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Indian maker of engine pistons, piston rings and valves (formerly Shriram Pistons & Rings) for auto OEMs and aftermarket.
Indian maker of engine pistons, piston rings and valves (formerly Shriram Pistons & Rings) for auto OEMs and aftermarket.
Wins supply programmes with vehicle makers, which then run for the life of each engine model, and sells replacement pistons and rings through distributors to the vehicles already on the road. The replacement line keeps earning when new-vehicle production dips.
Moat: narrow (process know-how, customer qualification). Established OEM qualification in engine internals, but faces both global and local component-maker competition.
Headquarters: Ghaziabad, India · Founded: 1972 · Employees: 10,401
Size SPR Auto Technologies (SHRIPISTON.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.10B, the 363rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,274 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against -17.6% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 46.8% over the last twelve months (peer median +11.6%); the operating margin is 14.5% (peer median 5.3%).
Valuation It trades at 30.5× forward earnings against a peer median of 17.3× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.7 points below its cost of capital (15.8% WACC).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹56.0B | ₹44.5B | ₹35.4B | ₹30.8B | ₹26.0B |
| Revenue growth | — | +26% | +15% | +18% | — |
| Gross profit | ₹19.3B | ₹10.5B | ₹8.67B | ₹8.05B | ₹5.92B |
| EBITDA | ₹10.1B | ₹8.81B | ₹7.33B | ₹6.37B | ₹4.54B |
| Net income | ₹5.82B | ₹5.53B | ₹5.07B | ₹4.43B | ₹2.93B |
| Free cash flow | n/a | ₹4.69B | ₹3.06B | ₹3.67B | ₹3.48B |
| Capital expenditure | n/a | ₹1.91B | ₹1.74B | ₹1.46B | ₹1.27B |
| Total debt | ₹13.5B | ₹19.7B | ₹5.08B | ₹4.87B | ₹3.33B |
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| Measure | SHRIPISTON.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.1% | -8.6% | 7th highest of 21 |
| 6-month return | +18.5% | -17.6% | 3rd highest of 21 |
| Distance from 52-week high | -11.8% | -39.6% | highest of 21 |
| Revenue growth (TTM) | +46.8% | +11.6% | highest of 21 |
| Operating margin | 14.5% | 5.3% | 3rd highest of 21 |
| Forward P/E | 30.5× | 17.3× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 31.3% | 8.2% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +22.9% | +9.6% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | +8.4 pp | -2.4 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -1.7 pp | -0.2 pp | 8th lowest of 21 |
| EV / EBITDA | 19.7× | 5.3× | 2nd most expensive of 8 |
| Net debt / EBITDA | -0.1× | 0.6× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |
| Ningbo Hengshuai 300969.SZ | China | $2.07B | -4% | +16% | 15% | 75.9× | 43.2% | +22.7% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| Jiangnan Mould & Plastic Technology 000700.SZ | China | $2.05B | +24% | -3% | 5% | 23.6× | 11.9% | +3.1% |
| Dana DAN | United States | $2.17B | -38% | -9% | 4% | 6.1× | 8.8% | +1.1% |
| Belrise Industries BELRISE.NS | India | $2.19B | -6% | +12% | 8% | 31.6× | 18.6% | +13.0% |
| Hesai 2525.HK | Hong Kong | $2.20B | -39% | +39% | 1% | 34.2× | n/a | n/a |
| Keboda Technology 603786.SS | China | $2.20B | -32% | -1% | 10% | 20.4× | n/a | n/a |
| IKD 600933.SS | China | $2.21B | -16% | +26% | 14% | 13.3× | n/a | n/a |
| Ningbo Xusheng 603305.SS | China | $1.98B | -26% | +12% | 7% | 27.5× | 9.2% | +22.1% |
| Chongqing Zongshen Power Machinery 001696.SZ | China | $2.25B | -24% | -5% | 5% | 17.3× | 7.6% | +9.6% |
| Forvia FRVIA.PA | France | $1.93B | -20% | -32% | 5% | n/a | -8.3% | +8.1% |
| Toyota Boshoku 3116.T | Japan | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% | +9.9% |
| Huada Automotive Technology 603358.SS | China | $2.28B | +3% | +5% | -3% | 24.7× | n/a | n/a |
| Weifu High-Technology 000581.SZ | China | $2.29B | -11% | +17% | -3% | 10.2× | 16.4% | -1.4% |
| Hanon Systems 018880.KS | South Korea | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% | +9.6% |
| Visteon VC | United States | $1.87B | -34% | +2% | 5% | 8.0× | 5.3% | +8.1% |
| Foryou 002906.SZ | China | $1.87B | -25% | +28% | 5% | 13.9× | n/a | n/a |
| Sundram Fasteners SUNDRMFAST.NS | India | $2.40B | +24% | +17% | 12% | 31.6× | 28.4% | +11.6% |
| Stanley Electric 6923.T | Japan | $2.41B | +1% | +11% | 7% | 9.9× | 1.3% | +7.6% |