Sandhar Technologies Limited (NSE: SANDHAR) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Jayant Davar — Chairman, Managing Director, and Chief Executive Officer
Yashpal Jain — Chief Financial Officer & Company Secretary
Analysts:
Chirag Jain — Analyst
Aditya Kondawar — Analyst
Aniket — Analyst
Basanth Patil — Analyst
Meet Rachchh — Analyst
Radha Agarwalla — Analyst
Maitri Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Sandhar Technologies Limited Q3FY26 earnings conference call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then 0 on your touchtone 4. Please note that this conference is being recorded. I now hand the conference over to Mr. Chirag Jain from MK Global. Thank you. And over to you sir.
Chirag Jain — Analyst
Thank you. Huda. Good morning everyone. On behalf of MK Global Financial Services I would like to welcome you all to the 3Q FY26 earnings conference call of Sandar Technologies Limited. Today we have with us from the management team Mr. Jayant Dawar, Executive Chairman, Director and CEO. Mr. Neel Jai Dawar, Director. Mr. Gurvinder Jit Singh, whole time Director and Head of corporate strategy. And Mr. Yashpal Jain, Chief Financial Officer and Company Secretary. We will begin the call with opening comments from the management team followed by Q and a session. Over to you, Mr. Dawar.
Jayant Davar — Chairman, Managing Director, and Chief Executive Officer
Thank you, Chirag. So let me begin with my gratitude to MK as well as to chorus for organizing this call. Good morning to everyone. It seems we are in good times. From what I understand. And if I reflect on what Mr. Chandra, President of SIAM said that 2025 has been a landmark year for the Indian auto industry. The year began a little subdued in the first half but has picked up in the third quarter. And to give you the good news, the passenger vehicle segment posted its highest ever sales of quarter three at 12.76 lakhs.
In two wheelers. Quarter three again two wheelers posted their highest ever quarter three sales of 5.7 million. If I look at three wheelers again, quarter three has posted their highest ever quarter three numbers of 2.15 lakhs. Commercial vehicles again recorded its highest ever sales of quarter three of 2.90 lakhs. So as we sit here today, of course these are the final numbers of the OEMs in quarter three. Which meant that the auto component industry was most active in quarter two because there is a lag. But what I see going forward is that the outlook for this particular quarter for the auto component industry and even the first quarter of the next financial year for the auto segment itself seems to be very, very bullish.
As we sit and talk here today, we as a company have very clearly given our investor presentation. I’m sure all of you have a copy. But to give you some highlights of this particular presentation, we’ve largely divided it into three different parts. One is the India operations which is the existing business. One is the India operations which are new businesses that the company has added or have taken in in terms of the acquisitions. Then there is the overseas business which again is the third element of this particular presentation. Add to this there are elements of the EV business, the subsidiaries and the joint ventures.
So to give you a broad slide, let me just give you some numbers. I know you have those numbers, but if I Look at quarter three numbers, our revenue from operations grew by 24% on a nine month basis we grew by 26%. Overseas business, the revenue of operations was down by 0.6, but EBITDA was up by 68%. If I look at nine month period, the revenue from operations grew by 2%. On a consolidated business growth quarter three numbers, we’ve grown by 22%. On a nine month basis, we’ve grown by 24%. In terms of joint ventures, all the five joint ventures have performed satisfactorily, registering revenue of 61.69 crores and total EBITDA at 7.40 crores for quarter three and 21 crores for nine months of the current financial year.
Overseas subsidiaries and business I’ve already mentioned there has been a slight decline. But despite the slight decline in revenue, the losses have been cut down to 8 crores versus almost 11 crores in quarter 325. And the company, you’d be happy to know, has taken many steps to reduce the cost, increase operational efficiency and expand the customer and product base. We are very, very hopeful that this particular quarter we should be able to break even. As I had mentioned, even in the previous calls, the European markets continue to witness uncertainty. But with the steps that we have taken as a company, I am sure that we will move ahead in a positive direction from now on.
In terms of EVs, we’ve started doing commercial invoicing of battery chargers and motor controllers. We are getting a positive response from the market. So far we’ve generated a revenue of 12.18% which is multiple times of what we had done in the previous year. And now that it’s fully operational, we expect that the next full year will dramatically improve over the performance so far. So those are my opening comments in the call today. There is me, there is Mr. G.J. sen, whole time director, there is Mr. Neil Dawat and there is Mr. Yashpal Jain who is the CFO of the company who should be able to answer all your questions regarding any kind of numbers.
What has happened, what is likely to happen are things that he would be able to take on very comfortably. With that, I open the conference once again with a big thank you. We are happy to take your questions from now on. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is on the line of Aditya from Complete Circle Capital. Please go ahead.
Aditya Kondawar
Hi Team Sandar. Congrats on a great set of performance. My first question was on the margins. If you can just give any outlook on that. And number two, in the EU or any other geographies abroad, are you looking at any more acquisitions? Thank you.
Jayant Davar
Aditya. Thank you for that question. Just to give you a broad side so that everybody also understands. Like I said, we’ve divided the presentation into three distinct parts. On the existing business, the revenue has grown by 14.5%. The EBITDA margin has gone up from 10.5% to 11.9%. The EBIT again has increased. And the interesting thing is that the ROCE analyzed for the existing business has gone up from 16.3% to 21.1%. So there is a distinct improvement that is happening in every segment. If I look at the new projects, the new projects are obviously very, very small in terms of revenue.
We have gone up from a revenue of only 2.74 crores to 305 crores in the nine month period. The EBITDA which was minus has come into positive territory. And again we are very bullish on this going forward overseas business. Again, while the revenue has gone up only by 2% in this nine month period. We do believe that this last quarter will be the turning quarter for the company in terms of negating any negative numbers that we were getting so far. Yashpalji, in case you could come in and explain this a little more to the satisfaction of Aditya.
Yashpal Jain
Yeah, sure sir. So like Aditya, if you see the figures, basically the nine months figures, if we say we have a cumulative loss of 25.81 crores in the overseas business which is partly on account of translation losses, partly on account of the operations. Operations. But now the effective measures have been taken. So going forward, starting quarter four of the current financial year and quarter one of the next financial year, this would be turning to positive. So if we consider the coming financial year, this negative contribution from the overseas is likely to be eliminated. Similarly, the new projects which has sustained a loss of close to 24.98 crores.
So again around 25 crore. So taking together is 50 crores for both these overseas as well as our new projects. So new projects are also showing a healthy sign of turnaround which are currently visible from the improvement in EBITDA level. Also. So starting from April 26, these projects will also turn around. So gradually the margin should go up.
Aditya Kondawar
For any color on any acquisitions or any potential target that you’re looking at.
Yashpal Jain
Well, I’ll tell this ongoing process, if any good opportunity comes up, we keep on evaluating. But if it fits into our parameters, then only we pursue the same. Otherwise we don’t pursue it. We have set some internal parameters in terms of financial and operational evaluation for the target entities. And unfortunately for one and a half years we have been in touch with many of these opportunities but none of them could fit into our parameters. So we are on the lookout but at the right time for the right opportunity, we might go for it. Depending on this other.
I mean many factors are sure.
Aditya Kondawar
So thank you.
Jayant Davar
In simple terms, there is nothing on the table today. If there is something that were to arrive which was going to. Which is very very exciting. We we are open to pursuing it. Is all I’m gonna. Is all I’m going to leave you with.
Aditya Kondawar
You’re full sir. Thank you.
operator
Thank you. The next question is from the line of Aniket from CR Kothari and Sons. Please go ahead.
Aniket
Thank you for the opportunity. First of all, congratulations great set of members. My specific question would be regarding to the previous guidance.
operator
Actually there is a lot of disturbance from your line. Can you please check.
Aniket
Hello. Hello.
operator
Yes, please continue.
Aniket
So my specific question first of all I have two questions. The first one will be regarding like the previous guidance which was provided in the earlier calls were about like 3040 basis points improvement in the EBITDA. Was it including other income or excluding other.
Jayant Davar
A lot of background sound chorus. Can we. Yashpalji, you want to take that question?
Yashpal Jain
Yeah, yeah, sure sir. I mean I was just waiting for the second question also if you can put the second question also.
Aniket
The second. Question is regarding the currently as India is pouring into multiple trade deals and deals with Europe European countries as well. So I wanted to understand what would be the impact on the companies like product demand and supply side.
Yashpal Jain
Sure. So first question I’ll answer. So earlier guidance that we have given to you was excluding this I would say one time profit on sale of our one of the existing land parcels in Pina Bangalore from which we got a profit of 34 crores. So obviously that is only extraordinary income you can say. But that plant was a part of our operations and we merged that operation into one of our another plant as a. I mean as a part of our. To lean the operations wherever we don’t require the larger facilities or I would say the headcount.
I mean the number of the facilities. Secondly in terms of 30 to 40 this improvement in the margins. Yes we were projecting it. But as we have, I mean tried to present to the investors that existing business we are up to the markup that we were expecting to go. Except there has been a slight fall in the quarter when that we explained to the investor community during quarter one also due to disturbances in the productions from one of the OEs and also the slowdown in the off highway vehicle segment. Apart from that we are very well on the track that we have guided to the market.
And quarter four will be a more better quarter because quarter three has a lesser number of working days in terms of. There’s always a closure in the last week of December at various OE zone. So quarter four will be the better one and I think we would be able to improve our margins.
Aniket
So just for the final remark, it would be excluding or including other income.
Yashpal Jain
We whenever we count, we count excluding extraordinary other income. But there are certain regular incomes which are classified as per the accounting standard other income but they are part of operations only. So as the classification is based on the accounting standards the India. But some of these incomes are in the nature of operating income but they are not classified as revenue from operation. They are classified as other income. As other operating income. Yeah. Second portion. Sir, you would like to reply or in terms of the straight deal with Europe.
Jayant Davar
What was the second question? Come come again? It wasn’t very clear. There was a background.
Aniket
Okay, so I’ll primary. So it was regarding the demand supply for products in overseas markets as India is getting into multiple deals with just recently EU and the UK So just wanted to understand the total impact on the products of our company. If I can get a bifurcation that would be great.
Jayant Davar
To be honest, if you look at the entire auto industry and the auto industry that was largely supplying to OEMs there is hardly any impact because if there were parts that were going to the commercial vehicle segment or otherwise to the US or To the eu, there were exemptions already in place where the punitive tariffs were not being considered at all. It was only in the case of aftermarket that the impact of the tariffs was felt. So to that end, people who are in the aftermarket in terms of exports, they will probably benefit. We as a company, we are an OEM directed company, largely wherever our incomes from overseas is concerned, whether they are from India or from our international operations.
So the impact on us in terms of our current operations is not there. But we do believe that going forward this would lead to several other opportunities as Europe and America start looking at India for a larger base for supply. But to answer your questions directly, as of now, is there an impact and will we suffer or gain? And the answer is no.
Aniket
Okay, thank you for the clarity, sir. I’ll join back with you and wait for my chance.
Jayant Davar
All right,
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star N1 on their restaurant telephone. The next question is from the line of Basant Patil from the wealth company. Please proceed.
Basanth Patil
Yeah, hello sir. Yeah, thanks for the opportunity. Sir, just wanted to understand your thought process on overseas debt. Actually. So if you look at last one year trajectory, we are on the elevated curve only. So there is no declining trend actually which has not seen even if you look at the performances of the overseas actually still at the operating level, we continue to do the losses. So what would be the rational are what you think going ahead down the line, two, three years is there could be any opportunity to liquidate some of the assets to repay the debt. Or you have to burn the cash from India earnings what we earn here and we should able to sell the debt there.
Jayant Davar
I’ll let Yashpaji answer the question. But a large part of it is translation in terms of debt that was already there. Yashpaji, you want to come?
Yashpal Jain
Yes, sir. Yeah. So like in overseas. Yeah, There has been a little pressure on account of the business being slow over there. So the increase in debt is because of two factors. Like one is if you see if we compare from March 25, because we have a borrowings there in overseas in USDs and Euro which are serviced in USD and Euros. And we are earning in the same currencies. So directly on a realization basis, we are not incurring any exchange losses. But the Euro has moved from 92.43 rupees to 105.49. And similarly dollar has moved from 85 rupees to 90 rupees.
In terms of translation. So Partial of the debt increases on account of the translation losses that we have been putting to convert the same into Indian gap as per the Indian gap because we are our group currencies Indian rupees are There is yes there is an increase in the debt in clear terms in US Visa that is shown in the investor presentation chart. Also this is on account because earlier they were having the bill discounting facilities which were classified into current liabilities because as per the accounting standard even ifrs also the current liabilities and in India as also the current this build is counting the part of current liabilities.
But since it was a costly affair for us because bill discounting was literally about 10% over there the bill discounting entirely we have switched from to a clean debt in terms of WCDL. So now it is being added to the overseas debt. So so these are the major two components and some is the routine CapEx that we have done over there which is not a bigger amount. It’s around 18 to 20 crores in terms of maintenance and like stuff in terms of repayment of the debt we are. We have been able to service the debt from there itself.
As of now we haven’t remitted any money from India. The only arrangement with the bankers is that we have extended the comfort letter from India and the standby letter of credit from India and borrowings have been secured at overseas level and they have been able to service their debt requirements although there has not been a cut down in the debt. But starting April 26 once the operations are back to the track they will start I mean repaying their debt in a proportion of the cash earnings that they will be generating.
Basanth Patil
Okay, thank you. Thank you. And yeah Andy, one more question sir actually on the overseas performance. So what is your thought for next at least for one year when you are going to see the aggressive ramp up and improvement in the margins especially I hope all the core geographies are aluminum die casting only. So in even going to be going ahead there is a lot of pressure on the aluminum prices which have been elevated since now. So how much of this kind of the losses. So you won’t be able to take a pass through agreement to treat me to the claims and how it is actually so definitely there could be losses.
What is your just wanted to understand in that second for your.
Yashpal Jain
Yes, yeah sure. So with the. I mean the. With the efforts put in place with the changes put in place starting April 26th the overseas should not sustain losses. This is the first thing despite aluminum prices being stronger because we have Pass through with the customers also. But operationally the, I mean the entire operations have been, I would say restructured. Many of the things have been put in, I mean new things have been put in place. Some old practices have been done away with and it’s not only from the financial restructuring also, but we have done from the operational side also on.
So I don’t think there is any reason why we should not see any improvement starting April 26th in the overseas also. So we are hopeful that starting first part of the next financial year overseas will go back to the old trajectory that they used to be.
Basanth Patil
So old trajectory means that means close to high single digit kind of the operating margins.
Yashpal Jain
Yeah, yeah, yeah. Around 9 to 10% of margins. Starting. Starting. Yeah.
Basanth Patil
Okay, thank you sir. I’ll come.
Yashpal Jain
Sure. Thank you.
operator
Thank you. The next question is from the line of meet from Aquarius pms. Please go ahead.
Meet Rachchh
Yeah, thanks for the opportunity. Am I audible?
operator
Yes sir.
Jayant Davar
Yes you are.
Meet Rachchh
Yeah, yeah. So firstly on Sundaram ADC business, what was the contribution in Q3 and how are the margins trending in that business?
Yashpal Jain
So in Q3 as we, I mean formed in the earlier quarters also that this year would be a pressure year for the Solaram business because we are operating from a different premises. So this year the it was at a break even at the EBITDA level. And on our revenue size it was 82 crores of revenue the business gave us. However, the EBITDA was around 5 lakhs only. So it was more of a break even at the EBITDA level.
Okay. Going forward like April 26th or early week of May 26th, we will be completing the switch over of the plant from the existing to our own premises. So starting financial year 2627 we are expecting to in the first year to go back at a margin of seven to seven and a half percent. And in the next three years to reach, to create, I mean to reach the level of nine and a half percent that we are getting in the other EDC businesses also.
Meet Rachchh
Okay. Okay. And in terms of revenue rendered For Sundaram, can FY27 exceed 500 crores?
Yashpal Jain
They should be around 500 crores.
Meet Rachchh
Okay, okay, okay. And second in terms of if you look at the product mix, so what products are housed under the other segment? So I just wanted to understand the maybe a seasonality aspect or some other thing because contribution of others has decreased from 7 and a half percent to 2% in this quarter. If I look at QQ.
Yashpal Jain
Yeah, exactly. So others are very miscellaneous products. I Mean there’s a big set of other activities that we are doing. Like there’s a plastics business. There’s other businesses also which are not classified into above 6, 7, 8 categories.
So one of the reasons for the if you see the fall in the above category is that some of those business have matured and they have been. I would say they have been merged with the above businesses. This is the nature of those businesses. But largely it remains to be a very residual class. I would say more than 1820 type of other businesses are there. I mean small type of project products which cannot be classified over here.
Yashpal Jain
Okay. So contribution from those products will remain at around 2, 3%.
Yashpal Jain
Yeah. It will be 2, 3% only.
If that crosses around 100 crores or 200 crores of the mark then it would be classified as a separate product based in the list. Till that time it will be forming part of others only.
Meet Rachchh
Understood? Understood. So sir, if we if you look at two things. First Sundaram business turning profitable in FY27 and maybe some meaningful improvement in overseas profitability which you just highlighted. So how one should look at FY27 and 28 margins at a control level.
Yashpal Jain
Yeah, yeah, sure. So I would respond in a manner like 25.81 crores we have sustained losses in overseas business.
Right. And another 25 crore fees are lost from these new businesses on. And the higher side is on the Sundam Clayton one out of this 24.81. If you see our slide number. Right. So at the current levels of the P l account this 50 crores should add to our bottom line that we have shown in this nine months. To be very clear. So like we are showing a net profit of 134.84 for the nine months. Right sir. In the slide number eight. So 50 crores eventually should add plus quarter four of profit. So it comes 193.
190. Oh sorry. 184. And another should be around 225. Something roughly. So rough estimates are. And by the starting of first quarter we’ll come back with the new guidelines. But this 50 crores will eventually add to our margins. We are hopeful that these business will turn around.
Meet Rachchh
Okay. Okay. Thank you. Thank you.
operator
Thank you. The next question is from the line of Aniket from CR Kothari Suns and Stockbroking Ltd. Please go ahead.
Aniket
Thank you once again. So my question is around the EV side of our business. Can I get a bifurcation for the Q3 and nine months of this current year?
Jayant Davar
This is for the EV business.
Aniket
Yes.
Jayant Davar
EV business is just starting to ramp up and yeah. So in terms of revenue based it’s a 12 crores of revenue that we have generated as of data and the larger portion has come flown in the third quarter itself. Around five and a half. Half crores of revenue has flown in this third quarter. Fourth quarter would be more, much better. As per the estimate this would be higher. So it’s slowly ramping up. But as of now these figures are not so comparable with other business verticals that we are doing that we have got.
Aniket
Yeah. So we can say it is kind of growing. But aluminum die casting and cable fabrication would be on the greater side of the percentage.
Jayant Davar
Aluminum die casting, the casting, machining, tooling and the sheet metal one. Because sheet metal we have two types of business. One is the cabins and fabrication. Other is a sheet metal other than off highway vehicles. So the off highway vehicle will have a growth but not up to that level with the sheet metal will have. Because we have done investments more into sheet metal business compared to the cabins business cabins. It is also expecting a growth of 15, 16% in the coming financial years.
Aniket
Yeah, thank you.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star N1 on their rush to and telephone. The next question is from the line of Chirag Jain from MK Global. Please go ahead.
Chirag Jain
Yeah, sir, just few clarification or let’s say questions around the new businesses. Let’s say smart clocks, we have let’s say two OEMs as of now in terms of orders. So any progress in terms of how the ramp up would be and any let’s say new client addition in that part of the business.
Jayant Davar
Chirag, from what I understand we have two main customers. The rest are still to be still to take to commercial production and commercial launch for their products with smart locks in the market. The way I see it, the volumes that were projected about three years ago seem to be slowing down in terms of adoption because of high prices. But the ones that have been launched while the movement and the adoption is slow, it is definitely there. We do expect that going forward there will be more adoption. But the levels of adoption and the speed and pace of adoptions will not be as was expected three to four years ago.
So in this particular year, which is 26, 27 the coming year, we do expect that the numbers for this would still be less than 2 to 3% of the overall market.
Chirag Jain
Understood. And any update on the Hyundai business for the electronic mirrors in terms of sop?
Jayant Davar
Yes, yes. So we’ve got to go ahead now. We start supplies on 1 April. It was supposed to be end of February but now we’ve got a go ahead for mass supplies from the 1st of April.
Chirag Jain
Understood. And just lastly in terms of your overseas business, I think we had mentioned about few new client wins. So any update or progress on that?
Jayant Davar
Yes, we have new client wins. We also have seen that the market in Europe and America is sustainable. It’s not growing as we had expected. But luckily for us the new wins that we had in terms of substitution from other suppliers is now becoming active. And therefore what Yashpalji said will. Will take shape in the starting from next quarter.
Chirag Jain
Understood. Thank you so much. We’ll go back to the question queue. Huda.
operator
Yes sir. Thank you. The next question is from the line of Radha from BNK securities. Please proceed.
Radha Agarwalla
Hi sir. Thank you for the opportunity. Sir, you mentioned any opening remarks that the commercial vehicle sales has been all time high in this quarter. But if we compare the cabin and fabrication performance as compared to the industry sales volume it appears to be muted. So is there any market share loss in this cabin and fabrication department or how is the way to look at this business?
Yashpal Jain
Yeah, rather. Yes sir. Sure. Sir, you can answer.
Jayant Davar
Oh sorry Radha. I’m sorry. I was on mute And I was speaking. The commercial vehicles have had their highest ever quarter three sales of almost 2.9 lakhs in quarter three. But the cabin and fabrication doesn’t fall into the commercial vehicle category. We call it the construction and off highway equipment. There. There. We believe that you know because of the change in the engine norms that happened last. Happened last year. The initial year, the first half and even quarter three there wasn’t much movement. But we do see the increase in volumes and increase in orders starting from this particular quarter.
So you would see then that will also ramp up the way we look at how things are going to be in the quarter that we are running in and for the next full calendar and financial year.
Radha Agarwalla
So if we compare the four wheeler including CV that performance with the industry CV sales volume. So I’m not taking the cabin fabrication but I’m just taking two wheeler. Four wheeler, that number. So that also remains muted. So this can be compared with the CV industry sales.
Jayant Davar
Which one? Which one? Come again?
Radha Agarwalla
The four wheeler sales, sir.
Jayant Davar
No, are you talking about our India operations?
Radha Agarwalla
Over also in the presentation we give a bifurcation two wheeler, four wheeler off highway. I’m looking at the four wheeler pins.
Jayant Davar
Let me look at that. Okay. Okay.
Yashpal Jain
Yeah, yeah. So I’ll just answer sir, the breakup you are referring it comprised of a overseas business as well as the India passenger car vehicles. That what you are referring to the passenger vehicle four wheeler in the presentation?
Radha Agarwalla
Yes, the four wheeler including cv.
Yashpal Jain
Yeah. So like if you go with the vehicles, pvc, cv, commercial vehicles, we don’t have a much larger share in the commercial vehicles. So it has been merged in other. Sir, while passenger vehicles is showing separately now this is how it is 11.2% for quarter three and on nine months it is 12.8%. The fall is basically primarily in India. We have Honda cars as the customer. So the volumes Honda cars are down. And as well as overseas business is now again going, I mean it will go back to the old levels. So once this happens, the volumes will again go back to around 15, 16% as we used to have earlier.
Radha Agarwalla
So what gives us confidence of turnaround in overseas business in the next quarter?
Yashpal Jain
The turnaround there have been many factors as I mentioned in the earlier to the earlier participant also at the operational side also and in terms of the financial restructuring also in terms of their payables, receivers, debt, we have done a complete restructuring. The effect of will start flowing from next month onwards because it normally takes two to three months to get the documents endorsed from the counterparty in overseas. Similarly in operation side also because overseas have some, I would say strict norms compared to India in terms of the labor also in terms of other operation aspects.
So now we have been able to do the same. So that’s the reason we are hoping and expecting that starting April 26th there should be turnaround in the overseas business also.
Jayant Davar
Let me also add that. Let me also add that some of the new projects which were in the pipeline now go into manufacturing with us. So with that happening, obviously the revenue will also rise. And as Yashpalji said, in terms of restructuring our operations, both from a financial standpoint as well as from an operational standpoint, we plugged in a lot of gaps that we felt we could with how we anticipated things to be. Those have been done. And keeping all these measures in mind, we are very, very hopeful and bullish on these operations. Now going back to track as to how they used to be.
Radha Agarwalla
Volume growth, you’re expecting 15, 16% in the overseas business, is that right?
Jayant Davar
Well, it could be on the overall platform and on the basis. Yes, we do believe that the volume and the revenue growth could be of that order. Yes.
Radha Agarwalla
The last question is on the Sundaram plan. The Sundaram revenue used to be 100 crores per quarter and EBITDA at 3,4 crores. So on a QOQ basis you mentioned to the previous participant the numbers. So it seems that both the revenue and EBITDA have come down while the plant was at the same temperature in the previous quarter as well. Then what has led to this? And by when do you expect 500 crore revenue? And at 500 crore and what margins are you expecting?
Yashpal Jain
So quarter three, the revenue and margins are down because for a week the operations were running at a very low capacity and last five, six days they were shut down because TVS was also under maintenance so we could supply them before the that part period. So that’s the reason the revenues have been 82 and a half crores against 100 crores that we are getting in the earlier two quarters. Similarly, the reasons of fall in profit is also attributable to the low volumes because of fixed cost remains the same. And as I mentioned to the earlier participants, starting April 26 for 26, 27, I think this plant should be at around seven to seven and a half percent of EBITDA margin in the first year.
And in next two to three years it should go to nine to nine, nine and a half that we are getting from other businesses in aluminum die casting because shifting will be completed by the end of April or the first week of May. And then we will have the full ramp up capacity in the new plant. Plus there is an impact of. Yeah, yeah, please.
Jayant Davar
Rather there is no shortage of orders. Yeah, it is, it is, it is the constraints that we have operating from the existing facility which is transitory. And for your information, the new plant is almost complete now. We are now fixing it up with utilities and we are quite confident that we should be able to run trials in the beginning of April. And within April itself we should be able to move the entire facility to the new plant.
Radha Agarwalla
That’s great, sir, thanks. And all the best to the team.
operator
Thank you. The next question is from the line of Maitri Shah from Sapphire Capital. Please proceed.
Maitri Shah
Yeah. Hello, Mahadavar.
operator
Yes, ma’. Am.
Maitri Shah
Yeah, yeah. Good morning. Just a few questions. Firstly, on the targets for revenues for the existing business on the Indian side, we grew more than now 11.9% margin. So do you see such growth being sustainable for the next fiscal year? Are we targeting even more?
Jayant Davar
Maitre. Quick answer to this is we’ve grown at the number that we had projected and I see no reason why the next year and the year after that should not continue with the same rate of growth. We have the Infrastructure in place. We have the orders in place. And of course, unless something unduly happens in the world, which obviously is something which we cannot control, we do believe that our highway is now quite clear and is allowing us that particular kind of growth for the foreseeable future.
Maitri Shah
Okay, that’s great. And we do maintain the 12% EBITDA margin going forward as well. On the existing side.
Jayant Davar
Well, we are looking. So this is a combination of margins. It depends on the average route of both our proprietary business, our aluminum business, our sheet metal business. But suffice to say that each one of these areas is looking to improve their margins. I would not be able to give you an exact number, but I can definitely say that the overall margins will improve from here on even further.
Maitri Shah
That is great, Priya. And on the new businesses, we’ve seen a massive growth this year. What sort of margins do you expect going forward from next year and any good growth targets you have for this business? On the India new business side,
Jayant Davar
the. India new business side, the India new business is largely businesses which have, which are new plants. So there’s a plan that we have two new facilities that have become active in Pune. There is a new facility in Chennai, and there is of course the Sundaram Clayton business. These are things that we’ve defined as our new projects which have been in initial stages. Again, there would be a hybrid of several things. But like I said, there would be a dramatic difference and an improvement in these businesses in terms of margins and a dramatic growth. You’ve already seen revenue go from nine months, 25, from 2.74 to 305.
You would see a dramatic improvement in the revenues and you would see an even much more dramatic improvement in terms of margins.
Maitri Shah
Any quantification on the margin side since you mentioned that?
Jayant Davar
Like I said, it’s like I said, it is a hybrid. For example, Mr. Yashpalji just said that in terms of casting businesses, we do imagine that the new businesses would take us from break even EBITDA to about 7, 7 and a half percent in the coming year. So in the sheet metal business, again there have been improvements and we will continue to see those improvements happening as we go forward. There are some elements of the EV business which are in losses and we do imagine that in the next year we should be close to break even there as well.
So if you were to combine it leads up to several hybrid numbers for which I cannot give you a single number today.
Maitri Shah
Okay. Yeah, that is it from my side. Thank you so much.
operator
Thank you. As There are no further questions from the participants. I now hand the conference over to the management for closing comments. Over to you, sir.
Jayant Davar
All right. With that, I think we come to the end of our question answer. I hope we’ve been able to satisfy. We tried to. To the best of our ability. Let me once again use this platform to invite you all to visit some of our plants for you to get a closer look at what we do, how we do, how we operate. And we’d be very happy to answer your questions in person as well. But for today, I want to thank Oris. I want to thank MK and Chirag for putting this call together. I will leave you all on a happy note which says that the immediate water looks extremely exciting.
And the next year also looks very, very exciting. With our plans. Roads all ready for takeoff. With that, thank you all once again on behalf of me and my entire team here at Sandhar. Thank you.
operator
Thank you on behalf of MK Global Financial Services limited That concludes this conference. Thank you for joining us. And you may now disconnect our lines. Thank you.