Sazgar Engineering Works (SAZEW) Q4 2025 earnings summary

Executive summary

• FY25 net sales reached a record Rs. 108.69bn, up 88.57% YoY, while net profit rose 105.86% to Rs. 16.34bn; growth was driven mainly by HAVAL four-wheelers.

• Four-wheeler expansion and New Energy Vehicle launches remain central to growth plans; the home appliances business is to be discontinued effective September 1, 2025.

Financial highlights

• Net sales Rs. 108.69bn vs Rs. 57.64bn; gross profit Rs. 31.64bn vs Rs. 15.65bn; operating profit Rs. 25.61bn vs Rs. 12.45bn.

• Profit before tax Rs. 26.74bn vs Rs. 13.12bn; net profit Rs. 16.34bn vs Rs. 7.94bn; EPS Rs. 270.26 vs Rs. 131.29.

• Operating cash flow was Rs. 14.11bn, capital expenditure Rs. 3.73bn and year-end cash and cash equivalents Rs. 16.60bn.

• Gross margin improved to 29.11% from 27.14%; finance cost rose to Rs. 230.30m from Rs. 168.91m.

Outlook and guidance

• CKD rollout of New Energy Vehicle models was rescheduled to March 31, 2026; TANK-500 and CANNON PHEV CKD rollouts are planned by that date.

• Three-wheelers are expected to sustain growth and deliver stronger sales volumes; tractor wheel rims remain under pressure from weak tractor demand.

• Exports remain a strategic priority, with continued efforts to increase export volumes; the outlook also cites potential disruption from heavy rain or flash floods.