NSE: SHRIPISTON · BSE: 544344
SPR AUTO TECHNOLOGIES LTD
Manufactures automotive components for Indian and global vehicle makers, with a core legacy in pistons now expanded into interiors, lighting, precision plastics and EV motors. The business supplies powertrain-dependent parts (pistons and related engine components) and powertrain-agnostic products (interiors, lighting, plastic mouldings) to vehicle OEMs. In January 2026 it acquired three Grupo Antolin India entities for around INR 16,700 million, adding automotive interiors and lighting capabilities, and bought piston manufacturing assets from Sunbeam Lightweighting Solutions for INR 28 crore. FY26 consolidated total income reached INR 4,571 crores (up 25% year-on-year), with EBITDA of INR 989 crores; about 35% of Q4 FY26 consolidated revenue came from powertrain-agnostic businesses, and roughly 60% of the business is now described as powertrain-agnostic. The cost base is dominated by raw materials at 44.7% of revenue, followed by employees at 12.9% and other operating expenses at 21.3%. The company operates 9 plants in India, exports to 45 countries (14% of turnover), and is funding capacity expansion of around INR 200 crores per year through FY27-FY29 across facilities at Neemrana, Noida, Pithampur, Ghaziabad and Pathredi. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Powertrain-dependent components, Powertrain-agnostic components (35%). Cyclical, asset-heavy auto component manufacturer with a diversified product portfolio across powertrain and non-powertrain categories.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2,609 | 3,089 | 3,550 | 4,459 |
| EBITDA (ex other income) | 460 | 642 | 724 | 849 |
| margin % | 17.6 | 20.8 | 20.4 | 19.0 |
| Owners' profit | 293 | 439 | 507 | 553 |
| EPS, as reported (₹) | 133.43 | 100.47 | 115.02 | 125.43 |
| ROE % · ROCE % | 19.1 · 23.2 | 21.7 · 26.6 | 20.6 · 25.5 | 18.6 · 18.0 |
| Debt / equity (x) | 0.19 | 0.23 | 0.19 | 0.62 |
| Cash from operations | 395 | 487 | 434 | 625 |
| Capex | (50) | (142) | (172) | (185) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 877 | 848 | 988 | 963 | 1,017 | 1,023 | 1,456 | 1,474 |
| Profit before tax | 168 | 159 | 201 | 183 | 192 | 169 | 206 | 195 |
| Net profit | 126 | 121 | 152 | 135 | 142 | 126 | 159 | 148 |
| EPS (₹) | 28.32 | 27.22 | 33.27 | 30.35 | 31.76 | 27.93 | 35.47 | 32.78 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 35.1 | 25.3 | 79 of 119 | 34% |
| P/B | 6.5 | 3.2 | 95 of 117 | 19% |
| ROCE | 16.6 | 12.6 | 39 of 125 | 69% |
| ROE | 18.6 | 11.7 | 28 of 117 | 77% |
| Debt / Equity | 0.6 | 0.3 | 87 of 117 | 26% |
| EBITDA margin | 19.2 | 12.2 | 20 of 118 | 84% |
| Revenue growth | 53.1 | 20.2 | 4 of 113 | 97% |
| Profit growth | 9.5 | 24.4 | 71 of 115 | 39% |
| Market cap | 19782 | 1460 | 17 of 126 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Postal ballot approves Arun Kumar Shukla as director | management changes | medium | — | — |
| 16 Oct 2026 · SPR Auto Technologies schedules Q2 and H1 FY27 earnings call on Nov 2 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · NCD outstanding details as of September 30, 2026 | compliance | minimal | — | — |
| 14 Oct 2026 · Board meeting on Oct 30, 2026 to consider Q2 FY26-27 results | results | low | — | — |
| 9 Oct 2026 · Newspaper notice on reopening special window for physical share transfer | compliance | minimal | — | — |
| 8 Oct 2026 · RTA compliance certificate for share demat, Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · SPR Auto Technologies makes timely NCD interest payment of about INR 18.46 Cr | credit debt | low | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Newspaper ad for Postal Ballot Notice dispatch and remote e-voting | compliance | minimal | — | — |
| 22 Sept 2026 · Postal ballot for appointment of Arun Kumar Shukla as Director for 5 years | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.