1. At a Glance

Sandhar is that auto components player your mechanic doesn’t talk about — but your bike and construction equipment quietly depend on. From locking systems for scooters to cabins for JCBs, from aluminium die-casting to helmets, they’ve built an empire of44 plants in India and 4 abroadwithout splashing into headlines. They’re also sneaking into the EV party with DC-DC converters, motor controllers, and chargers. Stock’s been helmet-strapped in the last year (-36%), but profit growth over 5 years is still a solid 20% CAGR.

2. Introduction

In the Indian auto components bazaar, Sandhar is the multi-product general store — except instead of selling Parle-G, they’re shipping high-margin locking systems, die-cast parts, and operator cabins to OEMs like Hero, TVS, Tata, Mahindra, JCB, and Caterpillar.

Theirrevenue mix screams 2W bias(58% from two-wheelers) but the client spread is decent — with TVS Motors giving them 30% of Q3 FY24 sales and Hero Motocorp 19%. The rest is a blend of PVs, OHVs, CVs, and an “Others” bucket that keeps accountants guessing.

EV components are the new shiny thing — ₹21 crore earmarked for a production line, launching FY25. Abroad, their plants in Spain, Mexico, Poland, and Romania keep them close to European OEMs (Romania’s aluminium die-casting plant is still at toddler utilisation levels of 10-20%).

Capex over FY22–FY24?₹555 crorefor eight new plants. Utilisation across old units? 80-90%. In short — this isn’t a company sitting on its hands.

3. Business Model (WTF Do They Even Do?)

Sandhar is essentially a B2B parts giant with a buffet of offerings:

• Safety & Security Systems:Locks, mirrors, door handles.
• Vision Systems:Mirrors for 2W, PV, and CV segments.
• Metal Components:Sheet metal, structural parts, cabins.
• Die Casting:Aluminium, zinc, magnesium for auto & industrial use.
• Other Gear:Helmets, fuel pumps, filters, wiper blades.
• EV Pipeline:Motor controllers, converters, chargers (launch FY25).

Revenue