SPR Auto Technologies Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

SPR Auto Technologies Ltd trades at ₹4,395, in a confirmed uptrend and 63 weeks into that stage. That is +31.8% against its own 200-day average. It sits at 100% of a 52-week range of ₹2,593 to ₹4,395. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks.

Today the stock is in a confirmed uptrend — week 63 of stage 2, confirmed. At ₹4,395 it trades +31.8% versus its 200-day average and sits at 100% of its 52-week range (₹2,593–₹4,395).

Against the market, two honest reads. Cumulative: over the last 9.5 years the stock moved +576% while the NIFTY 500 moved +216% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 8 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

SPR Auto Technologies Ltd trades at 34.2× P/E, at the pricey end of its own range (93rd percentile). Its long-run median P/E is 18.3×, measured across 8.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 34.2× is at the pricey end of its own range (93rd percentile), against a long-run median of 18.3× measured over 8.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +9.1% against a +84.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +51.2%/yr price move, ~+28.4%/yr came from earnings growth and ~+22.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

SPR Auto Technologies Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 22.2% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

50.0/100 — rank 4 of 5 in Auto Ancillaries - Engine Parts · 100% evidence confidence

SPR Auto Technologies Ltd scores 50.0 out of 100 against the 5 companies it is compared with in Auto Ancillaries - Engine Parts, ranking 4. Price leads the evidence: RS versus the benchmark is 38.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 10.2 + 15.9 + 8.2 + 15.7 = 50. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

SPR Auto Technologies Ltd reported ₹1,456 Cr of revenue in the Mar 26 quarter, +47.4% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.3% a year. The last full year, FY26, came in at ₹4,459 Cr. The last four reported quarters add to ₹4,458 Cr.

FY26 revenue came in at ₹4,459 Cr (+25.6% on the year), capping 10 years at 12.3% compound. The latest quarter (Mar 26) printed ₹1,456 Cr, +47.4% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +24.8% growth against the decade's 12.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +25.6% over the last 4 quarters against +20.1%/yr over the last 8 — accelerating; TTM profit +8.9% vs +13.3%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

SPR Auto Technologies Ltd's operating margin is 18.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 21.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 18.0%, −3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0%–21.0%.

🚨 Why the margin moved: operating margin went −2.9 pp year on year while gross margin went −8.0 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

SPR Auto Technologies Ltd earned ₹159 Cr of net profit in the Mar 26 quarter, +4.6% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹561 Cr. The 10-year compound rate is 19.8%. That is 10.9% of the quarter's revenue. The same quarter a year earlier earned ₹152 Cr.

Mar 26 profit was ₹159 Cr, +4.6% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹561 Cr (+8.7%), and the 10-year compound rate is 19.8%.

Why profit moved: revenue contributed +47.4% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +9.2% vs revenue +24.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 102% of SPR Auto Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹625 Cr of operating cash against ₹561 Cr of profit. After ₹1,960 Cr of capital spending, ₹−1,335 Cr was left as free cash.

FY26: operating cash of ₹625 Cr against reported profit of ₹561 Cr, leaving free cash of ₹−1,335 Cr after ₹1,960 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 102% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 102%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 7.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

SPR Auto Technologies Ltd's cash conversion cycle runs 58 days in FY26, down from 65 days in FY21. Capital spending ran ₹2,711 Cr over the last 3 years. At FY26 sales of ₹4,459 Cr each day of that cycle holds about ₹12.2 Cr, so roughly ₹709 Cr sits inside the business at any moment.

FY26: debtors at 68 days, inventory at 111 days — roughly 3.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 58 days, tighter than FY21's 65.

The full loop: cash goes out to suppliers and production on day 0; stock waits 111 days to sell; customers pay about 68 days after that; and suppliers themselves are paid at 121 days — netting out to the 58-day cycle.

In money terms: at FY26 sales of ₹4,459 Cr, each day of the cycle holds about ₹12.2 Cr — so the 58-day loop keeps roughly ₹709 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹2,711 Cr over the last 3 fiscal years against ₹377 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹96.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

SPR Auto Technologies Ltd earns a ROCE of 21% in FY26. That is up from a trough of 8% in FY20. Return on invested capital clears the cost of that capital by +6.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 12.6% net margin on 0.73× asset turns.

FY26 ROCE is 21%, recovered from a FY20 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.6% net margin × 0.73× asset turns × 2.12× balance-sheet leverage ≈ 19.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 18.1% − 12.0% = a +6.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

SPR Auto Technologies Ltd carries total debt of ₹1,968 Cr against shareholder equity of ₹3,018 Cr as of Mar 26, a debt-to-equity of 0.65. On the annual view that ratio went from 0.13 in FY22 to 0.65 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,968 Cr against shareholder equity of ₹3,018 Cr — a debt-to-equity of 0.65. On the annual view, debt-to-equity went from 0.13 (FY22) to 0.65 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 6.2 points of SPR Auto Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 8.2% of the company. Promoters moved −3.0 points over the same window, to 43.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +6.2 points over 8 quarters to 8.2%; Promoters: −3.0 points over 8 quarters to 43.8%; Domestic institutions: +0.4 points over 8 quarters to 12.2%.

Why the register moved: foreign institutions drove it (+6.2 points), absorbed on the other side by promoters (−3.0 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

SPR Auto Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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