Sharda Motor Industries Limited (SHARDAMOTR)
₹885.90 +0.18% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sharda Motor's revenue was ₹1,011 Cr (+33.7% year on year, +4.0% on the previous quarter), and net profit ₹86.5 Cr (-13.4% year on year); the operating margin was 10.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,011 | +33.7% | +4.0% |
| Operating profit | ₹103 | +4.9% | -8.6% |
| Net profit | ₹86.5 | -13.4% | -2.8% |
| EPS (₹) | 15.07 | -13.4% | -3.3% |
| Operating margin | 10.2% | — | — |
EPS restated for the 1:1 bonus of Jul 2025: Q1 FY26 ₹34.82 to ₹17.41.
SHARDAMOTR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.11% of the SHARDAMOTR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.34%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 46.6% · 60.5% · 60.7% · 51.5% · 52.1%
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
Sharda Motor Industries Limited has received a factory license from the Labour Department of the Government of Uttarakhand on October 14, 2026, for its new manufacturing plant in Haridwar. This filing follows an initial intimation dated February 6, 2026, marking a regulatory milestone toward operationalizing the facility. The company operates at a TTM revenue base of Rs 3,652 Cr with annual capex typically between Rs 70-100 Cr, though specific capacity and investment figures for this plant were not disclosed.
- Factory license issued by Labour Department of Government of Uttarakhand on October 14, 2026
- Pertains to new manufacturing plant located at Haridwar
- Follows earlier corporate intimation dated February 06, 2026
- Specific capex and capacity additions for the plant were not disclosed
Sharda Motor Industries Limited has submitted a copy of the letter dispatched to shareholders on August 31, 2026, whose email addresses are not registered with the company or depositories. The letter provides a weblink to access the FY 2025-26 Annual Report and notice of the 41st Annual General Meeting. The 41st AGM is scheduled to be held virtually on Thursday, September 24, 2026, at 12:00 Noon IST.
- Dispatched weblink communication on August 31, 2026, to unregistered email shareholders
- 41st Annual General Meeting scheduled for Thursday, September 24, 2026, at 12:00 Noon IST
- AGM Notice originally dated August 10, 2026
- Compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations
Sharda Motor Industries Limited has scheduled its 41st Annual General Meeting for September 24, 2026, via video conferencing. The company has fixed Friday, September 18, 2026, as the record date for determining shareholder entitlement to a final dividend of Rs 20 per equity share (1000% on face value of Rs 2). The AGM agenda also seeks shareholder approval for the re-appointment of Ajay Relan as Executive Chairperson for a 5-year term with a basic salary of Rs 35 lakh per month (range of Rs 25-40 lakh per month plus performance pay).
- Final dividend of Rs 20 per equity share (1000% of Rs 2 face value) declared for FY26.
- Record date for dividend entitlement and AGM voting cut-off set for Friday, September 18, 2026.
- 41st AGM scheduled for Thursday, September 24, 2026 at 12:00 Noon IST via Video Conferencing.
- Remote e-voting period runs from September 21, 2026 (9:00 AM IST) to September 23, 2026 (5:00 PM IST).
- Proposed 5-year re-appointment of Executive Chairperson Ajay Relan at a basic salary of Rs 35 lakh per month.
Sharda Motor Industries Limited has issued the notice for its 41st Annual General Meeting scheduled for September 24, 2026, via Video Conferencing. The company has fixed September 18, 2026, as the record date to determine eligibility for the proposed final dividend of Rs 20 per equity share (face value Rs 2 each). Key AGM agenda items also include the reappointment of Shri Ajay Relan as Executive Chairperson for a five-year term starting September 1, 2026, with a basic salary range of Rs 25-40 lakh per month plus performance pay.
- 41st AGM scheduled for Thursday, September 24, 2026, at 12:00 Noon IST via VC/OAVM
- Record date for Rs 20/share (1000%) final dividend fixed as September 18, 2026
- Remote e-voting window opens September 21, 2026, and closes September 23, 2026
- Reappointment of Ajay Relan as Executive Chairperson for 5 years effective September 1, 2026, with Rs 25-40 lakh/month basic salary range
Sharda Motor Industries reported a 34% YoY increase in consolidated revenue to ₹1,011.1 crore for Q1 FY27. Gross profit grew 8% YoY to ₹203.9 crore, impacted by a supplier fire at a key customer and one-off premium raw material procurement. EBITDA came in at ₹103.2 crore (up 5% YoY) with an EBITDA margin of 10.2%, while PAT reached ₹86.5 crore. The company highlighted ongoing ramp-up at its Chakan 3 lightweighting facility and an upcoming ₹20 crore facility in Uttarakhand.
- Consolidated revenue grew 34% YoY to ₹1,011.1 crore in Q1 FY27
- Gross profit rose 8% YoY to ₹203.9 crore, with EBITDA at ₹103.2 crore (+5% YoY) and EBITDA margin of 10.2%
- PBT before exceptional items stood at ₹115.0 crore compared to ₹107.7 crore in Q1 FY26
- Confirmed export orders worth ~US$ 10.7 million annual (US$ 58.5 million lifetime) on track for SOPs in Q3-Q4 FY27
- New Uttarakhand facility progressing with an investment of approximately ₹20 crore
Sharda Motor Industries has submitted the audio recording link for its Q1 FY27 investor conference call held on August 11, 2026, at 5:00 PM IST. The call discussed the operational and financial performance for the quarter ended June 30, 2026. This is a mandatory compliance filing under Regulation 30 of SEBI Listing Regulations.
- Earnings conference call held on Tuesday, August 11, 2026, at 05:00 PM IST
- Audio recording uploaded to the company website discussing Q1 FY27 performance
- Filing submitted under Regulation 30 read with Part A of Schedule III of SEBI LODR Regulations
Sharda Motor reported a strong 34% YoY revenue growth to ₹1,011.1 Cr for Q1 FY27, maintaining its ~30% market share in the PV & LCV emission systems segment. However, EBITDA margins contracted to 10.2% from 13.0% YoY, resulting in a modest 5% EBITDA growth to ₹103.3 Cr. Profit After Tax (PAT) declined 13% YoY to ₹85.8 Cr, primarily due to a high base in Q1 FY26 which included a ₹22.4 Cr exceptional gain. The company continues to diversify through its new Uttarakhand plant and a growing 'lightweighting' vertical.
- Revenue from operations increased 34% YoY to ₹1,011.1 Cr in Q1 FY27.
- EBITDA margins compressed by 280 basis points YoY to 10.2%.
- PAT fell 13% YoY to ₹85.8 Cr, impacted by the absence of a ₹22.4 Cr exceptional gain recorded in the previous year's quarter.
- Maintains a dominant ~30% value market share in India for PV & LCV emission systems.
- Current investments stood at ₹896 Cr as of March 2026, providing significant liquidity.
Sharda Motor reported a strong 33.7% YoY increase in revenue from operations to ₹1,011.07 Cr for Q1 FY27. Consolidated net profit declined 13.4% YoY to ₹86.53 Cr, though this was primarily due to a high base in Q1 FY26 which included an exceptional gain of ₹22.41 Cr. Excluding exceptional items, profit before tax grew by 7% YoY to ₹114.26 Cr. The board also approved the appointment of industry veteran Ajay Relan as a Whole-time Director for a five-year term.
- Revenue from operations increased 33.7% YoY to ₹1,011.07 Cr from ₹756.25 Cr.
- Consolidated Net Profit stood at ₹86.53 Cr compared to ₹99.94 Cr in the same quarter last year.
- Profit before exceptional items and tax grew 7% YoY to ₹114.26 Cr from ₹106.81 Cr.
- Ajay Relan appointed as Whole-time Director for a 5-year term starting September 1, 2026.
- Raw material costs as a percentage of revenue stood at 78% for the quarter.
Sharda Motor Industries reported a strong 33.7% YoY growth in consolidated revenue to ₹1,011.07 Cr for Q1 FY27. However, consolidated PAT declined 13.4% YoY to ₹86.53 Cr, primarily due to a high base in Q1 FY26 which included an exceptional gain of ₹22.41 Cr. Operationally, profit before tax and exceptional items grew 7% YoY to ₹114.26 Cr. The company faced margin pressure as raw material costs rose to 78% of revenue compared to 73% in the same quarter last year.
- Consolidated Revenue from operations grew 33.7% YoY to ₹1,011.07 Cr from ₹756.25 Cr.
- Consolidated PAT stood at ₹86.53 Cr, a decline of 13.4% compared to ₹99.94 Cr in Q1 FY26.
- Raw material costs increased significantly to ₹789.17 Cr, up from ₹551.94 Cr in the previous year's quarter.
- Profit before tax and exceptional items improved to ₹114.26 Cr from ₹106.81 Cr YoY.
- Ajay Relan appointed as Whole-time Director for a 5-year term effective September 1, 2026.
Sharda Motor reported a strong 33.7% YoY growth in consolidated revenue from operations to ₹1,011.07 Cr for Q1 FY27. However, Consolidated Net Profit declined 13.4% YoY to ₹86.53 Cr, primarily because the base quarter (Q1 FY26) included a ₹22.41 Cr exceptional gain. Operationally, profit before exceptional items grew 7% YoY to ₹114.26 Cr, though margins faced pressure from rising raw material costs. The board also appointed industry veteran Mr. Ajay Relan as a Whole-time Director for a 5-year term.
- Revenue from operations increased 33.7% YoY to ₹1,011.07 Cr from ₹756.25 Cr.
- Operational profit before exceptional items grew 7% YoY to ₹114.26 Cr.
- Consolidated PAT stood at ₹86.53 Cr, down from ₹99.94 Cr due to a ₹22.41 Cr exceptional gain in the previous year's quarter.
- Cost of raw materials consumed rose to ₹789.17 Cr, accounting for 78% of revenue compared to 73% in the base quarter.
- Mr. Ajay Relan appointed as Whole-time Director for 5 years starting September 1, 2026.
Sharda Motor Industries has scheduled its Q1FY27 post-results conference call for August 11, 2026, at 5:00 PM IST. The management team, including Group CEO Aashim Relan and Group CFO GD Takkar, will discuss the operational and financial performance for the quarter ended June 30, 2026. The company currently maintains a strong financial profile with a TTM revenue of Rs 3,397 Cr and a high ROCE of 35.0%. Investors will likely look for updates on the company's strategy to reduce its 90%+ domestic market reliance through export expansion.
- Conference call scheduled for August 11, 2026, at 5:00 PM IST
- Management representation includes Group CEO Aashim Relan, DMD Ashwani Maheshwari, and Group CFO GD Takkar
- Discussion will focus on the financial performance for the quarter ended June 30, 2026
- Company maintains a low Debt-to-Equity ratio of 0.04 as per latest financial context
Sharda Motor Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, the company's Registrar and Share Transfer Agent, Alankit Assignments Limited, processed all physical share certificates received for dematerialization. This process includes the mutilation and cancellation of physical certificates and updating the depository as the registered owner. This is a standard procedural filing required for all listed entities in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent, Alankit Assignments Limited
- Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Physical share certificates received were mutilated, cancelled, and substituted with the depository's name
Sharda Motor Industries Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the first quarter of FY 2026-27. The window will remain closed until 48 hours after the results are made public. This follows a strong March 2026 quarter where the company reported a revenue of ₹972.0 cr and a PAT of ₹89.0 cr.
- Trading window closure effective from July 1, 2026
- Closure pertains to the financial results for the first quarter (Q1) of FY 2026-27
- Window to remain closed until 48 hours after the declaration of results
- Company reported TTM revenue of ₹3,397 cr as of the latest financial context
Sharda Motor Industries reported a strong 30% Y-o-Y revenue growth in Q4 FY26, reaching INR 971.8 crores, driven by robust demand in the passenger vehicle and 3-wheeler segments. The company's lightweighting vertical has become a key growth engine, now contributing 10% of gross sales with a 14% market share. A significant strategic milestone was achieved with a new export order from a global agricultural OEM worth USD 10 million over its lifetime. Management is actively preparing for upcoming regulatory shifts, including BS7 and CAFE III norms, which are expected to drive demand for their engineered emission systems.
- Q4 FY26 revenue grew 30% Y-o-Y to INR 971.8 crores, while full-year FY26 revenue reached INR 3,396.8 crores.
- Lightweighting vertical market share increased to 14% in FY26, now accounting for 10% of total gross sales.
- Bagged a strategic export order for the European agri-market with a lifetime value of USD 10 million.
- Full-year PAT increased to INR 345.4 crores compared to INR 314.9 crores in the previous fiscal year.
- Preparing for upcoming regulatory shifts including BS7 and CAFE III norms effective from April 2027.
Sharda Motor Industries reported a robust Q4FY26 with revenue of ₹9,718 million and EBITDA of ₹1,129 million. The company maintains a dominant 30% market share in the PV and LCV emission systems segment and is aggressively expanding its lightweighting vertical through a new Technology Licensing Agreement with Korea's Donghee Industrial. This partnership is expected to significantly increase the potential content per vehicle from a maximum of ₹8,000 to ₹18,000. With a new plant in Uttarakhand and a focused global export strategy for the US and Europe, the company is well-positioned for incremental growth.
- Reported Q4FY26 Revenue of ₹9,718 million and EBITDA of ₹1,129 million.
- Maintains ~30% value market share in PV & LCV Emission Systems and ~14% in Control Arms.
- Signed TLA with Donghee Industrial to expand into Subframes and Torsion Beams, targeting CPV of up to ₹18,000.
- Commissioned a new manufacturing facility in Uttarakhand in 2026 to enhance production capacity.
- Strong R&D focus with 22 patents filed and 4 granted over the last four years.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Automobile components). Revenue from operations grew by 1% in FY25 compared to FY24. In Q2 FY26, the company reported a top-line growth of 11% YoY, driven by production growth in the passenger vehicle and light commercial vehicle segments.
Geographic Revenue Split
The company's market is majorly focused on the Domestic Geography (India). While specific regional percentages are not disclosed, the company has established a new vertical and onboarded a team to focus on increasing business from exports to diversify its geographic footprint.
Profitability Margins
Net Profit Margin for FY25 was 11.02%, a 5% improvement from 10.50% in FY24. Operating Profit Margin for FY25 stood at 14.86%, up 0.76% from 14.10% in FY24. PBT margin for FY25 was 14.7% compared to 14.0% in FY24.
EBITDA Margin
EBITDA margin for FY25 was 14%, up from 12.9% in FY24. However, Q2 FY26 saw margin compression due to a 4% gross profit growth lagging behind 11% revenue growth, primarily because of investments in global business development, M&A teams, and strategy consultants.
Capital Expenditure
The company undertakes regular maintenance capital expenditure (capex) of INR 70-100 Cr annually. For H1 FY26 (period ended September 30, 2025), net cash used in investing activities was INR 182.0 Cr, which includes investments in liquid funds and property, plant, and equipment.
Credit Rating & Borrowing
The company maintains a 'Positive' outlook from credit rating agencies. It has a robust interest coverage ratio of 93.22x as of March 31, 2025. The company has no long-term debt, and its debt-equity ratio stood at 0.05 in FY25, reflecting a 107% increase from 0.02 due to a buyback program reducing equity reserves.
Operational Drivers
Raw Materials
Primary raw materials include steel and catalysts (precious metals like platinum, palladium, and rhodium). Catalyst costs are treated as a pass-through to customers, which protects absolute EBITDA but can cause fluctuations in gross profit and EBITDA margin percentages.
Capacity Expansion
The company is India's largest manufacturer of exhausts. While specific unit capacity is not disclosed, it maintains a regular capex of INR 70-100 Cr to sustain and potentially expand its manufacturing capabilities in exhausts and suspension lines.
Raw Material Costs
Raw material costs are a significant portion of the cost structure. Catalyst costs are pass-through, meaning price spikes increase revenue (the denominator) without adding profit, leading to margin percentage compression even if absolute profit is stable.
Manufacturing Efficiency
The company maintains high efficiency with an inventory turnover ratio of 14.04 times in FY25, ensuring minimal capital is tied up in stock.
Logistics & Distribution
Distribution costs are part of other expenses, which rose in Q2 FY26 due to investments in business development and M&A strategy teams.
Strategic Growth
Expected Growth Rate
11%
Growth Strategy
The company is scaling its 'lightweighting' vertical to gain market share and new customers. It is also pursuing M&A opportunities to accelerate growth and has augmented its global business development team to increase export revenue. New technology collaborations in the passenger vehicle suspension segment are also key to its growth strategy.
Products & Services
Exhaust systems (largest manufacturer in India), suspension systems, and lightweighting components for automotive OEMs.
Brand Portfolio
Sharda Motor Industries Limited (SMIL).
New Products/Services
New suspension products and technology collaborations for the PV side are being launched. The lightweighting vertical is expected to be a major revenue contributor by FY30.
Market Expansion
The company is targeting international markets through a dedicated global business development team to reduce its 90%+ reliance on the domestic Indian market.
Market Share & Ranking
Sharda Motor is India's largest manufacturer of exhaust systems for automotive players.
Strategic Alliances
The company has entered into new technology collaborations, specifically for suspension products in the passenger vehicle segment, to enhance its product portfolio.
External Factors
Industry Trends
The industry is shifting toward lightweighting and more stringent emission norms. Sharda is positioning itself by investing in R&D for these specific areas to maintain its market leadership.
Competitive Landscape
The company faces competition in the suspension and exhaust segments, but its scale as the largest exhaust manufacturer in India provides a cost and relationship advantage.
Competitive Moat
The company's moat is built on its market leadership in exhausts, established relationships with major OEMs, and first-mover advantage in R&D for specialized auto components. These are sustainable due to high entry barriers and deep integration with client supply chains.
Macro Economic Sensitivity
The company is highly sensitive to the domestic automotive cycle and production growth in the PV and LCV segments, which recently grew at 4-5%.
Consumer Behavior
A shift toward premium vehicles with higher component content per vehicle (CPV) is a positive trend for Sharda, as it increases the value of parts supplied per vehicle.
Geopolitical Risks
Geopolitical risks could impact the supply and pricing of precious metals used in catalysts and steel, potentially affecting the company's cost structure.
Regulatory & Governance
Industry Regulations
Operations are governed by automotive emission norms (BS-VI and beyond), state-specific labor and environmental laws, and Ind AS 115 for revenue recognition.
Environmental Compliance
The company runs CSR programs like 'Sharda - Green India Campaign' and 'Sharda Educate', though specific ESG compliance costs are not disclosed.
Taxation Policy Impact
The company paid INR 52.6 Cr in direct taxes (net of refund) in H1 FY26. It is subject to standard Indian corporate tax rates.
Legal Contingencies
The company faces pending direct and indirect tax litigations. It also manages legal compliance risks across multiple states where its plants are located.
Risk Analysis
Key Uncertainties
The primary uncertainty is the high level of customer concentration; the loss of a single major OEM contract could impact revenue by more than 20%.
Geographic Concentration Risk
The company is heavily concentrated in the Indian domestic market, making it vulnerable to local economic downturns.
Third Party Dependencies
High dependency on the production schedules of major automotive OEMs; any disruption in their manufacturing (e.g., due to chip shortages or strikes) directly impacts Sharda's off-take.
Technology Obsolescence Risk
The transition to Electric Vehicles (EVs) poses a long-term risk to the exhaust system business; the company is mitigating this by diversifying into suspension and lightweighting products.
Credit & Counterparty Risk
Receivables quality is strong, with a 10% improvement in debtor turnover (11.08x in FY25 vs 10.06x in FY24), indicating efficient collections from OEM clients.
