Emkay Global Financial: Buy Sandhar Technologies, Target Rs 825

• Emkay Global Financial recommends a "BUY" rating for Sandhar Technologies with a target price of Rs 825, implying a 51% upside.
• The company has completed a deep capacity build-out phase (FY21-25) and is now expected to reap benefits from past investments.
• Key growth drivers include a widening ADC portfolio, scale-up of the sheet-metal segment, premiumization in smart locks, and an incubated EV portfolio.
• Overseas portfolio shows early signs of recovery, and all five JVs have been PAT-positive since FY24.
• Emkay projects 14/20/22% revenue/EBITDA/EPS CAGR over FY26E-28E, noting the stock trades at a significant discount to peers.

Why It Matters: This report indicates Sandhar Technologies is a strong buy with high upside.