SPR Auto Technologies (formerly Shriram Pistons & Rings) | Aamara Capital Research

SPR Auto Technologies Ltd

Formerly Shriram Pistons & Rings Ltd (originally Shama Pistons & Rings Ltd, incorporated 9 Dec 1963) · NSE: SHRIPISTON (symbol unchanged after the rename) · BSE: 544344 · ISIN INE526E01018 · CIN L29112DL1963PLC004084. Not Shriram Finance, the Chennai Shriram group, SRF or DCM Shriram.

FY26 Revenue (consol.)Rs 4,459 Cr+25.6% YoY · total income Rs 4,571 Cr

FY26 PAT (incl. MI)Rs 561 Cr+8.9% YoY · attributable Rs 552.5 Cr

FY26 EBITDA margin19.6%ex-OI on revenue (company basis incl. OI: 21.6%) · Q1 FY27 17.5% (18.9%)

RoE / RoCE (FY26)20.9% / 21%Screener RoCE; S&P RoCE 16.2%; core piston RoCE ~57% (MOSL)

Quick Verdict Scorecard

BusinessStrong48.4% domestic OEM share; diversifying

ManagementMediumStrong dealmaker; weak on guidance

FinancialMediumMargins, coverage, returns falling

ValuationExpensive36.8x P/E vs 20x 3-yr avg

OverallNeutralQuality franchise, full price

Market Data (16 Oct 2026 close)

Item	Value
CMP	Rs 4,630 (NSE, +6.85% on the day; StockAnalysis Rs 4,629.90). Trigger for the move not identified
Market cap	Rs 21,476 Cr on 4,63,86,272 post-QIP shares
52-week high / low	Rs 4,843 / Rs 2,526 (low Rs 2,525.80, Jan 2026)
P/E (TTM)	36.8x (Screener, consolidated) · 36.2x (S&P) · ~38x on post-QIP diluted TTM EPS ~Rs 121.4
P/B	7.0x reported (BVPS Rs 658.6) · ~5.4x pro-forma post-QIP
EV/EBITDA (TTM)	24.5x (S&P, EV Rs 22,532 Cr) · ~23x pro-forma after QIP cash
Dividend yield	0.22% (FY26 DPS Rs 10)
Returns	1-yr +73%; 5-yr price CAGR 58%; ~+42% YTD to 25 Sep 2026
Listing	NSE (long-standing); BSE direct listing, trading since 4 Feb 2025 (no issuance)
Index membership	Entered smallcap index baskets around Sep 2026 (Nippon Nifty Smallcap 250 entered; MOSL Microcap 250 index exited) [Est., inferred from MF index flows]
Liquidity	Low: ~2,100 shares/day on the BSE quote (18 Aug 2026); NSE volumes higher
Face value / shares	Rs 10 · 4,63,86,272 shares · paid-up Rs 46.39 Cr

Company Overview

Item	Detail
Registered office / HQ	3rd Floor, Himalaya House, 23 Kasturba Gandhi Marg, New Delhi 110001
Founded	9 Dec 1963 (as Shama Pistons & Rings Ltd)
Rename	SPR Auto Technologies Ltd: corporate name effective 2 Apr 2026 (MCA approval; postal ballot 12-13 Mar 2026, 99.9994% in favour). Exchange records updated from 1 Jul 2026 (NSE circular 1012/2026, 24 Jun 2026). Ticker SHRIPISTON unchanged
Promoter	New Delhi Shriram family (Charat Ram branch of the DCM/Lala Shri Ram lineage) via Deepak Shriram Family Benefit Trust + 4 investment companies: 41.55%, 0% pledged
Strategic holder	NPR-RIKEN Niigata Corp (Japan, ring licensor): 20.23%, classed as public
Leadership	Chairman Pradeep Dinodia (non-exec); MD & CEO Krishnakumar Srinivasan; CFO Prem Rathi
Employees (standalone, Mar 2026)	1,478 employees + 8,923 workers (2,400 permanent, 100% unionised; 6,523 contract). Board's Report permanent headcount 3,827
Footprint	14 manufacturing facilities, 8 assembly units, 7 offices, 22 logistics centres; exports to 45 countries
Sector	Auto components: pistons, rings, pins, valves (core); interiors & lighting; precision plastics; EV motors/controllers; tooling
Auditor / rating	Walker Chandiok & Co LLP (since FY24) · India Ratings IND AA+/Stable, IND A1+ (upgraded 11 Feb 2026)

What the Company Does

SPR is India's largest maker of pistons, piston rings, piston pins and engine valves, with 48.4% of the Rs 50.5 Bn domestic OEM market for pistons, piston assemblies and engine valves (FY26, CRISIL data cited by the company) and the #1 Indian exporter of these parts. It sells under the SPR and USHA brands to about 40 OEMs across 2W, PV, CV, tractor, genset, rail and defence engines, to the aftermarket (936 dealers) and to export customers in 45 countries. Since 2023 it has used cash from that franchise to buy into businesses that do not depend on the internal-combustion engine: precision plastics (SPR Takahata 62%, SPR TGPEL 100%), EV motors and controllers (SPR EMF Innovations 72.58%), tooling (Karna Intertech) and, from 8 Jan 2026, automotive interiors and lighting (the three former Grupo Antolin India entities). Core ICE parts fell from 96% of revenue in FY24 to 79% in FY26 and about 65% on a pro-forma full year of interiors [Est.]. The diversification lifted revenue but diluted margins and returns, and was funded first by debt and then by a Rs 1,000 Cr QIP in Aug 2026.

Canonical Figures Used Across This Report (reconciled)

Where inputs disagree, the report uses one figure everywhere and states the alternative. Detailed bridges are in Tab 6.

Item	Figure used	Alternatives in inputs and why they differ
Antolin India price	EV EUR 159 Mn ≈ Rs 1,670 Cr (cash-free, debt-free); recorded purchase consideration Rs 1,708.3 Cr	The ~Rs 38 Cr (2.3%) gap between headline EV and recorded consideration is not explained in any input. [Analyst View] likely closing cash / working-capital adjustments and FX at completion; unverified. FY26 cash-flow "acquisitions" Rs 1,642 Cr (all deals, net) and business-line "M&A spend" Rs 1,763 Cr are different bases
Gross debt	Rs 1,968 Cr consolidated at 31 Mar 2026 (incl. ~Rs 102 Cr leases; S&P Rs 1,969 Cr)	Borrowings ex-leases Rs 1,867 Cr (Rs 18,667 Mn). Gross debt still ~this level: both NCD tranches (Rs 1,000 Cr) outstanding on 30 Sep 2026
Net debt	Rs 1,063 Cr (31 Mar 2026, gross incl. leases less cash and current investments) · ~Rs 550 Cr (30 Jun 2026, management, net D/E 0.2x) · ~zero to net cash post-QIP	Pro-forma after the Rs 1,000 Cr QIP (received ~21 Aug 2026): ~Rs 60 Cr net debt on the Rs 1,063 Cr basis; ~Rs 450 Cr net cash on management's Rs 550 Cr basis. Different cash definitions and dates; neither is wrong
QIP dilution	Share count +5.30% (23,36,448 new shares on 4,40,49,824) = 5.04% of enlarged equity	"~5%" in some inputs is the share of enlarged capital. Promoter 43.75% × 4.405/4.639 = 41.55%; NPR-RIKEN 21.30% → 20.23%
EBITDA margin basis	Ex-OI on revenue (primary): FY24 20.8%, FY25 20.4%, FY26 19.6%, Q4 FY26 18.4%, Q1 FY27 17.5%	Company basis (incl. other income, on total income): 22.9%, 22.8%, 21.6%, 19.8%, 18.9%. Shown in brackets throughout
Revenue / PAT basis	Revenue from operations Rs 4,459 Cr; PAT incl. minority Rs 561 Cr (FY26)	Rs 4,571 Cr is total income; Rs 552.5 Cr is PAT attributable to owners (excludes EMFi ~27% and Takahata 38% minorities)
Sunsure Solarpark stake	Up to Rs 6 Cr for 23.21% (Rs 0.9 Cr tranche 1 by 24 Sep 2026; Rs 5.1 Cr on call)	"Rs 60 Cr" in three inputs is treated as a units slip (Rs 60 Mn)
Free float	~38% ex-promoter, ex-NPR-RIKEN · ~14% non-institutional public ex-NPR-RIKEN	Two definitions: 100 − 41.55 − 20.23 = 38.2%; vs "public" 34.05 − 20.23 ≈ 14%
Rename date	2 Apr 2026 (corporate) / 1 Jul 2026 (exchange records)	Both appear in inputs; they are different legal and listing milestones

Data freshness. Data as of 17 Oct 2026. Latest reported quarter Q1 FY27 (to 30 Jun 2026; results 4 Aug 2026, call 5 Aug). Latest audited year FY26 (to 31 Mar 2026). Q2 FY27 not yet reported: board meeting 30 Oct 2026 (intimation 14 Oct); earnings call 2 Nov 2026, 4:00 pm IST (intimation 16 Oct); trading window closed since 1 Oct 2026. Sep 2026 shareholding pattern (due 21 Oct) not yet published. FY26 annual report PDF and Q1 FY27 deck could not be retrieved (BSE 403), so contingent liabilities, RPT note amounts, PPA split and R&D spend are open items.

Analyst Notes

The editorial read before the data. First-person, Aamara Capital public-markets desk, 17 Oct 2026. All of this is [Analyst View] unless a figure is cited.

What just happened. In 30 months SPR has gone from a net-cash, single-product ICE champion to an acquisition-led auto-components platform. Five deals (EMFi, Takahata, TGPEL, Karna, and the Sunbeam piston lines) culminated in the largest in its history: Grupo Antolin's three Indian entities, closed 8 Jan 2026 at an EV of EUR 159 Mn (~Rs 1,670 Cr; recorded consideration Rs 1,708 Cr). The headline numbers look like hyper-growth (Q1 FY27 consolidated revenue +53%), but profit tells a different story: FY26 PAT +8.9% and Q1 FY27 PAT +9.6%, while the ex-OI EBITDA margin slid from 20.8% (FY24) to 17.5% (Q1 FY27) [18.9% on the company's basis]. Most of the growth was bought, and the bought businesses earn roughly two-thirds of the core margin.

The core is still excellent, but it is not immune. Standalone pistons/rings/valves still earn ~21% EBITDA ex-OI, hold 48.4% domestic OEM share, and MOSL puts core piston RoCE near 57%. Management outgrew industry volumes again in Q1 FY27 (volume +22%, 16%+ on a manufacturing basis vs 12-14% industry). But standalone revenue grew only ~12.5%, standalone EBITDA was flat, and standalone PAT fell 13.8%. Standalone gross margin has slipped from 59-61% to ~56-57% over three quarters, and each time the answer was "mix". Some of that is real: GST 2.0 pushed volumes toward small cars, aluminium ran up to ~40% above base with a one-quarter pass-through lag (~Rs 30 Cr Q1 hit), and the Rs 1,000 Cr NCDs sit at the parent (~Rs 28-29 Cr quarterly interest). But the explanation is wearing thin. An analyst pointed out on the Q1 call that standalone EBITDA margin fell ~200 bp QoQ with gross margin flat, which is an operating-cost problem.

The balance sheet was levered and then de-levered by dilution. Gross debt went from Rs 508 Cr to Rs 1,968 Cr in FY26; interest coverage collapsed from ~21x to ~6.7x (Q1 FY27). The Aug 2026 QIP (Rs 1,000 Cr at Rs 4,280, +5.30% shares) took pro-forma net debt to roughly zero. Yet the NCDs remain outstanding at 7.30-7.35%, management says it will repay "on time" rather than early, and it has floated an M&A range of Rs 300-1,500 Cr. The QIP's stated purpose changed three times ("not for repaying the loan", then "debt repayment and GCP", then "completely fungible"). I read that as: equity was raised for the next deal, and the market should expect one.

What the market is pricing. At Rs 4,630 the stock trades at 36.8x TTM earnings against a 3-year FY-end average of ~20x, ~24x EV/EBITDA against ~12.9x, and a 2.05% FCF yield. Its closest like-for-like ICE peer, Federal-Mogul Goetze, trades at 13.8x P/E and 5.5x EV/EBITDA. The price assumes that the "powertrain-agnostic platform" story succeeds: subsidiary margins converge toward the core, PAT compounds ~21% to FY29 (MOSL), and RoCE recovers to ~28%. The stock is already within 5% of Emkay's Rs 4,850 target and above the Eulerpool median (Rs 4,743); only MOSL's Rs 6,150 (initiated a month after the QIP) leaves meaningful upside. Ownership has rotated from contrarian value buyers (Abakkus, Al Mehwar) and PSU insurers into domestic MFs and QIP anchors. The register is now consensus-long.

What tempers my enthusiasm. (1) Guidance credibility: EMFi was guided to grow 5-7x in FY26 and "doubled"; Coimbatore was ~6 months late; the Antolin target drifted from "close to standalone in under three years" to "mid-teens, I hope"; "hold gross margin" was missed. (2) Disclosure: a single reported segment, no customer concentration, no order book, and unquantified technology fees to five licensors. (3) Goodwill plus intangibles of ~Rs 1,695 Cr are ~58% of FY26 net worth, and Antolin was bought at ~196x trailing entity PAT. (4) A ~20% non-promoter Japanese holder (NPR-RIKEN) whose ring TCA runs to Feb 2028 is a latent supply overhang.

What amplifies it. The ICE consolidation thesis is real: global majors are exiting, rivals are selling capacity (Sunbeam/Craftsman), and CAFE, E85 and hybrid programmes add content per engine to 2029-30. The India Ratings upgrade to AA+ during a debt-funded deal is a genuine signal. Antolin margins have moved from 7-8% to "early-to-mid teens", and the implied subsidiary margin rose from ~13.5% (Q4 FY26) to ~15.1% (Q1 FY27). If the Q1 commodity hit reverses in Q2, the margin trough may already be behind us.

My read. This is a high-quality franchise priced as if the diversification has already worked. Being early here is expensive. Q2 FY27 (30 Oct; call 2 Nov) is the first real test: commodity recovery, the promised H1 segment split, interiors margin, interest cost with QIP cash, and any deal announcement. I would hold off on new money at this multiple and revisit on evidence. Overall: Neutral.

Priced In vs Delivered

What the price implies	What has actually been delivered	Gap
~21% PAT CAGR FY26-29 (MOSL); consensus FY27E PAT Rs 651 Cr, FY28E Rs 851 Cr	FY26 PAT +8.9%; Q1 FY27 PAT +9.6% (consol.), -13.8% (standalone)	Wide
Subsidiary margins converge toward standalone (~21%) within ~3 years	Implied subsidiary EBITDA ~15.1% (Q1 FY27); Antolin early-to-mid teens; target reframed to "mid-teens"	Narrowing
RoCE recovers from ~20% to ~28% by FY29 (MOSL)	RoCE (Screener) 28% FY24 → 21% FY26; ROIC TTM 14.7%	Wide
Diversification de-risks EV transition	Powertrain-agnostic >35% of Q1 FY27 income; ~60% "EV-insulated" (management KPI, not audited)	On track
Commodity hit is timing only	~Rs 30 Cr Q1 FY27 hit; recovery promised in Q2 FY27 (not yet reported)	Pending
QIP cash deployed accretively	No deal announced; NCDs still outstanding at 30 Sep 2026; range Rs 300-1,500 Cr	Pending
Exports recover	Standalone exports Rs 484 Cr (FY25) → Rs 495 Cr (FY26); "recovery" promised for ~6 quarters	Wide

Business Deep-Dive

Products, processes, technology, facilities, certifications, customers and exports. Source: business.md (FY26 BRSR, Q4 FY26 and Jun 2026 decks, Screener, third-party call summaries). Units Rs Cr unless stated.

1A. Core ICE Engine Components (standalone SPR)

Sold under the SPR and USHA brands to OEMs, aftermarket and export customers. The BRSR places 100% of standalone turnover under NIC 2811 (pistons, piston rings, piston pins, engine valves, cylinder liners).

Product	What it does	Variants, technology and range
Pistons	Aluminium-alloy part transmitting combustion force to the crankshaft via the connecting rod	Thin-walled, forged, KS Lite, crown anodizing, Nanofriks friction coating, top-groove coating, molycoat skirt. 40-170 mm diameter. BS VI 2W/3W, PV, CV, tractor, genset, GDI and MPFI engines. Designed from scratch with FEA/simulation using in-house and KS tools. "Led development of piston assembly for BS VI in India" (2021). >90% share of CNG pistons (Emkay 2024); sole piston supplier to Bajaj Freedom 125 CNG (forum-sourced)
Piston pins	Hardened steel pin linking piston and connecting rod	Thin-wall, DLC-coated pins
Piston rings	Seal combustion pressure, control oil, transfer heat	40-150 mm. Cast iron, alloyed grey CI, SG iron and steel rings. RIK-series alloys (Riken-derived), SPR-02. Chrome, CPC (since 2010), IP rings (since 2008), top-ring coating. Steel rings at Ghaziabad since 1995. India's largest ring maker since 2010; passed 2 Mn rings/month in 2000
Engine valves	Intake and exhaust valves sealing the combustion chamber	Stem 4.5-19 mm; head 16-92 mm. Chrome plating, Tuff-riding, multiple head profiles, seat-stellite valves, 16 groove profiles. Large valves for Railways and off-road since 2009. Valves began 1993; 1 Mn/month in 2005, 2 Mn/month in 2009
Cylinder liners	Bore surface for piston and rings	Listed in the BRSR; appears to be a small line
Piston assemblies / kits	Pre-assembled piston, ring and pin sets for OEM lines and aftermarket	Built at 5 standalone assembly units near customers
Alternate fuels and hybrids	Adapting products to new fuels and norms	CNG, LNG/PNG, H2-ICE/H-CNG, flex-fuel and hybrid. Validated to E85, E100 test set-up; E85 needs no extra capex. CAFE-norm parts in validation (advanced coatings that "raise costs and realizations"). Sunbeam capacity aimed at hybrid and flex-fuel programmes

Non-auto ICE (railways, marine, defence, gensets, industrial, compressors, snowmobiles, lawnmowers) grew ~15-20% a year over FY23-26; amount not disclosed, described as "sizable" with "good margin".

1B-1F. New Platforms

Precision plastics (via SPR Engenious)

SPR Takahata Precision India (62%; Neemrana, Rajasthan; Takahata Japan collaboration; acquired 16 Oct 2023). Fuel-injection components and connectors, throttle units, brake units, ECU housings, airbag parts, steering gears, door locks, wiper-motor, seat-belt and fuel-pump-module parts; also office automation, residential, optical and medical. Presses 20-350T. Phase-4 plant on ~5 acres next door; revenue from early CY2027 (early FY28).

SPR TGPEL Precision Engineering (100%; ex-Timex Group Precision Engineering; acquired 24 Dec 2024; 2 Noida plants; 30+ years of mould-making). Moulds and moulded parts: speaker grills, air vents, flange covers, manifolds, bobbins, door handles, fuse-box covers, CRB housings, clamps, connectors; non-auto electrical, industrial, medical. Plant 2 filling up.

EV motors and controllers: SPR EMF Innovations (72.58%)

R&D in Singapore; manufacturing in Coimbatore (new plant inaugurated Nov 2025, commissioned ~end-Dec 2025; ~Rs 70 Cr capex). Technology: Wuxi Lingbo (controllers) and Shenzhen Greatland Electrics (motors), both Chinese; governance cites tie-ups with GLE Motors and Lingbo, narrative cites EMFI International (Singapore). Range 2-250 kW: LV 48-96V hub motors 250 W-4 kW, mid-drive 1.2-13 kW (BLDC, SRM, PMSM, incl. e-rickshaw); HV 300-800V 20-300 kW for LCV/bus/HCV, 15-60 kW for PCs incl. 3-in-1 powertrain; controllers. 300 kW platform win (Q3 FY26). 4.2% share of 2W EV motor/controller market (implies ~Rs 21 Bn market [Est.]). ICAT certification for PM E-Drive; ferrite (rare-earth-free) motor in advanced stages. "Amongst the top three motor and controller manufacturers" (management, Q1 FY26).

Automotive interiors and lighting: ex-Antolin (100% since 8 Jan 2026)

Entity	Former name	Background	FY25 revenue	Renamed
SPR Auto Interior Solutions Pvt Ltd	Grupo Antolin India	Set up 1996; material subsidiary	Rs 715.9 Cr	11 Mar 2026
SPR Auto Interior Solutions Chakan Pvt Ltd	Grupo Antolin Chakan	~99.99% owned via SPR Interior; loss-making	Rs 339.5 Cr	11 Mar 2026
SPR Auto Interior Lighting Solutions Pvt Ltd	Antolin Lighting India	Incorporated 2023	Rs 123.7 Cr	10 Mar 2026
Combined	Pre-deal FY25 revenue ~Rs 1,179 Cr; pro-forma FY26 revenue Rs 1,314 Cr		Rs 1,179.1 Cr

Products: headliner substrates and modular headliners, sun visors, door panels and trims, centre and floor consoles, instrument panels, pillar trims, front-end carriers, exterior plastics, overhead consoles, dome lamps, ambient lighting, capacitive touch panels and pads. In development: HMI, dimming/electrochromic visors, backlit pillar trims, "Immersa" immersive cockpit. Long-term technology licence with Antolin Global. Headliner share: ~50% of India's headliner market (MOSL) vs ~75% (analyst on Q4 FY26 call, unconfirmed); interiors overall ~24.6% of a Rs 53.4 Bn market (different denominators). Plant utilisation 60-65%.

Tooling: Karna Intertech (100%, acquired 1 Apr 2025 for Rs 5 Cr; founded 1981; Bahadurgarh, Haryana; CNC, CAD/CAM). Key supplier of gravity die-casting moulds for SPR pistons; backward integration protecting confidential designs across 15,000-18,000 variants. SPR Engenious (SEL), 100% holding company, also runs an engine-valve plant at Pithampur, MP (production since Mar 2024; phase 2 done Nov 2025, phase 3 started). Sunsure Solarpark Forty: up to Rs 6 Cr for 23.21%, captive solar SPV for Pathredi (power supply, not revenue).

2. How They Make It: Processes and Inputs

Business	Process chain	Key inputs
Pistons	Melt alloy, hold ~780°C in induction furnaces; gravity die-cast in Karna moulds; anneal/stress-relieve; rough turn, back-area turn, drill oil holes, fine-bore pin bore, micron OD finish; button and wash; coating and screen-printed molycoat skirt; ultrasonic bond checks (ring carriers), eddy current, automated inspection; assemble with rings and pins. 5-axis robotic cells	Al-Si alloys KS 1295 (gasoline: ~85% Al, 12-13.5% Si, 3.3-3.9% Cu, Mg, Mn) and KS 1275 (diesel), primary and recycled; Ni-resist cast-iron ring carriers [inference]; mould steel; coatings
Piston rings	Cast-iron ring casting (grey, alloyed, SG) or steel-wire forming; grind and lap; nitride; chrome/CPC plate; PVD coat; finish. Global surface-treatment plant, Bulandshahr Road (2020)	Pig iron and scrap, alloying elements, profiled steel wire, chromic acid (via ETP and TSDF), PVD targets; RIK 40, RIK 10, RIK 20A, SPR-02
Piston pins	Steel tube or bar, heat treatment, grinding, DLC coating	Alloy steel
Engine valves	Friction-weld head and stem steels; forge; heat-treat; stellite hard-face seat; chrome-plate and nitro-carburise; grind	Magnetic and non-magnetic valve steels; stellite (cobalt alloy)
Precision plastics	In-house mould design and build (TGPEL and Takahata tool rooms); injection-mould on 20-350T presses; sub-assembly	Engineering resins (industry-typical PA, PBT, POM, PP; not disclosed); mould steel
Interiors and lighting	Laminate headliners (fabric + PU foam + substrate); thermoform; injection-mould trims, consoles, door panels; assemble lighting and touch electronics	PU foam, fabrics, plastics, LEDs, PCBs, capacitive electronics; Antolin-licensed designs
EV motors and controllers	Stack and wind stator laminations (hairpin winding cited); rotor and magnet assembly; controller PCB assembly; validation and ARAI homologation	Copper, electrical steel, permanent magnets (rare-earth for PMSM), power semiconductors; Chinese-licensed designs

R&D and IP: Ghaziabad Tech Centre opened 2014; DSIR-recognised since 2008 (concept, simulation, proto line, rig and engine testing, lab analysis, E100 testing). "Multiple patents"; count not disclosed. R&D spend as % of sales not available (FY26 AR not retrieved). BRSR: 100% of R&D and 6% of FY26 capex (15% in FY25) went to environmental and social improvements.

Technology licensors

Partner	Area	Since	Status / notes
Kolbenschmidt (Rheinmetall KS), Germany	Pistons	1972 (business.md) / 1965 (market.md)	Licence renewed 7 yrs in FY24; assigned 2 Apr 2026 to Kolbenschmidt Pistons Management GmbH, terms unchanged. Sold its entire 20.32% equity stake Nov 2023-Jan 2024. Board seat (Klaus Semke)
Riken / NPR-RIKEN, Japan	Rings	1978 / 1977	20.23% shareholder post-QIP; nominee director; ring TCA to Feb 2028; contracts moved to NPR-RIKEN Corp from 1 Apr 2026
Honda Foundry, Japan	Pistons (Honda models)	1989 / 1993	40+ years; no equity
Fuji Oozx, Japan	Valves	1993 / 1990	Know-how agreement revised and extended 5 yrs in FY26 (renewed Dec 2024 per heard.md); no equity
Takahata, Japan	Plastics	2023	38% minority in SPR Takahata
Grupo Antolin, Spain	Interiors	2026	Long-term Technology Licensing Agreement post-sale; fees "in line with market norms", not quantified
Wuxi Lingbo and Shenzhen Greatland, China	EMFi motors/controllers	n/a	Design licences

Royalty to licensors ~Rs 48 Cr (~1.6% of revenue) per the Q4 FY25 call, paid to Kolbenschmidt, Honda Foundry, Fuji Oozx, Riken and Takahata. Several licensors also compete with SPR globally.

3. Facilities

14 manufacturing facilities, 8 assembly units, 7 offices and 22 logistics centres (FY26 decks). No plant-wise capacity, area or utilisation is disclosed. Piston figures below are from a third-party plant visit (MAIT, 16 Apr 2025), low confidence.

#	Location	Entity	Products	Capacity / notes
1	Ghaziabad, UP (Meerut Road Industrial Area III)	SPR	Pistons, rings, pins, valves	Main plant and Tech Centre. ~20 piston lines; ~1.8 Mn pistons/month capacity, running ~1.5 Mn/month (~83%) in Apr 2025 [third-party]. ZLD. ~27 MW group-captive solar (~30% of plant power)
2	Pathredi (Bhiwadi), Alwar, Rajasthan (RIICO)	SPR	Pistons, rings, pins, valves	Second plant (2011). With Ghaziabad, 3.5 Mn+ pistons/month (~42 Mn/yr) [third-party]. ZLD. 1.9 MW rooftop solar. Water-stressed: 126,607 KL drawn in FY26, mostly groundwater. Sunsure captive solar PPA
3	Bulandshahr Road, Ghaziabad, UP	SPR	Top-groove and top-ring coating	Global surface-treatment plant (2020). 4 MW group-captive solar (~40% of power)
4	Pithampur (Indore), MP	SEL	Engine valves	Started 2024; capacity doubling (phase 2 done, phase 3 started). 1 MW solar
5	Coimbatore, TN	SPR EMFi	EV motors and controllers	New plant Nov 2025; "one winding machine adds >15% capacity"
6	Neemrana, Rajasthan	SPR Takahata	Precision moulded parts	Phase 3 at site; Phase-4 (~5 acres) being built next door
7-8	Noida, UP (2 plants)	SPR TGPEL	Moulds and moulded parts	Plant 2 ramping up
9	Bahadurgarh, Haryana	Karna Intertech	Die-casting moulds	Tool room
10-13	Chakan and Pune, Maharashtra (4 plants)	SPR Auto Interior Solutions (incl. Chakan company)	Headliners, sun visors, door panels, consoles, trims, front-end carriers, exterior plastics, lighting, touch panels	Two each in Chakan and Pune. Governance lists Interior sites as Pune, Chennai, Ranjangaon, Bengaluru, Sanand, Nashik and Lighting at Chakan (inputs differ)
14	Chennai, TN	SPR Auto Interior Solutions / Lighting	Interiors and lighting	Market.md counts ex-Antolin as 5 plants (Chakan, Pune, Chennai)
+1	Sunbeam Lightweighting piston assets (Craftsman Automation subsidiary)	SPR	Aluminium pistons (hybrid, flex-fuel)	*17 gravity die-casting machines, 8 CNC lines, >5 Mn pistons/yr (~+12% [Est.])* for Rs 28 Cr + GST cash; plant, machinery, records only. APA 19 Dec 2025; Rs 10 Cr paid 31 Dec 2025; long-stop extended to 30 Jun 2026, final Rs 18 Cr paid then. Installation site not disclosed

Assembly units (standalone, 5): Hosur, Pune, Gurugram, Bhorakalan (Gurugram; opened Nov 2025) and Karsanpura (Gujarat); Feb 2025 list showed Sahibabad instead of Bhorakalan. Plant count reconciliation: 3 standalone + Pithampur + Coimbatore + Neemrana + 2 Noida + Karna + 5 interiors = 14. The BRSR's "9 plants, 6 offices" is a standalone count. Energy use 832,611 GJ, 21% renewable.

4. Certifications, Awards and IP

Type	Detail
Management systems	IATF 16949:2016, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 27001:2022, ISO 50001, ISO 46001. GHG assured under ISO 17029; BRSR Core reasonable assurance by TÜV SÜD
ESG	EcoVadis Bronze (top 35%, Sep 2025); CDP "B" Climate and Water (2025); D&B ESG rating 2; ACMA ESG Gold 2025; Golden Peacock governance award (2022, 2025); ICSI National Award certificate
Operations	JIPM TPM Excellence (Ghaziabad, Pathredi); ACMA Platinum (manufacturing, NPD, localisation, exports); EEPC export awards
Customer awards FY25-26	Cummins India Supplier of the Year; Maruti Suzuki design and development; Bajaj Auto Super Platinum; M&M Supplier Excellence + "A" ESG; TAFE Best Supplier Quality 2025; ZF Global Cost Leadership; Hero MotoCorp Sustainability; Tata Motors Q-Quest 2025; TVS Gold Sustainability; recognition from Hyundai, HMSI, Honda Cars, Kirloskar Oil Engines, Swaraj
Credit rating	IND AA+/Stable (India Ratings, upgraded 11 Feb 2026); Rs 573.86 Cr bank facilities; Rs 1,000 Cr NCDs (trustee Axis Trustee); CP IND A1+
IP	"Multiple patents", count not disclosed

5. USP and Distribution

Why SPR is hard to replace

Co-designed parts validated per engine; stay for platform life (5-8 yrs) plus a long aftermarket tail [industry norm].
5-6 decades of metallurgy and coating licences (KS, Riken, Fuji Oozx, Honda Foundry).
Scale (48.4% OEM share), cost leadership, 15,000-18,000 variants, in-house moulds.
"Last man standing" as global majors deprioritise ICE; nobody is entering a sunset category.

Go-to-market

Domestic OEM ~69% of standalone FY26 sales (Rs 24.42 Bn) [Est.].
Aftermarket and other ~17% (~Rs 5.89 Bn): 936 dealers/distributors (1,019 in FY25), 1,200+ business partners; SPR sets aftermarket prices.
Exports 14% of standalone (Rs 4,954 Mn) to OEM and aftermarket customers in 45 countries, 5 continents; "long-term supply contracts" cited.

6. Export Footprint (standalone)

Standalone exports	FY22	FY23	FY24	FY25	FY26
Rs Mn	4,010	4,841	5,182	4,840	4,954
YoY	n/a	+20.7%	+7.0%	-6.6%	+2.4%

Export region mix	Europe	S. America	N. America	Middle East	Asia-Pacific	Africa
FY24	37%	22%	12%	16%	12%	2%
FY26	46%	23%	11%	10%	8%	2%

Export share differs by basis: 14% of standalone FY26 turnover (BRSR); ~17% of revenue (market.md, FY25); 18-20% of sales (Q1 FY26 call, includes subsidiaries). Exports have been stuck at ~Rs 480-520 Cr for 2-3 years; management blames geopolitics in Europe, the US and the Middle East and flagged forex-shortage caution on some export receivables. North American wins were cited in Q3 FY26.

Segment Analysis

SPR reports a single Ind AS 108 segment (automotive components) and no EBITDA by business. Management declined to split EMFi or non-auto in Q1 FY27 and promised an H1 breakup with Q2 FY27. Proxies: (a) business-line revenue from the Jun 2026 deck; (b) standalone as core; (c) consolidated minus standalone as subsidiaries [Est.].

Business-Line Revenue (Rs Cr; Jun 2026 deck)

Business line	FY24	FY25	FY26	FY25 YoY	FY26 YoY	FY26 share	Pro-forma FY26 share [Est.]
Core ICE (OEM + aftermarket + export)	2,954	3,180	3,527	+7.7%	+10.9%	79%	~65%
High-precision plastics (Takahata, TGPEL)	122	350	482	+187% (TGPEL acquired)	+37.7%	11%	~9%
EV motors and controllers (EMFi)	13	20	88	+54%	+340% (4.4x)	2%	~1.6%
Interiors and lighting (from 8 Jan 2026)	n/a	n/a	362 (~83 days)	n/a	n/a	8%	~24% (Rs 1,314 Cr full year)
Total revenue from operations	3,089	3,550	4,459	+14.9%	+25.6%	100%	~Rs 5,411 Cr

Pro-forma FY26 assumes a full year of interiors (Rs 1,314 Cr) [Est.]. Cross-check: non-standalone income was Rs 5,365 Mn of Rs 14,992 Mn (~36%) in Q1 FY27. Management's "powertrain-agnostic >35%" (Q1 FY27) and "~60% insulated from EV" are different metrics; Q4 FY26 governance summary cites "60% powertrain-agnostic", which conflates the two.

FY26 consolidated channel mix: core OEM 55%, core aftermarket 13%, core export 11%, plastics 11%, EMFi 2%, interiors 8%.
Base conflict: Feb 2025 deck (standalone FY24): OEM 51, aftermarket 27, exports 19, non-auto 3. Jun 2026 deck (consolidated FY24): 62, 17, 17, plus 4 plastics. Not comparable; do not read an aftermarket trend across them. Q4 FY25 call: ~50% of business is aftermarket + exports + non-auto. Mata Securities FY27E mix: OEM 52%, aftermarket 26%, exports 17%.
EMFi conflict: deck shows Rs 20 Cr (FY25) → Rs 88 Cr (FY26), 4.4x; management said turnover "doubled"; Q2 FY26 call said FY25 revenue Rs 36 Cr; Board's Report entity total income Rs 20.4 Cr (FY25) → Rs 94.0 Cr (FY26). One summary cites "peak potential ~Rs 200 Cr" (low confidence).

Consolidated P&L, Company Basis (Rs Mn)

Rs Mn	FY24	FY25	FY26	Q1 FY26	Q4 FY26	Q1 FY27
Revenue from operations	30,893	35,498	44,587	~9,630	14,558	~14,744
Other income	853	1,114	1,126	n/a	249	n/a
Total income	31,746	36,612	45,713	~9,917	14,807	14,992
EBITDA (incl. OI)	7,273	8,357	9,885*	~2,234	2,928	2,828
EBITDA margin (on total income)	22.9%	22.8%	21.6%	22.5%	19.8%	18.9%
EBITDA ex-OI [Est.]	6,420	7,243	8,759	~1,950	2,679	~2,580
EBITDA ex-OI margin (on revenue)	20.8%	20.4%	19.6%	20.2%	18.4%	17.5%
Finance cost	305	344	622	90	329	342
PAT (incl. NCI)	4,387	5,155	5,614	~1,349	1,590	1,476

*FY26 EBITDA Rs 9,885 Mn is before the Rs 271 Mn New Labour Code exceptional charge (Rs 9,613 Mn after). Q1 FY26 total income and EBITDA are back-solved from the reported +51.2% and +26.6% growth. The media's "Rs 4,571 Cr FY26 revenue" is total income. FY22-26 CAGR: total income 22%, EBITDA 31%, PAT 36%.

Core Proxy: Standalone SPR (Rs Mn)

Rs Mn	FY24	FY25	FY26	Q4 FY25	Q4 FY26	Q1 FY26	Q1 FY27
Revenue from operations	29,537	31,795	35,266	8,548	9,528	~8,360	9,416
Total income	30,351	32,827	36,261	8,787	9,700	~8,619	9,627
EBITDA (incl. OI)	7,114	7,793	8,438	2,140	2,241	~2,024	2,020
EBITDA margin (on total income)	23.4%	23.7%	23.3%	24.4%	23.1%	23.5%	21.0%
EBITDA ex-OI margin [Est.]	21.3%	21.3%	21.1%	22.2%	21.7%	21.1%	19.2%
PAT	4,468	4,978	5,137	1,385	1,351	~1,298	1,119

Revenue growth +7.6% (FY25), +10.9% (FY26). Domestic Rs 23,901 / 26,481 / 30,312 Mn (+10.8%, +14.5%); exports flat. Management guided "at least 12%" for FY26 (Q3 FY26); delivered 10.9% revenue (10.5% total income).
FY26 channel split [Est.]: domestic OEM Rs 24.42 Bn (~69%), domestic aftermarket and other ~Rs 5.89 Bn (~17%), exports Rs 4.95 Bn (14%).
Gross margin ~57% in Q4 FY26 and Q1 FY27 vs historical 59-61% (~58% cited by an analyst in Q3 FY26, from 61%).
Q1 FY27: standalone volume +~22%, revenue +~12.5%. Management: SPR grew 16%+ vs industry production 12-14%; industry retail ~20% inflated by inventory carry-over. Standalone finance cost doubled from Rs 248 Mn to Rs 495 Mn (FY26) because the NCDs sit at the parent.

Subsidiaries Proxy: Consolidated minus Standalone [Est.]

Total-income basis (Rs Mn)	FY24	FY25	FY26	Q1 FY26	Q4 FY26	Q1 FY27
Total income	~1,395	~3,785	~9,452	~1,296	~5,107	~5,365
EBITDA (incl. OI)	~159	~564	~1,447	~210	~687	~808
EBITDA margin	~11%	~15%	~15%	~16%	~13.5%	~15.1%

Revenue basis, ex-OI (Rs Cr; financials.md)	FY24	FY25	FY26	Q4 FY26	Q1 FY27
Revenue	135	370	932	503	532
EBITDA (excl. OI)	12	48	132	61	77
EBITDA margin	9%	13%	14%	12.1%	14.5%

Q1 FY27 subsidiary revenue Rs 532 Cr vs Rs 127 Cr a year earlier; ~Rs 380-400 Cr per quarter is Antolin, so organic consolidated growth was ~12-14%. Subsidiaries were ≈36% of income but only ≈29% of EBITDA in Q1 FY27. FY26 subsidiaries were ~21% of revenue and added ~Rs 48 Cr (~8.5%) of PAT net of eliminations and minorities; Q1 FY27 ~24% of PAT.

Segment Margin Profiles and Management Focus

Business	Margin profile	Management focus / target
Core ICE (standalone)	EBITDA ex-OI ~21% (FY24-26); 19.2% Q1 FY27; core piston RoCE ~57% (MOSL), 64.9% FY29E	Outgrow market; CAFE, E85, hybrid content; capacity via Sunbeam; "we are not going to lose on our margins"
Interiors & lighting (Antolin)	6.7% FY25 (MOSL) / 7-8% (Q1 FY27 call) / 9-10% (Q4 FY26 call) / ~9% FY24 (Emkay) at entry → ~13% Jun 2026 quarter, "early-to-mid teens"	May 2026: near standalone "even lower than three years" (press: 20%+); Aug 2026: "mid-teens, in line with competitors", no timeline. Levers: fixed-cost cuts, insourcing, supply synergies, Antolin-tech programmes
Precision plastics	~20% EBITDA on ~Rs 480 Cr (FY26); Takahata FY26 dip from mix, not price	Takahata Phase 4 revenue early FY28; TGPEL Noida plant 2; TAM ~Rs 3,500 Cr, 20-30% share target (analyst-cited)
EMFi	Not disclosed; entity PAT Rs 1.7 Cr FY26 (turned profitable), "EBITDA-positive"	Rs 500 Cr revenue in 3 yrs (management) vs Rs 300 Cr FY29E (MOSL); "Rs 100+ Cr in 2-3 yrs" (Q2 FY26); SPR invested ~Rs 200 Cr
Consolidated	17.5% ex-OI (18.9%) Q1 FY27	"If we maintain the high teens, I think it is excellent" (Q1 FY27), a lower bar than "group profitability at standalone levels"

Fastest organic grower: EMFi. Revenue 4.4x in FY26 (deck) on the new Coimbatore plant, with full-year benefit landing in FY27. Still ~2% of revenue; profitability undisclosed. Plastics growth FY25-26 was mostly acquired (TGPEL); interiors is the biggest absolute driver but also acquired.

Under pressure: standalone core. Q1 FY27 EBITDA flat, margin 21.0% vs 23.5% (company basis), PBT -13.5%, PAT -13.8%; gross margin ~57%; exports flat for 3 years; post-GST 2.0 mix shift to small vehicles; commodity lag; April wage hikes; aftermarket seasonality; NCD interest at the parent.

End-Market Sizes (company / CRISIL data)

Market	FY26 size	FY31 projection	CAGR	SPR position
India OEM pistons, assemblies, valves	Rs 50.5 Bn	Rs 70-75 Bn	6-8.5%	48.4% share
Split: PV / 2W / CV / tractors / OHV / 3W	Rs 22.9 / 11.8 / 8.3 / 4.8 / 2.2 / 0.5 Bn	n/a	n/a	n/a
Automotive interiors	Rs 53.4 Bn (Rs 5,340 Cr)	Rs 81-85 Bn	8.7-9.7%	~24.6% (pro-forma Rs 1,314 Cr)
2W EV motors and controllers	~Rs 21 Bn [Est.]	Rs 100-105 Bn	~37%	4.2%
Precision plastics (Takahata/TGPEL TAM)	~Rs 35 Bn (analyst-cited)	n/a	n/a	~Rs 482 Cr revenue
EV penetration FY26	6.8% overall (2W 7.0%, PV 4.8%, 3W 31.7%)	15-17% by 2030 (management)	n/a	n/a

Financials: P&L

Consolidated unless marked SA (standalone). Rs Cr. Sources: Screener (revenue, EBITDA, OI, interest, D&A, PBT, PAT), StockAnalysis/S&P (gross profit), FY26 directors' report (audited checks). EBITDA here is ex other income (primary basis); company basis in brackets.

Five-Year Annual P&L: Consolidated

Rs Cr	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Revenue from operations	2,065	2,609	3,089	3,550	4,459	4,970
YoY growth	29.3%	26.4%	18.4%	14.9%	25.6%	35.2%
Gross profit (rev less materials)	1,251	1,481	1,808	2,016	2,342	2,506
Gross margin	60.6%	56.7%	58.5%	56.8%	52.5%	50.4%
EBITDA (excl. OI)	304	460	642	724	876	939
EBITDA margin (company basis)	14.7%	17.6%	20.8% (22.9%)	20.4% (22.8%)	19.6% (21.6%)	18.9%
Other income	29	47	85	111	85	82
Depreciation and amortisation	102	95	108	120	149	170
EBIT (PBT + interest; incl. OI)	231	412	619	716	813	850
EBIT margin	11.2%	15.8%	20.0%	20.2%	18.2%	17.1%
Finance cost	11	19	30	34	62	87
PBT	220	393	589	682	751	763
PBT margin	10.7%	15.1%	19.1%	19.2%	16.8%	15.4%
Tax rate	26%	25%	26%	24%	25%	n/a
PAT (incl. minority)	164	294	439	516	561	575
PAT margin	7.9%	11.3%	14.2%	14.5%	12.6%	11.6%
PAT YoY	n/a	79%	49.3%	17.5%	8.8%	n/a
PAT attributable to owners	163.6	293.5	442.6	506.7	552.5	563.2
EPS (Rs, pre-QIP share base)	37.18	66.70	100.47	115.02	125.43	127.94
Dividend payout	13%	11%	10%	9%	8%	n/a

Revenue more than doubled FY22-TTM; margin peaked in FY24 and has declined since as acquired, lower-margin businesses were consolidated.

Notes on the P&L

EPS basis: restated for the July 2023 1:1 bonus. TTM EPS on the post-QIP base of 4.639 Cr shares is ~Rs 121.4.
FY26 audited, consolidated (Rs Mn): revenue 44,587; OI 1,126; total income 45,713 (+24.86%); EBITDA incl. OI 9,613 (9,885 before the Rs 271 Mn exceptional, +18%); depreciation 1,486; PBT 7,505; tax 1,891; PAT 5,614 (+8.88%).
Standalone (Rs Mn): revenue 35,266; total income 36,261; EBITDA 8,201 (8,438 pre-exceptional); PBT 6,818; PAT 5,136 (+3.2%).
EBITDA reconciliation: Screener Rs 876 Cr + OI Rs 85 Cr = Rs 961 Cr = company's Rs 9,613 Mn incl. OI.
Other income falling (Rs 111 Cr FY25 → Rs 85 Cr FY26; only Rs 8 Cr in Q3 FY26) as treasury funded the Antolin payment.
Gross margin compression (56.8% → 52.5% → 50.4% TTM) is mainly mix (interiors and lighting carry a far higher material share) plus commodity inflation in Q4 FY26-Q1 FY27.

Long-run growth (Screener)

5-yr sales CAGR 23%; profit CAGR 45%.
10-yr sales CAGR 12%; profit CAGR 20%.
5-yr average RoE 21%.
5-yr stock-price CAGR 58%; 1-yr 73%.
FY22-26 company basis: total income CAGR 22%, EBITDA 31%, PAT 36%.

One-off items

New Labour Code exceptional charge: Rs 27.1 Cr consolidated FY26 (Rs 25.2 Cr booked in Q3 FY26; balance a later true-up), Rs 23.7 Cr standalone. Q3 prepared remarks said Rs 252 Mn; Q4 call said ~Rs 23 Cr SA / Rs 27 Cr consol. Different entity bases.
Adjusted FY26 consolidated PBT ~Rs 778 Cr (+14% YoY); company PBT pre-exceptional Rs 7,777 Mn (+14.1%).
Q1 FY27: ~Rs 30 Cr commodity/supply-chain EBITDA hit (expected to reverse in Q2) and one-off Antolin integration costs (unquantified).

Five-Year Annual P&L: Standalone (legacy pistons, rings, pins, valves)

Rs Cr (SA)	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	2,065	2,605	2,954	3,180	3,527	3,632
YoY	29.3%	26.1%	13.4%	7.7%	10.9%	n/a
EBITDA (excl. OI)	304	463	630	676	744	749
EBITDA margin	14.7%	17.8%	21.3%	21.3%	21.1%	20.6%
Other income	29	46	81	103	76	70
Interest	11	19	25	25	50	72
Depreciation	102	93	87	87	89	89
PBT	220	397	599	668	682	658
PAT	164	296	447	498	514	496
PAT margin	7.9%	11.4%	15.1%	15.7%	14.6%	13.7%

Standalone exports: Rs 484.0 Cr (FY25) → Rs 495.4 Cr (FY26), +2.36%, ~14% of standalone revenue. Legacy vs industry: FY26 legacy +10-11% vs market ~6-7%; Q1 FY27 ~12% reported, 16%+ on manufacturing volume vs 12-14% industry; post-GST 2.0 mix shift diluted realisations. SA TTM PAT is falling (Rs 514 Cr → Rs 496 Cr) on NCD interest. Standalone PBDT grew 39.97% in FY24.

Last 8 Quarters: Consolidated

Rs Cr	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Quarter end	Sep-24	Dec-24	Mar-25	Jun-25	Sep-25	Dec-25	Mar-26	Jun-26
Revenue	876	848	988	963	1,016	1,023	1,456	1,474
Revenue YoY	16.5%	10.7%	15.4%	15.1%	16.0%	20.6%	47.4%	53.1%
Revenue QoQ	4.7%	-3.2%	16.5%	-2.5%	5.5%	0.7%	42.3%	1.2%
EBITDA (excl. OI)	178	170	210	195	207	206	268	258
EBITDA margin	20.3%	20.0%	21.3%	20.2%	20.4%	20.1%	18.4%	17.5%
EBITDA YoY	12.7%	5.6%	18.6%	18.2%	16.3%	21.2%	27.6%	32.3%
EBITDA QoQ	7.9%	-4.5%	23.5%	-7.1%	6.2%	-0.5%	30.1%	-3.7%
Other income	30	27	27	28	26	8	23	25
Interest	9	8	8	9	8	12	33	34
Depreciation	31	31	28	32	33	33	52	53
PBT	168	159	201	183	192	169*	206	195
PAT	126	121	152	135	142	126*	159	148
PAT margin	14.4%	14.3%	15.4%	14.0%	14.0%	12.3%	10.9%	10.0%
PAT YoY	11.5%	12.0%	31.0%	15.4%	12.7%	4.1%	4.6%	9.6%
PAT QoQ	7.7%	-4.0%	25.6%	-11.2%	5.2%	-11.3%	26.2%	-6.9%
EPS (Rs)	28.33	27.20	33.26	30.35	31.76	27.92	35.48	32.78

*Q3 FY26 after the Rs 25.2 Cr Labour Code exceptional; pre-exceptional PBT Rs 194.4 Cr (+22.3% YoY). Antolin is consolidated from 8 Jan 2026 (Q4 FY26 onward).

Margin step-down begins with Antolin consolidation (Mar-26 quarter) and widens with NCD interest; PAT margin fell from 15.4% to 10.0% in five quarters.

Q1 FY27 Company-Reported (press release 4-5 Aug 2026)

Metric	Consolidated	Standalone
Total income	Rs 1,499.2 Cr (+51.2%)	Rs 962.7 Cr (+11.7%)
Revenue from operations	Rs 1,474.4 Cr (+53%)	Rs 941.6 Cr (+12.7%)
EBITDA incl. OI	Rs 282.8 Cr (+26.6%)	Rs 202.0 Cr (-0.2%)
EBITDA margin	18.9% (vs 22.5%, -360 bp)	21.0% (vs 23.5%, -250 bp)
PBT	Rs 195.2 Cr (+6.7%)	Rs 150.7 Cr (-13.5%)
PAT	Rs 147.6 Cr (+9.4%); attributable Rs 144.4 Cr	Rs 111.9 Cr (-13.8%)
Finance cost	Rs 34.2 Cr (vs Rs 9.0 Cr)	Rs 29.3 Cr (vs Rs 6.4 Cr)
PAT margin	9.8% of total income (vs 13.6%)	11.6%

Standalone Quarters (SA, Rs Cr)

Rs Cr	Sep-24	Dec-24	Mar-25	Jun-25	Sep-25	Dec-25	Mar-26	Jun-26
Revenue	794	770	855	836	873	865	953	942
EBITDA	167	163	190	176	183	178	207	181
OPM	21%	21%	22%	21%	21%	21%	22%	19%
Interest	7	6	6	6	6	9	28	29
PAT	125	120	138	130	134	115	135	112

SA Q1 FY27: revenue +12.7% YoY (-1.2% QoQ); EBITDA +2.8% YoY (-12.6% QoQ); PAT -13.8% YoY (-17.0% QoQ). Other filings: Q2 FY26 consolidated total income Rs 1,042.7 Cr (+15.0%), EBITDA Rs 233.5 Cr (+12.1%), margin 22.4%; H1 FY26 PAT Rs 277.0 Cr (+14%); 9M FY26 total income Rs 3,090.5 Cr (+16.8%), EBITDA Rs 695.7 Cr (+16.3%), PAT Rs 402.5 Cr (+10.6%).

Growth Decomposition and Earnings Quality

Lens	Finding	Label
Organic vs inorganic (FY26)	Revenue +25.6%, of which ~13 points inorganic; standalone grew 10.9% (Rs 3,179.5 Cr → Rs 3,526.6 Cr)	[Fact/Est.]
Organic vs inorganic (Q1 FY27)	Subsidiary revenue Rs 532 Cr vs Rs 127 Cr; Antolin ~Rs 380-400 Cr/quarter; organic consolidated growth ~12-14%	[Est.]
Volume vs price (Q1 FY27 SA)	Volume ~+22%, revenue ~+12.5%: realisation per piece down on small-car mix after GST 2.0 (cut from 28% to 18%, 22 Sep 2025)	[Fact]
Volume vs price (Q3 FY26)	Production +17% (PV/CV >20%, 2W ~17%, 3W 14%) vs standalone revenue ~+10%	[Fact]
Profit vs cash (5-yr)	Cumulative OCF Rs 2,160 Cr vs PAT Rs 1,974 Cr (1.09x): no structural accrual problem	OK
Profit vs cash (FY25)	OCF/PAT 0.84x: working capital absorbed ~Rs 140 Cr (receivables +Rs 122 Cr, +24%; inventory +Rs 81 Cr, +21% vs revenue +15%); OCF -11% while PAT +18%	Flag
Profit vs cash (FY26)	OCF/PAT 1.11x, but the release partly reflects consolidating Antolin payables (creditor days 101 → 121): perimeter effect	Watch
Interest capitalisation	Screener machine flag "might be capitalising interest cost"; CWIP Rs 96 Cr; not verified against notes	Unverified

Financials: Balance Sheet, Cash Flow & Ratios

Consolidated, Rs Cr, 31 March year-ends. Sources: StockAnalysis/S&P (Rs Mn converted), Screener (equity, reserves, borrowings), company filings, India Ratings.

Five-Year Balance Sheet

Rs Cr (31 Mar)	FY22	FY23	FY24	FY25	FY26
Net fixed assets (PP&E)	670	645	812	1,020	1,377
Capital WIP	6	5	31	58	96
Goodwill	1.5	41	47	134	1,323
Other intangibles	23	91	107	108	372
Inventory	334	339	391	472	624
Trade receivables	368	418	514	636	889
Cash + short-term investments	338	615	766	944	905
Trade payables	306	292	356	411	683
Total debt (incl. leases)	157	333	487	508	1,969
Net debt / (net cash)	(181)	(282)	(279)	(436)	1,063
Net worth (owners)	1,255	1,527	1,926	2,394	2,901
Minority interest	n/a	45	95	104	117
Total assets	1,850	2,414	3,138	3,729	6,153
Book value per share (Rs)	284.9	346.8	437.2	543.4	658.6

Goodwill + intangibles ~Rs 1,695 Cr ≈ 58% of FY26 net worth: impairment risk if interiors margins do not improve. Pre-Antolin goodwill came from Takahata (Oct 2023), EMFi and TGPEL (Dec 2024). Antolin PPA split not available (AR not retrieved). Business.md: goodwill + intangibles Rs 2,412 Mn → Rs 16,948 Mn.
Standalone FY26 borrowings Rs 1,732 Cr (Rs 381 Cr FY25); standalone investments Rs 2,423 Cr (Rs 613 Cr) in Antolin entities and subsidiaries. Total assets Rs 6,142-6,153 Cr (Screener / S&P).
Pro-forma post-QIP: net worth ~Rs 3,900 Cr plus Q1 PAT; BVPS ~Rs 860-870 on 4.639 Cr shares.

Debt and Deal-Price Reconciliation (the two conflicts flagged)

Debt measure	Date	Rs Cr
Gross debt incl. leases	31 Mar 2025	508
Gross debt incl. leases (Screener 1,968; S&P 1,969)	31 Mar 2026	1,968
Borrowings ex-leases (Rs 18,667 Mn)	31 Mar 2026	1,867
Net debt, gross incl. leases less cash and current investments	31 Mar 2026	1,063
Net debt, management definition (net D/E 0.2x)	30 Jun 2026	~550
QIP proceeds received	~21 Aug 2026	1,000
Pro-forma net debt, financials basis	post-QIP	~60 (≈ zero)
Pro-forma net cash, management basis (market.md)	post-QIP	~(450)
NCDs still outstanding (gross debt unchanged)	30 Sep 2026	1,000
Consensus net debt FY27E / FY28E (MarketScreener, 2 analysts)	forecast	272 / (213)

Antolin price basis	Rs Cr	Source
Enterprise value EUR 159 Mn, cash-free/debt-free	~1,670	financials, business, narrative, market (Telematics Wire, Machinist "INR 16.7 bn")
Recorded purchase / equity consideration (Rs 17,083 Mn)	1,708.3	governance, narrative, business M&A table, FY26 results
Gap	~38 (2.3%)	Not explained in inputs; [Analyst View] closing net-cash / working-capital adjustment and FX at completion, unverified
FY26 cash acquisitions (all deals, net of cash acquired)	1,642	S&P cash flow
FY26 M&A spend (Interiors 1,708 + EMFi stake 50 + Karna 5)	1,763	business.md

Narrative.md's "net debt ~Rs 550 Cr (0.2x)" is management's 30 Jun 2026 figure, before the QIP. Financials.md's Rs 1,968 Cr is gross at 31 Mar 2026. Quartr's "Rs 550 Mn" is a units error: 0.2x of ~Rs 2,900 Cr equity ≈ Rs 580 Cr.

FY26 Debt Composition and Instruments

Component (31 Mar 2026)	Rs Cr	Share	Detail
Short-term / working-capital borrowings	577	29%	Incl. facilities of acquired subsidiaries
Current maturities of long-term debt	89	66%	Term loans
Long-term borrowings	1,200	66%	Rs 1,000 Cr NCDs + term loans
Lease liabilities	~102	5%	Ind AS 116
Total	~1,968	100%	Company D/E 0.62x consolidated (net 0.28x), 0.59x standalone

NCD tranche	Amount	Coupon	Maturity	Repayment
Series I	Rs 500 Cr	7.30%	23 Aug 2027 (18 months)	Bullet; interest quarterly
Series II	Rs 500 Cr	7.35%	23 Feb 2028 (24 months)	Bullet; interest quarterly

Bridge: Rs 1,000 Cr CP (IND A1+), issued 24 Dec 2025 for 62 days, NSE-listed; fully redeemed 24 Feb 2026 from the NCDs.
NCDs: secured, rated, listed; 1,00,000 NCDs of Rs 1 lakh; KID 17 Feb 2026; raised 23 Feb 2026 (some feeds say 20 Feb); board approval 2 Feb 2026. Arranger Axis Bank; ~30% to anchor MFs (ICICI Pru, ABSL, Mirae, DSP); trustee Axis Trustee; counsel Khaitan & Co. Annual coupon ~Rs 73 Cr. Interest paid 30-31 Mar 2026 Rs 3.60 Cr + Rs 3.62 Cr; 29 Sep 2026 Rs 9.20 Cr + Rs 9.26 Cr. Security cover 123% (30 Jun 2026). Proceeds fully used, no deviation (filings 21-22 May and 4 Aug 2026). Both tranches outstanding at 30 Sep 2026 (SEBI disclosure 14 Oct 2026); no prepayment filed as of 16 Oct 2026.
Large Corporate: standalone long-term borrowings ex-NCDs Rs 166.17 Cr at 31 Mar 2026, so the company declared itself not a SEBI "Large Corporate" (20 Apr 2026).
Maturity wall: Rs 500 Cr Aug 2027, Rs 500 Cr Feb 2028; QIP cash covers both. Management (Q4 FY26): "We plan to repay it on time... no such ideas of prepaying". Promoter pledge: none.

Bank facilities rated by India Ratings (Feb 2026): Rs 573.86 Cr total (from Rs 580.92 Cr)

Bank	Fund-based	Non-fund-based	Term loan
State Bank of India	Rs 55.0 Cr	Rs 5.0 Cr	n/a
HDFC Bank	Rs 17.0 Cr	Rs 43.0 Cr	Rs 123.86 Cr
Axis Bank	Rs 20.3 Cr	Rs 33.0 Cr	n/a
IDBI Bank	Rs 30.0 Cr	Rs 30.0 Cr	n/a
Citibank N.A.	Rs 29.6 Cr	Rs 32.45 Cr	Rs 30.0 Cr
ICICI Bank	Rs 30.0 Cr	Rs 25.0 Cr	n/a

Visible lines sum to ~Rs 504 Cr. Governance.md gives a different grouping (SBI Rs 60 Cr, HDFC Rs 60 Cr, ICICI Rs 123.86 Cr, plus Axis, IDBI, Citi, DBS, HSBC); the HDFC term loan vs ICICI attribution conflicts between sources and is unresolved.

Credit Rating History: India Ratings (Fitch group), sole rater

Date	Action
16 Jul 2021; 13 Jul 2022; 21 Sep 2022	Rating actions (press releases 55584 / 58953 / 59565)
20 Sep 2023	Long-term issuer rating affirmed IND AA/Stable
19 Mar 2024	IND AA/Stable affirmed (PR 69143)
18 Mar 2025	Rating action (PR 75476), IND AA
16-17 Dec 2025	After the Antolin SPA: IND AA placed on Rating Watch Positive; ST IND A1+ affirmed; Rs 1,000 Cr CP IND A1+; proposed NCDs IND AA/RWP; bank limits Rs 488.92 Cr + new Rs 92 Cr
11 Feb 2026	Upgraded to IND AA+/Stable, off watch; NCDs Rs 1,000 Cr IND AA+/Stable; bank loans Rs 573.86 Cr IND AA+/Stable/IND A1+; CP affirmed IND A1+. Disclosed 12 Feb 2026
Current	IND AA+ / Stable; IND A1+ short term. No CRISIL/ICRA/CARE rating (ICRA AA+ search hit is DCM Shriram; CRISIL BBB+ is SAMKRG Pistons). Rationale text not retrievable

Five-Year Cash Flow and FCF

Rs Cr	FY22	FY23	FY24	FY25	FY26	5-yr
PAT (incl. MI)	164	294	439	516	561	1,974
D&A	101	94	105	117	144	n/a
Change in working capital	(40)	31	(10)	(140)	(59)	(218)
Operating cash flow	219	395	487	434	625	2,160
Capex	(30)	(50)	(142)	(172)	(185)	(579)
FCF (OCF − capex)	190	345	345	263	441	1,584
Cash acquisitions	n/a	n/a	(36)	(209)	(1,642)	(1,887)
FCF after acquisitions	190	345	309	54	(1,201)	(303)
Net debt raised	(76)	162	43	35	1,357	n/a
Dividends paid	(13)	(31)	(33)	(44)	(44)	(165)
Cash from investing	(56)	(209)	(422)	(385)	(1,815)	n/a
Cash from financing	(91)	53	(42)	(61)	1,252	n/a
OCF / PAT	1.34x	1.34x	1.11x	0.84x	1.11x	1.09x
OCF / EBITDA (excl. OI)	72%	86%	76%	60%	71%	n/a
FCF yield on FY-end market cap	12.0%	15.3%	4.0%	3.2%	3.3%	n/a
FCF yield at CMP (FY26 FCF / Rs 21,476 Cr)					2.05%	n/a

Market.md quotes FY26 FCF Rs 437 Cr (different capex line); MOSL puts FY26 FCF at -208% of profit after M&A.
Standalone cash flow (Screener): OCF FY23 399 / FY24 474 / FY25 419 / FY26 535; FCF 369 / 394 / 351 / 421. H1 FY26 SA OCF ~Rs 258 Cr vs PAT Rs 264 Cr (~1.0x).
Capex: ~Rs 30 Cr (FY22) → Rs 185 Cr (FY26; "close to Rs 200 Cr" per management) for pistons, plating and subsidiary capacity; guided ~Rs 200 Cr/yr "more or less" for 2-3 years; >Rs 550 Cr over 5 years incl. SEL. Maintenance capex ≈ depreciation (not split). Plus Rs 28 Cr Sunbeam assets (completed 30 Jun 2026) and up to Rs 6 Cr Sunsure (Aug 2026). Fixed-asset turnover 3.1x → 3.2x (FY22-26); EMFi asset turns "over 4x".

Working Capital

Consolidated (days)	FY22	FY23	FY24	FY25	FY26
Debtor days	63	55	56	60	68
Inventory days	155	113	114	116	111
Creditor days	142	115	104	101	121
Cash conversion cycle	75	53	66	75	58
WC days (Screener)	44	27	21	29	1

Standalone (days)	FY22	FY23	FY24	FY25	FY26
Debtor days	63	55	55	59	59
Inventory days	155	111	112	122	113
Payable days	142	97	103	107	96
CCC	75	69	63	74	75

FY26 distortion: 100% of Antolin's receivables, payables and inventory are on the year-end balance sheet but only ~83 days of revenue in the P&L, which overstates debtor and payable days (simple debtor days on Rs 889 Cr ≈ 73) and understates the CCC. The standalone CCC of 75 days, flat vs FY25, is the cleaner read. Inventory days stay above 110 because of replacement-market SKU depth (~41% replacement share in pistons). Company-reported net WC cycle: 54 days FY25 (58 FY24); business.md cites 63 days (66).

Ratios

Ratio	FY22	FY23	FY24	FY25	FY26	Latest
RoE (owners' PAT / avg owners' NW)	13.6%	21.1%	25.6%	23.5%	20.9%	21.4% (TTM)
RoCE (Screener)	17%	25%	28%	26%	21%	20.8%
RoCE (S&P)	14.8%	20.1%	22.9%	21.6%	16.2%	n/a
RoCE / RoE (company, business.md)	n/a	n/a	26.6% / 21.7%	25.5% / 20.6%	18.6% / 18.6%	17.3% (MarketsMojo; 5-yr avg 29.7%)
ROIC (S&P)	14.7%	24.1%	27.9%	25.0%	18.2%	14.7% (TTM)
Debt / equity (gross, incl. leases)	0.13	0.21	0.24	0.20	0.65	Company 0.62x consol., 0.59x SA
Net debt / EBITDA	net cash	net cash	net cash	net cash	~1.2x (MOSL 0.6x)	~0 post-QIP
Interest coverage (EBIT / interest)	21.0x	21.7x	20.6x	21.1x	13.1x	6.7x (Q1 FY27); MarketsMojo 7.5x
Current ratio	2.31	2.51	2.43	2.48	1.71	n/a
Quick ratio	1.54	1.84	1.73	1.74	1.17	n/a
Total asset turnover	1.16	1.22	1.11	1.03	0.90	n/a
Fixed asset turnover	3.1x	4.0x	3.8x	3.5x	3.2x	n/a
Inventory turnover (S&P)	2.68	3.36	3.51	3.55	3.86	n/a

Standalone from filings: FY25 D/E 0.15, interest coverage 65x, RoE 20.7%, RoCE 27.0%. 9M FY26 D/E 0.63, ISCR 20.53x (vs 35.23x); consolidated ISCR 27.98x. FY25 D/E 0.11 (Q2 FY26 call).
Return gap by business (MOSL): core piston RoCE ~57% (64.9% FY29E) on Rs 1,390 Cr capital employed; new businesses ~10.8% RoCE (FY29E) on Rs 2,890 Cr. Consolidated core RoCE 33.7% (FY25) → 19.6% (FY26). Acquisitions dilute returns, recovering gradually.

Equity Dilution and Share-Count History

Date	Event	Shares after	Change
11 Oct 2021	Buyback of 3,50,000 shares at Rs 1,020 (~Rs 35.7 Cr; manager Nuvama); promoters tendered ~2.87 lakh	~2,20,24,912	-1.6%
Before Jul 2023	Paid-up Rs 22.02 Cr, FV Rs 10	2,20,24,912	n/a
24 Jul 2023 (record date; ex-date 6 Jun 2023 per one feed)	1:1 bonus (board 13 Jun 2023; AGM 6 Jul 2023)	4,40,49,824	x2, no cash
4 Feb 2025	BSE direct listing, no issuance	4,40,49,824	n/a
FY23-FY26	No change in capital; ESOP 2022 (up to 2% of equity, approved 29 Jun 2022 AGM) kept on hold; no shares issued	4,40,49,824	n/a
17-20 Aug 2026 (allotted 20-21 Aug)	QIP: 23,36,448 shares at Rs 4,280 (3.56% discount to Rs 4,438.20 floor) to 45 QIBs, Rs 999.99 Cr. Board 11 May 2026; shareholders 27 Jul 2026	4,63,86,272	+5.30% (5.04% of enlarged equity)

No warrants, preferential issues or ESOP overhang; no split; FV Rs 10; post-QIP paid-up Rs 46.39 Cr. Buybacks: only the Oct 2021 buyback; none in FY22-FY26. Promoter 43.75% → 41.55% and NPR-RIKEN 21.30% → 20.23% are dilution only.

Key balance-sheet risks. (1) Goodwill + intangibles 58% of net worth. (2) Interest coverage 21x → 6.7x. (3) Negative FY26 FCF after M&A (-Rs 1,201 Cr). (4) Gross debt still ~Rs 1,968 Cr while QIP cash sits idle (negative carry: 7.30-7.35% coupon vs treasury yield). (5) Further M&A of Rs 300-1,500 Cr could re-lever; internal ceiling net D/E 1.0x. (6) Contingent liabilities not retrieved.

Management, Promoters & Governance

Sources: FY26 Board's Report (11 May 2026), FY22-FY25 Board's Reports, exchange filings Feb-Oct 2026, shareholding pattern at 20 Aug 2026 (post-QIP), Trendlyne PIT/SAST and bulk/block, plus street-holder detail from heard.md. RTA: Alankit Assignments.

Promoters and Promoter Group (20 Aug 2026)

Promoter entity / person	Shares	% post-QIP	Notes
Deepak Shriram Family Benefit Trust (trustees Luv D. Shriram & Meenakshi Dass)	1,20,14,724	25.90%	Largest holder; two trustee demat entries (MarketScreener 1,20,25,628 / 25.92%)
Sarva Commercial Pvt Ltd	21,33,160	4.60%	Family investment company
Sera Com Pvt Ltd	19,00,794	4.10%	Family investment company
Meenakshi Dass (individual)	16,69,440	3.60%	Non-executive director; habitual small seller 2018-2021
Manisha Commercial Pvt Ltd	13,35,958	2.88%	Family investment company
Others (Shabnam Commercial, Nandishi Shriram, family/HUF)	~2.19 lakh	~0.47%	Charat Ram Shriram Pvt Ltd in a Mar 2018 off-market transfer
Total promoter group	1,92,73,106	41.55%	Pledged 0%; locked-in 0%; unchanged share count since Sep 2024

Lineage: New Delhi Shriram family, Charat Ram branch of the original DCM/Lala Shri Ram business (businesses passed to sons Bharat Ram and Charat Ram); shares heritage with DCM and Usha International only. Exact relationships (e.g., Luv Shriram and Meenakshi Dass as children of Deepak Shriram) not verified from a primary filing. No other listed operating company of this promoter group and no group-company RPT counterparties identified. Luv Deepak Shriram (~54): WTD (KMP) since 1 Apr 2009, B.Com SRCC, management and finance; re-appointed 5 May 2024-4 May 2029; Risk Management Committee. Meenakshi Dass: NED since 28 Mar 2009; re-appointed at the 61st AGM (1 Aug 2025); RMC member.

Promoter dealings history

Date	Who	Action	Qty	Price (Rs)	Value / comment
6 Sep 2024	Trust (Luv D. Shriram and Meenakshi Dass, two demat entries)	Sale, bulk/block	6,60,500 + 6,60,500 = 13,21,000 (3.0%)	2,181.77 / 2,197.60	~Rs 289 Cr. Buyers: Theleme 4.84 lakh @ 2,176; DSP MF 4.41 lakh; Tata MF 2.20 lakh; East Lane 1.30 lakh; Astral 0.47 lakh. 46.75% → 43.75%. (Financials.md attributed only 6,60,500 to Meenakshi Dass; InsiderScreener rows show a 10x decimal error; Simply Wall St ~Rs 1.4 bn at Rs 2,182 for Luv Shriram's entry)
8-11 Nov 2021	Trust, Sarva, Sera Com, Manisha, Shabnam	Market purchase	~1.92 lakh	915-930	~Rs 17.8 Cr; rebuilt stake after buyback
10-11 Nov 2021	Meenakshi Dass	Market sale	1,02,000	921.9	Rs 9.4 Cr; intra-group rebalancing
11 Oct 2021	All promoter entities	Tendered into buyback	~2.87 lakh	1,020	~Rs 29 Cr
2018-2020	Meenakshi Dass / group	Small market sales	~1.2 lakh over ~30 trades	598-2,097	Pre-bonus count

Key Management

Person	Role	Background / notes
Krishnakumar Srinivasan (~60)	MD & CEO (KMP)	B.E. (Mech), MBA, PG Dip Export Mgmt; 37+ yrs in auto. Board 11 Feb 2020; MD & CEO from 1 Apr 2021; re-appointed 11 Feb 2025-10 Feb 2030. Interest-free residential advance up to Rs 15 Cr, five yearly instalments (shareholders 24 Jul 2024). Led all six deals. Prior employers not verified
Prem Prakash (Sharad Premprakash) Rathi (~58)	CFO (KMP); ED Finance on aggregators	CFO since ~8 Jan 2021; ran CP, NCD, QIP and AA+ upgrade; rarely speaks on calls
Arun Kumar Shukla (DIN 09854946)	Additional Director, WTD (KMP) from 4 Aug 2026, 5 yrs	Background not disclosed; regularisation via postal ballot noticed 22 Sep 2026 (e-voting 23 Sep-22 Oct 2026; result pending). Appointed 4 days after the CMO retired
Luv Deepak Shriram	WTD, promoter	See above
Nilesh Jain (FCS F5113)	CS & Compliance Officer from 5 Sep 2026	26+ yrs governance, SEBI compliance, restructuring and risk (steel, tubes, auto)
Pankaj Gupta	CS & Compliance Officer (Dy ED Legal & CS) to 15 Jun 2026	Resigned "personal reasons"; letter 27 Mar 2026
Nidhi Kandwal (ACS A54066)	Compliance Officer 4 Aug-4 Sep 2026	Interim; resigned on Jain's appointment
Sandeep Agrawal	ED & Chief Marketing Officer (senior mgmt)	Retired on superannuation 31 Jul 2026
Rajan Nanda	ED Marketing / Sales & Marketing	Since 1 Jun 2015; took over marketing from 1 Aug 2026
Pankaj Kumar Jain	Senior officer	n.a.
A.K. (Ashok) Taneja	Former MD	Superannuated 31 Mar 2022

Remuneration: director and KMP amounts and ratio to median not verified (FY26 AR not reachable); no director receives commission from subsidiaries; N&R Policy unchanged FY25-26. ~6% dissent on the Chairman's commission resolution at the 62nd AGM (27 Jul 2026; all 8 resolutions passed). Standalone permanent headcount 3,887 (Mar 2024), 3,857 (Mar 2025), 3,827 (Mar 2026).

Board of Directors (Oct 2026)

#	Director (DIN)	Category	Since	Term	Background
1	Pradeep Dinodia (00027995)	Chairman, NE non-independent	16 May 2003	23 yrs; re-appointment at 62nd AGM	FCA; Chairman & MP, S.R. Dinodia & Co LLP; St Stephen's, LLB Delhi; boards of Hero MotoCorp, Hero FinCorp, DCM Shriram; ~72; chairs RMC
2	Krishnakumar Srinivasan	MD & CEO	11 Feb 2020	to 10 Feb 2030	See management
3	Luv Deepak Shriram	WTD, promoter	1 Apr 2009	to 4 May 2029	Promoter
4	Arun Kumar Shukla (09854946)	Additional Director / WTD	4 Aug 2026	5 yrs, subject to approval	n.d.
5	Meenakshi Dass (00524865)	NE non-independent, promoter	28 Mar 2009	Retires by rotation	Trust co-trustee
6	Klaus Semke (10133032)	NE non-independent	1 May 2023	Re-appointed Aug 2025	KS Kolbenschmidt-side nominee (licensor; no equity); replaced Sascha Putz; alternate Alexandru Vladoi resigned 31 Mar 2025
7	Yasunori Maekawa (06952173)	NE non-independent	13 May 2024	Re-appointment at 62nd AGM	NPR-RIKEN nominee; ~68; alternate Shigeto Muno; replaced Masaaki Yamaguchi (who replaced Yukio Tanemura)
8	Hari Shanker Bhartia	Independent	27 Jan 2009	2nd term 31 Mar 2025-30 Mar 2030	Co-Chairman, Jubilant Bhartia; ~69; 17+ yrs on board
9	Ferida Avnish Chopra	Independent	30 Mar 2019	2nd term to 29 Mar 2029	~72
10	Tina Trikha	Independent	13 May 2024	to 12 May 2029	~51; RMC member
11	Akihiro Ozaki (11152072)	Independent	12 Jun 2025	5 yrs	Japanese national; casual vacancy of Shinichi Unno; IICA proficiency test pending (FY26 report)

Composition: 11 directors: 3 executive, 4 NE non-independent, 4 independent (36%); three women (two independent). Reg 17(1)(b) one-third floor = 3.67, so 4 clears it with no headroom; if the chair were deemed promoter-related, the 50% test would be breached. 6 board meetings in FY26 and FY25, 7 in FY24. Committees: Audit, NRC, CSR, Stakeholders, Risk Management, Finance & Investment (ran the QIP). Audit chair Inderdeep Singh until Jul 2024; current chair not verified. D&O insurance; board evaluation done.

Board and KMP changes log

Date	Change
1 Apr 2021	K. Srinivasan re-designated MD & CEO
7 / 31 May 2021	Kiyoto Tone (ID) resigned; Shinichi Unno appointed ID
31 Mar 2022	A.K. Taneja superannuated
5-6 Apr 2022	Yukio Tanemura (Riken) resigned; Masaaki Yamaguchi appointed
30 Apr / 1 May 2023	Sascha Putz (KS) resigned; Klaus Semke appointed
29-31 Mar 2024	Alok Ranjan (ID) tenure ended; Ferida Chopra 2nd term; Yamaguchi resigned; alternate Maekawa ceased
13 May 2024	Tina Trikha (ID) and Yasunori Maekawa (NED) appointed
Jul 2024	Inderdeep Singh (ID, Audit chair) tenure ended; Unno 2nd term from 29 Jul 2024
11 Feb 2025	Srinivasan re-appointed to 2030
31 Mar 2025	Vladoi (alternate) resigned; Bhartia 2nd term
7 May 2025	Shinichi Unno (ID) resigned mid-term (reason not verified)
12 Jun 2025	Akihiro Ozaki appointed ID (approved at 61st AGM, 1 Aug 2025)
15 Jun 2026	CS Pankaj Gupta exits (~82-day CS gap to 5 Sep)
27 Jul 2026	62nd AGM: Dinodia, Maekawa re-appointed; final dividend Rs 5; QIP enabling resolution
31 Jul 2026	ED & CMO Sandeep Agrawal retires
4 Aug 2026	Shukla appointed Additional Director / WTD; Kandwal Compliance Officer
4-5 Sep 2026	Nilesh Jain CS & Compliance Officer; Kandwal resigns (third CS/compliance change in ~5 weeks)
22 Sep 2026	Postal ballot notice (believed Shukla appointment/remuneration)

Shareholding Pattern (%)

Quarter	Promoter	FII	DII	of which MF	of which Ins.	Public (incl. NPR-RIKEN)	Shareholders
Mar 2024	46.75	1.35	12.55	0.01	8.46	39.35	36,292
Jun 2024	46.75	1.99	11.80	n.a.	n.a.	39.46	40,419
Sep 2024	43.75	4.27	12.74	2.13	6.64	39.24	47,013
Dec 2024	43.75	4.50	13.06	n.a.	n.a.	38.69	n.a.
Mar 2025	43.75	5.30	13.15	3.36	6.10	37.78	43,808
Jun 2025	43.75	5.88	13.34	3.73	5.89	37.02	n.a.
Sep 2025	43.75	5.99	13.23	4.27	5.00	37.01	51,290
Dec 2025	43.75	6.62	13.14	4.34	4.61	36.48	49,226
Mar 2026	43.75	7.65	12.89	4.39	4.26	35.71	49,520
Jun 2026	43.75	8.21	12.16	5.14	3.20	35.86	54,998
20 Aug 2026 (post-QIP)	41.55	8.39	16.00	8.38	3.59	34.05	58,035

Promoter steps: Sep 2024 sale (-3.0pp) and Aug 2026 QIP dilution (-2.2pp). MFs went from ~0% to 8.38% (9.2% by Sep 2026 monthly data); insurers from 8.46% to 3.59%. Sep 2026 quarterly pattern (due 21 Oct) not yet published.

QIP arithmetic: promoter shares unchanged at 1,92,73,106 (43.75% → 41.55%); NPR-RIKEN unchanged at 93,84,114 (21.30% → 20.23%; did not participate); MFs 22,63,459 → 38,87,105 shares (+16,23,646, ~69.5% of the issue); FPIs ~36.2 lakh → ~38.9 lakh; insurers 14,11,241 → 16,64,537 (new insurers via QIP; holder count 3 → 6); non-institutional public 1,58,00,626 → 1,57,97,320 (flat). FPI count ~92 (Sep 2025) → 118-120. MF schemes 8 (Sep 2025) → 25 holders (Aug 2026). Individuals under Rs 2 lakh 9.07% across 53,371 accounts; HNIs 1.38% (18 holders). Free float: ~38% ex-promoter, ex-NPR-RIKEN (~Rs 8,100 Cr) vs ~14% non-institutional public ex-NPR-RIKEN.

Notable Holders (20 Aug 2026)

Investor	%	Shares	Change (last 4 quarters)	Read
Deepak Shriram Family Benefit Trust	25.90	1,20,14,724	Unchanged since Sep 2024	Founding family
NPR-RIKEN Niigata Corp (ex-Riken)	20.23	93,84,114	Unchanged (dilution only)	Strategic, classed public; TCA to ~Feb 2028; latent overhang
DSP Small Cap Fund	2.33	10,81,165	Flat since at least Sep 2025 (2.45% pre-QIP)	Largest, longest-standing MF holder
National Insurance Co Ltd	2.32	10,74,786	Selling: 15,10,833 (Sep 25) → 13,36,206 → 13,19,974 → 11,19,974 → 10,74,786 (-29%)	PSU legacy holder distributing
Theleme India Master Fund	1.78	8,25,269	Broadly flat (8,26,882)	Concentrated long-term India book
LIC (LICI ASM Non Par)	<1%	<4.64 lakh	Selling: 6,92,578 (Dec 25) → 5,13,192 (Mar 26) → <1% (Jun 26)	Exiting
Al Mehwar Commercial Investments (Noosa, UAE)	<1%	<4.64 lakh	7,65,562 → 6,78,452 → 6,18,452 (Jun 26) → <1% (Aug 26)	Dec-2023 block co-buyer taking ~4x profits
Abakkus (Sunil Singhania) AIF vehicles	<1%	EOF-1 4,55,450 (1.03%) to Mar 2026	Bought ~6.7% Dec 2023; below 1% from Jun 2026	Largely monetised; Abakkus Small Cap MF adding (1,20,000)
ADIA (Monsoon)	~0.35	~1.64 lakh [Est.]	New, Aug 2026 QIP (~7% of issue)	Sovereign long-only
Prazim Trading & Investment	~0.35-0.55	~1.64-2.57 lakh [Est.]	New, QIP: ~7% of issue (heard) vs ~11%, ~Rs 110 Cr (narrative)	Reported Premji family-office vehicle (unverified)
BlackRock Global Funds - India Fund	~0.23	~1.05 lakh [Est.]	New, QIP 4.50% of issue	Global long-only
Ashoka Whiteoak India Opportunities	~0.20	~0.91 lakh [Est.]	New, QIP 3.88%	Quality-growth
SBI Automotive Opps / ICICI Pru Active Momentum / Kotak Small Cap	0.26-0.35 each	1.28-1.64 lakh	New, QIP anchors (~7%, ~7%, 6.09%)	Thematic, momentum, small-cap
Aggregates	25 MFs 8.38%; FPI Cat-I 7.98%. KS Kolbenschmidt fully exited its 20.32% (Nov 2023-Jan 2024)

Partner Holdings History and Insider/SAST Disclosures

Riken / NPR-RIKEN: 40+ yr ring partner; 21.30% → 20.23%. From 1 Apr 2026 Riken's divisions and contracts moved to NPR-RIKEN Corp (Riken + Nippon Piston Ring); equity held by NPR-RIKEN Niigata Corp; ring TCA to Feb 2028; five-year technical agreement extended Apr 2026 (financials.md). Non-promoter.
KS Kolbenschmidt: sold all 20.32%: 2.98 lakh on 7 Nov 2023 @ 1,054; market sales 28 Nov, 7 and 14 Dec 2023; 39 lakh on 20 Dec 2023 @ 1,103.6 (~Rs 430 Cr) to Abakkus (29.54 lakh; reports range 29.5-34.6 lakh, DSIJ 34,63,970) and Al Mehwar (4.36 lakh); residual 9.2 lakh 29 Jan 2024. Stock hit 5% upper circuit (Rs 1,216.65).
Fuji Oozx (30+ yrs, extended 5 yrs FY26), Honda Foundry (40+ yrs): no equity. Takahata Japan 38% of SPR Takahata. Grupo Antolin: TLA post-sale.

Date	Disclosure	Detail
28 Jul 2026	Reg 31(4) SAST	Annual promoter no-encumbrance declaration
20 Aug 2026	QIP allotment	23,36,448 @ Rs 4,280 to 45 QIBs
24 Sep 2026	Trading window (PIT)	Closure for Q2 FY27 (effective 1 Oct)
6 Sep 2024	PIT + SAST 29(2)	Trust sold 13.21 lakh (3.0%)
Nov 2023-Jan 2024	SAST 29(2)	KS Kolbenschmidt exit (20.32%)
Dec 2023	Bulk/block	Abakkus bought 29.54 lakh (6.7%) @ 1,103.6
Since Sep 2024	PIT feed	No director/KMP/promoter trades; no UPSI shared at Aug 2026 investor meets

Related-Party Transactions

Board's Report FY22-FY26: all RPTs ordinary course and arm's length; no material RPTs, no AOC-2. Note 36 (FY26) counterparty amounts not retrieved (AR 403).
MD & CEO interest-free housing advance up to Rs 15 Cr (Rs 150 Mn), five yearly instalments, approved 24 Jul 2024: disclosed, but an uncommon perquisite. Flag
Subsidiaries: FY26 Rs 50 Cr rights into SEL (paid-up Rs 650 Cr); FY25 Rs 250 Cr; Rs 50 Cr passed to EMFi (4 Nov 2025). Moulds from Karna/TGPEL eliminated on consolidation. No loans/guarantees in FY26.
Technology partners: royalty ~Rs 48 Cr/yr (~1.6% of revenue, Q4 FY25 call) to KS, Honda Foundry, Fuji Oozx, Riken, Takahata; NPR-RIKEN (20.23% + nominee) probably an Ind AS 24 related party. Antolin fees unquantified.
S.R. Dinodia & Co LLP (Chairman's CA firm): potential fee counterparty, not verified. BRSR: related parties supply 4.21% of purchases; related-party sales 0.21%.
Sunsure, Sunbeam and Antolin deals each stated at arm's length with no promoter interest. Half-yearly Reg 23(9) disclosures (4 Aug, 30 Oct 2026) will fill the table.

Auditors

Role	Firm	Tenure	Opinion
Statutory	Walker Chandiok & Co LLP (FRN 001076N/N500013; Grant Thornton Bharat)	59th AGM 6 Jul 2023 to 64th AGM (2028); FY24 first year	FY26 unmodified; Q1 FY27 limited review clean; KAMs not verified
Previous statutory	Deloitte Haskins & Sells	Two terms to FY23	Mandatory rotation (s.139), not a resignation
Secretarial	APAC & Associates LLP (Chetan Gupta)	FY25; FY26-FY30 (Reg 24A, appointed 1 Aug 2025)	FY26 MR-3 unmodified; FY24 Preeti Grover clean; SEL and SPR Interior audits annexed
Cost	Chandra Wadhwa & Co (FRN 00239)	FY25, FY26-27	No qualifications
Internal	Ernst & Young; RSM Astute; in-house (FY22 also KPMG, Grant Thornton)	n.a.	Report to Audit chair. No s.143(12) fraud; IFC adequate

Subsidiaries and Group Structure (8 subsidiaries: 4 direct, 4 step-down; no JV)

Entity	Holding	FY26 total income (Rs Mn)	FY26 PAT (Rs Mn)	Status
SPR Engenious Ltd (SEL; inc. 26 Sep 2022; material)	100% direct	424 (FY25 177)	(107) (FY25 (57))	Loss-making holdco + Pithampur valves
SPR EMF Innovations (EMFi)	72.58% via SEL (51% → 66.42% → 72.58% on 11 Sep 2025)	940 (FY25 204)	17 (FY25 (37))	Turned profitable
SPR Takahata Precision India	62% via SEL	3,355 (FY25 2,952)	290 (FY25 360)	Profitable; PAT -19% (mix)
SPR TGPEL Precision Engineering	100% via SEL	1,515 (FY25 1,293)	281 (FY25 162)	~18.5% PAT margin
Karna InterTech	100% direct	57	7	Small, profitable
SPR Auto Interior Solutions (material)	100% direct	8,144*	114*	~1.4% margin
SPR Auto Interior Lighting Solutions	100% direct	1,812*	34*	~1.9% margin
SPR Auto Interior Solutions Chakan	~99.99% via SPR Interior	3,360*	(61)*	Loss-making
Sunsure Solarpark Forty (inc. 8 Jan 2025)	23.21% (SSA/SHA 25 Aug 2026)	Nil (pre-COD)	n.a.	Presumptive FY27 associate; captive-power requirement; not an RP

*Full-year entity figures; Antolin entities consolidated only from 8 Jan 2026 (~83 days). Combined Antolin FY26 ~Rs 13,316 Mn total income, ~Rs 87 Mn PAT (~0.7%). Struck off: SPR International Auto Exports Ltd (7 Mar 2023). No cross-holdings beyond the chains SPRL → SEL → EMFi/Takahata/TGPEL and SPRL → SPR Interior → Chakan. Minorities: Takahata Japan 38%; EMFi founders 27.42%.

Acquisition Track Record

Date	Target	Price	Is it working?
11 Jan 2023	EMF Innovations, 51% via SEL	Rs 78.0 Cr for 51%; FY24 M&A Rs 68 Cr	FY26 PAT Rs 1.7 Cr on 4.6x revenue; early positive, small vs price
16 Oct 2023	Takahata Precision India (agreed 75%, 62% held; gap unexplained)	EV Rs 222 Cr for 100%; FY24 M&A Rs 63 Cr	Rs 29 Cr PAT on Rs 183.5 Cr equity: working
24 Dec 2024	TGPEL (Noida), 100%	Rs 220 Cr (narrative; Rs 218 Cr business M&A; "not verified" in governance); pitched EPS-accretive	PAT Rs 16.2 Cr → Rs 28.1 Cr: working well
1 Apr 2025	Karna InterTech (founded 1981)	Rs 5 Cr cash	Small, profitable
19 Dec 2025-30 Jun 2026	Sunbeam piston lines (Craftsman), asset deal	Rs 28 Cr ex-GST	Completed 30 Jun 2026 (financials/business); installation site undisclosed
8 Jan 2026	Grupo Antolin India (3 entities) from Grupo Antolin Irausa S.A.U. and Grupo Antolin Ingenieria S.A.U.; SPA 5 Dec 2025	EV EUR 159 Mn ≈ Rs 1,670 Cr; recorded consideration Rs 1,708.3 Cr	~196x trailing entity PAT, ~1.3-1.4x sales. Too early; margin 7-8% → early-to-mid teens. Advisers CMS INDUSLAW (buyer), Khaitan (seller)

Governance Red Flags and Litigation Sweep

#	Item	Severity	Detail
1	Rs 15 Cr interest-free MD & CEO advance	Medium	Approved 24 Jul 2024; track balance in Note 36
2	Stock-exchange fine	Low	Rs 11,800 for late board-meeting intimation (May 2026), Board comments filed 4-5 Aug 2026 (narrative.md); governance could not open the attachment
3	KMP churn 2026	Low-Med	CS resigned, ~82-day gap, interim compliance officer for one month, CMO retired, new WTD. Not a for-cause signal on the evidence
4	ID resignation (Unno, 7 May 2025)	Low	Mid-term; replaced in ~5 weeks
5	Thin independence, long tenures	Low-Med	4 of 11 IDs; chairman 23 yrs non-independent with CA firm; Bhartia since 2009; Ozaki IICA test pending
6	Promoter selling / falling stake	Low	3% sold Sep 2024; diluted to 41.55%; no pledge; no purchases since Nov 2021
7	NPR-RIKEN concentration	Medium	20.23%, skipped QIP; TCA expires Feb 2028; KS precedent of exit
8	Large low-margin acquisition	Medium	Rs 1,708 Cr for ~Rs 8.7 Cr PAT; Chakan loss-making; SEL loss Rs 10.7 Cr
9	SEBI / MCA / IBC	None	No orders, prosecutions or insolvency applications
10	Tax / litigation	Partly verified	Income-tax penalty Rs 0.742 Cr (AY 2020-21) under appeal; tax demand ~Rs 2.97 Cr (Feb 2025); FY26 contingent liabilities not retrieved
11	CSR shortfall	Trivial	Rs 10.89 Cr spent vs Rs 11.09 Cr; Rs 0.2 Cr to Unspent CSR (ongoing)
12	IEPF / physical shares	Trivial	36,519 IEPF; 3,853 suspense; unpaid dividends Rs 0.12 Cr; re-lodgement window Oct 2026
13	Other minor items	Low	8 Dec 2025 exchange query on volume surge (no undisclosed info); Q2 FY26 results misprinted in Hindi FE (republished 6 Nov 2025)

Positives: Golden Peacock Corporate Governance 2025; IND AA+/Stable; clean audits after rotation from a Big-4; zero pledge; Rs 10/share dividends FY25 and FY26 (Rs 44 Cr each); orderly 2021 buyback; consistent Reg 30 disclosure; no POSH complaints FY26; first-ever concall 5 Apr 2024 and regular since.

Supply Chain

Upstream dependencies and downstream customers. Source: business.md (FY26 BRSR, decks, calls), market.md. [Est.] marks derivations.

↑ Upstream: What SPR Depends On

Item	Disclosure / evidence
Key inputs	Pistons: Al-Si alloys (KS 1295/1275), aluminium scrap, cast-iron ring carriers. Rings: cast iron, SG iron, pig iron, steel wire. Valves: valve steels, stellite. Coatings: chromic acid, PVD, DLC. Tooling: mould steel (via Karna). Plastics: engineering resins. Interiors: PU foam, fabrics, LEDs, electronics. EMFi: copper, electrical steel, magnets, power electronics. Energy: grid power, group-captive solar, PNG
Recycled content	55% of ferrous and non-ferrous raw material by value recycled/reused (58% FY25); aluminium and iron scrap prices are key cost drivers
Import dependence (standalone)	80.82% of inputs bought directly within India, so ~19% imported [Est.] (81.48% domestic FY25). Categories and countries not disclosed. EMFi designs licensed from China
Supplier concentration	Trading houses 23.96% of purchases (752 traders, from 802); top 10 traders 68% of trader purchases, so ~16% of total [Est.]. MSMEs 7.23% (5.69%). Related parties 4.21%
Named suppliers	Not disclosed. Only captive/related names: Karna Intertech (moulds); licensors KS, Riken, Honda Foundry, Fuji Oozx, Takahata, Antolin, Wuxi Lingbo, Shenzhen Greatland; Kaeser (compressors, capex vendor); Sunbeam Lightweighting (asset seller)
Single-source / critical risks	(1) Moulds now in-house (lower risk). (2) EMFi depends on Chinese technology and, by industry norm, Chinese rare-earth magnets; shortage "mitigated" via alternate sourcing (Q1 FY26); ferrite motor in development. (3) Interiors depend on the Antolin licence. (4) Pathredi groundwater in a water-stressed area. (5) Chromic-acid plating regulatory risk
Pass-through	Back-to-back commodity recovery with all customers, ~one-quarter lag; contracts reset after the fact; company carries inventory. Aluminium up to ~40% above base. Q1 FY27 commodity/logistics hit ~Rs 30 Cr (Rs 300 Mn); a further Rs 30 Cr due from customers, recovery expected Q2 FY27. Aftermarket prices set by SPR
Working capital	Standalone payables 96 days FY26 (107 FY25); consolidated net WC cycle 63 days (66)
Sustainable sourcing	61% of inputs by value from ESG/certification-compliant suppliers; 95% of critical suppliers environment-compliant

↓ Downstream: Who Depends On SPR

End markets (core): CV, PV, 2W, 3W, tractors; non-auto: off-highway, industrial engines and gensets, marine, Indian Railways, defence, compressors, snowmobiles, lawnmowers. BRSR groups customers as domestic OEM, domestic aftermarket, international OEM, international aftermarket.

Segment	Named customers (FY26 deck logos and calls)
CV	Tata Motors, Mahindra, FUSO (Daimler India CV), Force Motors, SML Isuzu, Volvo-Eicher, Cummins, Ashok Leyland
PV	Maruti Suzuki, Hyundai, Tata, Mahindra, Honda, Toyota (interiors), Renault, Nissan, VW, Ford; new Toyota/Honda/Suzuki platforms "from the drawing board"
2W	Bajaj, Hero MotoCorp, TVS, TVS-BMW, Royal Enfield, KTM, Suzuki, HMSI, Yamaha
Tractors	Sonalika, John Deere, Mahindra, Swaraj, TAFE, New Holland, Escorts Kubota
Industrial / genset / OHV	Greaves, Honda Power Products, Cummins, Mahindra Powerol, Kirloskar Oil Engines, KAMCO, ZF Wabco, Mitsubishi Heavy Industries India; Caterpillar and Kubota (earlier decks)
Railways and defence	Indian Railways; defence applications
Takahata	Astemo, Mitsubishi Electric, Koito, Rane, Honda, Denso, TI, UMC, Aisan, Forvia-Hella, Mikuni, Nidec, Aisin, Yazaki, Advics
TGPEL	Denso, Kijima, Nidec, Schaeffler (LuK/INA/FAG), AIS, Hi-Lex, Mikuni, Nippon, Yazaki, Hero Motors, Gillette, Wrig Nanosystems, Trelleborg, WOCO, Secure Meters, Anchor by Panasonic, Havells, Genus, Socomec, IMI Precision Engineering, Dhoot Transmission, Solera
Interiors	Tata Motors, Mahindra, VW India (Skoda-VW), Hyundai, Renault, Toyota, Isuzu
EMFi	"Large E2W players" plus 3W, PV, truck and bus programmes; 300 kW win; no names disclosed

Concentration

Top-5 / top-10 customer shares not disclosed. Management (Q3 FY26): "no single customer is concentrated in any business."
Core sells to ~40 OEMs across 5 vehicle segments plus aftermarket and exports: likely moderate concentration. Interiors likely concentrated in a handful of PV makers [inference].
Channel: 25.7% of standalone sales via 936 dealers (1,019 FY25); top 10 dealers 35.14% of dealer revenue, so ~9% of standalone sales [Est.]. 1,200+ business partners; related-party sales 0.21%.

End-products containing SPR output

ICE engines in 2W, PV, CV, tractors, gensets, locomotives, marine, defence; aftermarket overhaul kits.
Car cabins: headliners, door trims, consoles, lighting, HMI.
Tier-1 assemblies: fuel injection, ABS (2W anti-skid braking wins), ECU, airbag, steering.
Electrical and medical devices; keyboards, sports and music parts; electric drives for E2W, E3W, e-buses.

Stickiness and contract tenors

Business	Stickiness	Tenor
Core pistons/rings/valves	Co-designed per engine; validation makes switching expensive; long aftermarket tail; often single-source	Platform life 5-8 yrs [industry norm]; hybrid/Euro 6/7 programmes to 2029-30
Exports	"Long-term supply contracts with key customers"	Not disclosed
EMFi	Switching needs 6-12 months ARAI re-homologation plus 12-24 months field/fleet trials	Not disclosed
Interiors	Nominated per vehicle programme; Antolin tech differentiator	5-7 yrs [industry norm]
Pipeline	Ethanol-ready products signed off by most customers; CAFE products in validation (Ghaziabad, Pathredi); Takahata Phase-4 from early 2027; EMFi adds customers monthly, export samples out. No order book disclosed

Value-Chain Map

Raw inputs	SPR group (converter + technology licensee)	Customers / end-use
Al-Si alloy (KS1295/1275), Al scrap	Karna moulds → gravity die-cast pistons → machining / coating → kit assembly (5 units)	Engine OEMs (2W/PV/CV/tractor, gensets, Railways) → vehicles
Cast/SG iron, steel wire	Ring casting / forming → chrome/CPC/PVD plating (Bulandshahr Road)	Aftermarket (936 dealers, SPR/USHA brands)
Valve steels, stellite	Valve forging / welding → hard-facing / plating (Ghaziabad, Pathredi, Pithampur)	Export OEM/AM, 45 countries (Europe 46%)
Engineering resins	Takahata / TGPEL tool rooms + moulding	Tier-1s (Denso, Astemo, Nidec, Yazaki) and white goods / medical
PU foam, fabrics, LEDs	Interiors (Chakan / Pune / Chennai; Antolin licence)	PV OEMs (Tata, M&M, VW, Hyundai, Toyota)
Cu, e-steel, magnets, power semis (often China)	EMFi Coimbatore (Chinese-licensed designs)	E2W / E3W / e-bus OEMs
Technology layer: KS, Riken (~20% holder), Honda Foundry, Fuji Oozx, Takahata, Antolin (licence relationships; royalty ~1.6% of revenue)

Where Pricing Power Sits

Segment	Power	Why
Core OEM	Moderate-Strong	48.4% share; small share of engine cost but critical; costly validation. OEMs still set prices in annual negotiations; indexation only makes SPR whole with a lag. Standalone EBITDA 21-23% (FY24-26; 15.9% FY22) vs FMGIL 15-16%; gross-margin slide to ~57% tests the limit
Aftermarket	Strongest	Brand-led (SPR, USHA); SPR sets prices
Exports	Price-taker	Competes with Mahle, Rheinmetall-KS, Tenneco/Federal-Mogul, Riken, Fuji Oozx (several are licensors)
Interiors	Weak-Moderate	OEM-dominated programmes; mid-teens margins at best; Antolin tech is the differentiator
Plastics	Moderate	Tier-2 to Japanese Tier-1s; mould-making edge
EMFi	Weak today	Sub-scale, Chinese-licensed, crowded; improves once homologated
Upstream suppliers	Set by indices	Metal and magnet indices; SPR passes through to OEMs with a lag

Bottom line: pricing power sits with OEMs in new businesses and is shared in the core; SPR's real leverage is in the aftermarket and in being the last scaled ICE supplier as rivals exit. The one-quarter pass-through lag is a structural earnings-volatility source while commodities stay volatile (management acknowledged on the Q1 FY27 call).

Competitive Position

Source: market.md (Screener / StockAnalysis raw data, recomputed; EBITDA = Screener operating profit ex-OI for every company; P/E and RoE TTM at 16 Oct 2026). Several policy items are tagged [NOT VERIFIED] because the search budget ran out.

Market position. SPR is #1 in domestic OEM pistons, piston assemblies and engine valves with 48.4% (31 Mar 2026, company filing 17 Jun 2026). MOSL (Sep 2026) puts core piston share at ">45%"; Emkay (2024) cited ~40-45% of ICE parts and >90% of CNG parts; ~41% replacement share in pistons. As global piston and ring majors retreat from ICE, SPR calls itself the "last man standing" and is gaining share: Q4 FY26 standalone domestic OE and aftermarket each grew ~10-11% vs a weighted industry ~6-7%. In Q1 FY27, standalone grew ~12% (16% manufacturing basis) vs industry manufacturing ~14-20% (TradeBrains: production +~22%, domestic sales +~21%), so market.md reads it as under-growing the industry that quarter, while management says it outgrew 12-14%. The two inputs use different industry bases.

Competitor Landscape by Business

SPR business	Main competitors (India)	Global / import competition
Pistons and assemblies	Federal-Mogul Goetze India (Tenneco/DRiV, Apollo-controlled); India Pistons Ltd (Amalgamations, Chennai; unlisted); Mahle Anand (JV, unlisted); Menon Pistons (small, BSE); OEM captive machining	Mahle, Rheinmetall/KS (also SPR licensor), Art Metal, Chinese suppliers
Piston rings	FMGIL (Goetze brand, main OE and aftermarket rival); India Pistons; SAMKRG Pistons & Rings (2W, BSE; CRISIL BBB+/Stable Aug 2025); unorganised aftermarket	NPR-Riken (SPR's partner), Tenneco
Piston pins	India Pistons, FMGIL, small machine shops	n/a
Engine valves	Rane Engine Valve (merged into Rane group; Rane Holdings held 58.29%); Fuji Oozx (partner); small players. Eaton exited (valves sold to Dana)	Eaton, Fuji Oozx, Mahle
EV motors and controllers (EMFi)	Sona BLW, Uno Minda, Varroc, Lucas TVS, Bosch, OEM in-house (Ola, Ather)	Nidec, Chinese imports
Precision plastics and tooling	Uno Minda, Minda Corp, Motherson, unorganised moulders	n/a
Interiors and lighting	Motherson (SAMIL), Lumax Auto Technologies, Uno Minda (lighting), Krishna Group, IAC India, Toyota Boshoku	Grupo Antolin (licensor), Forvia

Peer Comparison (consolidated, Rs Cr, FY26)

Company	FY26 Rev	Growth	EBITDA%	PAT%	RoE	P/E TTM	EV/EBITDA	Q1 FY27 Rev YoY / OPM	Moat
SPR Auto Technologies	4,459	25.6%	19.6% (876)	12.6% (561)	21.4%	36.8x	25.1x (June net debt, EV 22,026); 23.5x on TTM OP 939; ~22.4x pro-forma post-QIP	+53% / 17.5%	#1 scale (48% OEM share), cost leadership, 5 tech tie-ups, deep approvals, aftermarket brand
Federal-Mogul Goetze (FMGOETZE)	1,958	8.8%	15.5% (304)	9.1% (178; attrib. 170.7)	13.5%	13.8x	5.5x (EV 1,684 = mcap 2,512 − net cash 828)	+5.8% / 12.7%	Goetze ring brand, Tenneco tech; promoter 74.98%, parent-controlled
Sansera Engineering	3,498	15.9%	18.4% (645)	9.3% (327)	11.8%	69.0x	40.7x (EV 26,221)	+33% / 19.2%	Precision forging; aerospace/defence; con-rods, crankshafts (ICE)
Endurance Technologies	14,596	26.3%	13.5% (1,966)	6.5% (952)	14.9%	34.4x	17.9x gross (EV 35,176)	~+30% / 12.4%	Bajaj anchor; 2W castings, suspension, ABS; Europe
Uno Minda	19,658	17.2%	11.5% (2,251)	6.5% (1,284)	19.3%	52.4x	29.6x gross (EV 66,723)	n.a. / 10.3%	Broadest electronics/lighting; EV platform
Lumax Auto Technologies	4,870	33.9%	13.5% (659)	6.9% (337)	26.4%	40.5x	22.2x gross (EV 14,648)	n.a. / 13.9%	Interiors, plastics, lighting; IAC India integration; closest interiors comparator
Rane Holdings (valve proxy)	5,891	34.7%	7.2% (426)	2.3% (137)	7.0%	28.0x	7.6x gross (EV 3,232)	n.a. / 6.7%	Holdco: steering, friction, valves; weak proxy
India Pistons Ltd	Unlisted (Amalgamations / TAFE-Simpson ecosystem); pistons, rings, pins, liners; captive-like tractor/CV customers

SPR has the best margin and RoE among listed peers but trades at ~2.7x FMGIL's P/E and ~4.6x its EV/EBITDA. SPR's Q1 FY27 OPM (17.5%) is now below Sansera's 19.2%. Peers other than SPR, FMGIL and Sansera use gross EV (upper bound).

Strengths and Weaknesses vs Each Peer

Peer	SPR strengths	SPR weaknesses
FMGIL	~2.3x revenue; EBITDA 19.6% vs 15.5%; RoE 21.4% vs 13.5%; growth 25.6% vs 8.8%; diversification; more independent board	FMGIL has net cash Rs 828 Cr; 5.5x EV/EBITDA vs ~24x; Goetze aftermarket ring brand; Tenneco ring/liner tech; adding capacity (Rs 335 Cr four-plant capex, Oct 2026)
India Pistons (unlisted)	Scale, broader OEM coverage, exports, valves + EV/interiors	Captive-like Amalgamations ties (tractors, CVs); private ownership allows aggressive pricing
Sansera	RoE 21.4% vs 11.8%; P/E 37x vs 69x; PAT margin 12.6% vs 9.3%; dominant domestic share	More diversified (aerospace, defence, non-auto exports); Q1 FY27 OPM 19.2% vs 17.5%; stronger exports
Endurance	Margin 19.6% vs 13.5%; RoE 21.4% vs 14.9%	~3.3x scale; ABS/braking franchise; Europe; lower EV/EBITDA (~18x gross); powertrain-agnostic products
Uno Minda	Margin 19.6% vs 11.5%; lower P/E	~4.4x revenue; established EV platform and JV network; SPR lighting sub-scale against it
Lumax Auto Tech	Higher margin (19.6% vs 13.5%); larger total business	Proven interiors integration (IAC India); RoE 26.4% vs 21.4%; stronger OEM relationships in interiors
Rane (valves)	Fuji Oozx licence and scale; Rane Engine Valve lost ~Rs 8.9 Cr in the Dec 2024 quarter pre-merger	Larger steering/friction group with JV partners (ZF, TRW legacy); deep TVS and Southern OEM ties

Antolin Deal Valuation (implied)

Basis	Implied multiple	Source
EV Rs 1,670 Cr / FY25 revenue ~Rs 1,179 Cr	~1.4x EV/sales	market.md; Emkay (8 Dec 2025)
On "7-8%" (Q1 FY27 call) to "9-10%" (Q4 FY26 call) pre-deal margin	~14x to ~20x EV/EBITDA	market.md calculation
Emkay deal note (~9% FY24 EBITDA margin)	~15.5x EV/EBITDA	heard.md
Q4 FY26 run-rate ~Rs 1,600-1,700 Cr/yr at 9-10% margin	~1.0x EV/sales, ~10-11x EV/EBITDA	narrative.md derivation
Recorded consideration Rs 1,708 Cr / combined entity PAT ~Rs 8.7 Cr	~196x trailing PAT; ~1.3x sales	governance.md
Comparators	SPR own 3-yr avg ~11.3x (Tijori); Lumax ~22x gross	"Full" for a high-single-digit-margin business

Industry Size, Trends and Policy

Auto components (ACMA FY25): turnover ~Rs 6.7 lakh Cr (~US$80 bn), +~10%; exports ~US$22.9 bn, North America ~a quarter. FY26 data not retrieved.
Consolidation and exits: Rheinmetall's piston business, Tenneco/Federal-Mogul restructuring under Apollo, NPR-Riken merger; Indian OEMs consolidating vendors. Kolbenschmidt has separated from Rheinmetall.
EV transition: CEO expects 15-17% penetration by 2030 (15-20% on the Q2 FY26 call) with ICE ~6% CAGR; ICE output still above EV + hybrid in 2030-31. Hybrids, CNG and flex-fuel extend ICE life.
Content per vehicle: interiors, lighting, plastics and EV motors raise potential content ~6x (MOSL, Sep 2026). Antolin customers overlap: Tata, Mahindra, VW, Hyundai, Renault, Isuzu.

Policy / regulation	Impact on SPR	Status
GST 2.0 (22 Sep 2025; small cars and 2W ≤350cc 28% → 18%)	Positive volume; negative mix/realisation	In force
New Labour Codes (Nov 2025)	One-time Rs 23.7 Cr SA / ~Rs 27 Cr consol. charge; higher gratuity/leave costs	In force
CAFE III / tighter emissions (~FY28)	Higher spec and realisation for pistons/rings; also pushes hybrid/EV	Proposed [NOT VERIFIED]
Ethanol (E20 achieved; E27/E30, flex-fuel)	Positive: E85-validated products, spare plating capacity	[NOT VERIFIED]
PLI-Auto (Rs 25,938 Cr; to FY28)	Pistons do not qualify; SPR/EMFi beneficiary status unconfirmed	[NOT VERIFIED]
PM E-DRIVE (to Mar 2028)	Negative legacy, positive EMFi (ICAT certification obtained; localisation eligibility cited by forum)	[NOT VERIFIED]
2W ABS mandate (MoRTH draft 2025)	Positive for Takahata/TGPEL anti-skid braking parts	[NOT VERIFIED]
China rare-earth export controls (2025); India magnet scheme (~Rs 7,280 Cr)	Supply/cost risk for EMFi	[NOT VERIFIED]
US tariffs (s.232 25% + reciprocal, changed 2026)	Not discussed on Q4 FY26 / Q1 FY27 calls; NA cited as weak	[NOT VERIFIED]
India-EU FTA (reported concluded early 2026); India-UK CETA (2025)	Medium-term export positive; UK FTA "very beneficial" (Q4 FY25)	[NOT VERIFIED]

Barriers, Porter's Five Forces and Moat

Barriers to entry

High in core: multi-year OEM validation/PPAP; 5-6 decades of licences (KS since 1965 per market.md, Riken 1977, Fuji Oozx 1990, Honda Foundry 1993); capital-intensive foundry/plating; 9 manufacturing + 5 assembly plants (standalone); aftermarket network; 45+ export countries.
No incentive to enter a sunset category, so share flows to incumbents.
Lower in new businesses: interiors, plastics, EV motors are crowded.

Moat durability

Core: wide but time-limited. Natural consolidator of a declining pool; profit pools may rise near term; shrinks over 10-15 yrs with the ICE fleet; aftermarket trails parc by 10+ yrs.
New businesses: narrow or none. Antolin headliner leadership + licence gives some moat (licensor-dependent); EV motors face Chinese cost and OEM in-sourcing.

Force	Intensity	Comment
New entrants (core)	Low	Sunset category, long approvals, scale
New entrants (new businesses)	Med-High	Startups, Tier-1s, Chinese imports
Buyer power	High	Concentrated OEMs (Maruti, Hero, Bajaj, Hyundai, Ashok Leyland, Tata, Mahindra), annual price-downs; offset by pass-through and single-source status
Supplier power	Medium	Global metal prices (spikes to +40%); licensor royalties; China-concentrated magnets
Substitutes	High, rising	BEVs need no pistons, rings or valves; hybrids/CNG/flex-fuel delay
Rivalry	Med (core) / High (new)	Core oligopoly (SPR, FMGIL, India Pistons, Mahle Anand); FMGIL Rs 335 Cr capex; interiors incumbents Motherson, Lumax, Uno Minda

Pricing power (market.md): moderate in the core oligopoly, evidenced by 20-21% standalone EBITDA vs FMGIL's 15-16% and 100% contractual pass-through with a one-quarter lag; price-taker in fragmented interiors, plastics and EV motors, consistent with the implied ≈15% subsidiary margin.

Risks & Red Flags

Risk register merged from market.md, business.md, financials.md and governance.md. Severity is Aamara's assessment.

Risk Register

#	Risk	Category	Severity	Explanation	Mitigant
1	EV substitution of core ICE	Business / tech	High	~65% of consolidated income (pro-forma) still pistons, rings, pins, valves; EV 15-17% by 2030, faster in 2W/3W (3W already 31.7%)	Hybrid, CNG, flex-fuel; >35% powertrain-agnostic; ~60% "insulated"; aftermarket tail; share gains
2	Acquisition-led margin dilution	Financial / execution	High	Ex-OI EBITDA 20.8% (FY24) → 17.5% (Q1 FY27) [22.9% → 18.9%]; subsidiaries ~15% vs 21% SA; FY26 PAT +8.9% on +25.6% revenue	Antolin 7-8% → early-mid teens; EMFi operating leverage; convergence target
3	Integration: five deals in ~5 years incl. Antolin's 5 plants	Execution	High	New domain; customer/tooling re-approvals; Antolin Chakan loss-making; plant utilisation 60-65%	Antolin licence; overlapping OEMs; CEO-led team
4	Valuation / de-rating	Market	High	36.8x P/E, 7.0x P/B, ~24x EV/EBITDA vs FMGIL 13.8x / 5.5x; above all targets but MOSL's; register consensus-long	Consensus PAT FY27E Rs 651 Cr, FY28E Rs 851 Cr; strong RoE
5	Leverage spike, finance cost	Financial	Medium	Gross debt Rs 508 → 1,968 Cr; quarterly finance cost Rs 9 → 34.2 Cr; coverage 6.7x; NCDs due Aug 2027 / Feb 2028	QIP Rs 1,000 Cr; pro-forma net debt ~zero; ceiling net D/E 1x; AA+
6	Dilution and capital-allocation creep	Governance / financial	Medium	+5.30% shares; three versions of QIP use; Rs 300-1,500 Cr M&A appetite; equity raised ~6 months after "no capital needed"	Large QIBs (ADIA, BlackRock) validated pricing; M&A judged on 5-10-yr outlook
7	Commodity inflation with lag	Macro	Medium	Aluminium up to ~40% above base; ~Rs 30 Cr Q1 FY27 hit	100% contractual pass-through, one-quarter lag
8	Export weakness and tariffs	Macro / regulatory	Medium	Exports flat ~Rs 480-520 Cr; +~1.5% in FY26; Europe/NA/ME weak; US tariff stack unclear [NOT VERIFIED]; forex receivable caution	No share loss claimed; NA wins; FTAs
9	Customer concentration / OEM power	Business	Medium	Concentrated OEMs, annual price-downs; EV-motor in-sourcing; top-10 not disclosed	Multi-segment spread; aftermarket ~26% (Mata); single-source in pistons
10	Share and mix after GST 2.0	Business	Medium	Q1 FY27 SA revenue +12% vs industry 14-20%; realisation per piece down	CAFE spec; hybrid programmes
11	Competitive capacity response	Business	Low-Med	FMGIL Rs 335 Cr capex; India Pistons, Mahle Anand remain	Scale; cheap Sunbeam capacity
12	EMFi execution	Execution / tech	Medium	Validations pending; Sona, Uno Minda, Chinese competition; China tech and magnet dependence; 5-7x guidance became 2x	Full-year capacity FY27; EBITDA-positive; hairpin winding; 2-250 kW range
13	Licence dependence and royalties	Business / governance	Low-Med	KS, Riken (TCA to Feb 2028), Fuji Oozx, Honda Foundry, Antolin; royalty ~1.6% of revenue; Antolin fees unquantified	Decades-long relationships; "market norms"
14	Key-person and transition	Governance	Medium	CMO retired 31 Jul 2026; CS churn; M&A strategy CEO-dependent	Professional management; new WTD
15	Minorities and complex structure	Governance	Low-Med	EMFi 72.58% (Singapore R&D), Takahata 62%, holdco SEL loss-making; possible interest capitalisation flag	RPT disclosures (AR not reviewed)
16	NPR-RIKEN overhang	Market / governance	Medium	20.23% non-promoter strategic holder; KS sold 20.32% in 2023 at Rs 1,103.6	No sale to date; stable holder for 40+ yrs
17	Goodwill impairment	Financial	Medium	Goodwill + intangibles ~Rs 1,695 Cr ≈ 58% of net worth	Margin repair at Antolin
18	Labour cost / Labour Codes	Regulatory	Low	Rs 27 Cr one-time; April wage hikes; 100% unionised permanent workers	Pays above minimum wage; no disruption
19	ESG / operations	ESG	Low	Foundry and chrome plating energy/chemical intensive; Pathredi water stress	ZLD; Sunsure captive solar; CDP B; EcoVadis Bronze
20	Auditor, tax, litigation	Governance / regulatory	Partly unknown	Contingent liabilities, CARO, KAMs not retrieved; IT penalty Rs 0.742 Cr (AY 2020-21) under appeal; ~Rs 2.97 Cr tax demand (Feb 2025)	Clean FY26 audit opinion; review FY26 AR

Red-Flag Checklist

Red flag	Status	Evidence
Rising debt	Yes	Gross Rs 508 → 1,968 Cr (FY26); finance cost Rs 9 → 34.2 Cr/qtr; net debt cleaned up by QIP
Margin deterioration	Yes, most material	Ex-OI 20.8% → 20.4% → 19.6% → 17.5%; company 22.5% → 18.9% (Q1 YoY); SA 23.5% → 21.0%
Auditor concerns	No	FY26 unmodified (governance.md); market.md did not check
Related-party abuse	Not observed / not fully checked	MD advance flag; Note 36 amounts not retrieved
Promoter selling	Past only	3% sold Sep 2024; Aug 2026 drop is dilution (Tickertape's "34.06% promoter" swaps rows)
Dilution	Yes, moderate	+5.30% shares at Rs 4,280, 3.56% below floor
Customer loss	No	"We lost not a single share"; no export share loss claimed
Litigation / tax	Partly checked	Minor items only; contingent liabilities open
Commodity / FX / rates	Yes, moderate	Aluminium +40%; Rs 30 Cr hit; 7.30-7.35% coupons; export FX
Tech obsolescence	Structural	ICE ~65% of income
Key-person dependency	Moderate	CMO retired; CEO-led M&A
Pledge	None	0% every quarter; Reg 31(4) declaration 28 Jul 2026
Interest capitalisation	Possible	Screener flag; heavy capex (Takahata Phase 3/4 Neemrana, Noida, Pithampur, Ghaziabad, Pathredi)

What would change the view: (1) Q2 FY27 consolidated margin back toward 20% (bulls need ~19.5%+) and SA PAT growth positive; (2) sustained mid-teens Antolin margin and new headliner/HMI wins; (3) named EMFi OEM nominations and magnet sourcing; (4) export recovery and US tariff/EU FTA clarity; (5) next deal's size, multiple (Antolin implied ~14-20x) and funding; (6) FMGIL's capacity and ring pricing.

Concall Highlights & Guidance

Source: narrative.md (StockAnalysis/Quartr transcripts, AlphaStreet auto-transcripts, Cofacto, Arthneeti, Multibagg; BSE-hosted transcripts returned 403, so quotes may carry transcription errors). Primary speaker on every call: MD & CEO Krishnakumar Srinivasan; IR partner EY.

Quarter-by-Quarter Log

Q4 FY25: 8 May 2025

Numbers: Q4 total income Rs 1,015.8 Cr (+15%), EBITDA margin 23.4% (vs 22.8%), PAT Rs 151.5 Cr (+30%, 14.9%). FY25 total income Rs 3,661.2 Cr (+15.3%), EBITDA Rs 835.7 Cr (22.8%), PAT Rs 515.6 Cr (+17.5%). FY25 dividend Rs 10/share (Rs 44 Cr) incl. Rs 5 interim; narrative.md records "final Rs 10 plus Rs 5 interim", which does not reconcile with the Rs 44 Cr outflow.

Management: industry grew ~3% in FY25 (2W ~9%, PV ~2%, CV ~1%) vs ~10% expected; SPR ~7-8%: "outgrown it by around almost 100%". ~50% of business is aftermarket + exports + non-auto. EMFi "roughly doubled" from ~Rs 12 Cr; Coimbatore (~Rs 70 Cr) "functional by end-June"; utilisation 75-80%; capex ≈ depreciation; Pithampur doubling. Exports +4-5% despite key markets -20% (snowmobile, marine, compressor, lawnmower); UK FTA "very beneficial", US deal "not very far away". Takahata/TGPEL <15% ICE-linked; Karna for in-house dies (15,000-18,000 variants).

Risk Q&A: COGS rose from ~33-34% (Mar 2020) to ~39%: answer "mix", "EBITDA is the right metric". Royalty ~Rs 48 Cr (~1.6%). Riken-NPR "no major issues". Export figures did not reconcile (Rs 484 Cr vs 17% share; subsidiaries included). No order book (Raman KV, Sequent); "we don't give our market share figures." Tone: confident; no FY26 guidance.

Q1 FY26: 4 Aug 2025

Numbers: total income Rs 991.7 Cr (+14.9%), EBITDA Rs 223.4 Cr (+16.5%, 22.5%), PAT Rs 134.8 Cr (+15.1%, 13.6%). SA revenue +~9.8% vs industry production +~1% (2W -1%). Exports ~18-20% of sales, 45+ countries.

Management: "maintained a double digit growth across all key financial metrics"; "amongst the top three motor and controller manufacturers"; "drive towards M and A will continue"; tariffs: "we don't see any major reduction in volumes". Coimbatore "originally slated for end-July", now end-Sep/early Oct (consolidating the old facility); "no one-offs". Rare-earth shortage mitigated by alternate sourcing.

Risk Q&A: on subsidiary profitability (Pradyumna Choudhary, JM Financial FO): "Console profitability has grown here. It does come down. There's no reason why it should come down." Declined EV-plant peak revenue (Abhishek Jain, AlfAccurate); disputed a WC figure; declined aftermarket receivables split. Around the call: 61st AGM (1 Aug 2025), Emkay Confluence (13 Aug), EMFi stake to 72.58% (11 Sep).

Q2 FY26: 7 Nov 2025 (results 4 Nov)

Numbers: consolidated total income +~15%; EBITDA margin 22.4%; PAT Rs 142.1 Cr (+12.9%, 13.6%). H1 total income Rs 2,034.4 Cr (+14.9%), EBITDA Rs 457.0 Cr (+14.2%), PAT Rs 277.0 Cr (+14%). SA Q2 total income Rs 897.9 Cr (+9.1%); H1 Rs 1,760.1 Cr (+9.4%). Subsidiaries +~74%. Rs 50 Cr into SEL → EMFi (4 Nov). Net WC cycle 54 days FY25 (58 FY24); FY25 net-debt-free, D/E 0.11.

Management: GST 2.0 hit ~1 week but "disrupted" Aug-Sep mix; October festive double-digit. Coimbatore commissioning finished; SEL Pithampur phase 2 complete, phase 3 started. Gross margin: "hold the current rate" (missed). EMFi FY25 revenue Rs 36 Cr; Rs 100+ Cr in 2-3 yrs "that is our plan. Otherwise, why do we put such a big plant?"; asset turns >4x. 5-yr capex >Rs 550 Cr; maintenance ≈ depreciation; surplus cash for M&A. ICE 6-7% CAGR; EV 15-20%. On doubling profit in 3-4 yrs: "I cannot see the future." Tone: "very optimistic yet prudent".

Risk Q&A: Viraj (SiMPL): exports stuck at ~Rs 480-520 Cr for 2-3 yrs; denied routing via partners; noted Kolbenschmidt split from Rheinmetall; caution on export receivables (forex shortages). OEM EV-motor insourcing (Chinmay, Prescient): variant diversity keeps specialists relevant. Declined Coimbatore utilisation; ferrite motor pending PM E-DRIVE approval.

Antolin deal call: 10 Dec 2025

SPA 5 Dec 2025 for 100% of Antolin Lighting India, Grupo Antolin India and Grupo Antolin Chakan; EV EUR 159 Mn (~Rs 1,670 Cr) cash, cash-free/debt-free; long-term TLA. 8 Dec exchange query on volume surge (no undisclosed info). 16-17 Dec Rating Watch Positive. 19 Dec Sunbeam APA (Rs 28 Cr; Rs 10 Cr paid 31 Dec). 24 Dec Rs 1,000 Cr 62-day CP. Stock +5.5-6% to Rs 2,994 on the deal (then 52-week high).

Q3 FY26: 3 Feb 2026 (results 2 Feb)

Numbers: consolidated total income +21% (record), EBITDA +21%, PBT pre-exceptional +22%; exceptional Rs 25.2 Cr (labour codes) cut PBT growth to 6.4%. 9M total income +16.8%, PAT +10.6%. Production +17% (PV/CV >20%, 2W ~17%, 3W 14%). Interim Rs 5. Antolin not included. Board: Rs 1,000 Cr NCDs, name change, dividend.

Management: "well diversified and a multi product organization"; "I did say I will be the last man standing"; legacy FY26 "at least 12% and above" vs industry ~8%; longer term "at the level of the market growth". EMFi "grow almost five to seven times"; 300 kW win; Coimbatore "hitting record almost every month". "Still able to maintain all our margin targets." NCDs: "We plan to pay off as soon as possible"; "We don't require any capital"; "fairly under leveraged". Antolin RoCE "at par". Bora Kalan inaugurated Nov 2025.

Risk Q&A: gross margin ~61% → ~58% (Viraj Kacharia, SiMPL): "We lost not a single share." Standalone growth vs production (Anubhav Mukherjee, Prescient): OEM inventory Sep-Oct, small-car shift. Volume incl. CV ~12-13% (Divyansh Gupta, Latent PMS); maintenance capex "within industry norms". Vacated global capacity (Jinal Sheth, Aurica): long validation cycles. Declined FY27 depreciation and NCD coupon. Pass-through lag ~one quarter.

Q4 FY26: 12 May 2026 (results 11 May)

Rs Mn	Q4 FY26	Q4 FY25	YoY	FY26	FY25	YoY
Consol. total income	14,807	10,158	+45.8%	45,713	36,612	+24.9%
Consol. EBITDA (incl. OI)	2,928	2,377	+23.2%	9,885	8,357	+18.3%
EBITDA margin	19.8%	23.4%		21.6%	22.8%
PBT pre-exceptional	2,082	2,010	+3.6%	7,777	6,816	+14.1%
PAT	1,590	1,515	+5.0%	5,614	5,155	+8.9%
Standalone total income	9,700	8,787	+10.4%	36,261	32,827	+10.5%
Standalone EBITDA margin	23.1%	24.4%		23.3%	23.7%
Standalone PAT	1,351	1,385	-2.5%	5,137	4,978	+3.2%

Management: "FY26 was truly a landmark year"; legacy 10-11% vs market ~6-7%; OE and aftermarket each ~10-11%; "the export business has grown only by around 1.5% ... We have not lost any business yet." Aluminium up to ~40% above base, 100% pass-through with lag. Antolin "between 9% or 10% EBITDA... expecting it to start improving"; "close to our, if not same, if not better" in "even lower than three years" (press: 20%+; transcript has no explicit 20%). "The QIP is not being raised for repaying the loan"; NCDs: "repay it on time... no such ideas of prepaying"; net debt "much lower than INR 1,000 crores". Capex "almost close to INR 200 crores", similar for 2-3 yrs. EV 15-17% by 2030; hybrids to 2029-30. No formal FY27 guidance. Board approved QIP up to Rs 1,000 Cr (11 May). Q4 EPS Rs 35.47; revenue from operations FY26 Rs 44,587 Mn (+25.6%).

Risk Q&A: technology fees to Antolin's former parent (Gokul Maheshwari, Awriga): "in line with market norms", not quantified. Promoter QIP participation (Preet Pitani, InCred AMC): promoters cannot participate. QIP split (Hrushikesh Desai, MOSL AMC): declined. CEO said subsidiary margins "in the high twenties", inconsistent with 9-10% Antolin, treated as unreliable. Takahata/TGPEL TAM ~Rs 3,500 Cr (Radha Agarwalla, MOSL).

Q1 FY27: 5 Aug 2026 (board 4 Aug; audio filed 6 Aug)

Rs Mn	Consolidated	YoY	Standalone	YoY
Total income	14,992	+51.2%	9,627	+11.7%
EBITDA	2,828	+26.6%	2,020	-0.2%
EBITDA margin	18.9% (22.5%)	-360 bp	21.0% (23.5%)	-250 bp
PBT	1,952	+6.7%	1,507	-13.5%
PAT	1,476	+9.4%	1,119	-13.8%
Finance cost	342	vs 90	293	vs 64

Management: Rs 300 Mn commodity/logistics hit, "a delay of a quarter", recovery in Q2. Volume +22% vs SA revenue +12.5%: "realization price per piece changes" (small cars). "We have actually outgrown the industry" (16%+ vs 12-14%). Gross margin 56-57% vs 59-61%: "We are not going to lose on our margins." Antolin: "improved from the earlier 7%-8%... to almost... the early teens"; "crossed the double-digit figure... early mid-teens"; on mid-teens: "Well, I hope we can. We are pushing the teams." Net debt "around INR 550" (crore; 0.2x); "no reason why we have to go even up to one". QIP "progressing as per target"; "money is completely fungible" (debt, capex, acquisitions); deal size Rs 300-1,500 Cr. "If we are able to maintain the high teens... excellent." EMFi/plastics: "Last year, we grew by double... hoping that we continue"; peak "hundreds of crores" (~Rs 200 Cr in one summary); "one winding machine, capacity... more than 15%". Takahata Phase 4 revenue "early next year" (FY28). Non-auto +15-20%/yr for four years. CAFE coatings in testing, "we are leading the game". E85 no capex. Eaton exited valves (to Dana): "we lead the stack". Exports "should all normalize within this fiscal year". Consolidated revenue from operations Rs 1,474.4 Cr; EPS Rs 32.78 (vs 30.35).

Risk Q&A: Harsh Shah (Seven Rivers): SA EBITDA margin -200 bp QoQ with flat gross margin means opex, not RM; answer "mix" and Q1 lag. Nandan Pradhan (Emkay): staff costs and opex up on April wage hike and Antolin integration one-offs ("within targets"). Vijay Pandey (Axis Capital): no quarterly segment split; "In the first half, you will get the breakup". Declined to name OEMs ("it's not that we have doubled the volume just by talking"). Structural risk acknowledged: lag hurts if commodities stay volatile.

Recurring Themes and Contradictions

Theme	Evidence across calls	Read
"Outgrowing the market"	FY25 7-8% vs 3%; FY26 10-11% vs 6-7%; Q1 FY27 16%+ vs 12-14%	Holds on volume; revenue lags volume (value per unit diluting)
Gross margin "mix"	COGS 33-34% → 39%; "hold current rate"; 61% → 58%; 56-57%	Down 4-5 points in ~a year; explanation wearing thin
Disclosure	Declines segment split, market share, customers, utilisation, maintenance capex, NCD coupon, tech fees, royalty detail, order book, QIP split	Persistent; hard to verify claims
M&A appetite	"will continue" → surplus cash earmarked → QIP for inorganic → Rs 300-1,500 Cr	High conviction another deal is coming
ICE durability	"last man standing"; EV 15-17% / 15-20% by 2030; CAFE/E85 content	Consistent
Exports	+4-5%; stuck Rs 480-520 Cr; NA wins coming; +1.5%; "normalize within this fiscal"	Recovery promised ~6 quarters, little delivered

Guidance vs Outcome (credibility scorecard)

Given	What was said	Outcome	Verdict
Q4 FY25	Coimbatore "functional by end-June"	End-July → end-Sep → inaugurated Nov, commissioned ~end-Dec 2025	Missed ~6 months
Q1 FY26	No one-offs from Coimbatore consolidation	None disclosed	Met
Q2 FY26	Gross margin "hold the current rate"	~58% → ~57% → 56-57% vs 59-61%	Missed
Q2 FY26	EMFi Rs 100+ Cr in 2-3 yrs (from Rs 36 Cr)	FY26 "doubled" (~Rs 70 Cr on management's base; deck Rs 88 Cr)	On track
Q3 FY26	EMFi "five to seven times" FY26	"Doubled" (deck 4.4x on a Rs 20 Cr base)	Large miss
Q3 FY26	Legacy FY26 "at least 12% and above"	SA total income +10.5%; revenue +10.9%; mgmt 10-11%	Slight miss
Q3 FY26	"Maintain all our margin targets"	SA margin 24.4% → 23.1% → 21.0%	Missed
Q3 FY26	Q4 "breaking records"	Record consol. revenue (with Antolin); SA PAT -2.5%	Mixed
Q3 FY26	NCDs "pay off as soon as possible"; "don't require any capital"	"Repay on time, no prepaying"; QIP 6 months later; NCDs outstanding 14 Oct 2026	Reversed
Q4 FY26	Antolin 9-10% → close to standalone in <3 yrs	Early teens; "mid-teens, I hope"; base restated to 7-8%	Scaled down
Q4 FY26	Group profitability at standalone levels	Consol. 18.9% vs SA 21.0%; new bar "high teens"	Lowered
Q4 FY26	Capex ~Rs 200 Cr/yr	H1 FY27 cash flow due 30 Oct	Pending
Q1 FY27	Rs 30 Cr commodity hit recovered in Q2	Q2 not reported	Pending
Q1 FY27	Exports normalise within FY27	Pending (low hit-rate)	Pending
Q1 FY27	Net D/E well below 1x	Post-QIP likely net cash	Will be met

Overall credibility: credible on the direction of growth (outgrows industry volume); weak on timelines (Coimbatore), sizing new businesses (EMFi 5-7x) and margin commitments (gross margin, SA margin, Antolin). Targets get reframed rather than missed outright.

QIP use of proceeds, three versions: (1) Q4 FY26 call: "not being raised for repaying the loan", for growth. (2) Board resolution / Quartr / Whalesbook: "debt repayment and general corporate purposes", "strengthen balance sheet". (3) Q1 FY27 call: "completely fungible". Placement document objects clause (20 Aug 2026) not accessed.

Tone over time: confident and promotional throughout ("last man standing", "we lost not a single share"); more defensive on margins since Q3 FY26, repeatedly disputing analysts' margin premises. Self-contradictions (the Q1 FY26 subsidiary-profitability answer) and the "high twenties" subsidiary-margin remark lower confidence in off-the-cuff numbers. Prem Rathi (CFO) and Pankaj Gupta (Dy ED Legal & CS) were introduced on the Q2 and Q3 FY26 calls but almost never spoke.

News Flow, Last 24 Months (chronological)

Date	Item
28 Oct 2024	Q2 FY25 call: double-digit growth despite weak exports and PV/CV
10 / 18 Dec 2024	TGPEL acquisition (Rs 220 Cr) and call; Emkay Buy TP Rs 2,950
3 Feb 2025	Q3 FY25 call: record quarter, interim dividend, early export recovery
4 Feb 2025	BSE trading begins (scrip 544344; direct listing)
Feb 2025	Tax demand ~Rs 2.97 Cr disclosed
18 Mar 2025	India Ratings rating action (IND AA)
1 Apr 2025	Karna Intertech acquired (Rs 5 Cr)
7 May 2025	Independent director Shinichi Unno resigns mid-term
8 May 2025	Q4 FY25 results and call
12 Jun 2025	Akihiro Ozaki appointed Independent Director
1 Aug 2025	61st AGM: Ozaki regularised; Semke and Meenakshi Dass re-appointed; APAC & Associates secretarial auditor
4 Aug 2025	Q1 FY26 call; Coimbatore delay disclosed
13 Aug 2025	Emkay Confluence
22 Aug 2025	FundsIndia Buy TP Rs 3,111
11 Sep 2025	EMFi stake raised to 72.58%
Sep 2025	EcoVadis Bronze; GST 2.0 effective 22 Sep
4 Nov 2025	Q2 FY26 results; Rs 50 Cr infused into the EMFi chain; results misprinted in Hindi in Financial Express, republished 6 Nov
7 Nov 2025	Q2 FY26 call
Nov 2025	Coimbatore EMFi plant and Bora Kalan assembly centre inaugurated; Labour Codes take effect; SEL Pithampur phase 2 complete
5 Dec 2025	SPA for Grupo Antolin India (EUR 159 Mn); stock +~6%
8 Dec 2025	Exchange query on volume surge; company clarifies. Emkay TP 3,400 → 4,650
10 Dec 2025	Antolin investor call
16-17 Dec 2025	Ind-Ra Rating Watch Positive; CP rated A1+
19 / 31 Dec 2025	Sunbeam APA (Rs 28 Cr); first Rs 10 Cr tranche
24 Dec 2025	Rs 1,000 Cr CP issued
8 Jan 2026	Antolin acquisition completed
Jan 2026	Stock at 52-week low Rs 2,526; MarketsMojo Hold (FV Rs 2,400-2,500)
2-3 Feb 2026	Q3 FY26 results and call; Rs 1,000 Cr NCDs approved; name change proposed; interim dividend Rs 5
11-12 Feb 2026	Ind-Ra upgrade to AA+/Stable
23-24 Feb 2026	NCDs raised; CP redeemed
1 Mar 2026	Emkay Buy maintained, TP Rs 4,650
10-11 Mar 2026	Antolin entities renamed (SPR Auto Interior Solutions, Lighting, Chakan); investor/analyst meet and plant visits (11 Mar)
12-13 Mar 2026	Postal ballot approves name change (99.9994%), MOA (99.9998%), AOA (99.77%) on 76.53% turnout
Mar 2026	Press mentions an EV-motor component technical partnership (not verified in filings); Mata Securities Buy TP Rs 3,674 (23 Mar)
27 Mar 2026	MCA confirms object-clause/MOA change; Sunbeam long-stop extended to 30 Jun 2026; CS Pankaj Gupta resignation letter
1-2 Apr 2026	Renamed SPR Auto Technologies Ltd (corporate, 2 Apr); NPR-RIKEN reorganisation effective 1 Apr; KS licences assigned to Kolbenschmidt Pistons Management GmbH (2 Apr)
20 Apr 2026	Declares not a SEBI "Large Corporate"
11-12 May 2026	Q4 FY26 results and call; Rs 1,000 Cr QIP approved; Emkay TP Rs 4,850 (13 May); SBI Securities note (13 May)
May 2026	Exchange fine Rs 11,800 for late board-meeting intimation (disclosed 5 Aug 2026); NCD utilisation disclosure (21-22 May)
15 Jun 2026	CS Pankaj Gupta exits
17 Jun 2026	Corporate presentation filed (48.4% OEM share)
24 Jun / 1 Jul 2026	NSE circular 1012/2026; exchange records reflect new name from 1 Jul
29 Jun 2026	One-on-ones with Enam, Goldman Sachs AM, SBI MF
30 Jun 2026	Sunbeam asset purchase completed (final Rs 18 Cr)
3 Jul 2026	BRSR / FY26 annual report filed
27 Jul 2026	62nd AGM: all 8 resolutions passed; ~6% dissent on Chairman's commission; fund-raise enabled
28 Jul 2026	Reg 31(4) no-encumbrance declaration
31 Jul 2026	Sandeep Agrawal (ED & CMO) retires; Rajan Nanda takes over marketing from 1 Aug
4-5 Aug 2026	Q1 FY27 results and call; Arun Kumar Shukla appointed WTD; Nidhi Kandwal Compliance Officer; Board comments on exchange fine; MarketsMojo Hold FV Rs 4,200
7-12 Aug 2026	Institutional one-on-ones (non-deal roadshow)
17-21 Aug 2026	QIP: Rs 1,000 Cr at Rs 4,280
25-26 Aug 2026	Sunsure captive solar SSA/SHA (up to Rs 6 Cr)
4-5 Sep 2026	Kandwal resigns one month after appointment; Nilesh Jain appointed CS & Compliance Officer
22-24 Sep 2026	Postal ballot notice (e-voting 23 Sep-22 Oct); trading-window intimation; MOSL initiates Buy, TP Rs 6,150 (24 Sep)
29 Sep 2026	NCD interest paid (Rs 9.20 Cr + Rs 9.26 Cr)
Oct 2026	FMGIL approves Rs 335 Cr four-plant capex; IEPF re-lodgement window publicised
14 Oct 2026	Board meeting notice for 30 Oct (Q2 FY27); NCD outstanding disclosure
16 Oct 2026	Call notice for 2 Nov; stock +6.85% to Rs 4,630 (trigger not identified)

Controversies: none material. Minor items are the Rs 11,800 exchange fine, the Dec 2025 volume-surge clarification, the Hindi misprint, rapid compliance-officer turnover and Screener's "possibly capitalising interest cost" flag. No promoter buying or selling since Sep 2024; no block deals found in the accessible 2025-26 window.

Growth, Outlook & Valuation

Order book and outlook from narrative.md; valuation from financials.md (CMP Rs 4,630, 16 Oct 2026 close); Street View from heard.md.

Order Book and Revenue Visibility

Not disclosed. The company does not report an order book, book-to-bill or contracted revenue, and declined to quantify them when asked (Raman KV, Sequent, Q4 FY25; Q1 FY27: "announcements once programs firm up"). SPR is a run-rate supplier on OEM platform lifecycles plus aftermarket and export flows; visibility comes from programme nominations. No book-to-bill has been fabricated here.

Visibility proxies: ~50% aftermarket + exports + non-auto (Q4 FY25); exports ~Rs 480-520 Cr/yr; powertrain-agnostic >35%; "no concentration of any one customer"; on new Toyota/Honda/Suzuki platforms from the drawing board. Wins cited (no values): 300 kW motor platform; North American export wins ("quantities will certainly increase"); Takahata/TGPEL 2W anti-skid braking, medical, sports and music (keyboards) parts; Takahata Phase 4 (early FY28); hybrid and Euro 6/7 programmes to 2029-30; CAFE friction-reduction products; E85 products; Antolin HMI, electrochromic visors, backlit pillar trims, floor consoles; snowmobile, marine, compressor, lawnmower and off-highway exports. Repeat vs new not disclosed; subsidiary growth from "technology wins, not a low base".

Capex, Capacity and Inorganic Moves (24 months)

Date	Event	Size / detail
Dec 2024 (call 18 Dec)	TGPEL 100% via SEL	Rs 220 Cr; EPS-accretive
1 Apr 2025	Karna Intertech 100%	Rs 5 Cr
FY25-26	Coimbatore EMFi plant	~Rs 70 Cr; inaugurated Nov 2025, commissioned ~end-Dec 2025
FY25-26	SEL Pithampur	Phase 2 done Nov 2025; phase 3 started; doubles capacity
Nov 2025	Bora Kalan assembly centre	Inaugurated; capacity sufficient "at least two quarters plus more"
11 Sep 2025	EMFi stake 66.42% → 72.58%	Rs 50 Cr infused (4 Nov 2025)
5 Dec 2025 / 8 Jan 2026	Grupo Antolin India, 3 entities	EV EUR 159 Mn ≈ Rs 1,670 Cr; recorded Rs 1,708.3 Cr; TLA
19 Dec 2025-30 Jun 2026	Sunbeam piston lines	Rs 28 Cr; >5 Mn pistons/yr
FY26 / FY27-29	Group capex	~Rs 200 Cr FY26; ~Rs 200 Cr/yr "more or less" for 2-3 yrs
FY27	Takahata Phase 4 (5 acres, Neemrana) / TGPEL Noida plant 2	Revenue early FY28 / filling up
26 Aug 2026	Sunsure Solarpark Forty 23.21% + PPA	Up to Rs 6 Cr; Rs 0.9 Cr by 24 Sep 2026
Next	M&A pipeline	Rs 300-1,500 Cr; management sees capacity on balance sheet; "update at the right time"

Catalysts and Drivers

Short-term (12 months)

30 Oct 2026 results / 2 Nov call: Rs 30 Cr commodity reversal; SA EBITDA back toward 23% and gross margin toward 59-61%; promised H1 segment breakup (Antolin, EMFi, plastics); finance cost with QIP cash; capex run-rate.
Deal announcement (Rs 300-1,500 Cr) and its multiple; any NCD prepayment despite the "on time" stance.
Emkay target refresh (likely rolled to Sep-28E/FY29E); Sep 2026 shareholding (21 Oct); postal ballot result for Shukla (22 Oct).
Series I NCD maturity 23 Aug 2027.

Long-term (3-5 years)

ICE consolidation and share gains as global rivals exit; CAFE, E85, hybrid content per engine.
Antolin margin to mid-teens (management) or ~20% (earlier framing); content per vehicle ~6x (MOSL).
EMFi to Rs 300 Cr (MOSL FY29E) / Rs 500 Cr (management, 3 yrs); 2W EV motor market Rs 100-105 Bn by FY31.
Pistons/valves OEM market Rs 70-75 Bn by FY31; interiors Rs 81-85 Bn.
Non-auto (rail, defence, marine) +15-20%/yr.

Financing Narrative

FY25 net-debt-free (D/E 0.11). Bridge CP Rs 1,000 Cr (24 Dec 2025-24 Feb 2026). NCDs Rs 1,000 Cr (7.30% Aug 2027; 7.35% Feb 2028). FY26 D/E 0.62x consol., 0.59x SA. Net debt ~Rs 550 Cr at 30 Jun 2026 (management). Finance cost drags ~Rs 25 Cr/qtr on PBT until repayment. Ind-Ra: RWP 16-17 Dec 2025; AA+/Stable 11-12 Feb 2026 despite a debt-funded deal. QIP: board 11 May, AGM 27 Jul, launched 17-18 Aug at floor Rs 4,438.20, closed 20 Aug, allotted 20-21 Aug 2026: 23,36,448 shares at Rs 4,280 (Rs 999.99 Cr; +5.30% shares). Pre-QIP roadshow 7-11 Aug: Azlin, Amansa, Bajaj Life, Alchemy, Axis MF, DSP MF, Tata AIA Life, White Oak, 360 ONE, Breakout, Value Quest, HSBC MF, ICICI MF, UTI MF, Kotak Life, ASK, Janchor, PGIM; one-on-ones 29 Jun 2026 with Enam, Goldman Sachs AM, SBI MF.

Valuation vs History (CMP Rs 4,630)

Metric	Current	FY24 end	FY25 end	FY26 end	3-yr avg	Premium
P/E (trailing)	36.8x (Screener); 36.2x (S&P); ~38x post-QIP diluted EPS Rs 121	19.5x	16.4x	24.1x	20.0x	~+80-90%
P/B	7.0-7.1x reported (BV Rs 659); ~5.4x pro-forma (BV ~Rs 860-870)	4.27x	3.33x	4.40x	4.0x	+35-75%
EV/EBITDA (TTM)	24.5x (S&P; EV Rs 22,532 Cr); ~23x pro-forma	12.95x	10.87x	14.76x	12.9x	~+80-90%
EV/EBIT	29.3x	15.3x	12.8x	17.5x	15.2x	n/a
P/S	4.3x	2.80x	2.34x	2.98x	2.7x	n/a
P/FCF	48.8x	25.1x	31.7x	30.2x	29.0x	n/a
FCF yield	2.05%	4.0%	3.2%	3.3%	3.5%	n/a
Dividend yield	0.22%	0.51%	0.53%	0.33%	n/a	n/a

Current P/E (red) is ~1.8x the 3-year average. Long run: market cap Rs 1,578 Cr (FY22), Rs 2,253 Cr (FY23); P/E re-rated from ~8-10x (FY22-23) and ~15x (Dec 2023) to 36.8x.

MOSL (24 Sep 2026, at Rs 4,494): 1-yr forward P/E 27.4x vs 10-yr avg 28.9x; EV/EBITDA 16.5x vs 10-yr avg 8.7x (peak 17.3x); 23.7x FY28E, 20.4x FY29E; TP Rs 6,150 (30x Sep-28E EPS Rs 205); bull Rs 8,085, bear Rs 4,584; PAT CAGR 21% FY26-29; RoCE 20% → 28%; payout 5.4% FY29E.
Consensus (MarketScreener, 2 analysts): FY27E PAT Rs 651 Cr, FY28E Rs 851 Cr; net debt FY27E Rs 272 Cr, FY28E net cash Rs 213 Cr. MarketsMojo PEG 2.5x; sector average P/E ~50x (bull counter).
Peer multiples: FMGIL 13.8x / 5.5x; Sansera 69.0x / 40.7x; Endurance 34.4x / 17.9x; Uno Minda 52.4x / 29.6x; Lumax 40.5x / 22.2x (Tab 9).
Dividends: FY26 Rs 10 (interim Rs 5 Feb 2026 + final Rs 5, record 20 Jul 2026, AGM 27 Jul); Rs 44 Cr, payout ~8%. FY25 Rs 10 (Rs 44 Cr). FY22-24 outflow Rs 13 / 31 / 33 Cr. Payout 13% (FY22) → 8%. Buybacks: none since Oct 2021.

Street View

Coverage is thin and entirely Buy: two verified brokers (MOSL, Emkay). Emkay co-led the Aug 2026 QIP with Axis Capital, which is a conflict. TP range Rs 4,850-6,150, median/average Rs 5,500 (+18.8% vs Rs 4,629.90). Eulerpool: 7 analysts, 6 Buy / 1 Hold (unidentified), median Rs 4,743 (+2.4%).

Institutional broker ratings

House (analyst)	Rating	TP (Rs)	Date	Price at reco	Upside vs CMP	Basis	Status
Motilal Oswal (auto team)	Buy (initiation)	6,150	24 Sep 2026	~4,494-4,527	+32.8%	"Building a powertrain-agnostic growth platform"; Sep-28E; core share >45%; stock +1.7% to 4,603.90 (Reuters)	Live
Emkay (Chirag Jain)	Buy	4,850	13-14 May 2026	3,400.70	+4.8%	"Strong Q4; subsidiaries to drive next leg"; 25x FY28E; rev/EBITDA/EPS CAGR ~27/24/21%	Stale; QIP co-BRLM
Emkay	Buy	4,650	1 Mar 2026	3,116.90	n/a	"Growth firing across verticals"	Met
Emkay	Buy, TP 3,400 → 4,650	4,650	8 Dec 2025	~2,994	n/a	Antolin note; multiple 20x → 25x; FY27-28E topline +30%, EPS +3-7%; ~57% discount to peers	Met
FundsIndia	Buy	3,111	22 Aug 2025	2,622	n/a	"Innovating Mobility Solutions Sustainably"	Met
Emkay	Buy	2,950	4 Feb 2025	2,001.50	n/a	"Outperformance trend continues"	Met
Emkay	Buy	2,950	10 Dec 2024	2,248.10	n/a	TGPEL foray into non-engine parts	Met
Emkay	Buy	2,450	16 May 2024	1,968.90	n/a	Diversification away from ICE	Met
Emkay	Buy (initiation)	2,450	14 Mar 2024	~1,440	n/a	40-45% core share; greener-ICE content; stock +12% that day	Met
SBI Securities	n/a (paywalled)	n/a	13 May 2026	3,490	n/a	Q4 FY26 note; rating/TP not retrievable	Unknown

Upgrades, downgrades and target changes (Oct 2025-Oct 2026)

Date	House	Action	From → To	Reason
~Nov 2025 (unverified)	Emkay	TP set / maintained	Rs 3,400 (Sep-27E)	Roll-forward after Q2 FY26 (inferred from the Dec 2025 note)
8 Dec 2025	Emkay	TP raised 37%, Buy	3,400 → 4,650	Antolin: 3 entities, EV ~Rs 1,670 Cr (~1.4x FY25 EV/sales, ~15.5x EV/EBITDA, FY25 revenue ~Rs 1,179 Cr, ~9% FY24 EBITDA margin; clients Tata Motors, M&M, Skoda-VW). FY27-28E topline >30% higher, EPS +3-7%; engine-agnostic share to ~36% by FY27-28E; multiple 20x → 25x; TP rolled to Dec-27E. Stock +5.5% to Rs 2,994 (then 52-week high) on ~7 lakh shares vs ~2 lakh average
1 Mar 2026	Emkay	Buy maintained	4,650	Q3 FY26 "growth firing across verticals"; valuation "comfortable"
23 Mar 2026	Mata Securities	New Buy	3,674	Correction buying opportunity; 22x FY27E
13 May 2026	Emkay	TP raised 4.3%, Buy	4,650 → 4,850	Q4 FY26 revenue +47% to Rs 14.6 bn, EBITDA +27% to Rs 2.7 bn, margin 18.4% (-288 bp YoY) on subsidiary mix (Antolin ~10%, TGPEL/Takahata ~20%); rolled to 25x FY28E; management targets subsidiary margins near standalone (~21%) in 3 years; ~Rs 200 Cr capex; Rs 1,000 Cr QIP planned
5 Aug 2026	MarketsMojo (quant)	Hold	FV 4,200	Expensive valuation; negative quarterly trend (margin compression, interest coverage at a multi-quarter low of 7.5x, ROCE 17.3% vs 5-yr avg 29.7%)
24 Sep 2026	Motilal Oswal	Initiation, Buy	6,150	Powertrain-agnostic portfolio de-risks EV transition; QIP funds capacity and M&A; ~21% PAT CAGR to FY29; RoCE to 28%. Risks: competition, raw materials, OEM concentration and in-sourcing, technology obsolescence, QIP dilution. Stock +1.7% to Rs 4,603.90

Non-broker and quant views (excluded from consensus)

Source	View	Target / fair value	Date	Comment
Mata Securities (Equitybrew)	Buy	3,674 (22x FY27E EPS Rs 167)	23 Mar 2026 (CMP 2,938)	FY27E revenue Rs 4,750 Cr; met
Uniresearch / Univest (SEBI RA INH000013776; Neeraj Pandey, Kunal Singla)	Constructive	Base 4,480; bull 5,150; bear 3,600; FY27-28 5,152-6,048	29 Jun-1 Jul 2026 (CMP 4,001)	Base exceeded; "QIP at a 52-week high minimises dilution"
MarketsMojo (Motilal-owned quant)	Hold, score 64	Fair value 4,200 (~7% downside); entry 3,800-4,000; stop 3,500	5 Aug 2026	Quality Excellent, Valuation Expensive, Trend Negative, Technicals Bullish; D/E 0.68x vs 0.28x. Jan 2026: Hold, score 60, FV 2,400-2,500
Simply Wall St narrative	Aggregated	3,400 → 4,650 → 4,850	Dec 2025 / May 2026	Revenue growth 15% → 29.5%; net margin 14.9% → 11.3%
Trendlyne / Tickertape-Dhan / TipRanks	Buy	Avg 5,500 / 100% Buy (2) / 6,150 (1)	Sep-Oct 2026	Confirms 2-broker coverage
GuruFocus	Cautious	n/a	Aug 2026	"10 warning signs"; no EMFi/non-auto segment data
HDFC Sky	Short-term technical buy	4,105, SL 3,544	~15 Jun 2026	Trading call; excluded
Excluded as unreliable	Univest "JM Financial Buy 3,200 / ICICI Sec Neutral 2,950" (CMP inconsistent); Univest "MOFSL Buy 1,650"; Investmentguru "Add, Rs 1,900" headline error; TipRanks AI "Rs 2,847"

No downgrades by any institutional broker in 12 months or since Emkay's Mar 2024 initiation; only target raises. Every Emkay target since initiation was met within ~6-12 months; the stock has never traded below the reco price of any listed report (Trendlyne change since reco +2% for MOSL to +135% for May 2024 Emkay).

Smart-money flows and QIP

Item	Detail
Rotation	Sellers: PSU insurers (National Insurance, LIC), Dec-2023 block buyers (Abakkus AIF, Al Mehwar). Buyers: domestic MFs and QIP anchors. MF shares 22.6 lakh (Jun) → 38.9 lakh (Aug) → 42.7 lakh (Sep 2026, ~9.2%, ~100+ schemes) vs 2.13% Sep 2024
QIP size / discount	23,36,448 at Rs 4,280 = Rs 999.99 Cr ("Rs 10,000 Cr" misreports are unit errors); 3.56% below floor, ~5% below Rs 4,508 (18 Aug)
Named allottees	ADIA-Monsoon (~7%), Prazim (~7%; narrative ~11%), ICICI Pru Active Momentum (~7%), SBI Automotive Opportunities (~7%), Kotak Small Cap (6.09%), BlackRock GF India (4.50%), Ashoka Whiteoak (3.88%), Tata MF schemes; reports also name Morgan Stanley Asia or Goldman Sachs (conflicting)
Bankers / counsel	Axis Capital, Emkay Global; Khaitan & Co (issuer: Gautham Srinivas, Sathvik Ponnappa); Trilegal (BRLMs: Vinay Sirohia)
Reaction	Held above issue through Sep-Oct (Rs 4,490-4,843); CNBC-TV18 broke the launch 17 Aug
Sep 2026 MF breadth	42 schemes bought, 16 sold; ~90 further index/ETF holders as the stock entered smallcap indices

MF scheme (Sep 2026)	Shares	Change in Sep	% of AUM	Trend
DSP Small Cap	10,81,165	0	2.34%	Flat since Sep 2025; conviction
Axis ELSS Tax Saver	2,36,257	+5,108	0.36%	New Aug (QIP)
Tata ELSS Tax Saver	2,20,000	0	2.31%	Flat
Mahindra Manulife Small Cap	1,88,717	0	1.63%	Flat
SBI Automotive Opportunities	1,63,551	0	1.25%	QIP anchor
Kotak Small Cap	1,55,411	0	0.38%	QIP anchor
HSBC Value	1,54,375	+1,05,055	0.49%	Biggest Sep buyer
ICICI Pru Active Momentum	1,28,646	-1,651	2.85%	Momentum factor; exit risk
Tata Multicap	1,22,126	-19,950	1.67%	Trimmed
Abakkus Small Cap (MF)	1,20,000	+28,317	1.72%	77,151 → 91,683 → 1,20,000
Edelweiss Mid Cap	1,05,143	+44,149	0.25%	Adding
Motilal Oswal Consumption	88,131	0	3.54%	Up from 53k (Jul)
HSBC Small Cap	81,775	0	0.21%	New Aug
Edelweiss Small Cap	80,028	0	0.53%	Flat
TrustMF Small Cap	79,504	-15,776	0.95%	Trimmed
Aditya BSL Special Opportunities	75,011	0	2.57%	Up from 38.7k
Axis Small Cap	73,053	0	0.11%	New Aug
Aditya BSL Infrastructure	71,186	0	2.72%	Up from 62.1k
Mahindra Manulife Manufacturing	58,689	-6,048	4.21%	Highest AUM weight
UTI Transportation & Logistics	55,412	0	0.63%	New Aug
Edelweiss Large & Mid	52,009	0	0.52%	New Aug
Invesco India Manufacturing	33,720	+28,707	2.14%	Adding
Aditya BSL Bal Bhavishya	30,563	+12,391	1.19%	Adding
Tata Flexi Cap	29,227	-12,773	0.39%	Trimmed
Mahindra Manulife Value	23,000	-8,428	1.05%	Trimmed
Motilal Oswal Large Cap	0	-40,000	n/a	Bought Aug, exited Sep (month MOSL initiated)
MOSL Nifty Microcap 250 Index	0	-46,151	n/a	Index migration; Nippon Nifty Smallcap 250 entered (27,432)
Altiva Equity Ex-Top 100 L-S	0	-91,464	n/a	Long-short exit

Bulk and block deals

Date	Type	Parties	Qty / price	Comment
20 Dec 2023	Block	Buyers: Abakkus Asset Manager LLP, Diversified Alpha, Emerging Opportunities, Growth funds; AL Mehwar (Noosa, UAE). Seller (forum-attributed): KS Kolbenschmidt	~39 lakh @ ~Rs 1,103.6; Abakkus ~Rs 326 Cr	5% upper circuit Rs 1,216.65; record highs 20 Dec 2023, 2 Jan 2024; ~15x P/E, RoE 21%, RoCE 25% (DSIJ)
Jun-Sep 2024	Promoter sale	Deepak Shriram Family Benefit Trust; absorbed by FIIs (2.0% → 4.3%) and MFs (0% → 2.13%)	13.21 lakh (3.0%) @ ~Rs 2,182-2,198	See Tab 7
Sep 2024	Pre-market block	Not named	~4.0-4.8 lakh, "Rs 5.10 Cr" (Business Upturn)	Implied price inconsistent; likely misreported
2025-2026	n/a	No bulk/block deals found; no promoter or NPR-RIKEN sales since Sep 2024	n/a	Search budget limited

Influencers, media and forums

Person / outlet	Stance	Thesis / comment	Date
Sunil Singhania (Abakkus)	Bull, largely realised	~6.7% block at Rs 1,103.6 on ~15x P/E; "Singhania stamp" started the re-rating	Dec 2023
Chirag Jain (Emkay)	Persistent bull	Diversification from ICE; ~57% peer discount (Dec 2025); QIP BRLM conflict	Mar 2024-May 2026
Motilal Oswal	Bull	Powertrain-agnostic; 21% PAT CAGR; RoCE 28%; risks: competition, RM, OEM in-sourcing, obsolescence, dilution	24 Sep 2026
K. Srinivasan (MD & CEO)	Company line	"Nearly 60%" EV-insulated; Antolin integration "a success"; M&A "not just EBITDA multiples"	Aug 2026
Prem Rathi (ED & CFO)	n/a	Q1 FY27 call participant; praised by forum posters	Aug 2026
Reuters / CNBC-TV18 / Business Standard	Neutral	MOSL initiation, +42% YTD; QIP launch; "rises 6% on acquisition update" (5 Dec 2025)	2025-26
Trade Brains / DSIJ	Bull (retail)	"Superior financial performance"; "Market leader stock in piston diversifies into EV components"; "Singhania bought 34,63,970 shares"	2023-26
MarketsMojo / GuruFocus	Cautious	"Not recommended for fresh purchases"; PEG 2.5x; "10 warning signs"	Aug 2026
ValuePickr thread 123535 (~49 posts)	Consensus-long, under-debated	Bulls: Pheonix, GourabPaul (~55% gross margin through cycle; ~Rs 1,000 Cr cash in 2024), Jose (PM E-Drive, Bajaj Freedom 125 CNG), rankamoksh (EV/EBITDA ~12.5x, P/E ~22x Sep 2024), himanshu_pastagiya, Vivek_6954. Bear points (2023-24): Ind-Ra "limited scope for growth", KS exit, peak margins, di-worsification, cash hoarding vs buybacks, no concalls before 5 Apr 2024. Only 3 posts in 2026	Nov 2023-Aug 2026
X / Reddit / Morningstar	Not covered (search budget exhausted); retail chatter appears low; no TV stock-picker call found

Sentiment shift (Apr → Oct 2026)

Dimension	Apr 2026	Oct 2026	Direction
Price	~Rs 3,000-3,400	Rs 4,630 (52W high Rs 4,843)	++ (+36-50%)
Brokers / targets	1 (Emkay 4,650)	2 (4,850, 6,150); avg 5,500	+
Narrative	"Cheap ICE leader diversifying; ~57% discount"	"Powertrain-agnostic compounder; QIP-funded M&A platform"	Re-rated
Institutions	FII 7.65%, MF 4.39%	FII 8.40%, MF ~9.2% (Sep)	++
Quant flags	Few	MarketsMojo Hold, PEG 2.5x, "Expensive"	- (new)
Fundamental momentum	Strong reported growth	Margin compression, SA PAT -14%, higher interest	-
Retail chatter	Thin, bullish	Thin, bullish, no bear case	=

Street synthesis: agreement on EV-discount narrowing (~60% insulated), credible M&A record, commodity as timing, manageable leverage. Contention: valuation after a 4x run (~15x P/E Dec 2023 → ~16x Sep-27E Dec 2025 → ~23x FY28E May 2026 → 33-39x TTM / ~25-27x FY28E now); growth mostly acquired; margin reset (ROCE 17.3% vs 5-yr 29.7%, MarketsMojo); disclosure gap; research independence (MOSL initiated a month after the QIP; no Kotak, Nuvama, ICICI Securities or Jefferies coverage); supply overhang (PSU insurers, NPR-RIKEN latent block, momentum money). Setup into Q2 FY27 is asymmetric to disappointment. The 16 Oct +6.85% move (Rs 4,333 → Rs 4,630) has no identified catalyst.

Final Verdict

Aamara Capital public-markets desk, 17 Oct 2026, ahead of Q2 FY27 results (30 Oct) and the call (2 Nov). [Analyst View]

Business QualityStrongDominant ICE franchise; weaker new platforms

Management QualityMediumBold allocator; soft on guidance and disclosure

Financial QualityMediumCash-backed core; margins, coverage, RoCE falling

ValuationExpensive36.8x P/E; ~24x EV/EBITDA

Overall ViewNeutralOwn the franchise, not the price

Overall: Neutral.

Why Each Score

Dimension	Score	Evidence
Business	Strong	48.4% domestic OEM share; >90% CNG pistons; ~21% standalone EBITDA ex-OI; core piston RoCE ~57% (MOSL); "last man standing" as rivals exit; aftermarket brand. Offset: ~65% pro-forma still ICE; interiors and EMFi are price-takers
Management	Medium	Executed six deals, the AA+ upgrade and a well-placed QIP; professional CEO. But EMFi 5-7x became 2x, Coimbatore ~6 months late, Antolin target reframed, three QIP-use versions, persistent non-disclosure; 4/11 independent board; KMP churn; Rs 15 Cr interest-free CEO advance
Financial	Medium	5-yr OCF/PAT 1.09x; AA+; pro-forma net debt ~zero. But ex-OI EBITDA 20.8% → 17.5% [22.9% → 18.9%], interest cover 21x → 6.7x, RoCE 28% → 21%, goodwill + intangibles 58% of net worth, FY26 FCF after M&A -Rs 1,201 Cr
Valuation	Expensive	36.8x TTM vs 20x 3-yr avg; EV/EBITDA ~24x vs 12.9x; FCF yield 2.05%; dividend yield 0.22%; within 5% of Emkay TP; FMGIL at 13.8x / 5.5x
Overall	Neutral	Quality franchise priced for a diversification payoff that has not yet shown up in earnings (FY26 PAT +8.9%; Q1 FY27 SA PAT -13.8%)

Bull Case

Margin trough is behind us. Rs 30 Cr commodity lag reverses in Q2 FY27, the subsidiary margin keeps climbing (13.5% → 15.1% in one quarter) and Antolin reaches mid-teens, so consolidated ex-OI EBITDA heads back toward 19-20%.
ICE consolidation pays. Exits (Eaton valves, Sunbeam/Craftsman, Rheinmetall, Tenneco) plus CAFE/E85/hybrid content lift core share and realisations to 2030; aftermarket tail extends the cash engine.
Net-cash platform with optionality. Pro-forma net debt ~zero, AA+, and a Rs 300-1,500 Cr deal capacity; MOSL's 21% PAT CAGR and RoCE to 28% support its Rs 6,150 (bull Rs 8,085).

Bear Case

Mix dilution is structural. Subsidiaries are ~36% of income but ~29% of EBITDA; Antolin at ~196x trailing entity PAT; impairment risk on ~Rs 1,695 Cr goodwill + intangibles.
Core is softening. SA PAT -13.8%, gross margin 59-61% → 56-57%, exports flat for three years, revenue lagging volume after GST 2.0; FMGIL adding Rs 335 Cr capacity.
De-rating risk. At 36.8x with consensus-long ownership, momentum money (ICICI Pru Active Momentum), PSU insurers selling and a 20.23% NPR-RIKEN latent block, a weak Q2 or a full-priced next deal could compress the multiple toward history (~20x; MOSL bear Rs 4,584, MarketsMojo FV Rs 4,200).

Base Case (12-18 months)

Partial margin recovery in H2 FY27 (consolidated ex-OI ~18-19%), Antolin around mid-teens, EMFi roughly doubling again, and another acquisition announced in the Rs 300-1,500 Cr range funded from QIP cash. EPS grows high-teens on a low FY26 base, but the multiple drifts down from 36.8x toward the high-20s as the street rolls to FY28E. The stock broadly tracks earnings, so returns are modest from Rs 4,630, with the outcome heavily dependent on Q2 FY27 and the next deal's price.

Scenario Markers

Scenario	Value marker (Rs)	vs CMP Rs 4,630	What has to happen
Bull	8,085 (MOSL bull); 6,150 (MOSL base TP)	+75% / +33%	Subsidiary margins converge, RoCE 28%, accretive deal
Base	~4,850-5,500 (Emkay TP to broker median)	+5% to +19%	Margins stabilise high-teens; deal at a fair multiple
Bear	4,584 (MOSL bear); 4,200 (MarketsMojo FV); 3,600 (Uniresearch bear)	-1% / -9% / -22%	Q2 margins disappoint again; full-priced M&A; de-rating toward history

5 Key Things to Remember

Revenue growth is mostly bought: FY26 +25.6% (standalone +10.9%), Q1 FY27 +53% (organic ~12-14%), while PAT grew 8.9% and 9.6%.
Two margin bases exist. Ex-OI on revenue: FY26 19.6%, Q1 FY27 17.5%. Company basis incl. OI: 21.6% and 18.9%. Both are falling.
Antolin cost EV EUR 159 Mn ≈ Rs 1,670 Cr (recorded consideration Rs 1,708.3 Cr). It was low-margin at entry (7-10%) and is now at early-to-mid teens.
Gross debt is Rs 1,968 Cr (31 Mar 2026). Net debt was Rs 1,063 Cr (Mar) and ~Rs 550 Cr (Jun, management basis), and is ~zero pro-forma after the QIP. The QIP increased the share count by 5.30%, and the Rs 1,000 Cr NCDs are still outstanding.
At 36.8x P/E the stock is ~1.8x its 3-year average multiple. Coverage is two brokers, both Buy, and one of them co-led the QIP.

5 Questions to Ask Before Investing

Does Q2 FY27 show the Rs 30 Cr commodity recovery, and is standalone gross margin back toward 59%? Or is the opex problem (SA margin -200 bp QoQ at flat gross margin) structural?
What does the promised H1 segment breakup show for Antolin, EMFi and plastics margins? What are the technology fees paid to Antolin and the other licensors?
What is the next acquisition: sector, size, multiple and funding? Why carry Rs 1,000 Cr of 7.30-7.35% NCDs while holding the QIP cash?
What happens to the ring TCA and NPR-RIKEN's 20.23% stake when the agreement comes up in Feb 2028?
What do the FY26 annual report notes show on contingent liabilities, the Antolin PPA, Note 36 RPT amounts (including the CEO advance balance) and possible interest capitalisation?

Final opinion. SPR Auto Technologies has one of the best ICE franchises in Indian auto components, and it is using that franchise to buy into businesses that earn roughly two-thirds of its core margin. At Rs 4,630 (36.8x TTM), the market is already paying for the diversification to succeed. We would wait for Q2 FY27 to show margin recovery and segment transparency, and for the next deal to be priced sensibly, before committing new capital. Overall: Neutral.

Sources

Merged and de-duplicated from the six input files (financials, business, governance, narrative, market, heard). All accessed 17 Oct 2026 unless noted. "Via search" means the content was cited from a search snippet; "403/402" means it could not be opened.

Company Filings and Exchange Documents

SPR Corporate Presentation, filed 17 Jun 2026 (NSE)
Q4 & FY26 Investor Presentation, filed 11 May 2026 (NSE; one fetch timed out)
BRSR FY2025-26, filed 3 Jul 2026 (NSE)
Q3 & 9M FY25 Investor Presentation, 3 Feb 2025 (NSE)
Sunbeam asset-purchase intimation, 19 Dec 2025 (NSE)
Craftsman Automation: sale of piston business assets, 19 Dec 2025 (NSE)
Name-change intimation, 3 Apr 2026 (NSE)
BSE-listing intimation, 1 Feb 2025 (NSE)
India Ratings letter, Sep 2023 (NSE)
BSE filing, 17 Jun 2026 (48.4% market share; via search)
BSE: Q2 FY27 board-meeting intimation, 14 Oct 2026 (via Screener)
BSE: Q2 FY27 earnings-call intimation, 16 Oct 2026 (via Screener)
IIFL: FY26 Directors' Report
Goodreturns: Directors' Reports FY22-FY26
FY26 Annual Report PDF (BSE): not accessible (HTTP 403); company website shrirampistons.com failed TLS verification

Financial Databases and Aggregators

Peer Data

Concall Transcripts and Summaries

Credit Ratings and Debt

ScanX: upgrade to IND AA+/Stable · Investywise: rating upgrade
India Ratings press releases 65438, 69143, 75476 (listed via Screener; JavaScript pages did not render)
ScanX: NCD proceeds fully utilised · Bar & Bench: Rs 1,000 Cr NCD (Khaitan) · (alt. URL, via search)
Whalesbook: not a Large Corporate

Deals, Corporate Actions and Governance Filings

Antolin: ScanX · S&P AutoTechInsight · Automobility (5 Dec 2025) · Telematics Wire (Rs 1,670 Cr) · Machinist (INR 16.7 bn) · Bolsamania (EUR 159 mn) · Bar & Bench (CMS INDUSLAW)
Sunbeam: Machinist (INR 280 Mn) · ScanX: completion · ScanX: long-stop extension, postal ballot
Bar & Bench: Takahata 75% (via search) · Angel One: Karna InterTech
QIP: Whalesbook launch and floor · Investywise allocation · Investywise completion · ScanX allottees · Bar & Bench advisers · Univest (18 Aug 2026) · Business Standard (403; headline)
Investywise filings: KMP (Nilesh Jain) · CS resignation · Agrawal superannuation · board outcome · Q1 results and appointments · board approvals · Sunsure · FY26 results, QIP, Antolin consideration · Feb 2026 board · Kolbenschmidt assignment
ScanX: no promoter encumbrance · renamed · FY26 results / concall · Q1 FY27
Business Standard: Sunsure stake · Whalesbook: Riken renamed NPR-RIKEN · GoodReturns: 1:1 bonus · Nuvama: buyback manager (via search)
Whalesbook: FY26 revenue and mix · FY26 profit and QIP · record FY26 results · TipRanks: FY26 results

Broker Research, Street and Media

Background and Third-Party Reports

Access gaps (stated, not padded): FY26 annual report and Q1 FY27 deck (BSE 403); India Ratings rationale text (JavaScript-only); QIP placement document (objects clause, full allottee list); SBI Securities note (402); Sep 2026 shareholding pattern (not yet published). The web-search budget ran out in several modules, so items tagged [NOT VERIFIED] in Tab 9 (US tariffs, EU FTA, PLI, ABS mandate, magnet scheme) rely on background knowledge. Social media (X, Reddit) was not swept.