Sandhar Technologies Limited (SANDHAR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-93.6%

₹29.65

vs ₹461.35 price

Levered DCF

-₹1,876.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.24×	16.32×	28.95×	16.65×	23.62×	21.39×	13.97×	16.64×
P/B	1.97×	2.03×	3.13×	1.32×	1.53×	1.54×	1.04×	2.2×
P/S	0.54×	0.6×	0.9×	0.42×	0.57×	0.66×	0.41×	0.69×
EV / EBITDA	7.2×	8.23×	11.06×	7.2×	9.09×	7.73×	5.19×	7.41×
Gross margin	20.3%	38.6%	9.3%	37.2%	30.0%	32.4%	33.3%	32.3%
Operating margin	5.0%	4.4%	5.4%	4.5%	4.6%	5.2%	5.2%	7.5%
Net margin	4.1%	3.6%	3.1%	2.5%	2.4%	3.1%	3.0%	4.1%
Current ratio	0.94×	0.94×	0.95×	1×	1.04×	1.12×	0.88×	0.89×
Debt / equity	0.86×	0.81×	0.73×	0.72×	0.72×	0.39×	0.37×	0.38×
Interest coverage	3.55×	3.05×	3.68×	3.65×	6.1×	6.04×	4.87×	7.19×
Dividend yield	0.8%	0.8%	0.5%	1.1%	0.5%	1.0%	2.3%	0.6%
Payout ratio	10.6%	13.8%	13.7%	18.6%	10.9%	20.9%	32.1%	9.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.9%	12.4%	10.8%	7.9%	6.5%	7.2%	7.5%	13.2%
Return on invested capital	7.4%	6.2%	7.7%	5.9%	5.0%	6.3%	6.8%	11.1%
Return on assets	5.7%	5.1%	4.5%	3.4%	2.8%	3.6%	4.2%	6.5%
Free cash flow yield	-5.6%	-3.0%	1.2%	4.2%	-18.9%	3.8%	19.1%	0.2%
Earnings yield	7.6%	6.1%	3.5%	6.0%	4.2%	4.7%	7.2%	6.0%
Enterprise value	₹37.3B	₹31.5B	₹38.9B	₹18.7B	₹19.3B	₹15.4B	₹10.7B	₹18.5B
Net debt / EBITDA	2.12×	2.2×	2.01×	2.53×	2.88×	1.53×	1.34×	1.08×
Cash conversion cycle (days)	41	34	30	22	41	24	24	26