as Independent Director and higher limits under Section 186 for loans and investments.

Final dividend of ₹4 per equity share approved with 99.9999% votes in favour
Overall voting turnout stood at 84.5747% across 50,906,089 polled shares
Appointment of Gazal Kalra as Independent Director passed with 98.7731% approval
Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.9999% approval

💡 Track the dividend payout timeline as per standard regulatory periods and monitor execution of Section 186 enhanced investment/lending limits.

Sandhar Technologies: Senior Management Personnel Vijay Dahiya Resigns Effective Sep 3, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Sep 2026, 05:52 PM

Sandhar Technologies Limited announced the resignation of Shri Vijay Dahiya from his role as Senior Management Personnel (SMP) of the company effective September 3, 2026. Mr. Dahiya served as Vice-President – Operations at Sandhar Ascast Private Limited (SAPL), a wholly-owned subsidiary. He will serve his notice period and be relieved from SAPL on December 2, 2026, citing personal reasons. The company has a TTM revenue base of ₹4,927 Cr, and operational transitions within subsidiaries are routine.

Shri Vijay Dahiya stepped down as Senior Management Personnel effective September 3, 2026
Served as Vice-President – Operations at wholly-owned subsidiary Sandhar Ascast Private Limited (SAPL)
Relieving from the services of SAPL effective close of business on December 2, 2026 upon notice completion
Resignation cited due to personal reasons

💡 Track the appointment of a successor for operations at Sandhar Ascast Private Limited to ensure ongoing ramp-ups in aluminum die casting proceed smoothly.

Sandhar Issues TDS Guidelines for Final Dividend of ₹4/Share; Record Date Sept 11, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 27 Aug 2026, 12:47 PM

Sandhar Technologies has dispatched a communication to shareholders detailing Tax Deduction at Source (TDS) provisions for its final dividend of ₹4.00 per equity share (face value ₹10) for FY 2025-26. The dividend is subject to shareholder approval at the Annual General Meeting on September 22, 2026. The record date for determining shareholder entitlement is Friday, September 11, 2026. Shareholders requiring lower or nil tax withholding must submit requisite tax exemption declarations by September 15, 2026.

Recommended final dividend of INR 4.00 per equity share (FV INR 10) for FY 2025-26
Record date set as Friday, September 11, 2026, to identify eligible shareholders
AGM scheduled for Tuesday, September 22, 2026, for dividend approval
Tax exemption document submission deadline is Tuesday, September 15, 2026, by 6:00 PM
Standard TDS rate is 10% for resident individuals with valid PAN (exempt up to ₹10,000 aggregate payout)

💡 Shareholders seeking lower or nil tax withholding must upload Form 121 or applicable exemption certificates to the RTA portal before the September 15, 2026 deadline.

Sandhar Technologies Submits Annual BRSR for FY 2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 11:42 AM

Sandhar Technologies Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its 34th Annual Report pursuant to SEBI LODR regulations. The standalone disclosure highlights key operational metrics, including 16 national plant locations and a workforce of 884 employees (with 8% female representation). The company reported resolving all 144 customer complaints received during the year, down significantly from 1,361 complaints in the previous year. This is a standard statutory disclosure with no direct impact on near-term financial performance.

Operates across 16 national manufacturing plants catering to OEM automotive customers
Customer complaints reduced significantly to 144 in FY 2025-26 compared to 1,361 in the previous year
Total workforce stands at 884 employees, with women comprising 8% of the employee base and 27.27% (3 of 11) of the Board of Directors
Sheet metal components contributed 20.76% to the entity's turnover

💡 Track core operational ramp-ups including new ADC plants in Pune/South India and quarterly earnings rather than annual ESG disclosures.

Sandhar Technologies Fixes Sept 11, 2026 Record Date for Final Dividend; 34th AGM on Sept 22

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 07:44 PM

Sandhar Technologies has announced that its 34th Annual General Meeting (AGM) will be held virtually on September 22, 2026. The company has fixed Friday, September 11, 2026, as the record date for determining eligibility for the final dividend and voting. Remote e-voting will commence on September 19, 2026, and conclude on September 21, 2026. The final dividend, subject to shareholder approval, will be paid on or before October 22, 2026.

34th Annual General Meeting scheduled for Tuesday, September 22, 2026, at 11:30 AM IST via VC/OAVM
Record date for Final Dividend fixed as Friday, September 11, 2026
Remote e-voting window open from September 19, 2026 (9:00 AM IST) to September 21, 2026 (5:00 PM IST)
Final dividend to be paid on or before Thursday, October 22, 2026

💡 Investors seeking final dividend eligibility should ensure shares are held in demat before the record date of September 11, 2026, and review the Annual Report for updates on plant ramp-ups.

Sandhar Technologies Sets Sep 11, 2026 as Record Date for ₹4.00/Share Final Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 25 Aug 2026, 06:50 PM

Sandhar Technologies has fixed Friday, September 11, 2026, as the record date for determining shareholder eligibility for its final dividend of ₹4.00 (40%) per equity share (face value ₹10) for FY 2025-26. The dividend was previously recommended by the Board on May 21, 2026, and is subject to shareholder approval at the upcoming 34th AGM. The company's share transfer books and register of members will remain closed from September 12 to September 22, 2026. Upon approval, dividend payment will be executed within 30 days of the AGM.

Final dividend recommended at ₹4.00 per share (40% on face value of ₹10)
Record date fixed as September 11, 2026
Book closure scheduled from September 12, 2026 to September 22, 2026 (both days inclusive)
Payment to be disbursed within 30 days of shareholder approval at the 34th AGM

💡 Investors seeking eligibility for the dividend must hold shares in their demat account as of the record date (September 11, 2026). Monitor the AGM outcome for formal approval and subsequent payout timelines.

Sandhar Technologies Issues AGM Notice For Sept 22; ₹4.00/Share Final Dividend Proposed

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 06:46 PM

Sandhar Technologies has issued the notice for its 34th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing. Key ordinary and special resolutions include the adoption of FY26 financial statements, declaration of a final dividend of ₹4.00 per equity share (40% on face value of ₹10), and the appointment of Smt. Gazal Kalra as an Independent Director for a 5-year term. The cut-off and record date for voting and final dividend eligibility has been fixed as September 11, 2026.

34th AGM scheduled for September 22, 2026 at 11:30 AM IST via Video Conferencing
Final dividend proposed at ₹4.00 per share (40% of face value ₹10) for FY2025-26
Record date / cut-off date set as September 11, 2026 for dividend and AGM e-voting
Remote e-voting window open from September 19, 2026 (9:00 AM) to September 21, 2026 (5:00 PM)

💡 Track the September 11, 2026 record date for final dividend eligibility and participate in remote e-voting starting September 19, 2026.

Sandhar Q1 FY27: Revenue up 26.8% to ₹1,382 Cr; New ADC Plant to Start by Aug 2026

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 10:35 PM

Sandhar Technologies reported its highest-ever quarterly consolidated revenue of ₹1,381.89 Cr for Q1 FY27, a 26.77% YoY increase. Consolidated PAT grew 33.14% YoY to ₹37.28 Cr, despite EBITDA margins contracting to 8.49% from 9.34% in the previous year. Profitability was impacted by ₹18.15 Cr in combined costs from minimum wage hikes, energy price increases, and gestation losses in new projects. A major new Aluminum Die Casting (ADC) facility at Avigna Industrial Park is scheduled to start Phase-I operations by the end of August 2026.

Achieved record quarterly consolidated revenue of ₹1,381.89 Cr, up 26.77% YoY.
Consolidated PAT increased to ₹37.28 Cr from ₹28.00 Cr in Q1 FY26.
Phase-I of the Avigna Industrial Park ADC plant, one of the group's largest, to start by end of August 2026.
Operating margins faced headwinds from a ₹5.84 Cr minimum wage impact and ₹7.50 Cr energy cost impact.
Aluminum Die Casting (ADC) segment share increased to 34.4% of total revenue compared to 33.8% YoY.

💡 Investors should monitor the successful commissioning and volume ramp-up of the Avigna ADC plant in late August 2026 and the stabilization of margins as new projects move out of the gestation phase.

Sandhar Reports 27% Revenue Growth in Q1 FY27; New ADC Plant to Start by Aug 2026

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 01:52 PM

Sandhar Technologies achieved its highest-ever quarterly revenue of ₹1,381.89 crore in Q1 FY27, a 26.77% YoY increase. Consolidated PAT grew 33.14% to ₹37.28 crore, although EBITDA margins contracted to 8.49% from 9.34% YoY due to cost pressures. Profitability was specifically weighed down by ₹7.50 crore in energy costs and ₹5.84 crore in minimum wage hikes. The company is nearing the completion of Phase-I of its large Aluminum Die Casting (ADC) facility in Avigna Industrial Park, expected to start by late August 2026.

Achieved highest-ever quarterly revenue of ₹1,381.89 crore, up 26.77% YoY.
Consolidated PAT increased by 33.14% YoY to ₹37.28 crore.
Aluminum Die Casting (ADC) segment now accounts for 34.4% of total revenue.
Phase-I of the new ADC plant at Avigna Industrial Park is scheduled to commence by the end of August 2026.
New projects currently dragging PBT by ₹4.81 crore as they await volume ramp-up.

💡 Watch for the operational commencement of the Avigna ADC plant in late August 2026 and the subsequent margin recovery as new project volumes stabilize and fixed costs are absorbed.

Sandhar Q1 Standalone Revenue at ₹665.96 Cr; Appoints Gazal Kalra as Independent Director

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 11 Aug 2026, 02:34 PM

Sandhar Technologies reported a standalone revenue of ₹665.96 Cr for Q1 FY27, representing an 8.5% decline from ₹728.12 Cr in the corresponding quarter of the previous year. The Board has fixed September 11, 2026, as the record date for the final dividend of FY 2025-26. A significant management update is the appointment of Gazal Kalra, co-founder of Rivigo and Nuuk, as an Independent Director for a five-year term. The company also confirmed its 34th AGM for September 22, 2026.

Standalone revenue for Q1 FY27 decreased to ₹665.96 Cr from ₹728.12 Cr in Q1 FY26.
Record date for the final dividend of FY 2025-26 is fixed as September 11, 2026.
Gazal Kalra appointed as an Independent Director for a 5-year term starting August 11, 2026.
34th Annual General Meeting (AGM) scheduled for September 22, 2026, via video conferencing.
Re-appointment of M/s Satija & Co. as Cost Auditors for the Financial Year 2026-27.

💡 Investors should monitor the consolidated financial results to assess the impact of the Sundaram-Clayton acquisition and the progress of the new ADC plants in Pune and South India, which are key to offsetting the standalone revenue dip.

Sandhar Appoints Gazal Kalra to Board; Sets Sept 11 Dividend Record Date as Q1 Revenue Hits ₹666 Cr

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 11 Aug 2026, 02:31 PM

Sandhar Technologies reported standalone revenue of ₹665.96 crore for Q1 FY27, representing an 8.5% decline compared to ₹728.12 crore in the same quarter last year. The board has fixed September 11, 2026, as the record date for the final dividend of FY 2025-26. Additionally, Gazal Kalra (Co-founder of Rivigo and Nuuk) has been appointed as an Independent Director for a 5-year term. The company's 34th Annual General Meeting (AGM) is scheduled for September 22, 2026.

Standalone revenue for Q1 FY27 stood at ₹665.96 crore, down from ₹728.12 crore YoY.
Record date for final dividend (FY25-26) fixed as September 11, 2026.
Appointment of Gazal Kalra as Independent Director for a 5-year term starting August 11, 2026.
34th Annual General Meeting scheduled for September 22, 2026, via video conferencing.
Re-appointment of M/s Satija & Co. as Cost Auditors for the Financial Year 2026-2027.

💡 Investors should monitor the upcoming AGM on September 22 for management commentary regarding the revenue decline and the progress of the Sundaram-Clayton integration.

Sandhar Q1 Standalone Revenue at ₹665.96 Cr; Dividend Record Date Set for Sept 11

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 11 Aug 2026, 02:24 PM

Sandhar Technologies reported standalone revenue of ₹665.96 Cr for Q1 FY27, representing an 8.5% decline compared to ₹728.12 Cr in Q1 FY26. The Board has fixed September 11, 2026, as the record date for the final dividend of FY25-26, subject to shareholder approval at the upcoming AGM on September 22, 2026. A significant management update includes the appointment of Gazal Kalra (Co-founder of Rivigo) as an Independent Director for a five-year term. The results reflect a sequential decline from Q4 FY26 revenue of ₹774.25 Cr.

Standalone revenue for Q1 FY27 reported at ₹665.96 Cr, down from ₹728.12 Cr YoY.
Record date for final dividend eligibility fixed as September 11, 2026.
Appointment of Gazal Kalra as Independent Director for a 5-year term effective August 11, 2026.
34th Annual General Meeting scheduled for September 22, 2026, via video conferencing.
Re-appointment of M/s Satija & Co. as Cost Auditors for the financial year 2026-2027.

💡 Investors should monitor the consolidated financial statement for the full impact of the Sundaram-Clayton acquisition and check for management commentary regarding the 8.5% YoY standalone revenue dip.

Sandhar Technologies to Participate in EMKAY Confluence 2026 Investor Conference from Aug 12-14

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 09:37 AM

Sandhar Technologies Limited has announced its participation in the 'EMKAY Confluence 2026: India: Full Throttle Ahead' annual investor conference. The event is scheduled to take place in Mumbai from August 12 to August 14, 2026. Senior management will represent the company in one-on-one and small group meetings with institutional investors. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be disclosed during these interactions.

Participation in EMKAY Confluence 2026 scheduled for August 12-14, 2026.
Meetings will be held at Grand Hyatt, Kalina, Mumbai.
Interaction format includes one-on-one and small group meetings with investor funds.
Company TTM revenue stands at Rs 4,559 Cr with a market cap of Rs 3,937 Cr.
Management representation will include the Senior Management Team.

💡 Investors should monitor the company's website for any investor presentations or transcripts released following the conference for updates on the Sundaram-Clayton integration and EV component ramp-up.

98.96% Shareholder Approval for Enhanced Investment and Loan Limits under Section 186

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 03 Aug 2026, 06:04 PM

Sandhar Technologies' shareholders have approved a special resolution to increase the company's limits for granting loans, making investments, and providing guarantees under Section 186 of the Companies Act, 2013. The resolution passed with 98.96% of the total 5.15 crore votes cast in favour. This administrative move provides the board with greater financial flexibility to support its subsidiaries and joint ventures, including the integration of the Sundaram-Clayton acquisition. While the specific new limit was not disclosed in this results filing, the high institutional support (94.15%) suggests investor confidence in the management's capital allocation strategy.

98.9562% of total votes (5,10,12,009 votes) were cast in favour of the special resolution.
Promoter group provided 100% support with 4,23,62,245 votes cast in favour.
Public Institutional investors showed 94.1472% support with 86,42,739 votes in favour.
The resolution specifically pertains to Section 186 limits for Loans, Investments, Guarantees, and Securities.
A total of 5,15,50,103 votes were polled via the remote e-voting process which concluded on August 02, 2026.

💡 Monitor future quarterly filings for any significant increase in inter-corporate deposits or investments in subsidiaries, which could indicate the specific deployment of this newly approved capacity.

Sandhar Seeks Shareholder Approval to Increase Investment/Loan Limit to ₹1,500 Cr

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 03 Jul 2026, 03:49 PM

Sandhar Technologies has issued a postal ballot notice to increase its limit for granting loans, making investments, and providing guarantees to ₹1,500 Crores under Section 186. As of March 31, 2026, the company has utilized ₹1,004.73 Crores of its current ₹1,219.79 Crore limit. This move aims to provide financial flexibility for strategic growth, including the ramp-up of new ADC plants and EV component manufacturing. Shareholders can vote on this special resolution between July 4 and August 2, 2026.

Proposed enhancement of Section 186 limits to ₹1,500 Crores from the current statutory limit of ₹1,219.79 Crores
Current utilization of investment and loan limits stands at ₹1,004.73 Crores as of March 31, 2026
The proposed ₹1,500 Cr limit represents approximately 34.8% of the company's current Market Cap of ₹4,302 Cr
Remote e-voting period is scheduled from July 4, 2026, to August 2, 2026
The cut-off date for determining shareholder voting eligibility was June 26, 2026

💡 Investors should monitor the voting results post-August 2, 2026, and track future announcements regarding specific capital allocations or acquisitions that utilize this expanded headroom.

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.