India · Delayed Price · Currency is INR Sandhar Technologies Earnings Call Transcripts
Fiscal Year 2026
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Record FY 2026 revenue and profit growth driven by strong two-wheeler and new business performance, with guidance for 15%+ revenue growth in FY 2027 and ongoing margin improvement. Overseas business turned EBITDA positive in Q4, and new projects are expected to drive future profitability.
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Q3 FY26 delivered strong revenue and margin growth, with robust performance in India and improving overseas operations. New businesses and EV segment are ramping up, while margin and profitability improvements are expected in FY27 as restructuring and plant transitions complete.
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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 revenue and EBITDA grew strongly in FY25, led by robust India business and joint ventures, while overseas operations remained a drag but are expected to recover. The Sundaram Clayton acquisition is set to add significant revenue, with 14-15% organic growth targeted for FY26 and further margin improvement expected.
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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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Revenue and EBITDA margins improved year-over-year, with strong growth in sheet metal and cabins/fabrication segments. New capacity, product launches, and joint ventures are set to drive further growth, while debt and CapEx remain well managed.
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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.