Sandhar Technologies closed FY26 with record revenue of ₹4,852 cr, up 25%, and PAT up 40%. Its reported EBITDA margin also improved, from 10.3% to 10.6%.
That margin, however, includes other income, and other income jumped from ₹17 cr to ₹75 cr in FY26, mostly from one-time asset sales. Our notes below separate the growth that’s real from the growth that’s one-time, but before that:
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Sandhar Technologies – 2-wheeler industry grew 13%. Sandhar’s 2W revenue grew 35%
FY26 in numbers (consolidated)
- Revenue: ₹4,852 cr, up 24.9%
- Reported EBITDA: ₹513 cr, up 28.3%, margin 10.57%
- PAT: ₹198.7 cr, up 40.3%
- EPS: ₹33.0, up from ₹23.5
Q4 alone was strong. Revenue was ₹1,307 cr (up 28.9%) and PAT was ₹63.8 cr (up 49.8%). As one analyst pointed out on the call, Q4 PAT alone exceeded the full-year PAT of FY22 (₹56 cr).
The line that changes the story: other income
Sandhar’s presentation calculates EBITDA as total income minus expenses, so other income is included in it. Other income rose to ₹75.4 cr in FY26 from ₹16.5 cr. The company disclosed two one-time items inside it:
- ₹34.0 cr profit from selling land at Peenya
- ₹13.8 cr profit from selling stakes in two JVs (Kwangsung and Jinyoung)
Revenue grew 25%, but operating profit grew about 14%
Three things explain most of the gap:
- New projects: ₹468 cr of revenue at roughly zero EBITDA.
- Overseas business: loss-making for the year.
- Business mix: Aluminium die-casting (ADC) grew from 24.8% of revenue to 31.0%. It is a raw-material-heavy business, and material costs rose from 61.4% of revenue to 63.1%.
The underlying India business is still healthy. For India operations excluding new projects, EBIT without other income rose about 23%, and ROCE on that basis improved to about 16% from about 14.5%
Growth is well ahead of the industry
- The India business grew 28%, against 12.7% for the auto industry.
- Two-wheeler revenue grew 35.1%, against 12.9% for the 2W industry.
- Two-wheelers are now 66.8% of revenue, up from 58.4% in FY24. That concentration is a strength while 2W demand is strong, and a risk if it slows.
What management guided
- FY27 revenue: growth of 15–16% or more, before any price increases passed on to customers (“price retrigger”), which management expects this year.
- Margin: about 0.25% improvement on existing businesses.
- Capex: 5–7% of revenue, roughly ₹275–310 cr.
- Long term: double revenue every 3–4 years. At ₹10,000 cr revenue, management sees PAT of about ₹450 cr at roughly 11% EBITDA margin.
- Q1 FY27 headwinds: In April, the industry faced 20% worker absenteeism, state minimum-wage hikes of 30–40%, and a lag in passing through aluminium costs. Management expected normal operations by end-June.
- Smaller bets: EV revenue of ₹20 cr is expected to double. Smart-key volumes are about 5,000 locksets a month. A telematics technology tie-up (royalty-based, not a JV) is targeted within 12 months.
We track companies with solid balance sheets, low-key execution, before they show up on everyone’s radar — and break down the numbers that actually matter in our research.
As always, this is not a stock recommendation — This note is for informational purposes only and not a buy/sell recommendation. Please do your own due diligence before investing.
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Ekansh Mittal
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