SPR Auto Technologies, formerly known as Shriram Pistons & Rings, is following a similar transformation path to Samvardhana Motherson International, moving beyond its traditional piston and piston-ring business into precision plastics, electric-vehicle components, moulds and tooling, automotive interiors and lighting. According to reports from The Financial Express, the company's acquisition of Grupo Antolin's Indian operations in January 2026 has accelerated this transition. The engine components business remains important, but the company is now focusing on powertrain-agnostic products that contribute more than 35% of consolidated total revenue.
In FY26, SPR's standalone business generated ₹3,526.5 crore of revenue, with OEMs accounting for 53%, exports 16%, aftermarket 26% and non-auto business 5%. As reported by The Financial Express, subsidiaries generated ₹932.3 crore of revenue in FY26, including ₹65.8 crore from EMFI, ₹368.9 crore from Takahata, and ₹161.6 crore from TGPEL. The subsidiaries' contribution increased significantly to 34.5% of consolidated revenue in Q4FY26, compared with 15.5% in Q3FY26 and 13.5% a year earlier. The Antolin acquisition contributed ₹337 crore revenue in the quarter with EBITDA of ₹32.2 crore and a margin of 9.6%.
According to company filings reported by The Financial Express, consolidated revenue from operations rose 25.6% to ₹4,458.7 crore in FY26, while EBITDA grew 21% to ₹876.1 crore. The EBITDA margin fell to 19.6% from 20.4% in FY25. In Q1FY27, consolidated revenue grew 53.1% year-on-year to ₹1,474.4 crore, while EBITDA increased 26.6% to ₹282.8 crore, with the EBITDA margin falling to 19.2% from 22.5% a year earlier. Management attributed margin pressure to supply-chain disruptions, higher commodity costs, and the growing contribution from lower-margin subsidiaries, particularly Antolin.
The Antolin acquisition has altered SPR's financial structure, with the company raising ₹1,000 crore through non-convertible debentures to fund the deal, pushing consolidated debt-to-equity to 0.62x in FY26 from 0.19x in FY25. As reported by The Financial Express, finance costs rose sharply to ₹34.2 crore in Q1FY27 from ₹9 crore in the year-earlier quarter. The company completed a ₹1,000 crore qualified institutional placement in August, allotting 23,36,448 shares at ₹4,280 each. SPR invested close to ₹200 crore in capacity expansion in FY26 and expects to continue investing at similar levels over the next two to three years across different businesses.
According to The Financial Express report, SPR EMF Innovations doubled its turnover last year and the Coimbatore facility is expected to provide full-year benefit in FY27. The company has technology agreements with Wuxi Lingbo for controllers and Shenzhen Greatland for motors. The Antolin acquisition provides entry into automotive interiors including headliners, sun visors, door panels, and ambient lighting. Management indicated that margins of acquired Antolin businesses have improved from the earlier 7-8% range to the early and mid-teens. The stock is currently trading at around 36 times earnings, reflecting expectations for improved profitability across diversified business segments.
