Sandhar Technologies (SANDHAR) Q4 24/25 earnings summary

Executive summary

• Achieved double-digit growth in consolidated and standalone revenue and profitability for FY25, with India business leading and overseas operations facing losses due to geopolitical and economic challenges.

• All joint ventures are now PAT positive, with total JV income at INR 303 crore and average EBITDA near 13%.

• Completed the sale of the 50% stake in Jinyoung Sandhar Mechatronics Private Limited and reversed prior impairment losses on Sandhar Whetron Electronics Private Limited.

• Strategic acquisition of Sundaram Clayton's die-casting business for INR 163 crore, expected to add INR 400–425 crore revenue in FY26.

• Board recommended a final dividend of ₹3.5 per share (35%).

Financial highlights

• Consolidated total income rose 10% year-over-year to Rs. 3,901 Crs; EBITDA up 14% to Rs. 400 Crs; PAT up 28% to Rs. 142 Crs.

• Q4 FY25 consolidated income up 11% year-over-year to Rs. 1,019 Crs; PAT up 19% to Rs. 43 Crs.

• Overseas revenue for FY25 was INR 452 crore, down from INR 488 crore in FY24, with losses rising to Rs. 21.09 Crs.

• Net debt at March 2025 was INR 740 crore, with gross debt peaking at INR 881 crore due to the acquisition.

• Average cost of borrowing is 7–7.5%.

Outlook and guidance

• Revenue growth of 14–15% expected in FY26, excluding Sundaram Clayton acquisition, which adds INR 400–425 crore.

• EBITDA margin targeted to improve to 10.5–10.6% in FY26.

• Overseas business expected to approach break-even by end of FY26, with no major CapEx planned.

• CapEx for FY26 planned at INR 180–200 crore, mainly for maintenance and minor upgrades.

• EV business revenue targeted at INR 10–15 crore in FY26, ramping up to INR 100 crore in three years.