Consolidated Financial Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: ₹1,617.68 Cr (up 27.34% from ₹1,270.37 Cr)
  • Other income: ₹6.47 Cr (down from ₹37.29 Cr)
  • Total Income: ₹1,624.15 Cr (up 24.20% from ₹1,307.66 Cr)
  • EBITDA: ₹143.40 Cr (down 7.71% from ₹155.38 Cr)
  • EBITDA margin: 8.83% (down from 11.88%)
  • Profit Before Tax (before exceptional items and JV profit): ₹94.30 Cr (down 22.41% from ₹73.17 Cr)
  • Profit from Joint Venture: ₹1.14 Cr (down from ₹1.38 Cr)
  • Net profit: ₹56.03 Cr (down 23.64% from ₹73.38 Cr)
  • EPS: ₹9.31 (down from ₹12.19)

Consolidated Financial Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹2,999.57 Cr (up 27.08% from ₹2,360.46 Cr)
  • Other income: ₹18.61 Cr (down from ₹56.72 Cr)
  • Total Income: ₹3,018.18 Cr (up 24.86% from ₹2,417.18 Cr)
  • EBITDA: ₹260.73 Cr (up 1.37% from ₹257.21 Cr)
  • EBITDA margin: 8.64% (down from 10.64%)
  • Profit Before Tax (before exceptional items and JV profit): ₹122.97 Cr (down 4.47% from ₹128.72 Cr)
  • Profit from Joint Venture: ₹2.48 Cr (down from ₹3.27 Cr)
  • Net profit: ₹93.31 Cr (down 7.96% from ₹101.38 Cr)
  • EPS: ₹15.50 (down from ₹16.84)

Key Performance Indicators

  • H1 FY27 Net Profit includes cost impact of minimum wage hike: ₹13.01 Cr
  • Q2 FY26 included non-recurring income of ₹34.01 Cr (profit on sale of land at Peenya Plant)
  • H1 FY26 included non-recurring income of ₹47.77 Cr (₹34.01 Cr from land sale + ₹13.76 Cr from disinvestment of equity stake in JVs)

India Business (Consolidated - Includes Standalone and Indian Subsidiaries)

Q2 FY27 Performance:

  • Revenue from operations: ₹1,488.24 Cr (up from ₹1,153.01 Cr)
  • EBITDA: ₹130.45 Cr (up from ₹111.33 Cr)
  • EBITDA margin: 8.74% (down from 9.64%)
  • PBT: ₹58.71 Cr (down from ₹78.98 Cr)

H1 FY27 Performance:

  • Revenue from operations: ₹2,741.35 Cr (up from ₹2,120.16 Cr)
  • EBITDA: ₹233.22 Cr (up from ₹194.32 Cr)
  • EBITDA margin: 8.47% (down from 9.13%)
  • PBT: ₹99.59 Cr (down from ₹117.30 Cr)

Standalone Performance

Q2 FY27 vs Q2 FY26:

  • Revenue from operations: ₹792.14 Cr (down 1.60% from ₹805.03 Cr)
  • EBITDA: ₹74.89 Cr (down 37.88% from ₹120.55 Cr)
  • Net profit: ₹38.89 Cr (down 47.85% from ₹74.58 Cr)

H1 FY27 vs H1 FY26:

  • Revenue from operations: ₹1,458.10 Cr (down 4.90% from ₹1,533.15 Cr)
  • EBITDA: ₹138.65 Cr (down 25.62% from ₹186.42 Cr)
  • Net profit: ₹69.50 Cr (down 30.49% from ₹99.99 Cr)

Restructuring Impact on Standalone Figures

The standalone financials are not directly comparable YoY due to business restructuring during FY26. The Sheet Metal Fabrication & Die Casting businesses were transferred to wholly owned subsidiaries through slump sale. Aggregate revenue of ₹390 Cr in H1 FY26 and ₹179 Cr in Q2 FY26 that was part of standalone entity has been moved to subsidiaries.

Operational Performance Breakdown

Running Business (Excluding New Projects):

  • Q2 FY27 Revenue: ₹1,453.51 Cr (up 26.5% YoY)
  • Q2 FY27 EBITDA: ₹148.87 Cr (up 24.3% YoY)
  • Q2 FY27 PBT: ₹90.05 Cr (up 32.0% YoY)
  • H1 FY27 Revenue: ₹2,687.86 Cr (up 26.3% YoY)
  • H1 FY27 EBITDA: ₹263.15 Cr (up 28.8% YoY)
  • H1 FY27 PBT: ₹148.06 Cr (up 55.2% YoY)

New Business (Initial Stages):

  • Q2 FY27 Revenue: ₹164.17 Cr (up 35.1% YoY)
  • Q2 FY27 EBITDA: -₹5.47 Cr (down from ₹1.57 Cr)
  • Q2 FY27 PBT: -₹16.88 Cr (down from -₹7.94 Cr)
  • H1 FY27 Revenue: ₹311.71 Cr (up 34.5% YoY)
  • H1 FY27 EBITDA: -₹2.42 Cr (down from ₹5.06 Cr)
  • H1 FY27 PBT: -₹25.09 Cr (down from -₹14.42 Cr)

Project Updates

Four new projects in initial stages:

1. Aluminum Die Casting Business (Sandhar Ascast Pvt Ltd, Hosur) - ADC-HPDC & LPDC products, trial run started, target relocation March 2027

2. Sanaswadi Project (Sandhar Technologies Ltd, Pune) - Cabins & Fabrication, expected turnaround Q3 FY27

3. Sheet Metal Business (Sandhar Engineering Pvt Ltd, Chennai) - Sheet Metal Parts, expected turnaround FY28

4. EV Powertrain Business (Sandhar Auto Electric Solutions Pvt Ltd, Haryana) - EV Business, expected turnaround FY28

Financial Position (as of September 30, 2026)

Consolidated Balance Sheet:

  • Gross Fixed Assets: ₹2,956.37 Cr
  • Net Fixed Assets: ₹1,852.69 Cr
  • Inventories: ₹657.91 Cr
  • Trade Receivables: ₹986.78 Cr
  • Shareholders' Funds: ₹1,403.38 Cr
  • Total Loans: ₹999.17 Cr
  • Current Ratio: 0.94
  • Debt Equity Ratio: 0.71

Standalone Balance Sheet:

  • Net Fixed Assets: ₹631.63 Cr
  • Shareholders' Funds: ₹1,356.42 Cr
  • Total Loans: ₹165.73 Cr
  • Current Ratio: 1.31
  • Debt Equity Ratio: 0.12

Cash Flow Statement (H1 FY27)

Consolidated:

  • Net cash from operating activities: ₹168.54 Cr
  • Net cash used in investing activities: ₹188.86 Cr
  • Net cash used in financing activities: ₹0.88 Cr
  • Net decrease in cash: ₹21.20 Cr

Standalone:

  • Net cash from operating activities: ₹111.66 Cr
  • Net cash used in investing activities: ₹124.67 Cr
  • Net cash from financing activities: ₹3.71 Cr
  • Net decrease in cash: ₹9.30 Cr

Additional Information

  • The investor presentation is available on the company's website www.sandhargroup.com
  • The document includes standard safe harbor statements regarding forward-looking information
  • Comprehensive income includes other comprehensive income/(losses) of ₹1.70 Cr for Q2 FY27 consolidated