Slides
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INVESTOR PRESENTATIONH1 & Q2 FY 2025-26 Sandhar Technologies Limited
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This presentation and the accompanying slides (the “Presentation”), has been prepared by Sandhar Technologies Limited (the“Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe forany securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offeringof securities of the Company will be made except by means of a statutory offering document containing detailed information about theCompany.This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but theCompany makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy,completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may notcontain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, thisPresentation is expressly excluded.Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and businessprospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees offuture performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risksand uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various internationalmarkets, the performance of the auto ancillary industry in India and world-wide, competition, the company’s ability to successfullyimplement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements,changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks.The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from resultsexpressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information containedin this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adoptedby the Company and the Company is not responsible for such third-party statements and projections. SAFE HARBOUR 2All Rights Reserved @ Sandhar 2025
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3 India Business Operational HighlightsQ2 – FY 2025-26 H1 – FY 2025-26All Rights Reserved @ Sandhar 2025 RevenueEBITDAEBTPATRevenueEBITDAEBTPAT(fig. in ₹ Crs.)EBTPAT27%17%12%15%33%19%24%40%33%138%28%96%
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Particulars Q2 FY 26 Q2 FY 25Revenue from operations1,153.02 868.97 Operational EBITDA (Excl Other Income) (I)109.17 88.31 EBITDA % 9.47% 10.16%Operational EBT (II)64.40 48.59 EBT % 5.59% 5.59%Exceptional Items(A) Lower margins in new projects yet to achieve volumes - ADC : Pune & South India; CFD: Pune 8.07 - (B) Lower margins due to lower volumes & high input cost 3.14 - Total Impact on the Profit (III) 11.21 - Normalised EBITDA (IV=(I+III))120.38 88.31 EBITDA % 10.44% 10.16%Normalised EBT (V=(II+III))75.61 48.59 EBT % 6.56% 5.59%Operational EBITDA in India BusinessReported Consolidated EBITDA 155.38 104.61 Less: Overseas Business EBITDA 10.04 11.40 EBITDA at India Business 145.35 93.22 Less: Other Income in India Business 36.17 4.92 Operational EBITDA in India Business 109.17 88.31 4 (fig. in ₹ Crs) All Rights Reserved @ Sandhar 2025 India Business Normalised Revenue & Margins from OperationsParticulars Q2 FY 26 Q2 FY 25 YoY (%)Revenue from operations 1153.02 868.97 32.69%ExpensesCost of materials 769.23 571.21 34.67%Labour cost96.63 72.02 34.18%Personnel expenses39.92 35.30 13.08%Other expenses138.07 102.14 35.18%Total expenses1043.84 780.67 33.71%EBITDA109.17 88.30 23.64%EBITDA %9.47% 10.16%Finance costs10.77 6.49 65.94%Depreciation34.01 33.23 2.35%Profit before tax (EBT)64.40 48.59 32.55%EBT %5.59% 5.59%Operational PerformanceNormalized Margin & RevenueOther Income Breakup Q2 FY'26 Q2 FY'25Consolidated 37.29 5.79 Overseas Business 1.12 0.87 India Business 36.17 4.92 - Profit on Sale of Land 34.01 - - Profit on sale of fixed assets 0.46 2.24 - Miscellaneous Income 1.70 2.68
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5 Consolidated Operational Highlights Q2 – FY 2025-26 H1 – FY 2025-26All Rights Reserved @ Sandhar 2025 RevenueEBITDAEBTPATRevenueEBITDAEBTPAT(fig. in ₹ Crs.)EBITDAEBTPAT24% 9%-2%-11%29%17%19%43%32%246%15%203%
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34.27 7.43 34.89 9.02 34.83 9.65 Euro USD31st March 202530th jun 202530th Sep 20256 Overseas Performance(fig in Mn) Financial PerformanceDebt Status All Rights Reserved @ Sandhar 2025 Q1 FY'26Q2 FY'26Q2 FY'25Q4FY25H1 FY'26 H1 FY'25Growth/Mvt.Revenue from operation 12.66 11.47 12.50 12.38 24.13 25.60 -5.74%EBITDA0.52 0.99 1.23 1.33 1.52 2.83 -46.27%EBT(1.19) (0.60) (0.53) (0.41) (1.79) (0.72) -147.03%Equity Held by STL 3.25 3.25 3.25 3.25 3.25 3.25 0.00%Outstanding Borrowings 42.57 43.05 36.38 41.13 43.05 36.38 18.35%Gross Block including CWIP 75.09 75.82 73.20 76.09 75.82 73.20 3.58%Acc. Reserves/ (Losses) 0.96 0.46 3.52 2.30 0.46 3.52 -86.94% DTA/(DTL) 0.71 0.72 - 0.72 0.72 - Q1 FY'26Q2 FY'26Q2 FY'25Q4FY25H1 FY'26 H1 FY'25Growth/Mvt.Revenue from operation 122.94 117.36 115.20 112.74 240.30 232.78 3.23%EBITDA 5.09 10.04 11.40 12.15 15.12 25.70 -41.16%EBT(11.51) (6.27) (4.85) (3.74) (17.79) (6.58) -170.55%Equity Held by STL 20.29 20.29 20.29 20.29 20.29 20.29 0.00%Outstanding Borrowings 428.13 448.70 366.82 380.36 448.70 366.82 22.32%Gross Block including CWIP 692.59 631.81 626.19 646.08 631.81 626.19 0.90%Acc. Reserves/ (Losses) 17.92 15.68 37.17 25.02 15.68 37.17 -57.82% DTA/(DTL) 1.86 1.16 (0.76) 2.52 1.16 (0.76) 252.64%Particulars(Fig in Mn Euro) (Fig in INR Crs.) ParticularsForeign Exchange Rate 31-Mar-25 30-Jun-25 30-Sep-25USD to INR 85.46 85.61 88.79 Euro to INR 92.43 100.38 104.24
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7 Profit & Loss Statement – Consolidated(fig. in ₹ Crs) All Rights Reserved @ Sandhar 2025*Not annualised for quarter Particulars Q2 FY 26 Q2 FY 25 YoY (%) Q1 FY 26 QoQ (%) H1 FY 26 H1 FY 25 YoY (%) FY 2024-25Revenue from operations 1270.37 984.16 29.08% 1090.09 16.54% 2360.46 1896.73 24.45% 3884.50Other income 37.29 5.79 19.43 56.72 10.47 16.53Total Income1307.66 989.95 32.09% 1109.52 17.86% 2417.18 1907.20 26.74% 3901.04ExpensesCost of materials 804.42 606.52 32.63% 686.07 17.25% 1490.48 1158.26 28.68% 2384.36Labour cost114.12 86.16 32.45% 100.11 13.99% 214.24 170.45 25.69% 347.29Personnel expenses43.44 46.94 -7.46% 45.94 -5.45% 89.36 94.06 -5.00% 182.04Other expenses190.32 145.72 30.61% 175.58 8.39% 365.89 289.48 26.40% 587.55Total expenses1152.28 885.34 30.15% 1007.69 14.35% 2159.97 1712.24 26.15% 3501.25EBITDA155.38 104.61 48.53% 101.83 52.60% 257.21 194.96 31.93% 399.79EBITDA %12.23% 10.63% 9.34% 10.90% 10.28% 10.29%Finance costs16.24 12.19 33.18% 15.79 2.83% 32.03 25.00 28.10% 50.68Interest on lease liabilities1.15 1.56 -26.34% 1.41 -18.50% 2.56 3.06 -16.32% 5.93Depreciation43.69 42.21 3.53% 50.20 -12.96% 93.90 82.96 13.19% 170.60Profit before exceptional item, share of loss in joint ventures and tax (EBT)94.30 48.66 93.81% 34.42 173.95% 128.72 83.94 53.34% 172.58Exceptional item0.00 0.00 - 0.00 0.00 2.32Profit from JV1.38 1.40 -1.09% 1.89 -26.94% 3.27 3.25 0.81% 9.70Profit after exceptional item, share of loss in joint ventures before tax95.68 50.05 91.16% 36.31 163.49% 132.00 87.19 51.39% 184.59EBT %7.53% 5.09% 3.33% 5.59% 4.60% 4.75%Tax Expenses22.31 10.03 8.30 30.61 18.11 42.95Net profit 73.38 40.02 83.35% 28.01 161.94% 101.39 69.08 46.76% 141.64Net Profit %5.78% 4.07% 2.57% 4.30% 3.64% 3.65%Other comprehensive income4.90 2.37 - 5.07 9.97 1.81 - 0.63Total comprehensive income78.27 42.39 84.67% 33.08 136.59% 111.36 70.90 57.07% 142.27Comprehensive Income %6.16% 4.31% 3.03% 4.72% 3.74% 3.66%Cash Profit118.35 84.14 40.65% 79.39 49.09%197.74 155.9326.81%318.79Earnings Per Share (EPS)*12.19 6.65 83.35% 4.65 161.94% 16.84 11.48 46.76% 23.53Cash Earning Per Share (CEPS)*19.66 13.98 40.65% 13.19 49.09% 32.85 25.91 26.81% 52.96
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8 Profit & Loss Statement – Standalone(fig. in ₹ Crs) All Rights Reserved @ Sandhar 2025*Not annualised for quarter ParticularsQ2 FY 26 Q2 FY 25 YoY (%) Q1 FY 26 QoQ (%) H1 FY 26 H1 FY 25 YoY (%) FY 2024-25Revenue from operations805.03 740.57 8.70% 728.12 10.56% 1533.15 1414.67 8.37% 2913.04Other income46.08 8.99 8.91 54.99 14.14 23.24Total Income851.11 749.56 13.55% 737.03 15.48% 1588.13 1428.82 11.15% 2936.28ExpensesCost of materials 558.10 498.97 11.85% 491.51 13.55% 1049.61 953.06 10.13% 1946.35Labour cost60.67 58.07 4.46% 60.02 1.08% 120.68 113.25 6.55% 230.29Personnel expenses24.94 26.12 -4.52% 29.85 -16.46% 54.80 53.09 3.22% 107.48Other expenses86.85 87.20 -0.40% 89.78 -3.27% 176.63 168.47 4.85% 351.71Total expenses730.56 670.36 8.98% 671.16 8.85% 1401.72 1287.88 8.84% 2635.83EBITDA120.55 79.20 52.21% 65.86 83.02% 186.41 140.94 32.27% 300.45EBITDA %14.97% 10.69% 9.05% 12.16% 9.96% 10.31%Finance costs5.20 4.06 28.26% 5.32 -2.14% 10.52 8.14 29.19% 18.01Interest on lease liabilities0.38 0.68 -44.02% 0.62 -39.02% 1.00 1.31 -23.76% 2.48Depreciation20.27 23.97 -15.44% 25.37 -20.11% 45.64 47.10 -3.12% 96.86Profit before exceptional item and tax (EBT)94.70 50.50 87.54% 34.56 174.04% 129.26 84.38 53.19% 183.10Exceptional item- 0.00 - - - 3.04 Profit after exceptional item and before tax 94.70 50.50 87.54% 34.56 174.04% 129.26 84.38 53.19% 186.14EBT %11.76% 6.82% 4.75% 8.43% 5.96% 6.39%Tax Expenses20.12 13.75 9.16 29.27 22.96 46.52Net profit 74.58 36.75 102.95% 25.40 193.61% 99.99 61.42 62.79% 139.63Net Profit %9.26% 4.96% 3.49% 6.52% 4.34% 4.79%Other comprehensive income4.47 -0.66 - 1.27 - 5.73 -0.84 - -1.15Total comprehensive income79.05 36.09 119.03% 26.67 196.43% 105.72 60.58 74.51% 138.48Comprehensive Income %9.82% 4.87% 3.66% 6.90% 4.28% 4.75%Cash Profit94.85 60.72 56.21% 50.77 86.82% 145.62 108.52 34.18% 236.49Earnings Per Share (EPS)*12.39 6.10 103.11% 4.22 193.60% 16.61 10.20 62.84% 23.20Cash Earning Per Share (CEPS)*15.76 10.09 56.21% 8.43 86.82% 24.19 18.03 34.18% 39.29
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India Business Consolidated Standalone India Business Consolidated Standalone EBT A 146.51 128.72 129.26 90.52 83.94 84.38 Interest B 21.79 34.59 11.52 13.48 28.06 9.46 EBIT C = A+B 168.30 163.31 140.78 104.00 112.00 93.83 Elimination Other Income D 55.09 56.72 54.99 9.22 10.47 14.14 Elimination of Margins of new projects yet to achieve volumes E -4.64 -8.42 -6.05 -1.83 -3.92 -1.83 Adjusted EBIT F = C-D-E 117.85 115.02 91.84 96.61 105.45 81.52 Total Assets 2,467.57 3,203.73 1,928.29 1,799.30 2,474.74 1,720.65 Current liabilities 790.83 947.04 460.38 488.70 636.84 450.77 Capital Employed 1,676.74 2,256.68 1,467.92 1,310.60 1,837.90 1,269.88 Less: New Projects at initial Stage and yet to achieve volumes212.18 305.54 96.18 64.66 158.02 64.66 Adjusted Capital Employed G 1,464.56 1,951.14 1,371.74 1,245.94 1,679.88 1,205.22 Adjusted ROCE (Annualized) F/G 16.09% 11.79% 13.39% 15.51% 12.55% 13.53%As on 30th Sep'25ParticularsAs on 30th Sep'24 9 Adjusted Capital Employed & ROCE(fig. in ₹ Crs) All Rights Reserved @ Sandhar 2025
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10All Rights Reserved @ Sandhar 2025 Consolidated Revenue ProfileGeographical BreakupProduct WiseCategory Wise68.5%62.6%65.8%12.8%15.7%14.7%11.5%14.3%11.8%7.2%7.4%7.7%Q2 FY'26 Q2 FY'25 Q1 FY'262WPVOHVOthers67.3%61.8%64.0%13.7%16.5%16.7%11.6%14.4%14.5%7.4%7.3%4.8%H1 FY'26 H1 FY'25 FY 24-252WPVOHVOthers63.4%75.2%66.8%27.4%13.0%21.9%9.3%11.8%11.3%Q2 FY 26 Q2 FY 25 Q1 FY 26StandaloneIndianSubsidiariesOverseasSubsidiaries65.0%74.6%75.0%24.8%13.1%13.4%10.2%12.3%11.6%H1 FY'26 H1 FY'25 FY 24-25StandaloneIndianSubsidiariesOverseasSubsidiaries31.2%24.9%33.8%18.4%19.6%17.2%11.1%13.6%11.3%16.8%19.1%17.5%5.0% 5.4%9.5%9.8%10.7%5.1%7.7%6.7%5.6%Q2 FY'26 Q2 FY'25 Q1 FY'26ADCLocking SystemsCabins & FabricationSheet MetalAssembliesVision SystemsOthers32.4%25.6%24.8%17.8%19.1%19.6%11.2%13.7%13.6%17.1%18.4% 19.0%9.6%10.5%10.9%5.1%5.7%5.6%6.8%7.0%6.5%H1 FY'26 H1 FY'25 FY 24-25ADCLocking SystemsCabins & FabricationSheet MetalAssembliesVision SystemsOthers
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11All Rights Reserved @ Sandhar 2025 Consolidated Product Wise Revenue Profile 20.3%17.2%19.6%18.4%19.1%17.8%19.6%5.7%5.1%5.4%5.0%5.7%5.1%5.6%12.6%22.5%13.2%21.9%13.4%22.2%13.2%11.1%11.3%11.7%9.3%12.3%10.2%11.7%19.0%17.5%19.1%16.8%18.4%17.1%19.0%11.2%9.5%10.7%9.8%10.5%9.6%10.9%12.0%11.3%13.6%11.1%13.7%11.2%13.6%8.0%5.6%6.8%7.7%7.0%6.7%6.4% Q4FY'25Q1FY'26Q2FY'25Q2FY'26H1FY'25H1FY'26 FY 24-25Locking SystemsVision SystemsADC DomesticADC OverseasSheet MetalAssembliesCabins & FabricationOthers
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35 46 50 37 53 49 InventoryHolding PeriodReceivablescollection periodCreditorsholding periodStandaloneSep'25Mar'2554 40 63 53 43 63 InventoryHolding PeriodReceivablescollection periodCreditorsholding periodConsolidatedSep'25Mar'25 12 Balance Sheet(fig in ₹ Crs) All Rights Reserved @ Sandhar 2025(In Days)(In Days)Fixed Assets includes Capital Work-in-Progress(CWIP) of Rs. 99.62 Crs. as on 30thSeptember 2025 Vs as on 31stMarch 2025 Rs. 69.08 Crs. at consol level. 30-Sep-25 31-Mar-25 Movement 30-Sep-25 31-Mar-25 MovementApplication of FundsGross Fixed assets 2,474.50 2,263.07 211.43 1,209.56 1,295.10 (85.53)Less: Acc. Depreciation 855.92 850.89 5.03 493.22 559.18 (65.96)Net Fixed assets 1,618.55 1,412.18 206.38 715.63 735.92 (20.29)Non-current investments 58.88 59.60 (0.72) 303.36 278.58 24.78 Other non-current assets 58.17 164.09 (105.92) 26.11 24.74 1.37 Inventories 510.16 409.49 100.68 229.60 217.85 11.75 Trade receivables 819.48 557.30 262.18 590.12 467.99 122.13 Other Current Assets 138.47 187.34 (48.87) 63.47 133.16 (69.69)Total Application of Funds 3,203.72 2,790.00 413.72 1,928.29 1,858.23 70.06 Sources of FundsShare capital 60.19 60.19 - 60.19 60.19 - Reserves and surplus 1,169.40 1,079.11 90.29 1,171.02 1,086.36 84.65 Shareholders' Funds 1,229.59 1,139.30 90.29 1,231.21 1,146.55 84.65 Other Non-current liabilities 169.24 156.65 12.59 50.53 37.29 13.24 Long Term Secured Loans (A) 287.60 272.21 15.39 34.69 53.44 (18.75)Short Term Loans (B) 570.25 549.02 21.23 151.49 201.30 (49.80)Total Loans (A+B) 857.85 821.23 36.62 186.18 254.74 (68.55)Current liabilities & Provisions 947.04 672.82 274.22 460.38 419.66 40.72 Total Sources of Funds 3,203.72 2,790.00 413.72 1,928.29 1,858.23 70.06 Ratios :Current Ratio 0.97 0.94 1.44 1.32 Debt Equity Ratio 0.70 0.72 0.15 0.22 ParticularsConsolidatedStandalone
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Cash Flow Statement (fig in ₹ Crs) 13All Rights Reserved @ Sandhar 2025-87.64-262.18-100.68276.03-0.80WC MovementReceivables Increased Inventories IncreasedCreditors IncreasedOther Assets DecreasedWorking Capital MovementYTD Sep'25 FY 24-25 YTD Sep'25 FY 24-25Cash Flows from Operating ActivitiesProfit before tax 132.00 184.59 129.26 186.14 Depreciation and amortization expense93.90 170.60 45.64 96.86 Other adjustments(18.95) 38.54 (35.25) 3.63 Operating profit before working capital changes206.94 393.73 139.64 286.64 Movements in working capital:(87.64) (95.99) (99.36) (81.80) Cash generated from operations119.31 297.74 40.28 204.83 Taxes Paid24.53 50.77 20.97 46.87 Net cash inflow from operating activities ( A )94.78 246.97 19.31 157.96 Cash Flows from Investing ActivitiesCapital Expenditure(170.07) (316.18) (58.92) (140.11) Purchase/Investments in subsidiaries- - (8.10) (36.00) Proceeds from divestment in joint venture7.80 - 17.78 - Transaction on account of business transfer- - 74.07 - Other Reciepts 82.90 26.01 46.26 18.47 Net cash used in investing activities ( B )(79.37) (290.17) 71.08 (157.64) Cash Flows from Financing ActivitiesBorrowings Proceeds /(Repayments)36.62 196.54 (68.55) 77.76 Payment of lease liabilities including lease interest(19.63) (26.33) (20.50) (10.97) Dividend Paid(21.07) (19.56) (21.07) (19.56) Interest paid(31.83) (49.90) (10.72) (17.23) Net cash flow used in financing activities ( C )(35.90) 100.75 (120.84) 29.99 Net increase/(decrease) in cash and cash equivalents (A+B+C)(20.50) 57.55 (30.45) 30.31 Foreign currency translation gain(34.31) (9.60) - - Opening Cash Balance81.09 33.14 30.62 0.30 Cash and equivalents at the end of the year26.28 81.09 0.17 30.62 ParticularsConsolidatedStandalone
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625 821 861 858 322 380 428 449 126 186 232 223 177 255 201 186 StandaloneIndian SubsidiariesOverseas SubsidiariesConsolidated14 Debt Profile(fig in ₹ Crs.) *Overseas outstanding loan is increased due to foreign currency Translation of Rs. 48 Cr. and conversion of bill discounting facility into loan of Rs. 20 Cr compared to Mar’25. ** All Rights Reserved @ Sandhar 2025Particulars FY 2023-24 FY 2024-25 YTD Jun'25 YTD Sep'25Rating Agency CareEdge Ratings India Ratings & ICRA India Ratings & ICRA India Ratings & ICRACredit RatingA1+ (ST) and AA- (LT) StableA1+ (ST) and AA- (LT) StableA1+ (ST) and AA- (LT) StableA1+ (ST) and AA- (LT) StableAssigned till Oct-24 Mar-26 Mar-26 May-26 (India Rating)Debt to Equity 0.61 0.72 0.73 0.70 Debt Service Coverage Ratio 1.46 1.43 1.13 1.72 Debt-to-EBITDA ratio 1.78 2.05 2.14 1.67 Foreign Exchange Rate31-Mar-25 30-Jun-25 30-Sep-25USD to INR 85.46 85.61 88.79 Euro to INR 92.43 100.38 104.24
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THANK YOUSandhar Technologies Limited Corporate Office: Plot No. 13, Sector 44, Gurugram-122001, Haryana- IndiaCIN: L74999DL1987PLC029553 Website: www.sandhargroup.comEmail: investors@sandhar.in(For Retail Investors)Investor.relations@sandhar.in(For Institutional investors)All Rights Reserved @ Sandhar 2025