SHRIPISTON
Micro CapShriram Pistons & Rings Limited
Auto
SPR Auto Technologies Ltd. (formerly Shriram Pistons & Rings) is a leading Indian auto component manufacturer with 5+ decades of presence. It produces pistons, rings, pins, and engine valves, serving OEM, aftermarket, and exports across 45+ countries. The company is diversifying into ICE-agnostic products like EV motors/controllers, high-precision injection molded parts, and automotive interior/lighting solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +47% YoY · PAT +5% YoY · +42% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,456 Cr | +47.4% | +42.3% |
| EBITDA | ₹268 Cr | +27.6% | +30.1% |
| Operating margin | 18.0% | -300 bps | -200 bps |
| PAT | ₹159 Cr | +4.6% | +26.2% |
| PAT margin | 10.9% | -446 bps | -140 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated FY26 revenue surged 25% YoY to Rs 45,713 Mn, driven by acquisitions, but EBITDA margin compressed to 21.6% (vs 22.8% FY25) and PAT margin to 12.3% (vs 14.1% FY25), partly due to non-recurring expenses. Q4FY26 saw similar trends with strong revenue growth but margin decline.
The company's aggressive acquisition strategy for diversification has significantly boosted consolidated revenue but led to margin compression and a substantial increase in debt. While strategically sound for de-risking, the immediate financial impact and integration challenges warrant close monitoring.
Export Revenue FY26 Region-wise Exports Mix
Latest issuer-disclosed distribution across 6 reported categories.
Diversification into ICE-Agnostic Products
Acquired 100% stake in SPR Auto Interior Lighting Solutions, SPR Auto Interior Solutions, SPR Auto Interior Solutions Chakan in Jan 2026.
Alternate Fuel Solutions for ICE
Focussed on developing components for Alternate Fuel Solutions for ICE, including CNG, LNG/PNG, Hydrogen, Flex, Hybrid.
Indian Auto Industry Growth
Indian automotive industry witnessing steady demand recovery, especially in passenger vehicles and two-wheelers.
Exports Leadership
#1 Exporter of Pistons, Piston Rings, Pistons Pins & Engine Valves, with presence in 45+ countries.
EV Plant
New State-of-the-Art EV Plant started at Coimbatore for motors and controllers.
Automotive Interior Solutions Facilities
Acquired 5 manufacturing facilities (2 each in Chakan & Pune, 1 in Chennai) for automotive interior solutions.
Global Surface Treatment Facility
Established 3rd plant for Global surface treatment facility at Ghaziabad, Uttar Pradesh (2023).
Strong Domestic Auto Demand
Indian automotive industry is witnessing steady demand recovery, especially in passenger vehicles and two-wheelers.
Premiumisation Trend
Premiumisation remains a major trend; consumers increasingly opting for SUVs, higher variants, and feature-rich vehicles.
Global Supply Chain Diversification
Indian manufacturers benefiting from global supply-chain diversification and rising localisation.
Sustained ICE Market Growth
Global ICE Market Size expected to grow at 6.3% CAGR (2025E-2030P); Indian ICE Market Size at 7.6% CAGR.
EV Adoption Challenges
EV industry faces high ownership/replacement costs, limited charging infrastructure, insufficient power grid, and absence of resale market.
Margin Compression Post-Acquisitions
Consolidated EBITDA margin declined to 21.6% in FY26 from 22.8% in FY25, and PAT margin to 12.3% from 14.1%.
Increased Debt Burden
Debt-to-Equity ratio increased to 0.62x in FY26 from 0.19x in FY25 due to Rs. 10,000 Million NCDs for Antolin acquisition.
Acquisition Integration & Profitability
Rapid pace of acquisitions (Takahata, TGPEL, EMFi, Karna, Antolin group) poses integration challenges and impacts consolidated margins.
Increased Finance Costs
Finance costs increased to Rs. 622 Million in FY26 from Rs. 344 Million in FY25 due to higher borrowings.
Competition
Future business prospects are subject to risks and uncertainties including competition (both domestic and international).
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual performance and the impact of strategic acquisitions over time. QoQ comparison for Q4FY26 is also relevant to gauge recent sequential momentum and the immediate effects of new business integration.
Total Income Growth (Consolidated)
Total Income 45,713 Million (+25% YoY) for FY26; Total Income 14,807 Million (+46% YoY) for Q4FY26.
EBITDA Margin (Consolidated)
EBITDA Margin 21.6% (FY26) vs 22.8% (FY25); EBITDA Margin 19.8% (Q4FY26) vs 23.4% (Q4FY25).
PAT Margin (Consolidated)
PAT Margin 12.3% (FY26) vs 14.1% (FY25); PAT Margin 10.7% (Q4FY26) vs 14.9% (Q4FY25).
Domestic Auto Production Volumes
Indian Automobile Domestic Production Volumes increased +12% YoY to 36.0 Million Units in FY26.
Powertrain De-risked Business Model
Diverse presence across ICE and EV components underscores commitment to a powertrain de-risked business model.
ICE Engine Growth Continuation
Management believes Internal Combustion (IC) Engines will continue to grow with the growing Automotive Industry.
Debt Normalization
Debt-to-Equity Ratio of 0.59x (standalone) would get normalised with the repayment of the debentures.
Focus on Capital Efficiency
Focusing on capital efficiency evident in significant strengthening of industry leading EBITDA margins from 15.9% in FY22 to 23.3% in FY26 (Standalone).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 21.6% (FY26) | Stabilization or improvement in margins as new acquisitions are integrated and synergies realized. |
| Consolidated Debt-to-Equity Ratio | 0.62x (FY26) | Reduction in debt levels and improvement in interest coverage ratio. |
| Revenue from Powertrain Agnostic Products | Over 35% of Consolidated Total Revenue | Continued growth and profitability contribution from diversified, ICE-agnostic segments. |
| EV Plant Utilization & Order Wins | New State-of-the-Art EV Plant started at Coimbatore. | Ramp-up of production, capacity utilization, and significant order wins for EV motors and controllers. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +14.9% / mo
Technical chart
SHRIPISTONdaily · 1Y+21.8%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 44.
- SMA20 falling (~6.6% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 20.2%.
- Growth contributes 21/25 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 80th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 80th pctile, median 71 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸ROCE is 21%.
- ▸8/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸ROCE trend is -4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 25.40
- P/B
- 5.00
- EV/EBITDA
- 14.65
- Market Cap
- 14507.00Cr
Profitability
- ROE
- 21.60%
- ROCE
- 21.00%
- ROA
- 9.12%
- Dividend Y
- 0.30%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 14.13×
- Altman Z
- 4.69
- Book Value
- 659.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 625.00 Cr
- EPS TTM
- 125.43
Shareholding
- Promoter Hold
- 43.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.