India · Delayed Price · Currency is INR Sandhar Technologies Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 delivered strong revenue and margin growth, with robust performance in India and improving overseas operations. Management expects further margin expansion and profitability in Q4 and FY27, driven by operational improvements and new business ramp-up.
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Revenue grew 29% year-over-year with strong domestic performance and improving overseas margins. Margin pressure from new projects is expected to ease, with normalized EBITDA margins targeted at 10.44% for FY26 and 11% by FY27. CapEx cycle is peaking, and ROCE is on track to reach 18%.
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Q1 FY26 saw 21% revenue growth, but profitability was impacted by one-offs, currency losses, and overseas headwinds. Management maintains double-digit growth and margin improvement guidance, with new product lines and business restructuring expected to drive future performance.
Fiscal Year 2025
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Consolidated income grew 11% in Q4 and 10% for FY25, with India business leading growth and overseas operations remaining a drag. FY26 guidance targets 14–15% revenue growth (excluding Sundaram Clayton), EBITDA margin improvement, and stable debt levels.
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Q3 and nine-month results showed 9.7% and 10.34% income growth, with margin improvement and strong JV performance. Overseas business was a drag, but recovery is expected, and new product lines and capacity expansions are set to drive future growth.
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Total income grew 11.5% QoQ and 10.9% YoY in H1FY25, with EBITDA margin improving to 10.6%. New capacity, product launches, and strong order book support guidance of INR 4,100 crores for FY25 and 11% margin, with further growth expected from new projects and the EV segment.
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Q1 FY25 saw 10% revenue growth and a 75 bps EBITDA margin improvement, led by strong two-wheeler performance and successful JV turnaround. Major CapEx projects are nearing completion, with new EV and smart lock products set to drive future growth.