SANDHAR

Sandhar Technologies share price & financials

Price
₹707.95
Market cap
₹3.7k Cr
Sector
Automobile and Auto Components
Calls analysed
5
Latest concall · Q4 FY26 · call held 25 May 2026

Sandhar Tech Q4 FY26

Consolidated Revenue ₹4,852 cr +25%Consolidated EBITDA ₹513 cr +28%Consolidated EBITDA Margin 10.6% Consolidated PAT ₹199 cr +40%

What went well

  • Consolidated revenue crossed INR 4,800 crores, an all-time high, growing 25% YoY to INR 4,852 crores.
  • Consolidated EBITDA grew 28% YoY to INR 513 crores, achieving a 10.6% margin, and PAT increased 40% to INR 199 crores.
  • Sandhar's India business grew 28% against an industry growth of 12.7%, with two-wheeler segment growth at 35.1% against industry's 12.9%.

What to watch

  • Overseas subsidiaries reported an annual loss of €2.56 million (INR 26.19 crores) at EBT level for FY26, though Q4 saw a turnaround.
  • Q1 FY27 is expected to see a dip in overseas business due to recent aluminum price increases and the lag in pass-through mechanisms.
Read the full call →

What Sandhar Technologies Limited does

Sandhar Technologies is a diversified automotive components manufacturer that designs, makes, and supplies systems such as locking systems, aluminium and zinc die-cast parts, sheet metal and fabricated assemblies, cabins, and vision systems (mirrors) directly to original equipment manufacturers across the two-wheeler, passenger-vehicle, and off-highway vehicle segments. It operates through group entities including Sandhar Engineering (sheet metal and allied fabrication, 3 plants) and Sandhar Ascast (aluminium and zinc die-casting, 4 plants), with an integrated high-pressure/low-pressure die-casting and machining capability that extends to engine-block components. The group also has an overseas manufacturing footprint through subsidiaries in Spain (Sandhar Barcelona) and Romania (Sandhar Technologies Ro SRL), and is expanding into new verticals including EV powertrain components via Sandhar Auto Electric Solutions.

Segments

  • Locking Systems
  • Aluminium & Zinc Die-Casting (ADC/ZDC)
  • Sheet Metal & Allied / Fabrication
  • Cabins & Fabrication
  • Vision Systems
  • Assemblies
  • EV Powertrain
Reported product/business lines
Locking Systems, Aluminium & Zinc Die-Casting, Sheet Metal & Allied, Cabins & Fabrication, Vision Systems, Assemblies
Manufacturing plants — Sheet Metal & Allied (Sandhar Engineering)
3
Manufacturing plants — Aluminium & Zinc Die-Casting (Sandhar Ascast)
4
Die-casting capability
Integrated high-pressure and low-pressure aluminium die-casting plus machining, including engine-block components, and unique high-pressure zinc and magnesium casting capability
Vehicle segments served
Two-wheelers, passenger vehicles, and off-highway vehicles
Overseas manufacturing footprint
Spain (Sandhar Barcelona) and Romania (Sandhar Technologies Ro SRL)
Founded 1987Headquarters Gurugram, Haryana, India Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 4 delivered 3 missed 8 open
  • Consolidated Revenue Growth (ex-Sundaram) delivered said Q4 FY25 Promised: 14%-15% of some growth should come up in our revenues. Q4 FY26: FY26 consolidated revenue grew 25% YoY, India business grew 28%.
  • Sundaram Clayton Revenue missed said Q4 FY25 Promised: expecting a revenue of around Rs. 400 crores to in between Rs. 425 crores. Q4 FY26: No specific FY26 revenue figure provided for Sundaram. 9M revenue was 280 cr, making the 400-425 cr target highly unlikely.
  • Sundaram Clayton EBITDA Margin revised down said Q4 FY25 Promised: in the ADC segment 9% to 10% is the healthy margin one can achieve. Q4 FY26: Turnaround now expected from Q3 FY27, confirming previous delay and revision.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 8.5%, net profit up 24.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue741 740 759 728 805 +9%737 −0%774 +2%666 −9%
EBITDA70 76 75 57 74 +6%69 −9%69 −8%51 −11%
Net profit37 35 43 25 75 +103%33 −6%46 +7%31 +24%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +34.1% 1Y

₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 25 May 2026

1Y: ₹461.25 on 10 Sept 2025 → ₹618.6. High ₹734.65 (11 Jun 2026), low ₹437 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+13.3%
25 May
Q3 FY26
−1.8%
16 Feb
Q2 FY26
−2.4%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 1.5% a year over 3 years, FY23 to FY26. Operating margin widened to 8.8%.

Year endingFY23FY24FY25FY26
Revenue₹2.9k Cr₹2.7k Cr₹2.9k Cr₹3.0k Cr
Operating profit₹242 Cr₹252 Cr₹278 Cr₹269 Cr
Operating margin8.3%9.3%9.5%8.8%
Interest₹35 Cr₹14 Cr₹21 Cr₹22 Cr
Depreciation₹122 Cr₹90 Cr₹97 Cr₹90 Cr
Net profit₹74 Cr₹113 Cr₹140 Cr₹179 Cr
Net margin2.5%4.2%4.8%5.9%
Cash from operations₹247 Cr₹139 Cr₹158 Cr₹-75 Cr
Free cash flow₹194 Cr₹17 Cr₹27 Cr₹-165 Cr
ROCE12.0%15.0%15.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹60 Cr₹60 Cr₹60 Cr₹60 Cr₹60 Cr₹60 Cr
Reserves₹747 Cr₹800 Cr₹869 Cr₹967 Cr₹1.2k Cr₹1.3k Cr
Borrowings₹62 Cr₹263 Cr₹146 Cr₹210 Cr₹955 Cr₹180 Cr
Other liabilities₹378 Cr₹338 Cr₹305 Cr₹406 Cr₹1.0k Cr₹420 Cr
Total liabilities₹1.2k Cr₹1.5k Cr₹1.4k Cr₹1.6k Cr₹3.2k Cr₹1.9k Cr
Fixed assets₹602 Cr₹654 Cr₹652 Cr₹674 Cr₹1.5k Cr₹584 Cr
Capital work in progress₹7 Cr₹36 Cr₹14 Cr₹55 Cr₹86 Cr₹25 Cr
Investments₹114 Cr₹164 Cr₹196 Cr₹231 Cr₹60 Cr₹370 Cr
Other assets₹523 Cr₹608 Cr₹518 Cr₹683 Cr₹1.5k Cr₹934 Cr
Total assets₹1.2k Cr₹1.5k Cr₹1.4k Cr₹1.6k Cr₹3.2k Cr₹1.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +1.26 pp while DIIs trimmed −0.93 pp. The shareholder count grew 17% to 45,879.

Promoters
70.4%
FIIs
2.1%
DIIs
14.8%
Public
12.7%

Since Jun 2025

  • FIIs +1.26 pp
  • DIIs −0.93 pp
  • Public −0.34 pp

How it drifted, 12 quarters

Over this window DIIs fell from 17.0% to 14.8% — −2.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 70.4%, FIIs 1.4%, DIIs 17.0%, Public 11.3%.Dec '23: Promoters 70.4%, FIIs 1.5%, DIIs 16.4%, Public 11.7%.Mar '24: Promoters 70.4%, FIIs 1.5%, DIIs 16.1%, Public 12.0%.Jun '24: Promoters 70.4%, FIIs 1.6%, DIIs 16.3%, Public 11.7%.Sep '24: Promoters 70.4%, FIIs 0.9%, DIIs 16.2%, Public 12.5%.Dec '24: Promoters 70.4%, FIIs 0.7%, DIIs 15.7%, Public 13.2%.Mar '25: Promoters 70.4%, FIIs 0.7%, DIIs 15.7%, Public 13.2%.Jun '25: Promoters 70.4%, FIIs 0.8%, DIIs 15.8%, Public 13.1%.Sep '25: Promoters 70.4%, FIIs 0.7%, DIIs 15.8%, Public 13.1%.Dec '25: Promoters 70.4%, FIIs 1.2%, DIIs 15.9%, Public 12.6%.Mar '26: Promoters 70.4%, FIIs 0.8%, DIIs 17.4%, Public 11.5%.Jun '26: Promoters 70.4%, FIIs 2.1%, DIIs 14.8%, Public 12.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Sandhar Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Jayant Davar 50.56%unchanged
Jayant Davar (Trustee and First Holder of Hazelnut Family Trust) 4.36%unchanged
Jayant Davar (Trustee and First Holder of Cream and Cookies Family Trust) 4.36%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund4.13%unchanged
DSP Small Cap Fund Mutual fund3.05%unchanged
Kotak Small Cap Fund Mutual fund2.87%−0.34 pp
Sanjeevni Impex Private Limited 2.80%unchanged
Ysg Estates Private Limited 2.76%unchanged
Neel Jay Davar 2.59%unchanged
ICICI Prudential Smallcap Fund Mutual fund1.84%−1.66 pp
Bandhan Large & Mid Cap Fund Mutual fund1.44%newly disclosed
Sandhar Infosystems Llp 1.32%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SANDHAR

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹162 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹162 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹162 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+181%
vs est. average cost
Held by funds
₹162 Cr
1 schemes · ≈ 4.7% of the company

Shares held by these funds +2%

Aug '23 24.83 L shares Jul '26

What the price assumes

Fair

To justify its price of ₹619, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹594 — downside of 4%.

Growth the price implies
20.5% a year
for 7 years, fading to 4%
It has actually compounded at
19.1% a year
net profit, FY23–FY26 · EPS 19.7%
The gap
0.0 pp
-4% downside if it only repeats history
Price today ₹618.6 Value at the reference growth ₹594.34

Change the assumptions yourself →

All earnings calls (5)

Read the Q4 FY26 call →

Learn to analyse Sandhar Technologies Limited

Guides on how to read this kind of business and the numbers that matter.