Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Oct - Newspaper Publication regarding Special Window - Re-lodgement for transfer of physical shares
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:15 pm ISTDetails
Quote21 Oct, 01:15 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
54NeutralMACD + · near 52W high · sector -2.4pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 43
Sector 3M: -8.5% vs Nifty 500 -6.0%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SHRIPISTOND candles · FIT view+29.3%TODAY · PROVISIONALLatest price ₹4494.90 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.4%
RSI
51
MACD hist
12.78
52W pos
85%
2026-10-21O ₹4605.60H ₹4617.50L ₹4462.10C ₹4494.90Vol 31,328 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SHRIPISTONNifty AutoNifty 500
- SHRIPISTON
- +9.1%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +14.7 pp
Chart stats
19 Oct 2026- From 52W high
- -4.6%
- 52W range position
- 90%
- ATR (14)
- 3.6%
- Volume vs 20D
- 1.18x
- Avg traded value
- ₹41 Cr
- 20D price channel
- ₹4,227.3 - ₹4,843
₹4,843
₹2,525.8 - ₹4,843
₹166.4
Latest completed session
20-session average
39.6% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +53.1% · PAT +9.6% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+8.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +53% YoY · PAT +10% YoY
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 36.80
- P/B
- 7.03
- EV/EBITDA
- 19.81
- Market Cap
- 21465.00Cr
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
- 6.11
- 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
- 91%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 4,970+11.5% vs prev
Net Profit
₹ CrLatest: 516+17.5% vs prev
Return on Equity
%Latest: 21.6-5.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 51.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 78% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
+1.0%
3M return
+9.1%
6M return
+28.7%
1Y return
+70.9%
RS 1D
0
RS 20D
0
Sector rank
#3
Industry rank
#30
Stage evidence
- Price is 17.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
06 Apr 2026
S2 age
139 trading sessions
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 176.49+0.85%
RS vs Nifty 500176
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth19/25
Quality13/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 19/25 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
36.8
PB
7.0
EV/EBITDA
19.8
ROE
21.4%
ROCE
20.8%
FCF Yield
—
Debt/Equity
0.2
MoS
+8.9%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+8.9%
Previous: +6.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
53
53
53
53
53
53
53
50
50
50
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,377.33
-226.3% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹4,932.09
+8.9% MoS
PEG
0.99
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JAMNAAUTO
Micro
Jamna Auto Industries Limited
Auto Components
match 164
62
24.1
22.3%
+38%
UNDERVALUED
JBMA
Small
JBM Auto Limited
Auto Components
match 161
34
55.4
15.7%
-45%
WATCHLIST
RKFORGE
Large
Ramkrishna Forgings Limited
Auto Components
match 160
29
112.0
2.5%
-202%
OVERVALUED
WHEELS
Small
Wheels India Limited
Auto Components
match 159
50
36.3
15.8%
+5%
FAIR VALUE
SSWL
Small
Steel Strips Wheels Limited
Auto Components
match 158
38
30.4
11.0%
+21%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-22T07:09:08.680Z
Management commentary snapshot
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.
Current business mix
Consolidated Revenue Mix (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Core - OEM55.0%
Core - Aftermarket13.0%
Core - Export11.0%
High-Precision Plastic11.0%
EV Motors & Controllers2.0%
Auto Interior Solutions8.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 76th percentile within Auto. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
43 docs text-extracted · 17 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · Auto: 76th pctile, median 74 · Micro: 79th pctile, median 73
Evidence depth
Financial-only
43 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Shriram Pistons & Rings Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 4 Sep - Board appointed Nilesh Jain as CS & Compliance Officer from Sept 5, 2026; Nidhi Kandwal resigned Sept 4, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 4 Sep - Board appointed Nilesh Jain as Company Secretary from September 5, 2026; noted Nidhi Kandwal’s resignation.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 17 Aug - SPR Auto opens QIP on Aug 17, 2026; floor price ₹4,438.20, issue up to ₹1,000 crore.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 20 Aug - QIP closed August 20, 2026; 23,36,448 shares allotted at ₹4,280 each.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Allotment 20 Aug - SPR Auto allotted 23.36 lakh shares via QIP at ₹4,280, raising ₹1,000 crore on August 20, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Qualified Institutional Placement 20 Aug - SPR Auto allotted 23.36 lakh shares in QIP on August 20, 2026, raising about ₹1,000 crore.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 11 Aug - Virtual and physical investor meetings with HSBC MF, ICICI MF, UTI MF and others concluded on August 11, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d - SPR Auto Technologies Limited - Q1 FY27 Earnings Call Wednesday, August 5, 2026 at 4:00 p.m. (IST)
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.