Sandhar Technologies Ltd

sandhar technologies

About the Company:

Sandhar Technologies (Incorporated in 1987,) is a component supplier primarily catering to automotive OEMs and largely focused on safety and security systems of vehicles with a pan India presence and a growing international footprint.

Company is a leader in the two-wheeler locking systems market, and the commercial vehicle rear view market in India, and are one of the two largest companies catering to the commercial vehicle locking systems market, and the two-wheeler rear view market in India.

Presently, they manufacture 21 categories of products, including such product categories that are manufactured through their Subsidiaries and Joint Ventures, which cater to different industry segments.

Company’s portfolio comprises various categories of products including safety and security systems such as lock assemblies, mirror assemblies, operator cabins for off-highway vehicles, aluminium spools, spindles, and hubs.

They are also one of the two largest manufacturers of operator cabins in India, along with being the largest player in the excavator cabins market.

Company has 29 manufacturing facilities across eight states in India, two manufacturing facilities in Spain, and one manufacturing facility in Mexico.

Company’s long-standing relationship with their major customers has been one of the most significant factors contributing to their growth. Company’s customer portfolio consists of 79 Indian and global OEMs across various segments.

Products Manufactured by the Company are as follows:

products manufactured

Company’s Major OEM Customers are as follows:

customersmajor customersmain customers

In addition to the above OEM customers, they also have relationships with global automotive component suppliers such as Autoliv, Bosch, and CTS, to whom they supply various products.

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Various Joint Ventures of the Company:

joint ventures


Shareholding in Subsidiaries & Joint Ventures:



Competitors for the Company in Key Product Categories:



Management Team:

  1. Mr. Dharmendar Nath Davar (Designation: Chairman and Non-Executive, Non-Independent Director)
  2. Mr.Jayant Davar (Designation: Co-Chairman and Managing Director)
  3. Mr.Arvind Joshi (Designation: Whole-time Director)

Special Thanks: We would like to thank the Board of Directors of Sandhar Technologies Ltd for inviting Markets Guruji Team to the IPO Press Conference & Listing Ceremony.


Objectives of the Issue:

OFS (Offer For Sale): (Around Rs.212.5 crores)

  • Company will not receive any proceeds from the Offer for Sale by the Selling Shareholders.

Fresh Issue: (Around Rs.300 crores)

  • Repayment or prepayment in full, or in part of certain loans availed by the Company.
  • General corporate purposes.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Repayment of Loans Availed by the Company 225
General Corporate Expenses 75
Net Proceeds 300 crores


Positives for the Company:

Long-standing, and growing relationships with major OEMs:

They have long-standing relationships with 79 Indian and global OEM customers, which include some leading companies such as Ashok Leyland, Doosan Bobcat, Escorts, Hero, Honda Cars, Komatsu, Scania, TAFE, Tata Motors, TVS, UM Lohia, and Volvo.

Company has grown their client base over the last few years to include OEMs such as Caterpillar, CTS, Hyundai Construction, International Tractors, JCB, Kobelco, Mahindra & Mahindra, and SML Isuzu.

Diversified Product Portfolio:

Presently, they manufacture 21 categories of products with varieties which cater to different automotive segments such as two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles and tractors, as well as non-automotive segments including medical and electrical equipment.

Company’s product portfolio evolution demonstrates their ability to expand their offerings to meet the needs of OEM customers, cater to opportunities in adjacent industry segments, and to enter into high value-added products.

Expanding their Customer base:

They have increased their customer base in the past through new products and segments as well as through acquisitions. The number of OEMs in their customer base has grown from 58 in Fiscal 2013 to 79 in Fiscal 2017.

Increasing their wallet share from existing OEM customers:

Over the years, they have been able to increase their customers contribution to their revenue. For example, their revenue from Royal Enfield was Rs.18.7 crores in Fiscal 2013 which increased to Rs.69.7 crores in Fiscal 2017.

Further, their revenue from Honda Cars was Rs.46.8 crores in Fiscal 2013 which increased to Rs.130.5 crores in Fiscal 2017.


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th Sept 17
Revenue  1162.3  1268.8  1487.3  1517.9  1633.5  990.5
Net Profit 19.2   33.1  38.2 33.5   39.2  34.4


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Sandhar Technologies Ltd 10 7.66 43.34 13.01% 58.91
Minda Corporation 2 4.53 40.62 14.76 31.09
Suprajit Engineering 1 8.77 33.24 23.82 39.20
Gabriel India 1 5.68 32.91 18.12 31.36
JBM Auto 5 15.91 33.18 15.70 102.84
Minda Industries 2 21.08 52.46 23.11 91.69
Fiem Industries 10 26.30 35.59 7.82 321.92


IPO Details:

Details Info
Issue Opens on 19th March 2018
Issue Closes on:. 21st March 2018
Issue Price Rs.327 – 332
Face Value Rs.10
Minimum Lot 45 Shares
Minimum Investment Rs.14,940
Issue Constitutes 25.64%
Issue Size Rs.512.5 cr ($78.7 Million)
Market Cap Rs.1998.3 cr ($307 Million)
Listing at NSE & BSE
Equity Shares Offered (Fresh) 90,36,145
Equity Shares Offered (OFS) 64,00,000
Total Equity Shares Offered (Fresh + OFS) 1,54,36,145
Equity Shares Prior to the Issue 5,11,54,564
Equity Shares after the Issue 6,01,90,709


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Subscription Details: 

(Subscription-Category-Wise (no. of times) Till time : 06:00 PM) Shares Offered Day-1 Day-2 Day-3
QIB  30,85,505   0.00  0.89  14.49
NII   23,36,147  0.006  0.071   6.38
Retail   54,51,009  0.091  0.27   1.36
Employee  ————  ——  —–  —–
TOTAL  1,08,72,661  0.0521  0.40  6.17


Anchor Investor Participation Update:

  • Sandhar Technologies Ltd raised Rs 154 cr by selling shares to Anchor Investors.
  • Shares were allocated to 15 anchor investors at a price of Rs 332 per share.
  • Prominent names that participated in the anchor book allocation include DSP Blackrock MF, ICICI Prudential MF, HSBC Global Investment Fund, Eastspring Investment India, Aditya Birla MF, Nomura, SBI MF, Reliance MF, L&T MF, IDFC MF and UTI MF.


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
7.66 43.34 13.01% 58.91


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 15%


Grey Market Premium :

Date IPO Price Band Grey Market premium Kostak Rates
13/03/18 Sandhar Technologies Ltd 327 – 332 18 – 20  750 – 800


Check IPO Allotment Status:

Link InTime Website (Click on the below Link)


Company Contact Info:
Sandhar Technologies Limited
#13, Sector – 44
Gurugram – 122 002
Haryana, India
Tel: +91 124 451 8900
Fax: +91 124 451 8912


IPO Registrar Info:
Link Intime India Private Limited
C-101, 1st floor 247 Park
L B S Marg, Vikhroli (West)
Mumbai 400 083
Tel: +91 22 4918 6200
Fax: +91 22 4918 6195
Investor e-mail: