SPR Auto Technologies Limited(SHRIPISTON)

NSE: SHRIPISTONBSE: 544344

₹ 4,290-0.96%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 19,900 crNext results: 30 Oct 2026Website: www.shrirampistons.comUpdated: 24 Oct 2026

About

SPR Auto Technologies Limited (formerly Shriram Pistons & Rings Limited) manufactures pistons, rings, pins, and engine components for the Indian automotive market, and following its January 2026 acquisition of three Grupo Antolin India entities, also produces automotive interior systems including headliners, door panels, trims, and lighting. The group reported consolidated total income of ₹45,713 million in FY26, growing 25% YoY to an all-time high. Powertrain-agnostic businesses - automotive interiors, high-precision plastics, and EV motors - contributed over 35% of consolidated total income as of Q1 FY27.^[1][2]

Business segments

Standalone legacy segment (pistons, rings, pins, engine components) generated ₹36,261 million in FY26, +10.5% YoY, and represented the core of the group's manufacturing base.^[1]
Antolin automotive interiors (headliners, door panels, trims, sun visors, lighting, touch panels) were consolidated from 8 January 2026 and contributed meaningfully to consolidated FY26 revenue; the entities had revenues of ₹11,791 million in FY25 at ~9 - 10% EBITDA margin pre-acquisition.^[3][4]
Precision plastics subsidiaries (SPR Takahata, SPR TGPEL) and EV motors/controllers (EMFi) are the remaining consolidated segments; subsidiaries collectively grew ~74% in revenue in Q2 FY26.^[3]
Non-automotive applications of the legacy piston business - marine, defence, snowmobile, compressor, lawnmower - grew at 15 - 20% CAGR over FY22 - FY26.^[2]

Products and portfolio

The legacy standalone business supplies pistons, rings and pins for two-wheelers, three-wheelers, passenger vehicles, tractors, commercial vehicles, and gensets across ICE platforms.^[1]
The Antolin entities supply automotive interior systems: headliners, trims, door panels, sun visors, lighting modules, and touch panels to OEM customers in India.^[3][4]
EMFi manufactures electric motors and controllers for low-voltage (<300V) and high-voltage (up to 800V) applications across two-wheelers, buses, and mining equipment, including hairpin winding technology.^[1]
CAFE-compliant piston and ring products carry higher realisations due to advanced coatings and technology content; SPR validated products for E20, E40, and E85 flex-fuel blends with no incremental capex required.^[2]

Manufacturing operations

The standalone legacy business operates plants at Ghaziabad and Pathredi, with Phase 3 expansion at SPL Pithampur (Indore) commenced in Q2 FY26 and ongoing capacity additions as of FY26.^[1][3]
SPR Takahata is building a new precision plastic injection moulding facility at Neemrana (Phase 3); SPR TGPEL is expanding at its Noida plant, which is in the capacity fill-up phase as of Q1 FY27.^[1][2]
EMFi's state-of-the-art Coimbatore plant for EV motors and controllers was inaugurated in November 2025 and reached full operational capacity; the facility enabled EMFi to double revenue in FY26.^[4][2]
Piston manufacturing capacity was bolstered via acquisition of plant and machinery from Sunbeam Lightweighting Solutions (a Craftsman Automation subsidiary) for ₹280 million; completion of asset transfer was confirmed in Q1 FY27.^[4][2]
Total group capex was approximately ₹200 crore in FY26; the company plans to maintain capex at approximately ₹200 crore per year for the next 2 - 3 years.^[1]

Key operating numbers

Consolidated EBITDA margin was 21.6% in FY26 and 18.9% in Q1 FY27 (down from 22.5% in Q1 FY26), with standalone EBITDA margin at 21.0% in Q1 FY27 (down from 23.5% in Q1 FY26).^[1][2]
Antolin automotive interior EBITDA margin improved from 7 - 8% at the time of acquisition to the early mid-teens by Q1 FY27, attributed to synergies and fixed-cost streamlining.^[2]
Standalone legacy business outgrew the manufacturing industry: standalone unit volume growth exceeded 16% in Q1 FY27 versus industry manufacturing growth of 12 - 14%; standalone revenue grew ~12% by value due to mix shift toward smaller vehicles.^[2]
Standalone gross margin moderated to 56 - 57% in Q1 FY27 from a historical range of 59 - 61%, driven by product mix shift toward smaller vehicles following GST changes.^[2]
Standalone export revenue was ₹4,954 million in FY26, +1 - 1.5% YoY, remaining below the FY24 peak of ₹5,182 million due to geopolitical headwinds in Europe and the Middle East.^[1]
Consolidated net debt was approximately ₹550 crore as of June 2026, with a consolidated net debt-to-equity ratio of 0.2x in Q1 FY27.^[2]

Customers and distribution

The standalone business supplies OEM customers across all major vehicle segments in India: two-wheelers, three-wheelers, passenger vehicles, tractors, commercial vehicles, and gensets.^[1]
Export revenue represented approximately 18 - 20% of standalone revenue in Q3 FY26; new North America customer wins were expected to scale under favourable tariff dynamics.^[4]
Powertrain-agnostic businesses exceeded 35% of consolidated total income as of Q1 FY27; approximately 60% of the overall consolidated business is positioned to be relatively insulated from EV penetration impact.^[2]

Expansion and capex

Takahata Phase 4 expansion has commenced; production revenues from this phase are expected from early FY28.^[2]
Antolin automotive interior margins are targeted to approach standalone company level (~23%) within less than three years through synergies, in-sourcing, and technology initiatives requiring customer approvals.^[1]
EMFi is expected to capture the full-year benefit of Coimbatore capacity in FY27 (commissioned December 2025); revenue doubling trajectory is expected to continue.^[2]
M&A team is actively evaluating multiple opportunities in the ₹300 - 1,500 crore size range; the company's stated net debt-to-equity ceiling for acquisitions is approximately 1x against a current 0.2x.^[2]
Hybrid engine co-development programs with major OEMs are targeting model launches around 2029 - 2030; SPR is engaged on multiple turbo and non-turbo hybrid platforms.^[1]

Recent developments

In August 2026 the company raised ₹9,99,99,97,440 through a Qualified Institutional Placement, allotting 23,36,448 equity shares at ₹4,280 per share to 45 investors.^[5]
On 8 January 2026, SPR completed the acquisition of 100% of three Grupo Antolin India entities (ALIPL, GAIPL, GACPL) at an enterprise value of EUR 159 million (~₹16,700 million) on a debt-free, cash-free basis.^[4][3]
The company completed the acquisition of piston manufacturing plant and machinery from Sunbeam Lightweighting Solutions Limited during Q1 FY27, adding piston capacity to meet growing OEM demand.^[2]
The company was renamed from Shriram Pistons & Rings Limited to SPR Auto Technologies Limited following receipt of shareholder and regulatory approvals; the name change was proposed in Q3 FY26.^[4]
NCDs of ₹10,000 million issued in two tranches (18-month and 24-month) to fund the Antolin acquisition are scheduled for repayment by January 2028 with no prepayment planned.^[1][4]

Market Cap

₹19,900 Cr

High / Low

₹4,835 / 2,528

Stock P/E

33.8

Price / Book

6.6

Book Value

₹659

EPS

₹125.4

No. of Shares

4.4 Cr

ROCE

21.0%

ROE

20.9%

OPM

18.4%

Debt / Equity

0.64

Sales

₹4,459 Cr

Net Profit

₹561 Cr

Promoter holding

41.5%

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