Sundram Fasteners Ltd.: Exports spoil the show - Company Update
29 Jan 2026
Companies Updates
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn leading to cut in TP. SFL’s performance in 3QFY26 remained mixed, as strong domestic performance (in-line with underlying industry) was partly offset by continued weakness in exports. While there are several factors driving growth over longer term like ramp up of wind energy and high margin EV orders along with addition of new products, the prevailing weak demand in export markets, pushback of EV order, ongoing tariff concerns, and delayed recovery in global CV/PV demand are leading to our cautious view.
Moderate show on consol. revenues:
SFL reported consolidated revenues of Rs15.4bn (+7% yoy; 1% qoq) in 3QFY26, slightly below our estimate of Rs15.5bn, primarily due to muted exports. The domestic revenue growth of 18% was in-line with the underlying industry growth, driven by strong pickup in M&H CV demand. However, export revenues declined by 15% yoy due to weakness in demand (especially for trucks) and US tariffs.
Margins remain stable due to several tailwinds:
SFL reported 15.6% margins; -21bps yoy; -101bps qoq, as higher margins on standalone business was dent by weak margins at overseas subsidiaries. With support from other income, adjusted for one-time expense on change in labour codes, SFL reported a 10% yoy growth in PAT at Rs1.44bn.
Uncertainty on demand and limited short-term triggers:
SFL has plans with respect to introducing new components and adding new customers which should help them deliver growth better than the underlying industry. This includes scaling up high margin fasteners for Aerospace and railways. SFL is diverting its export volumes from the US to new avenues in Europe. The new capacities are already commissioned for wind energy and EV. However, near-term prospects remain subdued given lack of visibility in export demand (particularly in North America), ongoing tariff-related issues, offsetting the pickup in domestic CV/PV demand, leading to poor earnings forecast for FY26E and improvement in exports only in FY27. The dispatch of the US EV order is expected to scale up more gradual than expected previously, starting in 2HFY27.
Valuation, view and key risks:
With no earnings change for FY26/ FY27E, we expect a 10%/14%/18% CAGR in Rev/ EBITDA/PAT over FY25-28E. We value SFL at 26x Dec’27(previously 30x) PE ratio to arrive at a target price of Rs1035/share (previously Rs1085) and maintain Accumulate rating. We have lowered our multiple to account for extended weakness on exports including delay in EV order to North America. Key risks: Failure to diversify end user industry, weakness in exports.
Company website: https://www.sundram.com/
| Rating | Accumulate |
|---|---|
| CMP* | INR 900 |
| Target Price | INR 1035 |
| Upside | 14% |
*CMP is as per report published date
Click to download the full Sundram Fasteners Ltd. Q3FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on Sundram Fasteners Ltd. Q3FY26 Company Update
Overview: Sundram Fasteners is a well-established automotive component manufacturer with strong domestic demand and global export presence. While export markets remain weak in the near term, the company continues to invest in new product segments and emerging industries.
1. Why was Sundram Fasteners’ target price revised lower?
The target price was reduced mainly due to prolonged weakness in export markets and delays in EV orders from North America, which impacted near-term earnings visibility.
2. How strong is the company’s domestic business?
Domestic revenue grew 18% year-on-year in Q3FY26, supported by strong demand in the commercial vehicle segment and steady industry growth in India.
3. What are Sundram Fasteners’ key future growth drivers?
Future growth is expected from expansion into aerospace fasteners, railway components, EV components and wind energy applications.
4. How is the company addressing export market weakness?
Sundram Fasteners is diversifying its export markets by redirecting volumes from the US toward Europe and expanding into new industrial segments.
5. What risks should investors monitor?
Key risks include continued export demand weakness, delays in EV order execution and dependence on the automotive sector.
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The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
