Existing Business EBITDA Margin
11.9%
+140bps YoY
Improved from 10.5% in Q3 FY25, driven by operational efficiencies.
SANDHARTECHNOLOGIES
Information Technology
10 Feb 2026
Sandhar Technologies Limited — Q3 FY26
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%).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
New Projects Revenue (9M)
₹305 Cr
+110x YoY
Grew from ₹2.74 crore in 9M FY25, driven by new plant ramp-up.
Overseas Business EBITDA
₹-8 Cr
+27% YoY
Loss reduced from ₹11 crore in Q3 FY25; management expects breakeven next quarter.
EV Business Revenue (9M)
₹12 Cr
Multiple times YoY
Commercial invoicing of battery chargers and motor controllers started.
Management Guidance
Overseas business to break even from Q4 FY26
Management expects overseas operations to turn EBITDA positive starting Q4 FY26, with high single-digit margins (9-10%) in FY27.
marginsNew projects to turn around by April 2026
New projects (including Sundaram Clayton) are expected to eliminate cumulative losses of ~₹25 crore and achieve 7-7.5% EBITDA margin in FY27.
marginsSundaram Clayton revenue target of ₹500 crore 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.
revenueExisting India business to sustain ~12% EBITDA margin
Management expects the existing India business to maintain or improve its current EBITDA margin of ~12% going forward.
marginsKey Risks
Overseas debt and translation losses
Overseas debt has increased due to translation losses from INR depreciation and restructuring of bill discounting into clean debt, which may pressure cash flows.
medium · analyst_questionSlow adoption of smart locks
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.
medium · management_commentaryAluminium price volatility
Elevated aluminium prices could impact margins in the overseas die-casting business, though pass-through agreements are in place.
low · analyst_questionDependence on Honda Cars for four-wheeler segment
The four-wheeler segment revenue declined due to lower volumes from Honda Cars, which may continue if Honda's market share does not recover.
medium · data_observationNotable 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.