External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>About the stock: Sandhar Technologies (STL) is a leading auto ancillary player primarily serving Indian auto OEM industry through a host of product categories, such as locking systems, Al die-casting &amp; cabins (together form 57% of sales).</p>
<ul>
<li>Established in 1987 with long-standing customer relationships across segments. The 2-W, PV combined accounted for ~80% of FY21 sales</li>
<li>Sustained improvement in blended EBITDA margin profile over the years accompanied by consistent CFO generation and healthy capital efficiency</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Sandhar Technologies (STL) is a leading auto ancillary player primarily serving Indian auto OEM industry through a host of product categories, such as locking systems, Al die-casting &amp; cabins (together form 57% of sales).

Established in 1987 with long-standing customer relationships across segments. The 2-W, PV combined accounted for ~80% of FY21 sales
Sustained improvement in blended EBITDA margin profile over the years accompanied by consistent CFO generation and healthy capital efficiency

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sandhar Technologies: Multiple Broad-Based Improvement Triggers in Place

India

Sandhar Technologies Limited is a diversified Indian multinational company that designs, manufactures, and assembles automotive components. The company supplies a broad product portfolio, including automotive locking and security systems, vision systems, sheet metal components, and aluminum, zinc, and magnesium die-casting parts, to major Original Equipment Manufacturers (OEMs) across two-wheelers, passenger vehicles, and off-highway vehicles. Headquartered in Gurugram, Haryana, India, the company was founded in 1987.

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