Sandhar Technologies Limited — Investor Meet, 20-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Sandhar Technologies reported strong Q2 FY26 India business growth: revenue +33%, PAT +28%. Consolidated revenue rose 29%, PAT +15%. Overseas losses halved QoQ, with management confident of H2 turnaround. EV business generated 6.94 Cr in H1, projecting 15 Cr for FY26. While new projects impacted current margins, normalized India EBITDA hit 10.44%. Management anticipates H2 strength from robust order books, aiming for 11% EBITDA and 18% ROCE. Strategic focus on new technologies via JVs and careful M&A. Capex for FY26 is around 300 Cr, with no major capex foreseen for the next 12 months. Sentiment is confident about growth and margin recovery.