SHARDAMOTR

Sharda Motor Industries share price & financials

Price
₹825.85
Market cap
₹5.4k Cr
Sector
Automobile and Auto Components
Calls analysed
8
Latest concall · Q1 FY27 · call held 11 Aug 2026

Sharda Motor Industries Limited Q1 FY27

Revenue ₹1,011.1 cr +34%EBITDA ₹103.2 cr +5%EBITDA Margin 10.2% PAT ₹86.5 cr

What went well

  • Revenue grew 34% YoY to INR1,011.1 crores, driven by strong industry momentum and product mix.
  • EBITDA increased 5% YoY to INR103.2 crores, maintaining a margin of 10.2%.
  • Secured 3 new export orders from a North American manufacturer with a combined annual value of US$10.7 million and a lifetime value of US$58.5 million.

What to watch

  • Gross profit growth of 8% was significantly lower than revenue growth of 34% due to one-time premium RM procurement and supplier fire impact.
  • One-time premium RM procurement due to geopolitical situation impacted gross profit, though expected to normalize next quarter.
Read the full call →

What Sharda Motor Industries Limited does

Sharda Motor Industries designs and manufactures vehicle exhaust and emission-control systems (hot-end and cold-end assemblies, DOC/DPF/SCR systems, mufflers) and lightweighting suspension components such as control arms, links, subframes and front-axle assemblies, supplying passenger vehicle, commercial vehicle, tractor and construction-equipment OEMs. It is backward-integrated into tube-mill (ERW tube) and in-house stamping production for its own components, and runs a dedicated Global Business vertical exporting emission and lightweighting parts to OEMs in North America and Europe. The company also has a joint venture with Purem (formerly Eberspacher) for exhaust systems and a technology-licensing tie-up with Donghee Industrial (South Korea) to expand into subframes and torsion beams.

Segments

  • Emission Business
  • Lightweighting Business
  • Global Business
  • Supply Chain Management
Manufacturing facilities
9 plants (Chennai-2, Chakan/Pune-3, Nashik-2, Sanand-1, Uttarakhand-1)
On-roll employees
1,000+
R&D / design centres
R&D centre in Chennai plus a Design & Development Centre in Namyang, South Korea (est. 2011)
R&D engineers
125+
Patents
22 filed, 4 granted (over last 4 years)
Market position - emission systems
~30% value market share in India for PV & LCV emission systems
Founded 1986Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 4 delivered 8 missed 10 open
  • New Suspension Plant SOP delivered said Q2 FY25 Promised: mid-December 2024 / early January 2025 (Q4 FY25) Q1 FY27: The Chakan 3 lightweighting facility has commenced SOP and is ramping up in line with customer schedules.
  • Annual Capex went quiet said Q2 FY25 Promised: very similar capex trajectory that we've had last 2 years Q1 FY27: No update on the final FY26 capex spend. FY27 guidance is being tracked separately.
  • US Export Order Annual Value revised up said Q2 FY25 Promised: $7 million Q1 FY27: The original order appears to be part of a consolidated set of 3 orders with a combined annual value of US$10.7 million.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.7%, net profit down 13.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue711 690 750 756 787 +11%882 +28%972 +30%1,011 +34%
EBITDA105 95 101 98 100 −5%106 +12%113 +12%103 +5%
Net profit79 75 84 100 75 −5%81 +8%89 +6%87 −13%
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 −10.5% 1Y

₹0.7k₹0.8k₹0.9k₹1.0k₹1.1k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 11 Aug 2026

1Y: ₹1,054.1 on 10 Sept 2025 → ₹943.75. High ₹1,174.4 (11 Nov 2025), low ₹708 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−8.2%
11 Aug
Q4 FY26
−5.9%
22 May
Q3 FY26
+6.9%
9 Feb
Q2 FY26
−10.2%
12 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 8.0% a year over 3 years, FY23 to FY26. Operating margin widened to 12.3%.

Year endingFY23FY24FY25FY26
Revenue₹2.7k Cr₹2.8k Cr₹2.8k Cr₹3.4k Cr
Operating profit₹282 Cr₹360 Cr₹397 Cr₹417 Cr
Operating margin10.4%12.8%14.0%12.3%
Interest₹2 Cr₹3 Cr₹3 Cr₹4 Cr
Depreciation₹47 Cr₹53 Cr₹59 Cr₹64 Cr
Net profit₹207 Cr₹299 Cr₹315 Cr₹345 Cr
Net margin7.7%10.6%11.1%10.2%
Cash from operations₹-200 Cr₹370 Cr₹271 Cr₹363 Cr
Free cash flow₹-289 Cr₹340 Cr₹211 Cr₹324 Cr
ROCE40.0%41.0%38.0%36.0%
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₹6 Cr₹6 Cr₹6 Cr₹6 Cr₹11 Cr₹11 Cr
Reserves₹425 Cr₹567 Cr₹752 Cr₹1.0k Cr₹1.1k Cr₹1.3k Cr
Borrowings₹12 Cr₹12 Cr₹25 Cr₹24 Cr₹50 Cr₹49 Cr
Other liabilities₹530 Cr₹480 Cr₹606 Cr₹598 Cr₹699 Cr₹853 Cr
Total liabilities₹973 Cr₹1.1k Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr₹2.2k Cr
Fixed assets₹179 Cr₹156 Cr₹221 Cr₹219 Cr₹268 Cr₹283 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹7 Cr₹0 Cr
Investments₹41 Cr₹78 Cr₹30 Cr₹668 Cr₹946 Cr₹1.1k Cr
Other assets₹753 Cr₹832 Cr₹1.1k Cr₹741 Cr₹688 Cr₹796 Cr
Total assets₹973 Cr₹1.1k Cr₹1.4k Cr₹1.6k Cr₹1.9k Cr₹2.2k 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 trimmed −0.53 pp while DIIs added +0.47 pp. The shareholder count grew 8% to 38,665.

Promoters
64.3%
FIIs
1.7%
DIIs
12.0%
Public
22.0%

Since Jun 2025

  • FIIs −0.53 pp
  • DIIs +0.47 pp
  • Public +0.06 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.3% to 12.0% — +11.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.2%, FIIs 1.6%, DIIs 0.3%, Public 24.9%.Dec '23: Promoters 73.2%, FIIs 1.8%, DIIs 0.3%, Public 24.7%.Mar '24: Promoters 73.2%, FIIs 1.6%, DIIs 0.4%, Public 24.8%.Jun '24: Promoters 64.3%, FIIs 2.4%, DIIs 9.3%, Public 23.9%.Sep '24: Promoters 64.3%, FIIs 2.4%, DIIs 11.4%, Public 21.9%.Dec '24: Promoters 64.3%, FIIs 2.2%, DIIs 11.9%, Public 21.6%.Mar '25: Promoters 64.3%, FIIs 2.2%, DIIs 11.7%, Public 21.8%.Jun '25: Promoters 64.3%, FIIs 2.3%, DIIs 11.5%, Public 21.9%.Sep '25: Promoters 64.3%, FIIs 2.5%, DIIs 11.4%, Public 21.8%.Dec '25: Promoters 64.3%, FIIs 2.2%, DIIs 11.7%, Public 21.8%.Mar '26: Promoters 64.3%, FIIs 2.4%, DIIs 11.5%, Public 21.8%.Jun '26: Promoters 64.3%, FIIs 1.7%, DIIs 12.0%, Public 22.0%.

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 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

HolderStakeChange
SMIL Trust (Ajay Relan Trustee) 46.00%unchanged
Ajay Relan 12.25%unchanged
ICICI Prudential Flexicap Fund Mutual fund5.47%unchanged
Aashim Relan 5.10%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund2.76%+0.68 pp
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund1.94%unchanged
Indira Choudhary 0.92%unchanged
Mala Relan 0.02%unchanged
Sharda Relan 0.00%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 SHARDAMOTR

Filings to Aug 2026

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

Held by funds
₹189 Cr
4 schemes
Biggest holder
Nippon India Small Cap Fund
₹127 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹127 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹45 Crheld
Nippon India Retirement Fund - Wealth Creation Scheme Nippon India Mutual Fund₹13 Crheld
HDFC Transportation and Logistics Fund HDFC Mutual Fund₹4 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
-21%
vs est. average cost
Held by funds
₹189 Cr
4 schemes · ≈ 3.3% of the company
Biggest holder
Nippon India Small Cap Fund
₹127 Cr · 0.1% of that fund

Shares held by these funds +16%

Jun '24 21.48 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹944, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹1590 — upside of 69%.

Growth the price implies
10.1% a year
for 7 years, fading to 4%
It has actually compounded at
18.6% a year
net profit, FY23–FY26 · EPS 20.1%
The gap
-0.1 pp
69% downside if it only repeats history
Price today ₹943.75 Value at the reference growth ₹1,590.23

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Sharda Motor Industries Limited

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