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ICICI Direct Report
Sandhar Technologies Ltd. is a leading auto ancillary player primarily serving Indian auto original equipment manufacturer industry through a host of product categories, such as locking systems, al die-casting and cabins (together form 57% of sales).
Established in 1987 with long-standing customer relationships across segments. The two-wheeler, passenger vehicle combined accounted for ~80% of FY21 sales.
Sustained improvement in blended Ebitda margin profile over the years accompanied by consistent cash flow from operations generation and healthy capital efficiency.
In FY21 Sandhar Technologies outperformed domestic OEM industry courtesy its multi-segment, multi-product, multi-client exposure.
High double digit sales, profit after tax growth lies ahead with lean balance sheet and robust capital efficiency. Expect sales to grow at 20% compound annual growth rate over FY21-23E.
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