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Revenue
₹1,185 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sandhar Technologies delivered a strong Q3 FY26 with consolidated revenue growth of 22% YoY, driven by robust performance in the existing India business (revenue up 14.5%, EBITDA margin expanding from 10.5% to 11.9%). The new projects segment saw revenue surge from ₹2.74 crore to ₹305 crore in 9 months, turning EBITDA positive. Overseas losses narrowed to ₹8 crore (vs ₹11 crore in Q3 FY25), with management targeting breakeven from Q4 FY26. The EV business generated ₹12 crore revenue, with commercial invoicing of battery chargers and motor controllers underway. Key risks include slower-than-expected turnaround in overseas operations and subdued adoption of smart locks due to high prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overseas operations to turn EBITDA positive starting Q4 FY26, with high single-digit margins (9-10%) in FY27.
- New projects (including Sundaram Clayton) are expected to eliminate cumulative losses of ~₹25 crore and achieve 7-7.5% EBITDA margin in FY27.
- The Sundaram Clayton plant is expected to reach ₹500 crore revenue in FY27, with margins improving to 9-9.5% over 2-3 years.
- Management expects the existing India business to maintain or improve its current EBITDA margin of ~12% going forward.
Risks flagged
- Overseas debt has increased due to translation losses from INR depreciation and restructuring of bill discounting into clean debt, which may pressure cash flows.
- Management noted that smart lock adoption is slower than expected due to high prices, with volumes likely to remain below 2-3% of the market in FY27.
- Elevated aluminium prices could impact margins in the overseas die-casting business, though pass-through agreements are in place.
- The four-wheeler segment revenue declined due to lower volumes from Honda Cars, which may continue if Honda's market share does not recover.
Key quotes
- We are very very hopeful that this particular quarter we should be able to break even as I had mentioned even in the previous calls.
- The immediate quarter looks extremely exciting and the next year also looks very very exciting with our plans roads all ready for takeoff.
- We have set some internal parameters in terms of financial and operational evaluation for the target entities. And unfortunately for last one and a half years we have been in touch with many of these opportunities but none of them could fit into our parameters.
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