Power-train-agnostic revenue share
35%
+8pp YoY
Share of consolidated total income from powertrain-agnostic businesses in Q4 FY26.
SHRIRAMPISTONSRINGS
Other
01 May 2026
Shriram Pistons & Rings Ltd — Q4 FY26
SPR Auto Technologies (formerly Shriram Pistons & Rings) reported a record FY26 with consolidated revenue of ₹4,571 crore (+25% YoY) and EBITDA of ₹989 crore (+18% YoY), driven by strong automotive demand across all segments and contributions from the Antol...
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2-Min Summary
✦ AI-Generated from Full Transcript
SPR Auto Technologies (formerly Shriram Pistons & Rings) reported a record FY26 with consolidated revenue of ₹4,571 crore (+25% YoY) and EBITDA of ₹989 crore (+18% YoY), driven by strong automotive demand across all segments and contributions from the Antolin acquisition (closed Jan 2026). The legacy business grew ~11% YoY, outpacing the market. Power-train-agnostic businesses now contribute 35% of revenue, with 60% of total business not directly impacted by powertrain shifts. Management guided for continued capex of ~₹200 crore annually over the next 2-3 years and aims to improve Antolin's margins from ~10% to near-standalone levels within 3 years via synergies. A ₹1,000 crore QIP is planned for organic and inorganic growth. Key risk: commodity price pass-through has a one-quarter lag, which could temporarily pressure margins if input costs continue rising.
Key Numbers
Business not directly impacted by powertrain changes
60%
flat
Proportion of total business not directly affected by ICE-to-EV transition.
Capex investment in FY26
₹200 crore
flat
Capital expenditure across various business lines during FY26.
Legacy business revenue growth
11%
+11% YoY
Year-over-year growth in standalone legacy business, outpacing overall market growth of 6-7%.
Management Guidance
Capex of ~₹200 crore annually for next 2-3 years
Management expects to maintain similar capex levels as FY26 (~₹200 crore) over the next 2-3 years for capacity expansion across businesses.
Management guidance capexAntolin margins to approach standalone levels within 3 years
Management aims to improve Antolin's EBITDA margins from ~10% to near standalone levels (20%+) within 3 years through synergies and insourcing.
Management guidance marginsQIP of ₹1,000 crore for organic and inorganic growth
Company plans to raise ₹1,000 crore via QIP to fund both organic capacity expansion and potential acquisitions.
Management guidance growthKey Risks
Commodity price pass-through lag
Commodity price increases (e.g., aluminium up 40%) are passed through to customers but with a one-quarter lag, potentially squeezing margins temporarily.
medium · analyst_questionExport market weakness due to geopolitical tensions
Exports remained flat due to ongoing conflicts in Ukraine and Middle East, with no immediate recovery visibility.
medium · management_commentaryIntegration and margin improvement of Antolin may take longer
While management targets margin improvement within 3 years, customer approvals and synergy realization could delay the timeline.
low · analyst_questionNotable Quotes
All the strategic initiatives that the company has taken in the past few years are yielding good results on a sustainable basis.
We are confident that this positive trajectory will continue as we leverage our strengths and scale our operations.
We have got excellent contacts with all the customers and we have been working on various programs for the customers.
Frequently Asked Questions
What was Shriram Pistons &'s revenue in Q4 FY26?
Shriram Pistons & reported revenue of ₹1,456 Cr in Q4 FY26, representing a +25% change compared to the same quarter last year.
What guidance did Shriram Pistons & management give for FY27?
Capex of ~₹200 crore annually for next 2-3 years: Management expects to maintain similar capex levels as FY26 (~₹200 crore) over the next 2-3 years for capacity expansion across businesses. Antolin margins to approach standalone levels within 3 years: Management aims to improve Antolin's EBITDA margins from ~10% to near standalone levels (20%+) within 3 years through synergies and insourcing. QIP of ₹1,000 crore for organic and inorganic growth: Company plans to raise ₹1,000 crore via QIP to fund both organic capacity expansion and potential acquisitions.
What are the key risks for Shriram Pistons & in FY27?
Key risks include Commodity price pass-through lag — Commodity price increases (e.g., aluminium up 40%) are passed through to customers but with a one-quarter lag, potentially squeezing margins temporarily.; Export market weakness due to geopolitical tensions — Exports remained flat due to ongoing conflicts in Ukraine and Middle East, with no immediate recovery visibility.; Integration and margin improvement of Antolin may take longer — While management targets margin improvement within 3 years, customer approvals and synergy realization could delay the timeline..
Did Shriram Pistons & meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Shriram Pistons & Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.