Sandhar Technologies logo

Sandhar Technologies

SANDHAR NSE

Key Fundamentals

MicrocapAuto ComponentsAutomobiles
Market Cap
₹3,678 Cr
Volatility
Moderate
P/E Ratio
17.91
EBITDA
₹513 Cr
Return on Equity
14.9%
Debt to Equity
0.86
Book Value
₹221.48
EPS
₹19.51
52W High
₹763.2
52W Low
₹424

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 20.0% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 2.79 times its book value
  • Company has a low return on equity of 11.8% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
26.31% higher than 3Y
Net Income Growth
40.32% higher than 3Y
Cash Flow Change
-15.01% higher than 3Y
ROE
19.87% higher than 3Y
ROCE
14.63% lower than 3Y
EBITDA Margin (Avg.)
1.56% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk medium

Sandhar Technologies is a mid-cap auto component manufacturer with a market cap of ₹4,241 crore, trading at a PE of 21.2x. The company has delivered strong profit growth of 41% CAGR over 3 years and 25% TTM sales growth, though its ROE of 13.6% over 3 years remains modest relative to its 3.16x price-to-book valuation.

Bull Case 7
  • Compounded profit growth of 41% CAGR over 3 years significantly outpaces revenue growth, indicating margin expansion and operating leverage
  • TTM sales growth of 25% demonstrates strong top-line momentum, well above the 10-year sales CAGR of 12%
  • 5-year compounded sales CAGR of 21% indicates sustained demand for the company's products across cycles
  • ROE has improved from 11% (10-year average) to 16% in the last year, showing a clear upward trajectory in capital efficiency
  • Stock has delivered 32% returns over 1 year and 24% CAGR over 3 years, reflecting market recognition of improving fundamentals
  • 5-year profit CAGR of 28.6% is robust for an auto ancillary company, suggesting successful diversification or pricing power
  • PE of 21.2x is reasonable relative to the TTM profit growth of 46%, implying a PEG ratio below 0.5x on trailing earnings growth
Bear Case 8
  • Price-to-book ratio of 3.16x is elevated for a company generating only 13.6% average ROE over the last 3 years, suggesting the stock is pricing in significant future improvement
  • 3-year average ROE of 13.6% is below the typical 15%+ threshold expected for quality compounders, indicating modest capital efficiency
  • Potential capitalization of interest costs raises concerns about the true profitability and could be inflating reported earnings
  • Dividend yield of just 0.5% suggests limited cash return to shareholders despite profit growth
  • The gap between 10-year profit CAGR (19%) and recent 3-year CAGR (41%) is wide, raising questions about sustainability of the current growth rate
  • Auto ancillary sector is inherently cyclical and dependent on OEM production volumes, which can reverse sharply in downturns
  • Debt-to-equity data is unavailable, creating uncertainty about the company's balance sheet leverage and interest burden
  • 10-year sales CAGR of only 12% suggests the recent 25% TTM growth may be partially driven by a low base or one-time factors rather than structural acceleration

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 2
  • 26% stake in clean energy firm Jul 2

    Sandhar acquires 26% stake in Clean Renewable Energy HR 1B Private Limited for INR 162.52 Lakhs, aiming to reduce energy costs and support sustainability goals.

  • Raising investment limit to ₹1,500Cr Jul 6

    Seeking shareholder approval via postal ballot to raise aggregate limits for loans, investments, and guarantees to ₹1,500 Crores under Section 186, signaling intent for strategic capital deployment. E-voting runs Jul 4 to Aug 2, 2026.

Neutral 2
  • Multiple senior leadership exits Jun 25

    Deputy COO Rashmi Mohan Shrivastva resigned effective Jun 25 (notice period until Jul 24), and VP Atul Sharma resigned effective Sep 11, 2026, citing personal reasons.

  • Automotive business COO transition Jun 13

    Vikas Puri stepped down as COO of Automotive Business Group on Jun 13, 2026, with Som Prakash Kamboj taking over as Deputy COO.

TL;DR: Sandhar Technologies is positioning for growth with a proposed ₹1,500 Crore investment headroom increase and a small renewable energy acquisition to cut costs. The main watch item is a cluster of senior leadership departures (Deputy COO, VP, and Automotive COO) in a short span, though replacements are being named. No direct financial headwinds have emerged, but execution risk from management churn bears monitoring over the next quarter.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
829
885
890
918
913
984
974
1,014
1,090
1,270
1,185
1,307
1,382
Expenses
756
804
801
820
827
885
879
910
1,008
1,152
1,076
1,178
1,277
Operating Profit
73
81
89
98
86
99
95
104
82
118
108
129
105
OPM %
9%
9%
10%
11%
9%
10%
10%
10%
8%
9%
9%
10%
8%
Other Income
3
4
3
5
7
7
5
10
21
39
3
18
13
Interest
11
13
13
14
14
14
14
15
17
17
17
18
18
Depreciation
35
37
40
42
41
42
44
44
50
44
49
50
50
PBT
30
35
39
46
37
50
42
56
36
96
45
79
51
Tax %
27%
22%
34%
23%
22%
20%
28%
23%
23%
23%
25%
19%
27%
Net Profit
22
28
25
36
29
40
30
43
28
73
33
64
37
EPS in Rs
3.55
4.54
4.19
5.96
4.83
6.65
4.98
7.08
4.65
12.19
5.56
10.6
6.19
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,482
1,513
1,611
1,946
2,336
1,943
1,864
2,324
2,909
3,521
3,884
4,852
5,144
Expenses
1,343
1,372
1,466
1,743
2,091
1,757
1,686
2,130
2,663
3,180
3,501
4,414
4,683
Operating Profit
139
141
146
203
245
187
177
193
246
341
383
438
460
OPM %
9%
9%
9%
10%
10%
10%
10%
8%
8%
10%
10%
9%
9%
Other Income
6
1
7
4
6
10
11
6
11
14
29
80
72
Interest
41
42
43
43
24
20
16
18
36
52
57
69
69
Depreciation
52
55
58
68
81
98
94
100
122
154
171
193
193
PBT
51
45
52
97
145
78
78
81
100
150
185
256
271
Tax %
25%
25%
20%
32%
34%
27%
26%
31%
27%
27%
23%
22%
—
Net Profit
38
34
42
66
96
57
58
56
74
110
142
199
208
EPS in Rs
7.48
6.54
8.07
10.8
15.81
9.45
9.59
9.26
12.12
18.24
23.53
33.01
34.54
Div. Payout %
25%
54%
25%
19%
16%
21%
23%
24%
21%
18%
15%
12%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
10
51
51
60
60
60
60
60
60
60
60
60
Reserves
249
222
251
574
659
702
744
799
860
956
1,079
1,273
Borrowings
370
395
460
484
268
283
310
620
666
741
924
1,148
Other Liabilities
286
296
305
467
475
321
482
497
563
662
727
996
Total Liabilities
916
965
1,067
1,585
1,462
1,367
1,597
1,976
2,150
2,420
2,790
3,477
Fixed Assets
476
528
595
678
743
831
842
942
1,172
1,336
1,343
1,652
CWIP
40
55
29
72
37
33
15
128
115
76
69
115
Investments
3
4
11
24
39
48
58
53
49
57
61
67
Other Assets
396
377
433
811
642
454
682
853
814
950
1,318
1,642
Total Assets
916
965
1,067
1,585
1,462
1,367
1,597
1,976
2,150
2,420
2,790
3,477
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
100
144
96
188
133
239
124
49
308
275
247
210
Investing
-118
-103
-107
-186
-141
-112
-98
-310
-269
-241
-300
-268
Financing
20
-41
14
247
-243
-124
-26
260
-37
-7
101
28
Net Cash Flow
2
0
2
249
-251
3
-1
-2
2
27
48
-30
Free Cash Flow
-11
37
-10
13
12
153
49
-247
58
42
-59
-71
CFO/OP
80
113
72
101
76
141
81
35
136
91
78
60
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
46
40
47
50
53
36
70
70
45
47
52
62
Inventory Days
63
65
63
66
58
64
71
67
60
57
63
67
Days Payable
90
91
90
112
94
79
132
100
82
83
81
93
Cash Conversion Cycle
19
14
19
5
17
22
9
37
23
22
34
36
Working Capital Days
24
18
-29
-72
-14
-13
12
3
-2
-10
-14
-11
ROCE %
—
14%
13%
15%
16%
10%
9%
8%
9%
12%
12%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.90%Promot.70.38%FIIs2.09%Public10.81%DIIs14.82%As ofJun 2026

Documents

Frequently Asked Questions about Sandhar Technologies

What does Sandhar Technologies Limited do?
Sandhar Technologies Ltd and its joint ventures are primarily engaged in the manufacturing and assembling of automotive components for the automotive industry in India.[1]
Where is Sandhar Technologies Limited (SANDHAR) listed?
Sandhar Technologies Limited trades as SANDHAR on the NSE and under code 541163 on the BSE.
Which sector does Sandhar Technologies Limited belong to?
Sandhar Technologies Limited is classified under the Consumer Discretionary sector, in the Auto Components industry.
What is the market capitalisation of Sandhar Technologies Limited?
Sandhar Technologies Limited has a market capitalisation of ₹3,678 Cr, which places it in the Small Cap band.
What is the PE ratio of Sandhar Technologies Limited?
Sandhar Technologies Limited trades at a PE ratio of 17.91, on earnings per share of ₹19.51, against a book value of ₹221.48 per share.
What is the 52-week high and low of Sandhar Technologies Limited?
Over the last 52 weeks Sandhar Technologies Limited has traded between ₹424 and ₹763.2.
Does Sandhar Technologies Limited pay dividends?
Sandhar Technologies Limited has a dividend yield of 0.64%.
What is the Return on Equity (ROE) of Sandhar Technologies Limited?
Sandhar Technologies Limited reported a return on equity of 14.90%. Its debt-to-equity ratio is 0.86.

Company Information

Sandhar Technologies Ltd and its joint ventures are primarily engaged in the manufacturing and assembling of automotive components for the automotive industry in India.[1]

Website sandhargroup.com
CEO Mr. Jayant Davar
Employees 1,645
Listed 2018-04-02
Face Value ₹ 10
Issued Size 6,01,90,708

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