Primaegis Research  ·  Investment Analysis Pipeline
Sansera Engineering Ltd  SANSERA
NSE · BSE: 543358  |  Sector: Auto Ancillary / Capital Goods  |  Report Date: 02 April 2026
Precision Engineering Aerospace & Defence EV Tech-Agnostic Export Growth 20-20-20 Roadmap
Primaegis Rating
ACCUMULATE
TP: ₹2,443  ·  Upside: ~15%
CMP
₹2,133
As of 02 Apr 2026
Market Cap
₹13,297 Cr
Mid-Cap
52W Range
₹953 – ₹2,396
+121% from 52W low
P/E (TTM)
50.1x
FY27E: ~33x
EV/EBITDA
~26x
TTM EBITDA ₹514 Cr
ROCE
13.3%
Target: 20% by FY28
D/E Ratio
0.09x
Near Debt-Free
Revenue TTM
₹2,907 Cr
+7% YoY FY25
ADS Order Book
₹3,800 Cr
Visibility to FY30

Part A — Fundamentals

Earnings triggers · Growth positioning · Opportunity sizing · Timeframe

A1
About · Position in Value Chain · Scale & Scalability
Company Quality
🏭
Core Business
Sansera Engineering is an engineering-led manufacturer of complex, critical precision-engineered components across automotive and non-automotive sectors. Incorporated 1981, headquartered in Bengaluru. Tier-1 supplier to global OEMs with 18 manufacturing facilities across India, Sweden (Oehlins Racing AB subsidiary) and Germany.
⛓️
Value Chain Position
Tier-1 supplier in the automotive EIC (Engine-Intake-Combustion) and powertrain value chain. Sansera sits between raw material (steel forgings/billets) and OEM assembly lines — supplying mission-critical components that require tight tolerances, metallurgical expertise, and high repeatability. Forging + machining under one roof = differentiated integrated capability.
Revenue Mix (FY25 Approx.)
2-Wheeler (domestic)~44%
3-Wheeler~5%
4-Wheeler / CV (domestic)~18%
Exports (Auto)~26%
Non-Auto (ADS)~7% → 14%+ in Q3FY26
Key Customers% Exposure
Hero MotoCorp, Bajaj Auto, Honda, TVS, Royal Enfield~60% combined
Cummins, Caterpillar (off-road)~8%
Airbus, Boeing, Safran (Aerospace)Rapidly scaling
📈
Scalability: Highly scalable. Asset-light once tooling is amortised. ADS segment has structural runway to FY30+. New crankshaft forging plant (Pantnagar) adds ₹500 Cr revenue potential. 55-acre Karnataka land for greenfield expansion. Global #1 in some connecting rod sub-segments.
A2
Capabilities · Strategy · Competitive Moat
Moat Analysis

Core Manufacturing Edge: Multi-process integration — forging, precision machining, surface treatment, and assembly — delivered within a single facility. This vertical integration reduces defect rates and lead times vs. fragmented competitors.

Process Capability
Forging + CNC + Heat Treatment
Under one roof — key differentiator
New JV
Nichidai Corp Japan
Cold/warm forging; 60% stake; ₹50 Cr investment; higher margins
R&D / Tech
Tech-Agnostic Products
Supply ICE + EV simultaneously (connecting rods, structural parts)
Aerospace Cert.
AS9100D + NADCAP
Rare certifications — entry barrier for competition
🎯
"20-20-20" Strategic Roadmap
Management has articulated a medium-term target of: 20% Revenue CAGR + 20% EBITDA Margin + 20% ROCE by FY28. Currently at ~17% EBITDA margin and 13% ROCE — significant re-rating potential if targets are met.
✈️
ADS Pivot — The Structural Story
Sansera is systematically moving from a pure-play auto-ancillary toward a precision engineering conglomerate. The ADS (Aerospace, Defence, Semiconductor) segment is the growth engine — ₹3,800 Cr order book through FY30, with Airbus ICTM contract (₹160 Cr) being a landmark win. Management targets ₹500–600 Cr ADS revenue by FY27 (vs ~₹120 Cr in Q3FY26 alone).
🔋
EV Strategy — "Wait and Win"
Sansera has paused new xEV/tech-agnostic order wins pending technology stabilisation, but existing xEV order book stands at ₹430 Cr. Supplies Bajaj Chetak, TVS iQube, Ather — structural parts agnostic to powertrain. This is prudent capital allocation.
A3
Opportunity — Why Now? Size & Timeframe
Growth Thesis
₹3,800 Cr
ADS Order Book (FY30 visibility)
Aerospace/Defence/Semiconductor revenue scaling from ~₹190 Cr (FY25) to ₹500–600 Cr (FY27E). Airbus ICTM = first Indian supplier for that program — opens a global supply chain entry.
20–25%
Export CAGR Target (3 Years)
Europe exports grew 27% YoY in Q3FY26. US (9% revenue) optionality pending India-US trade deal. India-EU FTA tailwinds. Company is building a "China+1" position in global forging.
₹500 Cr
Pantnagar Plant Revenue Potential
New crankshaft assembly plant for 2W OEMs (Hero, Bajaj, Honda). Crankshaft outsourcing trend by OEMs is a secular tailwind. 60% female workforce = PLI-linked incentive eligibility.
📊
Total Addressable Opportunity: Indian auto component market is estimated at USD 100 Bn by 2030 (ACMA). Precision forged components segment = ~USD 8–10 Bn domestic + export. Sansera's current ₹2,900 Cr revenue represents <2% of this — massive white space. Aerospace MRO + manufacturing market in India to reach USD 5 Bn by 2030 (FICCI). Sansera is one of the few Indian suppliers with AS9100D certification — a structural rarity.
A4
Operations · Projects Ongoing & Upcoming
Execution
Project / Initiative Investment Timeline Revenue Potential Status
Pantnagar Crankshaft Facility (2W OEMs) ~₹200 Cr (capex) Inaugurated Feb 2026 ₹500 Cr/year (at full utilisation) Operational
Nichidai JV (Cold/Warm Forging — Japan Tech) ₹50 Cr (60% stake) FY26–FY27 Margin-accretive; new product lines JV Signed
55-Acre Land Acquisition (Karnataka Greenfield) ₹100 Cr land cost Construction FY27 ADS + Export capacity Pre-Construction
Airbus ICTM Contract — FY26–FY30 ₹160 Cr lifetime value Under Execution
US Plant Setup (Pending Trade Deal) TBD Post India-US FTA US = 9% of revenue, potential to scale Under Evaluation
Semiconductor / Humanoid Robotics Components Minimal capex FY27–FY28 New segment; early-stage engagement Exploration
xEV Tech-Agnostic Order Book Execution Existing capex FY26 ramp-up ₹430 Cr order book Executing
🏗️
Capex Guidance: ₹250 Cr dedicated to ADS segment over FY26–FY28. Total capex ₹400–450 Cr/year. FY25 saw negative FCF (-₹223 Cr) due to land + plant investment — this is investment-phase capex, not distress. With the QIP proceeds (₹1,250 Cr raised in FY25), the balance sheet is well-capitalised for this expansion.
A5
Financials · Revenue · EBITDA · PAT · Growth Trajectory
Growth Engine

Annual Financials (₹ Crore)

Metric FY21 FY22 FY23 FY24 FY25 TTM FY26E FY27E
Revenue 1,351 1,745 2,099 2,548 2,719 2,907 3,200–3,300 ~3,900
YoY Growth — +29.2% +20.3% +21.4% +6.7% +7.1% ~18% ~20%
EBITDA 247 304 360 450 473 514 ~590 ~740
EBITDA Margin 18.3% 17.4% 17.2% 17.7% 17.4% 17.7% ~18.0% ~19.0%
PAT 98 128 150 190 206 254 ~265 ~380
PAT Margin 7.3% 7.3% 7.1% 7.5% 7.6% 8.7% ~8.3% ~9.7%
EPS (₹) 20.85 24.57 28.38 35.43 33.26* 40.91 ~42 ~64
Capex (₹ Cr) 115 239 223 315 544 — ~450 ~400
*FY25 EPS diluted due to QIP shares issued mid-year. Normalised EPS higher. FY26E/FY27E are Primaegis estimates based on consensus and management guidance.

Recent Quarterly Results (₹ Crore)

Quarter Revenue YoY EBITDA Margin PAT EPS (₹)
Dec 2023644—11517.9%509.36
Mar 2024686—12117.6%509.36
Jun 2024681+5.8%12017.6%509.31
Sep 2024698+10.8%12317.6%519.43
Dec 20246440.0%10816.8%457.28
Mar 2025695+1.3%12017.3%609.63
Jun 2025668-1.9%11817.7%609.74
Sep 2025746+6.9%13317.8%7011.33
Dec 2025 (Q3FY26)798+23.9%14317.9%64*10.21
*Dec 2025 PAT includes ₹16.2 Cr one-time labour code provision. Adjusted PAT +53% YoY. Q3FY26 was Sansera's highest-ever quarterly revenue at ₹798 Cr / ₹907.7 Cr on consolidated basis per management concall.
🚀
Q3FY26 Acceleration Signal: ADS segment revenue = ₹119 Cr in Q3FY26 (vs ₹27 Cr in Q3FY25 — 344% YoY growth). As ADS scales from ~7% to 20%+ of mix, EBITDA margins should structurally improve to 18.5–19% given ADS carries ~24–25% EBITDA margin vs ~16–17% for automotive ICE. This is the key re-rating trigger.
A6
Regulatory Changes & Policy Impact
Policy
✅
Favourable — PLI Auto Scheme
India's PLI Auto scheme (₹25,938 Cr outlay) incentivises advanced auto components including EV parts. Sansera's Pantnagar plant with 60% female workforce may qualify for additional incentives.
✅
Favourable — Defence Indigenisation
India's defence indigenisation policy (25% domestic procurement mandate) + DAP 2020 creates a captive market. Sansera is an approved defence supplier. ₹1.75 lakh Cr defence capex target for FY26.
✅
Favourable — India-EU FTA (In Progress)
India-EU free trade agreement, if concluded, will zero-rate duties on precision auto components exported to Europe. Europe = fastest-growing segment (+27% YoY in Q3FY26). This is a significant earnings upside catalyst.
⚠️
Watch — India-US Trade Deal Uncertainty
US contributes ~9% of Sansera revenue. Sansera is evaluating a US plant to avoid potential content-localisation mandates. Pending resolution on India-US bilateral trade agreement before committing capex.
⚠️
Watch — EV Transition Pace
FAME III policy and state EV subsidies accelerate 2W EV penetration. Hero and Bajaj (major customers) are ramping EV portfolios. Sansera's tech-agnostic products mitigate this risk, but a faster-than-expected EV shift could pressure ICE-specific SKUs.
🔴
Risk — New Labour Code Implementation
Q3FY26 saw a ₹16.2 Cr one-time charge for new labour code provisioning. One-time in nature, but labour cost restructuring could modestly impact working capital.
A7
Research Reports · Analyst Consensus · Data Mix
Sell-Side View
Broker Rating Target Price Upside Methodology Key Thesis
HDFC Securities Inst. Research BUY ↑ ₹2,443 +14.6% 28x Dec-27 EPS (upgraded from 24x) ADS segment re-rating; medium-long term growth visibility
Axis Direct BUY ₹2,275 +6.7% PE-based Crankshaft ramp + ADS order book build-up
Consensus Average (3 brokers) BUY ₹2,388 +12.0% Blended Mid-teens revenue growth; ADS mix improvement
Trendlyne Community (55 votes) BUY — 83.6% ₹2,265 +6.2% Crowd-sourced Momentum + fundamentals improving
📋
Analyst Data Mix Observation: Coverage is thin (3 brokers formally). This is a potential re-rating opportunity — as ADS traction becomes undeniable, larger brokerages (Kotak, Motilal, Nuvama) may initiate coverage, bringing fresh institutional money. Most analysts still model conservative FY27E EPS of ~₹65–72, while HDFC Securities' 28x FY27E implies ₹87 EPS at TP. There is a wide dispersion in estimates — uncertainty = opportunity.
A8
Balance Sheet · Cash Flows · Fraud Filter
Financial Health

Balance Sheet (₹ Crore)

Item FY22 FY23 FY24 FY25 H1FY26
Equity + Reserves 1,033 1,183 1,366 2,757 2,876
Borrowings 603 655 726 238 235
D/E Ratio 0.58x 0.55x 0.53x 0.09x 0.08x
Fixed Assets 1,060 1,210 1,388 1,729 1,788
Total Assets 2,012 2,243 2,569 3,471 3,660
Book Value/Share (₹) ~196 ~224 ~255 462 ~480
💰
QIP Impact (FY25): Sansera raised ₹1,250 Cr via QIP in FY25, slashing debt from ₹726 Cr to ₹238 Cr. This fundamentally transformed the balance sheet — interest cost dropped from ₹66 Cr (FY24) to ₹25 Cr (TTM), directly boosting PAT by ~₹30 Cr/year. Net worth nearly doubled. Balance sheet is now fortress-level for a company this size.

Cash Flow Statement (₹ Crore)

CF Type FY22 FY23 FY24 FY25
Operating CFO 186 231 358 321
CFO / Operating Profit 61% 64% 80% 68%
Investing CFI -216 -220 -343 -922
Financing CFF +45 -3 -5 +599
Free Cash Flow -53 +8 +43 -223
🔍
Fraud Filter Assessment — CLEAN ✅
CFO/PAT conversion (FY24): ₹358 Cr CFO vs ₹190 Cr PAT = 188% — excellent cash conversion. FY25 FCF negative (-₹223 Cr) is entirely explained by land acquisition (₹100 Cr) + Pantnagar plant capex + JV investment. This is growth capex, not working capital deterioration. Inventory days at 145 and working capital days at 70 are higher than historical (~29 days) — monitoring required. No pledge, no related-party anomalies detected. Promoters own >30%. Auditor (Deloitte) is Big-4.
⚠️
Working Capital Watch: Working capital days have increased from 29 days (FY22) to 70 days (FY25). ADS segment has inherently longer collection cycles (170–180 days vs ~56 days for auto). As ADS scales to 20%+ of revenue, working capital requirements will structurally increase. Management has flagged this — the QIP capital provides buffer, but this is a metric to watch closely each quarter.
A9
Profit & Loss — Detailed Decomposition
Income Statement
P&L Item FY22 FY23 FY24 FY25 TTM Trend
Net Revenue 1,745 2,099 2,548 2,719 2,907 ↑ Accelerating (ADS + Exports)
Total Expenses 1,441 1,739 2,098 2,246 2,393 ↑ In line with revenue
EBITDA 304 360 450 473 514 ↑ Consistent expansion
EBITDA Margin 17.4% 17.2% 17.7% 17.4% 17.7% ↑ Stable; poised for step-up
Depreciation 103 114 130 154 175 ↑ Rising with capex — watch
Interest 46 53 66 61 25 ↓ Major improvement post-QIP
Other Income 17 10 2 20 29 ↑ Treasury on QIP proceeds
PBT 172 203 256 278 342 ↑ Strong acceleration
Tax Rate ~25% ~26% ~26% ~26% ~26% Stable
PAT 128 150 190 206 254 ↑ Meaningful acceleration
PAT Margin 7.3% 7.1% 7.5% 7.6% 8.7% ↑ Structural expansion underway
EPS (₹) 24.57 28.38 35.43 33.26 40.91 ↑ FY27E ~₹64 (HDFC Sec)
💡
PAT Inflection Ahead: Interest cost declined from ₹66 Cr (FY24) to ~₹25 Cr (TTM) — saving ~₹30 Cr/year in pre-tax profit. Depreciation rising (₹175 Cr TTM) but this is capacity-building. As Pantnagar plant and ADS capex ramps utilisation, operating leverage will kick in. PAT could reach ₹380–420 Cr by FY27, implying 85–100% growth from FY25 levels — this is the earnings acceleration story.
A10
Valuations — Absolute · Relative · Scenario Analysis
Valuation

Current Valuation Snapshot

CMP
₹2,133
02 Apr 2026
P/E (TTM)
50.1x
Peers: 33–67x
P/E (FY26E)
~50x
On ~₹42 EPS
P/E (FY27E)
~33x
On ~₹64 EPS
EV/EBITDA (TTM)
~26x
Sector: 20–30x
P/B
4.6x
Book ₹462/share
Mkt Cap / Sales
4.6x
Rich on current sales
Dividend Yield
0.15%
Growth-phase; low payout

Scenario Analysis (12–18 Month)

Scenario EPS FY27E Multiple Target Return
Bull ADS accelerates, FTA signed ₹75 35x ₹2,625 +23%
Base Steady execution, guidance met ₹64 28x ₹2,443 +15%
Bear Auto slowdown, ADS delays ₹50 24x ₹1,800 -16%
⚖️
Valuation Verdict: At ₹2,133 / 50x TTM P/E, the stock is not cheap in absolute terms. However, FY27E P/E of ~33x is reasonable given the ADS re-rating story, near-debt-free balance sheet, and 20% revenue CAGR guidance. The risk is in execution — if ADS misses targets, the premium multiple derates quickly. Accumulate on dips; core position sizing advised at ₹1,900–2,000 zone.

Peer Comparison

Company Mkt Cap (₹ Cr) P/E ROCE % Qtr Revenue ₹ Cr Qtr Rev. Growth Qtr PAT ₹ Cr
Samvardhana Motherson1,12,29931.8x13.7%31,409+13.5%1,072
Bosch India94,82941.1x21.1%4,886+9.4%532
Bharat Forge78,38767.1x12.2%4,343+25.0%273
Schaeffler India59,31449.6x29.8%2,643+26.9%328
Uno Minda59,14051.1x18.8%5,018+19.9%300
Endurance Technologies31,19833.7x17.3%3,608+26.2%222
Sansera Engineering13,29750.1x13.3%798+23.9%64
Sansera has the lowest ROCE among peers (13.3%) but the ADS pivot could lift it toward 18–20% by FY28. Revenue growth (+24%) is competitive with best-in-class peers. Premium P/E vs smaller peers is justified only if the ADS thesis delivers.
A11
Track Record · Management Quality · Execution History
Management
Key Management
Executive Director B.R. Preetham
CFO Vikas Goel
Founder Group S. Sekhar Vasan (promoter)
Listed Since September 2021 (IPO at ₹744)
Promoter Holding 30.17% (Dec 2025) — declining trend
Pledging NIL (clean)
✅
Guidance Delivery Record
Management guided "mid-teens top-line growth" for FY26 — Q3FY26 came in at +25% YoY, ahead of guidance. Q3FY26 was the highest-ever quarterly revenue. EBITDA margin guidance of "stable" has been maintained (17.7% vs 18.1% guided range). Management credibility is improving post the initial FY25 muted performance year.
⭐
Management Quality — Positives
(1) Proactive aerospace/defence diversification — started 5+ years ago, now paying off. (2) Disciplined QIP deployment: used ₹1,250 Cr to eliminate debt + fund growth capex rather than excessive promoter exits. (3) Strategic Japan JV (Nichidai) for technology transfer — not just domestic jugaad. (4) Airbus win = execution of 3-year aerospace strategy. (5) Transparent concall disclosures; ADS order book methodology clear.
⚠️
Management Concerns
(1) Promoter stake declining — from 35.5% (Mar 2023) to 30.2% (Dec 2025), a reduction of 5.33% over 3 years. Part due to QIP dilution but trend needs monitoring. (2) ROE of 9.98% is below cost of equity — management must improve capital efficiency. (3) Working capital deterioration needs explanation (ADS long-cycle acknowledged, but auto WC also expanded). (4) US plant decision still pending — lack of clarity on global footprint strategy.
A12
Issues · Risks · Bear Case Triggers
Risk Matrix
Risk Probability Impact Mitigant
Customer Concentration (Hero+Bajaj+Honda+TVS = ~60%) Medium High Diversifying to export OEMs + ADS customers
EV Disruption — ICE volume decline faster than expected Medium Medium-High Tech-agnostic products; EV crankshaft supply ongoing
ADS Execution Delay (Airbus/Defence schedule slippage) Low-Med High ₹3,800 Cr order book + NADCAP certification
Rising Working Capital (WC days 70 vs 29 historically) High Medium QIP cash buffer; ADS WC acknowledged by management
Forex Risk (26% revenue in exports — EUR/USD sensitive) Medium Medium Natural hedge (imported raw materials); forward covers
India-US Trade Uncertainty (9% revenue at risk) Low-Med Low-Med US plant option; tariff structures manageable
Promoter Stake Dilution Continuing Low Medium No pledge; promoters still at 30%+
Commodity Inflation (Steel/Alloy prices) Medium Medium Most auto contracts have material price pass-through clauses
A13
Key Milestones & Metrics to Track — Quarterly Dashboard
⭐ Critical
📡
Primary KPIs (Watch Every Quarter)
1. ADS Revenue % of Total — Must cross 20% by FY27. Q3FY26 = 13.9%. This is the single most important re-rating metric.

2. ADS Order Book Drawdown Rate — ₹3,800 Cr book vs revenue booked. Faster execution = positive signal.

3. EBITDA Margin — Watch for step-up past 18.5% as ADS scales (target 20% by FY28).
📊
Financial KPIs
4. Working Capital Days — Must stabilise <80 days even as ADS scales. Current 70 days needs watching.

5. ROCE trajectory — Target 20% by FY28 from current 13.3%. FY26E ~14–15% is the first step.

6. Interest cost / PBT — Should remain below 10% (currently ~7% TTM). Near-zero debt = structural advantage.
🎯
Strategic Milestones
7. Pantnagar Ramp — Target ₹500 Cr annual run-rate from new plant. Q1FY27 should show first meaningful contribution.

8. US Plant Decision — Post India-US trade deal. Binary event for export revenue uplift.

9. New ADS Customer Wins — Beyond Airbus: Boeing, DRDO, HAL, semiconductor OEMs.

10. Promoter Holding — Any further decline below 28% would be a red flag.
A14
Ownership Pattern · Smart Money Flows · Institutional Trends
Ownership

Shareholding History (%)

Quarter Promoters FIIs DIIs Public
Mar 202335.4938.1017.009.40
Sep 202335.2229.0025.1110.66
Mar 202435.0422.1128.5614.23
Sep 202434.7819.5132.4713.18
Dec 202430.3320.5437.5311.55
Mar 202530.3520.1037.0112.49
Jun 202530.3419.5336.8813.18
Sep 202530.2419.5836.9913.14
Dec 202530.17 ↓19.36 ↓36.30 ↑14.09

Ownership Mix (Dec 2025)

30.2%
Promoters
19.4%
FIIs
36.3%
DIIs
14.1%
Public
🟢
DII Smart Money: STRONG ACCUMULATION
DIIs have aggressively bought Sansera — from 17% (Mar 2023) to 36.3% (Dec 2025). This is a ~19 percentage point increase in 2.5 years. Domestic mutual funds (likely Mirae, Nippon, HDFC MF, SBI MF) are clearly building large conviction positions. This is the strongest smart money signal in the shareholding pattern.
🔶
FII: Moderate Reduction
FIIs reduced from 38.1% (Mar 2023) to 19.4% (Dec 2025) — a significant reduction. Partly explained by QIP dilution (new shares created), partly by global EM risk-off in 2023–24. FIIs have stabilised at ~19–20% for 3 quarters — floor may be in place.
🔶
Promoter: Declining Trend (Monitor)
Promoter holding fell from 35.5% to 30.2% — partly from QIP dilution (share count increased). No open-market selling flagged. However, trend must be watched — any sub-28% holding would signal weak conviction.

Part B — Technicals

Chart setup · Momentum · Price action · Entry/Exit framework

B0
Stage Analysis · Setup Classification
Weinstein Framework
📐
Stage Classification: Late Stage 2 / Stage 3 Entry Zone
Sansera made a multi-year base below ₹1,000 (FY24 low ~₹953) and launched a powerful Stage 2 advance — rallying from ₹953 to ₹2,396 (+151%) over approximately 12 months. The stock is currently ~11% below its 52-week high. Two likely interpretations:

(A) Flag/Consolidation within Stage 2 — If price holds above ₹1,900–2,000, this is a bull flag / high-base consolidation within a continuing Stage 2 uptrend. Entry on this pullback is the preferred setup.

(B) Early Stage 3 / Distribution — If price breaks below ₹1,750 with volume, it could signal the Stage 2 advance is complete and Stage 3 topping is beginning. This would require re-evaluation.

Current price at ₹2,133 is above all major moving averages — Stage 2 thesis intact.
Stage
Stage 2 Advance
Consolidating / Flag setup possible
Setup Type
Pullback / Value Entry
Off Stage 2 base breakout
From 52W Low
+121%
Strong Stage 2 advance
From ATH
-11%
Near ATH — not extended
EMA 20-Day
₹1,682
Price well above — bullish
EMA 50-Day
₹1,609
Price well above — bullish
B1
Momentum · Volume · Price Action Analysis
Technicals
RSI (14)
~56
Neutral-Bullish zone; not overbought
MACD
+31.14
Bullish; positive histogram
ADX / Trend Strength
~21
Moderate trend; not strongly trending
Momentum Score
61.2/100
Moderately Bullish (Trendlyne)
Volume Trend
115K Shares/day
NSE+BSE; watch for spikes on breakout
Price vs EMA 200
Above
Structural bull trend intact
📊
Price Action Summary: Sansera broke out from a multi-year base in mid-2025, accelerating from ~₹950 to ₹2,396. The stock is now in a normal post-breakout consolidation phase — typical of Stage 2 stocks. RSI at 56 indicates digestion without overbought conditions. MACD is positive. The absence of a deep correction (price has stayed well above EMA 50) signals strong underlying demand. A high-base consolidation between ₹1,900–2,200 followed by a fresh breakout above ₹2,400 would be the ideal setup.
B2
Key Price Levels — Support & Resistance
Levels

Critical Price Zones

ATH / Hard Resistance
₹2,396
52-week high; breakout above = continuation signal
Current Price
₹2,133
CMP — mid consolidation zone
Resistance Zone
₹2,200–2,250
Minor supply zone; needs to clear on volume
Support 1 (Key)
₹1,950–2,000
Post-breakout consolidation base; EMA 20 + structural support
Support 2 (Strong)
₹1,750–1,800
QIP issue price zone; institutional cost base; EMA 50
Hard Stop (Stage 2 End)
₹1,600
Below this = Stage 2 thesis broken; exit signal
52-Week Low
₹953
Multi-year base — historical support
Price Scale Visual
₹2,396 — ATH
₹2,250 — Resistance
₹2,133 — CMP ◀
₹1,950–2,000 — Support 1
₹1,750–1,800 — Support 2 (QIP base)
₹1,600 — Hard Stop
₹953 — 52W Low
B3
Trend · Relative Strength vs Nifty & Sector
Trend Analysis
Primary Trend
Bullish
Price > EMA 20, 50, 200
Intermediate Trend
Consolidating
Range ₹1,950–₹2,396
Short-Term Trend
Sideways
Post-ATH consolidation
1-Year Performance
+121%
vs Nifty ~+8% (est.)
💪
Relative Strength — Strong Outperformer
SANSERA has returned +121% from its 52-week low vs Nifty's ~8% — implying exceptional relative strength. The stock is classified as a "Strong Performer, Getting Expensive" by Trendlyne. Within the auto ancillary universe, Sansera is a clear momentum leader driven by the ADS narrative. DII accumulation at scale (from 17% to 36%) validates the RS dominance — institutional investors are running SANSERA as a high-conviction idea.
⚠️
RS Risk: After a 121% run, SANSERA's relative strength will face a higher bar. If the broader market weakens, high-multiple momentum stocks face the sharpest corrections. Watch if SANSERA starts underperforming Nifty or the auto ancillary index for 2+ consecutive weeks — that would be an exit warning.
B4
Risk:Reward Analysis — Entry Scenarios
R:R
Scenario Entry Zone Stop Loss Target 1 Target 2 R:R Comment
Preferred: Pullback Entry ₹1,950–2,000 ₹1,750 (-12%) ₹2,443 ₹2,700 1:2.4 Best R:R — wait for pullback to Support 1
Current Market: Momentum ₹2,100–2,150 ₹1,900 (-10%) ₹2,443 ₹2,700 1:1.5 Acceptable R:R for conviction; tight stop
Aggressive: Breakout Entry ₹2,400+ (breakout above ATH) ₹2,200 (-8%) ₹2,700 ₹3,000 1:1.5–2.0 Only on high volume breakout above ₹2,396
⚖️
R:R Summary: At CMP ₹2,133, R:R is marginal (~1:1.5). The optimal entry is on a pullback to ₹1,950–2,000 which would offer R:R of ~1:2.4 with a stop at ₹1,750. Position sizing: 2–3% of portfolio at current levels given elevated valuation; add to 4–5% on pullback to preferred zone. Do not chase at ATH without a breakout confirmation.
B5
Entry · Exit · Milestones — Trade Management
Execution Plan
🟢 ENTRY ZONES
Zone A (Preferred): ₹1,950–2,000
Wait for pullback — best R:R

Zone B (Current Market): ₹2,100–2,150
Partial position; accumulate on dips

Zone C (Momentum): ₹2,400+ on ATH breakout with volume
Aggressive; smaller position size

Add to position triggers:
• ADS % crosses 18% of revenue mix
• New major aerospace customer win
• EBITDA margin >18.5% for 2 consecutive quarters
🔴 EXIT TRIGGERS
Hard Stop: ₹1,750 (close below)
Stage 2 thesis invalidated

Partial Profit T1: ₹2,443
HDFC Securities target; book 40–50%

Full Target T2: ₹2,700–3,000
FY27 earnings-based; 18-month view

Thesis-break exits (regardless of price):
• ADS order book cancellation >10%
• EBITDA margin falls below 16%
• Promoter stake below 26%
• Major customer loss (Hero / Bajaj)
• Negative FCF for 3 consecutive years
📍 KEY MILESTONES
Q4FY26 Results (May 2026):
• ADS revenue: Watch for ₹130+ Cr
• Full-year guidance confirmation

Q1FY27 (Aug 2026):
• Pantnagar plant first contributions
• xEV order ramp

FY27 Annual:
• ADS at ₹500–600 Cr (the big test)
• EBITDA margin 18.5–19%
• ROCE approaching 16–17%

Event Catalysts:
• India-EU FTA signing
• US plant decision announcement
• New ADS customer (Boeing / DRDO)
• Analyst initiations (Kotak, Motilal)
SEBI Compliance Disclaimer: This report is prepared by Primaegis Research for educational and informational purposes only. It does not constitute investment advice, a solicitation, or a recommendation to buy or sell any securities. The analysis is based on publicly available information including company filings, concall transcripts, and third-party research. Investments in equity markets are subject to market risks. Past performance is not indicative of future returns. Readers are advised to exercise independent judgment and consult a SEBI-registered investment advisor before making any investment decision. Primaegis Research is not registered as an Investment Advisor under SEBI (Investment Advisers) Regulations, 2013.

Sources: Screener.in · Sansera Engineering Concall Q3FY26 (Feb 2026) · HDFC Securities Institutional Research (Feb 11, 2026) · InvestyWise · Trendlyne · BSE/NSE Filings · ACMA Industry Data · HDFC Sky Research

Report Date: 02 April 2026  |  Analyst: Primaegis Research Team  |  Next Review: Post Q4FY26 Results (May 2026)