SANSERA Q2 FY26 earnings call.
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Revenue
₹825.2 Cr
verified against source
Revenue YoY
8.1%
reported change
EBITDA
₹143.1 Cr
latest reported figure
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record provenance
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Sansera Engineering delivered its strongest-ever quarterly performance in Q2 FY26 with revenue of INR 825.2 crore (up 8.1% YoY) driven by robust domestic recovery and exceptional growth in its Aerospace, Defense & Semiconductors (ADS) segment, which surged ~80% YoY to INR 49.6 crore. EBITDA margin held steady at 17.3% despite headwinds from export weakness and tariff-related uncertainties, demonstrating operational resilience. Gross margins remained stable at 41.2% due to favorable business mix. The ADS segment carries an unexecuted order backlog of ~INR 3,950 crore (cumulative through FY30), providing significant revenue visibility. Management expressed confidence in achieving mid-teens revenue growth for FY26 with a stronger H2, aided by ADS momentum, Swedish operations recovery, and expected stabilization in ICE exports. Key risks include US tariff uncertainty delaying the proposed manufacturing facility, European market weakness persisting, and execution risks in the high-precision aerospace/semicon business where missed FAI cycles could delay mass production by 6-12 months.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets mid-teens revenue growth for full year FY26, expecting H2 to be significantly stronger than H1 (which grew only ~6.5% due to tariff disruptions). October showed good momentum with positive November and December outlook.
- ADS division expected to deliver approximately INR 300 crore in FY26 sales, building from INR 86.4 crore in H1. Monthly run rate of INR 38-40 crore anticipated for the next 5 months.
- With current capacity supporting INR 600-650 crore and new facility (70,000 sq ft, ~33% addition) ready by June-July 2026, the company targets INR 550 crore ADS revenue in FY27.
- ADS margins currently at the higher end of the 25-30% band. Management does not anticipate significant upside beyond this range as the industry matures and cost pressures increase.
Risks flagged
- Plans for a US manufacturing facility (initially for connecting rods machining) remain on hold pending clarity on tariff rates. While sites and OEM discussions are complete, no investment decision will be made until tariff clarity emerges.
- European business excluding Swedish operations declined 28.5% YoY. Management does not expect significant improvement in European numbers for the coming financial year, with only modest H2 improvement over H1 expected.
- Aerospace and semiconductor components have long lead times and strict qualification cycles. Missing FAI sample deadlines could cause 6-12 month delays in mass production, as components are ordered in batches on specific supplier cycles.
- While overall scooter market is growing, Sansera's scooter segment showed decline due to lower content per vehicle versus motorcycles and absence from Hero's scooter platform. Analyst raised this concern but management provided limited explanation.
Key quotes
- As of quarter end, it was more than INR 3,950 million. This order book puts us a significant advantage and puts us in a position of strength as a precision engineering company catering to global OEMs while meeting our diversification goals.
- The situation remains the same as on today except that there has been continuous discussions on the subject almost on a weekly basis and with the most recent promising inputs what we are getting that the tariffs are going to be significantly lowered any time now.
- While we are now run rate in ADS has been almost now for the next 5 months should be close to about 38 to 40 crores per month. So this would mean that there would be an improved utilization of our resources and this would also result in margin which is which has been actually very close to between I would say I would not like to put up a number but then it would be anywhere between 25 and 30% for the ADS business. So we are closer to the higher end of that band.
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