Waya initiates coverage on Sandhar Technologies Ltd. with a BUY recommendation. Waya expects an upside of 27% in 1 year and sets a target price of ₹682.

Sandhar Technologies is one of India’s leading auto component manufacturers, supplying parts such as locking systems, aluminium die-cast components, vision systems, cabins and EV-related parts to two-wheelers, passenger vehicles and off-highway vehicles. The company has a strong presence across 41 plants in India and overseas operations in Europe and Mexico.

Sandhar has improving financials with revenue of ₹3,884 crore in FY25 and steady margin recovery as new projects stabilise. All its joint ventures are now profitable, and the company is seeing higher-margin growth from smart locks and EV components, which should support better profitability over the next few years.

Waya believes Sandhar is well-placed for long-term growth, driven by recovery in the auto cycle, increasing EV focus and strong relationships with leading OEMs.