Sandhar Tech

₹486.9 11.1 | 2.3%

WEBSITE BSE:541163 NSE : SANDHAR 10 May, 16:01

Market Cap ₹2930 Cr.

Stock P/E 29.8

P/B 3

Current Price ₹486.9

Book Value ₹ 162.8

Face Value 10

52W High ₹599

Dividend Yield 0.51%

52W Low ₹ 224.2

Edit Ratio

Sandhar Tech Research see more...

Overview Inc. Year: 1987Industry: Auto Ancillary

Sandhar Technologies Ltd is an primarily India based corporation. The Company is focused on designing and production of a numerous range of automotive components, parts and systems, and driven by way of technology. The Company's segments include: Two-wheelers, Passenger automobiles, and commercial automobiles, Off-highway vehicles and tractors, and Non-automobile. The Company's portfolio contains various categories of merchandise which includes safety and security systems, including lock assemblies, mirror assemblies, operator cabins for off- highway vehicles, spindles, and hubs. It also manufactures other product classes, including wheel assemblies, handle bar assemblies, brake panel assemblies, sheet metal additives which includes fuel filler caps, fuel cock assembly, step pillions, tools, dies, moulds, other aluminium components, crane and tractor parts, plastic and painted components together with door handles (inner and outer), panels for televisions, and shelves.

Sandhar Tech Share Price

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Peer Comparison

Sandhar Tech Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	618	612	684	675	746	723	765	829	885	890
Other Income	2	1	2	3	5	2	6	3	3	2
Total Income	620	613	685	678	751	725	771	832	888	892
Total Expenditure	558	559	621	621	688	657	697	756	804	801
Operating Profit	62	54	65	58	63	68	74	76	84	91
Interest	4	4	6	7	8	9	11	11	13	13
Depreciation	25	25	27	29	29	31	33	35	37	40
Exceptional Income / Expenses	0	0	-1	0	-1	0	0	0	0	0
Profit Before Tax	34	25	31	22	24	27	30	29	35	38
Provision for Tax	8	7	11	6	6	7	7	8	8	13
Profit After Tax	25	18	20	16	18	20	23	21	27	25
Adjustments	-4	-3	-3	-3	-2	-0	1	0	0	0
Profit After Adjustments	21	15	17	13	16	20	24	21	27	25
Adjusted Earnings Per Share	3.5	2.5	2.9	2.1	2.7	3.3	4	3.6	4.5	4.2

Sandhar Tech Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1160	1265	1482	1513	1611	1946	2336	1943	1864	2324	2909	3369
Other Income	4	4	6	5	8	5	6	11	11	7	12	14
Total Income	1164	1269	1488	1518	1619	1951	2342	1954	1875	2331	2921	3383
Total Expenditure	1067	1149	1343	1372	1465	1738	2084	1748	1676	2118	2660	3058
Operating Profit	97	121	145	146	154	213	258	206	199	213	262	325
Interest	36	39	41	42	43	43	24	20	16	18	36	48
Depreciation	36	39	52	55	58	68	81	98	94	100	122	145
Exceptional Income / Expenses	0	0	0	-4	-0	0	-1	0	0	-1	-1	0
Profit Before Tax	25	42	51	45	53	102	152	88	89	94	103	132
Provision for Tax	6	9	13	11	10	31	50	21	20	26	27	36
Profit After Tax	19	33	38	34	42	71	103	66	69	69	76	96
Adjustments	-0	-0	-0	-0	-1	-6	-8	-10	-11	-13	-3	1
Profit After Adjustments	19	33	38	33	41	65	95	57	58	56	73	97
Adjusted Earnings Per Share	4.1	7.1	7.5	0	0	0	15.8	9.4	9.6	9.3	12.1	16.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	25%	14%	8%	10%
Operating Profit CAGR	23%	8%	4%	10%
PAT CAGR	10%	5%	1%	15%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	109%	33%	12%	NA%
ROE Average	9%	9%	10%	13%
ROCE Average	10%	10%	11%	13%

Sandhar Tech Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	179	209	259	274	302	634	720	762	804	859	920
Minority's Interest	1	1	2	2	2	3	4	4	4	4	4
Borrowings	133	126	167	195	209	13	8	9	99	247	305
Other Non-Current Liabilities	14	15	10	14	14	20	24	92	97	97	136
Total Current Liabilities	343	439	478	481	539	914	706	499	591	769	784
Total Liabilities	670	790	916	965	1067	1584	1462	1366	1596	1975	2149
Fixed Assets	383	419	476	528	595	678	743	831	842	942	1172
Other Non-Current Assets	43	59	60	75	53	114	87	94	90	234	196
Total Current Assets	244	312	380	362	419	793	631	441	664	799	773
Total Assets	670	790	916	965	1067	1584	1462	1366	1596	1975	2149

Sandhar Tech Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	4	4	2	4	4	6	255	4	7	6	4
Cash Flow from Operating Activities	93	75	100	144	96	188	133	239	124	49	308
Cash Flow from Investing Activities	-124	-82	-113	-106	-107	-187	-142	-101	-97	-311	-248
Cash Flow from Financing Activities	30	-2	20	-41	14	247	-243	-124	-26	260	-37
Net Cash Inflow / Outflow	-1	-9	7	-4	3	248	-252	14	0	-3	23
Closing Cash & Cash Equivalent	4	2	4	4	6	255	4	7	6	4	7

Sandhar Tech Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	4.07	7.06	7.48	6.54	0	0	15.81	9.45	9.6	9.26	12.12
CEPS(Rs)	11.76	15.49	17.74	17.38	19.7	23	30.5	27.39	27.08	28.02	32.88
DPS(Rs)	3.8	10	9.2	3.5	1.5	2	2.5	2	2.25	2.25	2.5
Book NAV/Share(Rs)	38.26	44.19	50.67	53.49	0	0	119.55	126.67	133.64	142.7	152.92
Core EBITDA Margin(%)	7.39	8.49	8.66	8.6	8.39	10.5	10.77	10.06	10.09	8.87	8.56
EBIT Margin(%)	4.85	5.93	5.75	5.33	5.46	7.33	7.54	5.56	5.65	4.81	4.78
Pre Tax Margin(%)	2.02	3.05	3.2	2.75	3.03	5.16	6.52	4.5	4.79	4.05	3.55
PAT Margin (%)	1.52	2.43	2.39	2.05	2.43	3.58	4.4	3.42	3.7	2.95	2.63
Cash Profit Margin (%)	4.37	5.3	5.65	5.41	5.77	6.98	7.86	8.48	8.75	7.26	6.8
ROA(%)	3.15	4.55	4.5	3.59	4.18	5.35	6.74	4.7	4.66	3.84	3.7
ROE(%)	12.26	17.2	16.47	12.67	14.74	15.15	15.17	8.97	8.81	8.25	8.58
ROCE(%)	15.03	16.18	15.8	13.49	13.35	15.48	16.69	11.03	10.59	9.3	9.76
Receivable days	30.43	33.24	38.53	39.34	38.85	43.48	47.24	49.69	57.27	65.84	50.24
Inventory Days	31.24	32.83	32.62	35.2	33.59	33.8	33.21	38.98	39.86	37	35.14
Payable days	78.09	81.66	82.12	91.09	88.38	93.23	92.76	97.5	99.26	92.96	76.16
PER(x)	0	0	0	0	0	0	16.52	13.62	21.43	23.57	16.66
Price/Book(x)	0	0	0	0	0	0	2.18	1.02	1.54	1.53	1.32
Dividend Yield(%)	0	0	0	0	0	0	0.96	1.55	1.09	1.03	1.24
EV/Net Sales(x)	0.25	0.27	0.25	0.29	0.31	0.15	0.79	0.5	0.78	0.79	0.6
EV/Core EBITDA(x)	2.96	2.8	2.58	3	3.27	1.35	7.14	4.69	7.27	8.59	6.71
Net Sales Growth(%)	6.94	9.06	17.16	2.1	6.49	20.79	20.01	-16.8	-4.11	24.69	25.18
EBIT Growth(%)	-5.66	32.94	13.87	-5.26	9.05	52.37	21.1	-38.71	-2.56	6.3	24.21
PAT Growth(%)	-33.22	73.26	15.53	-12.12	25.76	67.13	44.8	-35.28	3.85	-0.56	11.25
EPS Growth(%)	-33.46	73.73	5.94	-12.62	0	0	0	-40.26	1.6	-3.5	30.88
Debt/Equity(x)	1.58	1.6	1.43	1.44	1.52	0.76	0.38	0.26	0.27	0.61	0.59
Current Ratio(x)	0.71	0.71	0.79	0.75	0.78	0.87	0.89	0.88	1.12	1.04	0.99
Quick Ratio(x)	0.37	0.42	0.47	0.42	0.48	0.64	0.58	0.49	0.77	0.7	0.6
Interest Cover(x)	1.71	2.06	2.25	2.07	2.24	3.37	7.36	5.28	6.57	6.32	3.88
Total Debt/Mcap(x)	0	0	0	0	0	0	0.17	0.26	0.18	0.4	0.45

Sandhar Tech Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	70.38	70.38	70.38	70.38	70.38	70.38	70.38	70.38	70.38	70.38
FII	1.25	0.98	1.05	1.09	0.9	0.91	1.65	1.35	1.51	1.48
DII	15.68	15.47	16.1	15.58	16.8	16.52	16.96	16.96	16.41	16.15
Public	12.69	13.18	12.46	12.95	11.92	12.2	11.01	11.31	11.69	11.99
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24	4.24
FII	0.08	0.06	0.06	0.07	0.05	0.05	0.1	0.08	0.09	0.09
DII	0.94	0.93	0.97	0.94	1.01	0.99	1.02	1.02	0.99	0.97
Public	0.76	0.79	0.75	0.78	0.72	0.73	0.66	0.68	0.7	0.72
Others	0	0	0	0	0	0	0	0	0	0
Total	6.02	6.02	6.02	6.02	6.02	6.02	6.02	6.02	6.02	6.02

Pros

Debtor days have improved from 92.96 to 76.16days.

Cons

Company has a low return on equity of 9% over the last 3 years.
The company has delivered a poor profit growth of 1% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.