Shriram Pistons & Rings Limited (SHRIPISTON)
Micro CapAuto stocks · Micro cap · NSE
SPR Auto Technologies Limited (formerly Shriram Pistons & Rings Limited) is an Indian automotive component manufacturer with over 50 years of history. Traditionally strong in ICE components (pistons, rings, valves), the company has strategically diversified into high-precision injection molded components, EV motors & controllers, and automotive interior & lighting solutions through recent M&A.
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 30 Jun 2026
Average · 32/100margin compression · Rev +53% YoY · PAT +10% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,474 Cr | +53.1% | +1.2% |
| EBITDA | ₹258 Cr | +32.3% | -3.7% |
| Operating margin | 18.0% | -200 bps | +0 bps |
| PAT | ₹148 Cr | +9.6% | -6.9% |
| PAT margin | 10.0% | -398 bps | -88 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated revenue grew 25% YoY to Rs 45,713 Mn, with EBITDA of Rs 9,885 Mn (21.6% margin) and PAT of Rs 5,614 Mn (12.3% margin). Net Debt to Equity increased to 0.62x from 0.19x in FY25, reflecting significant M&A investments.
While SPR Auto Technologies delivered strong top-line growth and maintained margins in FY26, the aggressive M&A strategy has significantly increased debt. The long-term success hinges on effective integration of acquired businesses and realizing synergies, especially in new, diverse segments like EV and interiors, which are capital-intensive and competitive.
Consolidated Revenue Mix (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Diversification into ICE-Agnostic Products
PositiveAcquisitions in high-precision injection molded components, EV motors & controllers, and automotive interior solutions aim for sustained growth.
Market Leadership in Core Business
PositiveHolds 48.4% market share in domestic OEM piston/piston assembly and engine valves, growing faster than the industry.
EV Motors & Controllers Segment
PositiveEMFI holds 4.2% market share in 2W EV motors & controllers, positioned to capture rising EV penetration.
Automotive Interior Solutions
PositiveAcquisition of Antolin India businesses gives 24.6% market share in this segment, diversifying product portfolio.
New Manufacturing Facilities via M&A
PositiveAcquired facilities in Neemrana (SPR Takahata), Noida (SPR TGPEL), Coimbatore (SPR EMFi), Bahadurgarh (Karna Intertech), and Chakan/Pune/Chennai (SPR Auto Interior Solutions).
Renewable Energy Integration
Positive27 MW solar power at Ghaziabad, 1.9 MW rooftop solar at Pathredi, 4 MW solar at Bulandshahr, and 1 MW solar at Pithampur.
Growing Indian Automobile Market
PositiveDomestic production volumes grew ~10% CAGR (FY23-FY26) and sales volumes ~9% CAGR (FY23-FY26).
Continued ICE Engine Demand
PositiveEV industry faces challenges; segments like HCV, Railways, Tractors, Gensets remain reliant on diesel, ensuring ICE growth.
Premiumisation Trend
PositiveConsumers opting for SUVs, higher variants, and feature-rich vehicles, helping automakers improve margins.
EV Penetration Challenges
NegativeHigher ownership costs, high replacement costs, minuscule maintenance network, and lack of charging infrastructure slow mass EV adoption.
Insufficient Power Grid Capabilities
NegativeInadequate distribution infrastructure and slow grid response times bottleneck fast-charger deployment for EVs.
Increased Debt from Acquisitions
NegativeNet Debt to Equity ratio rose to 0.62x in FY26 from 0.19x in FY25 due to significant M&A investments.
Integration Risk of Acquired Businesses
NeutralSuccessful integration of multiple recent acquisitions (Takahata, EMFI, TGPEL, Karna, Antolin businesses) is crucial for realizing synergies.
Declining Profitability Metrics
NegativeEBITDA margin, PAT margin, RoCE, and RoE all declined in FY26 compared to FY25.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
The document presents financial results on an annual basis (FY24, FY25, FY26), making year-over-year comparison the most appropriate for assessing performance trends and growth.
Revenue from Operations (Consolidated)
PositiveGrew 25% YoY to Rs 44,587 Mn in FY26.
EBITDA Margin
Neutral21.6% in FY26, down from 22.8% in FY25.
PAT Margin
Neutral12.3% in FY26, down from 14.1% in FY25, impacted by Rs 271 Mn non-recurring expense.
Core Business Market Share (Domestic OEMs)
Positive48.4% in Piston/Piston assembly and Engine Valves as of March 31, 2026.
Focus on Alternate Fuel Solutions
PositiveTech Centre developing components for E100 fuel, advanced CNG, hydrogen-based solutions, and EV components.
Powertrain Agnostic Business Model
PositiveDiversification into ICE agnostic products aims to prolong sustainable growth trajectory and provide resilience.
Prudent Use of Capital
NeutralAcquired top players in respective segments while maintaining 18%+ return metrics.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to Equity | 0.62x (FY26) | Deleveraging trend and efficient capital allocation post-M&A. |
| EBITDA Margin | 21.6% (FY26) | Stabilization or improvement, indicating successful integration and cost management. |
| Revenue Contribution from New Segments | 45% (FY26, non-core) | Continued growth and profitability contribution from high-precision plastics, EV, and interior solutions. |
| RoCE / RoE | 18.6% (FY26) | Reversal of the declining trend, indicating efficient use of increased capital. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +5.4% / mo · MACD − · near 52W high · sector -3.3pp vs Nifty (3M)
Technical chart
SHRIPISTONdaily · 1Y · AUTO+51.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.1% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 5% off 52W high · 80% 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
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 52 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 10.8%.
- Growth contributes 19/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 88th percentile of the scored universe and 75th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 2.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 75th pctile, median 74 · Micro: 79th pctile, median 73
43 documents have extracted text, 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.
- ▸10 years of positive FCF.
- ▸ROCE is 20.8%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 2.2%.
- ▸ROCE trend is -4.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.10
- P/B
- 6.88
- EV/EBITDA
- 19.43
- Market Cap
- 21045.00Cr
Profitability
- ROE
- 21.40%
- ROCE
- 20.80%
- ROA
- 9.36%
- Dividend Y
- 0.22%
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 45.00%
- Revenue 3Y
- 20.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 10.79×
- Altman Z
- 6.03
- Book Value
- 659.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 10/5
- OCF
- 625.00 Cr
- EPS TTM
- 127.94
Shareholding
- Promoter Hold
- 41.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 88%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
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.