Sandhar Technologies Limited (SANDHAR) — Announcement

📢 Key Event
India Ratings reaffirmed Sandhar Technologies' debt ratings at IND AA- (Stable) and IND A1+ (Affirmed)

💡 Investor Takeaway
The reaffirmation confirms credit stability but highlights ongoing risks from customer concentration and overseas losses that could pressure future ratings.

⚠️ Risks
Significant revenue concentration in two-wheelers (56.1% from top two customers) and weak profitability at overseas subsidiary Sandhar Technologies Barcelona S.L.

India Ratings reaffirmed Sandhar Technologies' long-term debt rating at IND AA- with a Stable outlook and short-term commercial paper rating at IND A1+, maintaining existing levels. The rating reflects strong market positioning with 68% revenue from two-wheelers and key OEM relationships, though constrained by customer concentration and weak overseas subsidiary performance. EBITDA margins stabilized at 9% despite foreign exchange pressures, and the company plans modest FY27 capex funded internally without debt increase.

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