Sandhar Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sandhar Technologies Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sandhar Technologies reported consolidated FY26 revenue of Rs 4,852 crore, up 25% year-on-year, with EBITDA of Rs 513 crore, up 28%, and PAT growing 40% to Rs 199 crore. Management said the India business grew faster than the broader auto industry, particularly in two-wheelers, and that overseas subsidiaries turned EBITDA-positive in Q4 while remaining near break-even at the EBT level. Management guided to revenue growth of over 15% for FY27, excluding any pricing retrigger from rising input costs.
Numbers mentioned
Consolidated Revenue: INR 4,852 crores (FY26)
p. 4
“the revenue for '25-'26 is INR 4,852 crores, which is up 25% on a consolidated basis”
Jayant Davar, page 4 of the filed PDF · View the filing
Consolidated EBITDA: INR 513 crores (FY26)
p. 4
“EBITDA at INR 513 crores, higher by 28% year-on-year, at the rate of 10.6%”
Jayant Davar, page 4 of the filed PDF · View the filing
Consolidated PBT: INR 256 crores (FY26)
p. 4
“PBT at INR 256 crores, up 39%, and PAT grew by 40% at INR 199 crores”
Jayant Davar, page 4 of the filed PDF · View the filing
India business revenue: INR 4,384 crores (FY26)
p. 4
“the revenue growth is up 28% at INR 4,384 crores, EBITDA at INR 472 crores, higher by 32%”
Jayant Davar, page 4 of the filed PDF · View the filing
Joint venture revenue: INR 257 crores (FY26)
p. 4
“registered revenue of INR 257 crores and an EBITDA of INR 28.25 crores”
Jayant Davar, page 4 of the filed PDF · View the filing
Overseas subsidiary annual loss: €2.56 million / INR 26.19 crores (FY26)
p. 4
“we sustained an annual loss of €2.56 million, which is INR 26.19 crores at EBT level”
Jayant Davar, page 4 of the filed PDF · View the filing
Overseas Q4 EBITDA margin: 14.6% (Q4 FY26)
p. 4
“the business has turned around and registered an EBITDA of 14.6% and has come to neutral or break-even at EBT level”
Jayant Davar, page 4 of the filed PDF · View the filing
EV business revenue: INR 20 crores (FY26)
p. 4
“I am happy to share that the EV business is gradually picking up and close this year with a revenue of INR 20 crores”
Jayant Davar, page 4 of the filed PDF · View the filing
Battery chargers sold: 41,000 units (FY26)
p. 5
“During Financial Year 2026, 41,000 battery chargers were sold and 5,500 motor control units were sold”
Jayant Davar, page 5 of the filed PDF · View the filing
Net debt: INR 897 crores (as of March 2026)
p. 13
“we have a net debt of INR 897 crores and a gross debt of INR 948 crores”
Yashpal Jain, page 13 of the filed PDF · View the filing
Sundaram-Clayton revenue: INR 369 crores (FY26)
p. 11
“It was INR 369 crores, sir.”
Yashpal Jain, page 11 of the filed PDF · View the filing
Investment in five new units vs revenue generated: INR 342 crores invested, INR 468 crores revenue (FY26)
p. 7
“you mentioned that we made an investment in these 5 units to a level of INR 342 crores, which has generated a revenue of INR 468 crores”
Jayant Davar, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — over 15% · FY27
stated firmly by Jayant Davar
p. 5
“I do expect that even on a conservative level, I am happy to give a guidance of over a 15% growth in the overall revenue.”
Jayant Davar, page 5 of the filed PDF · View the filing
Revenue — double revenue · every 3 to 4 years
stated as an aspiration by Jayant Davar
p. 5
“we expect to double our revenues every three to four years with consistent improvements in margins and return on investments”
Jayant Davar, page 5 of the filed PDF · View the filing
EV business revenue — double · current financial year
stated firmly by Jayant Davar
p. 4
“We are expecting now to double this revenue in the current financial year.”
Jayant Davar, page 4 of the filed PDF · View the filing
EBITDA margin — improve by around half a percent · FY27
stated as an aspiration by Yashpal Jain
p. 9
“this year also we are expecting to improve our EBITDA margins in a range of half a percent, which could be 0.1, 0.2, 0.3, 0.4, depending on the market dynamics”
Yashpal Jain, page 9 of the filed PDF · View the filing
CapEx — INR 275 crores to around INR 310 crores · FY27
stated conditionally by Yashpal Jain
p. 9
“you can expect somehow capital outlay of INR 275 crores to around INR 310 crores for the upcoming financial year, which will include a part of growth CapEx, part of maintenance CapEx, part of upgradation CapEx”
Yashpal Jain, page 9 of the filed PDF · View the filing
Sundaram-Clayton turnaround — EBT level turnaround · Quarter 3 FY27
stated firmly by Yashpal Jain
p. 7
“I think from Quarter 3 onwards, we will start a turnaround in the units with our new EBT levels.”
Yashpal Jain, page 7 of the filed PDF · View the filing
Khed City project — EBT level margins · Quarter 2 FY27
stated firmly by Yashpal Jain
p. 7
“From Quarter 2 onwards, it will start generating EBT level margins.”
Yashpal Jain, page 7 of the filed PDF · View the filing
EV business profitability — turnaround in profitability · FY28
stated firmly by Yashpal Jain
p. 7
“And then EV business, we expect to turnaround in profitability in FY '28, means the next financial year.”
Yashpal Jain, page 7 of the filed PDF · View the filing
Romania operations — break-even or profitability · FY28
stated conditionally by Yashpal Jain
p. 7
“And Romania also, FY '28, we are expecting to go at a break-even or I would say in a profitability mode.”
Yashpal Jain, page 7 of the filed PDF · View the filing
Return on capital employed — post-tax return of 15%, peak of 20% · medium term
stated as an aspiration by Yashpal Jain
p. 13
“we are targeting an improvement return on capital employed starting with a posttax return of 15%, going something at a highest peak of 20%.”
Yashpal Jain, page 13 of the filed PDF · View the filing
PAT — around INR 450 crores · at INR 10,000 crores revenue
stated conditionally by Yashpal Jain
p. 13
“you can expect that on a INR 10,000 crores of revenue, we could be in a position to generate a PAT of around INR 450 crores, something around that, to achieve that return on capital employed.”
Yashpal Jain, page 13 of the filed PDF · View the filing
Technology transfer/collaboration finalization — lock in partner and bring to market · within 12 months
stated conditionally by Jayant Davar
p. 15
“we will lock it with that particular corresponding partner and take that to the market within the next 12 months.”
Jayant Davar, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said two-wheeler demand is strong and new businesses like sheet metal and casting are gaining traction, giving a conservative 15% growth guidance.
Answered by Jayant Davar
Asked by Chirag Jain: What will drive revenue growth to double over 3-4 years, and which segments?
p. 6
“We will, of course, have to wait and see, and therefore that is the reason why I am giving you a conservative estimate of 15% plus, 15% to 16% plus of revenue growth this year.”
Jayant Davar, page 6 of the filed PDF · View the filing
Management said overseas payment terms lag by around 180 days, so aluminum price pass-through takes longer, but expects stabilization once the lag clears.
Answered by Jayant Davar
Asked by Chirag Jain: Are overseas operations past the commodity-driven drag?
p. 8
“So, right now, the price at which we are selling is possibly the price or the cost of aluminum, which was more than four or five months away.”
Jayant Davar, page 8 of the filed PDF · View the filing
Management said Sundaram-Clayton, Khed City and Sanaswadi projects will largely be capitalized by end of Q2 FY27, with capex guided at 5-7% of revenue.
Answered by Yashpal Jain
Asked by Saket Kapoor: What is the capex program and expected capitalization of capital work in progress?
p. 9
“our Chairman has mentioned that we keep our CapEx limited to 5% to 7% of our revenues.”
Yashpal Jain, page 9 of the filed PDF · View the filing
Management confirmed some loss was suffered from cost increases but expects benefit once new prices and pass-throughs kick in.
Answered by Jayant Davar
Asked by Ashutosh Tiwari: Will Q1 India margins face pressure from steel price increases similar to overseas?
p. 12
“Yes, there is. We have suffered some loss on account of that. But we are hopeful now with the new prices kicking in, unless they go up again, the prices, we should be able to get that benefit in the current period.”
Jayant Davar, page 12 of the filed PDF · View the filing
Management explained working capital debt is tied to business volume while term loans will pare down over 3-4 years absent new projects.
Answered by Yashpal Jain
Asked by Aditya Kondawar: What is the long-term debt-to-equity guidance?
p. 14
“Term loans will automatically start to shut down and pair down in next three to four years unless a new project comes in.”
Yashpal Jain, page 14 of the filed PDF · View the filing
Management said overseas presence supports customer relationships that translate into India business and plans to reassess strategy once losses are resolved.
Answered by Jayant Davar
Asked by Mihir Damania: What is the strategic rationale for continuing the overseas business given lower returns?
p. 18
“the strategic call is not about the business. It is about having your presence overseas because all the customers are now moving to India.”
Jayant Davar, page 18 of the filed PDF · View the filing
Management attributed disruptions to gas, aluminum and manpower shortages tied to elections and wage hikes, industry-wide, with improvement seen by May.
Answered by Jayant Davar
Asked by Mihir Damania: Did the April supply chain disruption at a major customer affect Sandhar, and is it resolved?
p. 19
“The month of May is better than what it was in April. And I am hopeful that by the end of June, irrespective of anything else except maybe some dramatic stuff that happens on a global scale, we should be back to work as normal.”
Jayant Davar, page 19 of the filed PDF · View the filing
Management pointed to being an integrated player across high-pressure, low-pressure die casting, machining, and multiple metals as a key differentiator supporting growth across verticals.
Answered by Jayant Davar
Asked by Jai Prakash: What differentiates Sandhar in castings and where does confidence in above-industry growth come from?
p. 20
“So, we are an integrated player, and that, in itself, is a big USP for us to grow, and the opportunities are showing very, very openly for us”
Jayant Davar, page 20 of the filed PDF · View the filing
Risks flagged
Manpower shortages and rising minimum wages affecting the auto industry
p. 19
“the entire auto industry was grappling with an absenteeism of almost 20% with the thereon announcements of various state governments increasing the minimum wages by almost 30% to 40%”
Jayant Davar, page 19 of the filed PDF · View the filing
Volatile commodity prices affecting margins
p. 3
“the commodity prices, which was so volatile that it skipped both sides by almost 20% to 30%”
Jayant Davar, page 3 of the filed PDF · View the filing
Lag in aluminum price pass-through in overseas business causing margin pressure
p. 8
“That lag obviously hurts us.”
Jayant Davar, page 8 of the filed PDF · View the filing
Continued EBT-level losses expected in Sundaram-Clayton business
p. 7
“on a yearly basis, '26-'27, we expect to continue with EBT level losses in this die-casting business that we acquired from Sundaram-Clayton.”
Yashpal Jain, page 7 of the filed PDF · View the filing
European gas price increases affecting overseas margins
p. 18
“which went up 800%, obviously, the margins have been affected since then for the last few years.”
Jayant Davar, page 18 of the filed PDF · View the filing
Rising aluminum prices expected to cause dip in overseas Q1 performance
p. 4
“with the recent increase in aluminum prices, we might find a little bit of a dip in Quarter 1”
Jayant Davar, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.