SANDHAR
Sandhar Technologies Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
SANDHAR
FY26 → FY28 · 2 years of guidance · ~1.7 years from today₹627 today
BEAR
₹558
-11%-7% a yr
8.7% a year · 14.3x exit
BASE
₹726
+16%+9% a yr
15% a year · 16.6x exit
BULL
₹1,181
+88%+46% a yr
20.4% a year · 24.7x exit
Where the market has priced it
14x19x today29x
- the guided figure reached earnings through a low-confidence bridge
- this company's own median multiple sits 42% below its filed-industry peers; the scenario uses its own
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹33 (screener) |
|---|---|
| Guided growth | 15% a year, said on the call of 28-May-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — low confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 14.31x / 16.64x / 24.68x, this company’s own p20 / median / p80 across 8 filed years |
| Filed-industry peers | median 28.77x across 8 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)2 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 15%ebitda margin 12%capex 5%
This particular year will be another very interesting year, and despite all the problems in the polycrisis that I spoke about, I do expect that even on a conservative level, I am happy to give a guidance of over a 15% growth in the overall
Call 28-May-2026 · bridge confidence low · transcript PDF