You know how Bollywood sequels always promise more action but end up recycling old plotlines? Sandhar’s Q1 felt the same. Revenue grew 21%, but profitability took a Mexico-power-bill sized beating. Management blamed foreign exchange, commodity lag, and BS-IV to BS-V transition—basically everything except Mercury retrograde. And yet, they still dream of doubling die-casting, turning EV chargers into gold, and raising ₹500 cr via QIP like it’s pocket change. Stay with us—this call had more side plots than a daily soap.
2. At a Glance
Revenue +21% – Hero sales flopped, but Sandhar still pulled a rabbit from the helmet.
India business +22% – Domestic autos saved the day, foreign ops sulked.
EBITDA ₹91.8 cr vs ₹98.5 cr – Margin compression = gym bro skipping leg day.
One-offs ₹27 cr – Mexico power, FX, commodity lag, Sundaram costs—basically a global buffet of excuses.
Overseas ops loss €1.06 mn – Europe slowed down faster than your Jio internet at 9 pm.
EV revenue <₹2 cr – Pilot chargers = pocket money, not Tesla vibes.
Debt ₹825 cr net – CFO promises to cap at ₹900 cr, investors crossed fingers.
3. Management’s Key Commentary
Quote: “We achieved 21% growth YoY.” (Translation: Auto slowdown? Not in our WhatsApp forwards.)
Quote: “Foreign currency translation loss of ₹4.5 cr, commodity impact ₹3 cr, Mexico power cost ₹2 cr.” (Translation: Margin killer Avengers assembled this quarter.)
Quote: “Two customers lost us ₹20 cr due to supply issues.” (Translation: Hero didn’t show up, villain stole our scenes.)
Quote: “All 5 JVs profitable with double-digit EBITDA.” (Translation: Finally, group projects where everyone actually worked.)
Quote: “EV chargers, controllers & converters started commercial sales, ₹2 cr revenue.” (Translation: Alexa, play ‘Choti Si Asha’.)
Quote: “QIP ₹500 cr will fund acquisitions and expansion.” (Translation: Dilution hai, par growth bhi hai, samjhe ya samjhaun?))
Quote: “Aluminium die-casting business will double.” (Translation: From Top 100 to Top 5, now aiming to be ‘Top Boy’.)
4. Numbers Decoded
Metric
Value Q1 FY26
YoY Change
One-Line Analysis
Revenue – The Hero
₹1,XXX cr*
+21%
Growth survived despite Hero’s hiccup.
EBITDA – The Sidekick
₹91.8 cr
-7%
One-offs punched a hole in the wallet.
EBITDA Margin – The Drama
~9.2%
Down
FX + Mexico = melodrama.
PAT – The Twist
Lower YoY
Negative
Normalized EBIT could’ve been ₹61 cr.
Overseas Ops – The Villain
€ -1.06 mn
Vs profit
Europe slowdown killed the party.
EV Business – The Cameo
<₹2 cr
NA
Barely a trailer, not a feature film.
Net Debt – The Burden
₹825 cr
Rising
CFO swears it won’t cross ₹900 cr.
*Exact consolidated revenue not disclosed in transcript, but
