SANDHAR

Fundamental: Revenue +28.88% YoY | PAT +49.78% YoY | P/E 17.7x vs sector 35.5x (below own 10Y avg of 19.5x) | Upside 19.48% | Operating Margin 10.67% | Promoter 70.38% (nil pledge) | ROCE 14.40% | Valuation 10/10 | Rank #6/47 peers | Finkhoz Rating 8.50 Technical: Strong recovery after correcting from recent highs — bounced sharply off the ₹600 zone | Reclaimed the 5, 9 and 13 EMAs Holding comfortably above the 100 and 200 EMAs — broader trend positive, 200-DMA | RSI 54 — momentum improving | ADX 24 — trend gaining strength | MACD on the verge of a bullish crossover, supporting the recovery Moat: Not a single-product monopoly but a diversified tier-1 supplier with switching costs built in — locks, mirrors, lighting, die-cast parts and sheet metal, designed into OEM platforms where re-validating a component supplier mid-cycle is expensive and slow. Nearly four decades of Hero, Honda and TVS relationships anchor the two-wheeler book, while plants in Spain, Mexico and Poland give a global footprint most Indian small-cap peers lack.