SANSERA Q3 FY26 earnings call.
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Revenue
₹907.7 Cr
verified against source
Revenue YoY
25%
reported change
EBITDA
₹163.9 Cr
latest reported figure
Source
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Where this quarter sits.
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What the record says.
Sansera Engineering delivered its highest-ever quarterly performance in Q3 FY26 with revenue of INR 907.7 crore (+25% YoY) and EBITDA of INR 163.9 crore (18.1% margin, +60bps YoY). PAT stood at INR 69.4 crore (+24.2% YoY) or INR 85.7 crore ex-exceptional (+53% YoY). The ADS (Aerospace, Defense & Semiconductors) segment demonstrated exceptional momentum with revenue more than 4x YoY and 2x QoQ, on track to exceed the INR 300 crore FY26 target. International revenues hit a record with Europe growing 27% YoY. The newly inaugurated Pantnagar facility (crankshaft-focused, targeting INR 500 crore potential) and the Nichdai JV (INR 500 crore investment for 60% stake in cold/warm forging) strengthen the growth pipeline. Management guided for mid-teens topline growth in FY26 while maintaining margins, with FY27 ADS targeted at INR 550-600 crore. Key risks include US tariff uncertainty (currently undefined at 0% or 18%), capacity utilization pressures below 70% diluting margins, and delayed decision-making on large export orders pending EU FDA clarity.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained full-year guidance expecting to close FY26 with teens to mid-teens topline growth while comfortably maintaining current margin profile.
- ADS division expected to reach INR 550-600 crore in FY27 from current INR 300+ crore run rate, with INR 3870 crore cumulative backlog providing multi-year visibility.
- Capex guidance maintained at INR 375-400 crore for FY26 including ADS plant expansion; similar levels expected for FY27. US facility capex excluded pending customer confirmation.
- Management expects margin improvement in FY27 driven by ADS scale-up and export recovery, though 20% EBITDA target deferred beyond next year.
Risks flagged
- Post US-India trade deal, Sansera's components face undefined tariff outcome (0% or 18%) which will determine whether US manufacturing investment is required. Decision pending customer discussions and confirmation on residual value content requirements.
- One leading North American EV customer is down 50% vs last year and 60% vs internal projections, creating near-term headwind despite new energy sector orders secured from same customer.
- Export margins diluted when capacity utilization falls below 70%; current utilization not at optimal levels, creating margin pressure despite strong product economics.
- ADS business requires ~170-180 working capital days vs 80 days for auto business; as ADS scales to 30%+ of revenue, overall working capital profile will deteriorate significantly.
Key quotes
- Sweden has grown year on year close to about 70%. And we expect the momentum to continue. Of course the cost structures in Sweden are different. From the beginning we have said that this is a very strategic investment for us.
- We have demonstrated last quarter that we are up there with the best in the world as far as execution is concerned. This ramp up what we have demonstrated has been very well received and accepted by the customers.
- I expect that in the next couple of quarters or over next one year there's a lot of order buildup can happen in this category. Apart from that we are also looking at through our JV we will now focus on more of drive line and steering kind of components.
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