Order Book Or Contract Wins
Expected: FY26HIGH confidence
What: EV Motor Growth: 5x to 7x
“With the amount of validations that are going on with all the customers, order book will be very huge... we would grow almost like 5x to 7x.”
Shriram Pistons & Rings Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +22.8%Average5w StreakRe-Entry
In , Shriram Pistons & Rings Ltd (Auto Ancillaries - Engine Parts) is outperforming Nifty 500 with +22.8% relative strength. Fundamentals: Average. On a 5-week streak.
Shriram Pistons & Rings Ltd Key Facts
- PE Ratio
- 28.3x
- Market Cap
- ₹15,877 Cr
- PAT Growth YoY
- +4%
- Revenue Growth YoY
- +21%
- OPM
- 20.0%
- RS vs Nifty 500
- +22.8%
PE: Near PeakRiding Wave
What's Happening
📊PE near cycle highs — limited room for further expansion
🌐FII stake increased 1.7% this quarter
💰Trading 77% below estimated fair value — significant discount
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
FY26HIGH
2. Mandatory Industry Norms
ImmediateHIGH
3. Geographical Expansion
Next 2-3 yearsMEDIUM
Key Risks
1. Statutory impact of new Labour Codes introduced in November 2025
MEDIUM2. Raw material price transmission happens with a lag
LOWSector-Specific Signals
Powertrain Agnostic Revenue %35%
Passenger Vehicle Segment Growth20%++20%
Commercial Vehicle Segment Growth20%++20%
2-Wheeler Segment Growth17%+17%
Key Numbers
PAT Growth YoY
+4%
Decelerating
Revenue YoY
+21%
Stable
Operating Margin
20.0%
0 bps YoY
PE Ratio
28.3
Current Price
₹3,604
Dividend Yield
0.28%
Fundamental Score
53/100
Average
3Y PAT CAGR
+47%
Market Cap
15.9K Cr
Valuation
Significantly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Shriram Pistons & Rings Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Mandatory Industry Norms
Expected: ImmediateHIGH confidence
What: GST Reform Impact: 28% to 18% cut
“This growth has been driven by various macroeconomic factors like the implementation of GST 2.0 reforms, which improved affordability for end customers”
Geographical Expansion
Expected: Next 2-3 yearsMEDIUM confidence
What: Export Growth: Not Given
“Now coming to the effect of the free trade agreement between India and Europe, I think there are a lot of possibilities where we can actually support the requirements in Europe.”
Consolidated total income growth of 21% YoY
HIGH confidence
What: Consolidated total income growth of 21% YoY
“This growth has been driven by various macroeconomic factors like the implementation of GST 2.0 reforms, which improved affordability for end customers, along with successful repo rate cuts by RBI”
EV Segment Growth guidance raised
HIGH confidence
What: Not Given → 5x to 7x growth
“I think from last year to this year, we would grow almost like 5x to 7x. And I think, since the base is small, that growth will continue.”
What Are the Key Risks for Shriram Pistons & Rings Ltd?
Earnings deceleration risks from management commentary
Statutory impact of new Labour Codes introduced in November 2025
MEDIUMTrigger: Government policy change requiring a one-time provision.
Impact: PAT impact: INR 25.2 Cr
Management view: Nonrecurring exceptional expense recognized in Q3.
Monitor: labor
Raw material price transmission happens with a lag
LOWTrigger: Inventory in the pipeline causes a delay in passing through cost increases.
Management view: Back-ended contracts with customers ensure eventual pass-through.
Monitor: commodity
What Is Shriram Pistons & Rings Ltd's Management Saying?
Key quotes from recent conference calls
“if I take a weighted average growth of around 3% or 4% across all the segments... the company's growth rate has been more than double than that amount. [Previous Revenue Growth guidance]”
“Post the consolidation of Antolin India operations within SPRL, the overall sales revenue of the powertrain-agnostic products would increase to over 35% of the consolidated revenue [Initiative: Acquisition of Grupo Antolin India]”
“there was a nonrecurring exceptional expense of Rs. 252 million pertaining to the statutory impact of the new Labour Codes introduced by the government in November 2025. [Risk (labor): MEDIUM]”
“In terms of our raw material prices... it has normally a lag because we also carry inventories in the pipeline. So in most of the cases, it is a lag which is of 1 quarter. [Risk (commodity): LOW]”
What Did Shriram Pistons & Rings Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 1,000+ Cr
YoY +21%
Why: Growth was driven by strong broad-based demand across all segments, implementation of GST 2.0 reforms, and repo rate cuts by RBI easing financing costs.
The company delivered its highest ever total income in a single quarter during Q3 FY26.
EBITDA
Not Disclosed
YoY +21%
Why: Profitability growth was driven by improved operating leverage and continuous focus on productivity, cost optimization, and operational efficiency.
EBITDA growth matched revenue growth, indicating stable margins despite a changing product mix.
PAT
Not Disclosed
YoY +6.4%
Why: PAT growth was tempered by a nonrecurring exceptional expense of Rs. 252 million pertaining to the statutory impact of new Labour Codes.
PBT before exceptional items grew by 22%, outperforming the final PAT growth due to the one-time labor code provision.
Other Highlights
• 100% acquisition of Grupo Antolin's three Indian entities completed in January 2026.
• Proposed company name change to SPR Auto Technologies Limited to reflect diversification.
• Interim dividend of 50% (INR 5 per equity share) approved by the Board.
What Sector Metrics Matter for Shriram Pistons & Rings Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Powertrain Agnostic Revenue %
35%
Why: Increased due to the acquisition of Grupo Antolin's lighting and interior businesses.
Passenger Vehicle Segment Growth
20%+
YoY +20%
Why: Strong demand and record production volumes during the festive season.
Commercial Vehicle Segment Growth
20%+
YoY +20%
Why: Broad-based demand across the automotive industry.
2-Wheeler Segment Growth
17%
YoY +17%
Why: Improved affordability due to GST reforms.
EV Motor Power Range
1.5kW to 250kW
Why: Expansion into hub and mid-drive motors for all segments.
Grupo Antolin Acquisition Value
INR 1,670 Cr
Why: Strategic acquisition to diversify into interiors and lighting.
Export Revenue %
18-20%
Why: Maintained despite geopolitical challenges.
EV Subsidiary Growth Rate
5x to 7x
YoY 500-700%
Why: High validation activity and new client wins in the motor and controller segment.
What Is Shriram Pistons & Rings Ltd's Management Guidance?
Forward-looking targets from management for Q4 FY26
Capex Plan
₹1000 Cr
Revenue Outlook
Expect to continue growth momentum and break records month after month.
Margin Outlook
Maintain margin targets despite expansion costs.
Capex Plan
INR 1,000 Cr
NCD raise for acquisition-related funding and growth.
Volume
Expect 12% and above growth in legacy business.
Management Tone: BULLISH
Guidance Changes
RAISED
EV Segment Growth: Not Given → 5x to 7x growth
How Fast Is Shriram Pistons & Rings Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +21% | +20% | Stable |
| PAT (Net Profit) | +4% | +47% | Decelerating |
| OPM | 20.0% | 0 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Auto Ancillaries - Engine Parts Stocks Beating Nifty 500
Frequently Asked Questions: Shriram Pistons & Rings Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Shriram Pistons & Rings Ltd's latest quarterly results?
Shriram Pistons & Rings Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +4.1% (decelerating)
- Revenue Growth YoY: +20.6%
- Operating Margin: 20.0% (expanding)
Is Shriram Pistons & Rings Ltd's profit growing or declining?
Shriram Pistons & Rings Ltd's profit is growing with an decelerating trend.
- PAT Growth YoY: +4.1% (latest quarter)
- PAT Growth QoQ: -11.3% (sequential)
- 3-Year PAT CAGR: +46.5%
- Trend: Decelerating — growth rate slowing from prior quarter
What is Shriram Pistons & Rings Ltd's revenue growth trend?
Shriram Pistons & Rings Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +20.6%
- Revenue Growth QoQ: +0.7% (sequential)
- 3-Year Revenue CAGR: +19.8%
How is Shriram Pistons & Rings Ltd's operating margin trending?
Shriram Pistons & Rings Ltd's operating margin is expanding.
- Current OPM: 20.0%
- OPM Change YoY: 0.0% basis points
- OPM Change QoQ: 0.0% basis points
What is Shriram Pistons & Rings Ltd's 3-year profit and revenue CAGR?
Shriram Pistons & Rings Ltd's long-term compounding rates
- 3-Year Profit CAGR: +46.5%
- 3-Year Revenue CAGR: +19.8%
Is Shriram Pistons & Rings Ltd's growth accelerating or decelerating?
Shriram Pistons & Rings Ltd's earnings growth is decelerating with mixed signals on a sequential basis.
- YoY Acceleration: -8.6% bps
- Sequential Acceleration: -16.5% bps
What is Shriram Pistons & Rings Ltd's trailing twelve month (TTM) performance?
Shriram Pistons & Rings Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹555 Cr
- TTM PAT Growth: +15.6% YoY
- TTM Revenue: ₹4,000 Cr
- TTM Revenue Growth: +16.8% YoY
- TTM Operating Margin: 20.3%
Is Shriram Pistons & Rings Ltd overvalued or undervalued?
Shriram Pistons & Rings Ltd appears significantly undervalued based on our fair value analysis.
- Valuation Signal: Significantly Undervalued
- Current PE: 28.3x
- Price-to-Book: 6.0x
What is Shriram Pistons & Rings Ltd's current PE ratio?
Shriram Pistons & Rings Ltd's current PE ratio is 28.3x.
- Current PE: 28.3x
- Market Cap: 15.9K Cr
- Dividend Yield: 0.28%
How does Shriram Pistons & Rings Ltd's valuation compare to its history?
Shriram Pistons & Rings Ltd's current PE is 28.3x.
- Current PE: 28.3x
- Valuation Assessment: Significantly Undervalued
What is Shriram Pistons & Rings Ltd's price-to-book ratio?
Shriram Pistons & Rings Ltd's price-to-book ratio is 6.0x.
- Price-to-Book (P/B): 6.0x
- Book Value per Share: ₹599
- Current Price: ₹3604
Is Shriram Pistons & Rings Ltd a fundamentally strong company?
Shriram Pistons & Rings Ltd is rated Average with a fundamental score of 53.25/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +20.6% (10% weight)
- PAT Growth YoY: +4.1% (10% weight)
- PAT Growth QoQ: -11.3% (10% weight)
- Margins expanding (10% weight)
Is Shriram Pistons & Rings Ltd debt free?
Shriram Pistons & Rings Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹508 Cr
What is Shriram Pistons & Rings Ltd's return on equity (ROE) and ROCE?
Shriram Pistons & Rings Ltd's return ratios over recent years
- FY2023: ROCE 24.0%
- FY2024: ROCE 28.0%
- FY2025: ROCE 26.0%
Is Shriram Pistons & Rings Ltd's cash flow positive?
Shriram Pistons & Rings Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹434 Cr
- Free Cash Flow (FCF): ₹49 Cr
- CFO/PAT Ratio: 84% (strong cash conversion)
What is Shriram Pistons & Rings Ltd's dividend yield?
Shriram Pistons & Rings Ltd's current dividend yield is 0.28%.
- Dividend Yield: 0.28%
- Current Price: ₹3604
Who holds Shriram Pistons & Rings Ltd shares — promoters, FII, DII?
Shriram Pistons & Rings Ltd's shareholding pattern (Mar 2026)
- Promoters: 43.8%
- FII (Foreign): 7.7%
- DII (Domestic): 12.9%
- Public: 35.7%
Is promoter holding increasing or decreasing in Shriram Pistons & Rings Ltd?
Shriram Pistons & Rings Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 43.8% (Mar 2026)
- Previous Quarter: 43.8% (Dec 2025)
- Change: 0.00% (stable)
How long has Shriram Pistons & Rings Ltd been outperforming Nifty 500?
Shriram Pistons & Rings Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Shriram Pistons & Rings Ltd a new momentum entry or an established outperformer?
Shriram Pistons & Rings Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Shriram Pistons & Rings Ltd?
Shriram Pistons & Rings Ltd has 5 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Winning new businesses in electric motors and controllers with high validation activity.
- Mandatory Industry Norms — GST 2.0 reforms improved affordability for end customers, driving volume growth.
- Geographical Expansion — New FTA with Europe and US and competitors vacating ICE capacities globally.
- Consolidated total income growth of 21% YoY — Driven by GST 2.0 reforms improving affordability and successful repo rate cuts easing financing costs.
What are the key risks in Shriram Pistons & Rings Ltd?
Shriram Pistons & Rings Ltd has 2 key risks worth monitoring
- [MEDIUM] Statutory impact of new Labour Codes introduced in November 2025 — Government policy change requiring a one-time provision.
- [LOW] Raw material price transmission happens with a lag — Inventory in the pipeline causes a delay in passing through cost increases.
What did Shriram Pistons & Rings Ltd's management say in the latest earnings call?
In Q3 FY26, Shriram Pistons & Rings Ltd's management highlighted
- "if I take a weighted average growth of around 3% or 4% across all the segments... the company's growth rate has been more than double than that amount..."
- "Post the consolidation of Antolin India operations within SPRL, the overall sales revenue of the powertrain-agnostic products would increase to over 3..."
- "there was a nonrecurring exceptional expense of Rs. 252 million pertaining to the statutory impact of the new Labour Codes introduced by the governmen..."
What is Shriram Pistons & Rings Ltd's management guidance for growth?
Shriram Pistons & Rings Ltd's management has provided the following forward guidance for Q4 FY26
- Revenue outlook: Expect to continue growth momentum and break records month after month.
- Margin outlook: Maintain margin targets despite expansion costs.
- Capex plan: ₹1000 Cr for NCD raise for acquisition-related funding and growth.
- Management tone: bullish
- Milestone: [RAISED] EV Segment Growth: Not Given → 5x to 7x growth
What sector-specific metrics matter most for Shriram Pistons & Rings Ltd?
Shriram Pistons & Rings Ltd's most important sub-sector-specific KPIs from the latest concall
- Powertrain Agnostic Revenue %: 35% — Increased due to the acquisition of Grupo Antolin's lighting and interior businesses.
- Passenger Vehicle Segment Growth: 20%+ (YoY +20%) — Strong demand and record production volumes during the festive season.
- Commercial Vehicle Segment Growth: 20%+ (YoY +20%) — Broad-based demand across the automotive industry.
- 2-Wheeler Segment Growth: 17% (YoY +17%) — Improved affordability due to GST reforms.
- EV Motor Power Range: 1.5kW to 250kW — Expansion into hub and mid-drive motors for all segments.
- Grupo Antolin Acquisition Value: INR 1,670 Cr — Strategic acquisition to diversify into interiors and lighting.
Is Shriram Pistons & Rings Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Shriram Pistons & Rings Ltd may be worth studying
- Earnings growing at +4.1% YoY
- Operating margins are expanding — OPM at 20.0%
- Valuation: appears significantly undervalued
- Cash flow is positive — CFO ₹434 Cr
What is the investment thesis for Shriram Pistons & Rings Ltd?
Shriram Pistons & Rings Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +20.6% YoY
- Margins expanding
- Appears significantly undervalued
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Earnings growth decelerating
- Key risk: Statutory impact of new Labour Codes introduced in November 2025
What is the future outlook for Shriram Pistons & Rings Ltd?
Shriram Pistons & Rings Ltd's forward outlook based on current data signals
- Earnings Trend: decelerating
- Revenue Trend: stable
- Margin Trend: expanding
- Valuation: Significantly Undervalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Statutory impact of new Labour Codes introduced in November 2025
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.