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 ₹4,372, in a confirmed uptrend and 69 weeks into that stage. That is +20.2% against its own 200-day average. It sits at 89% of a 52-week range of ₹2,596 to ₹4,600. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 14 straight weeks.

Today the stock is in a confirmed uptrend — week 69 of stage 2, confirmed. At ₹4,372 it trades +20.2% versus its 200-day average and sits at 89% of its 52-week range (₹2,596–₹4,600).

Against the market, two honest reads. Cumulative: over the last 9.6 years the stock moved +573% while the NIFTY 500 moved +208% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 14 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.

Story check

SPR Auto Technologies Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: LATE_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.

Our read, 22 August 2026. An engine component leader pivoting to a diversified powertrain-agnostic systems platform — trading at an expensive 34.7x PE (89th percentile) with normalized PE at 36.9x, demanding execution on the Antolin margin bridge to justify valuation.

From the numbers. The valuation cycle sits at an extended level. With trailing price-to-earnings at 33.2x (89th percentile) and normalized price-to-earnings at 36.9x (98th percentile), the deterministic classification is…

From the price. Price stage 2, week 69 — above its 200-day line, relative strength falling.

From the research. An engine component leader pivoting to a diversified powertrain-agnostic systems platform — trading at an expensive 34.7x PE (89th percentile) with normalized PE at 36.9x, demanding execution on the Antolin margin…

🚨 Where they disagree. The valuation cycle sits at an extended level. With trailing price-to-earnings at 33.2x (89th percentile) and normalized price-to-earnings at 36.9x (98th percentile), the deterministic classification is RE_RATED_EXPENSIVE. Operating margins are at 18.0% (56th percentile of its 40-quarter band), confirming that the current multiple is not an artifact of depressed trough profitability. Operating cycle stage sits in MID_EXPANSION while the price curve has logged 66 weeks in Weinstein Stage 2. Multiple expansion has preceded earnings delivery, requiring 18-22% annual profit growth to sustain valuation levels without multiple compression.

What is proven. An engine component leader pivoting to a diversified powertrain-agnostic systems platform — trading at an expensive 34.7x PE (89th percentile) with normalized PE at 36.9x, demanding execution on the Antolin margin bridge to justify valuation.

What is not proven yet. Consolidated operating profit margin remaining at or below 17% for two consecutive quarters, combined with Antolin quarterly earnings before interest, tax, depreciation and amortization margin failing to exceed 12%, which would invalidate the 3-year margin bridge thesis. Separately, deploying the Rs 1000 Cr qualified institutional placement into dilutive non-core acquisitions yielding initial return on capital employed below 14% would break capital allocation discipline.

🚨 What would change our mind. Consolidated operating profit margin remaining at or below 17% for two consecutive quarters, combined with Antolin quarterly earnings before interest, tax, depreciation and amortization margin failing to exceed 12%, which would invalidate the 3-year margin bridge thesis. Separately, deploying the Rs 1000 Cr qualified institutional placement into dilutive non-core acquisitions yielding initial return on capital employed below 14% would break capital allocation discipline.

🚨 Layer 1 read, 22 August 2026 — DROP. Revenue +53% came from buying a business, not growing one — the PE re-rated 85% while profit crawled 9.6%.

What would change Layer 1’s mind. A third consecutive quarter with group operating margin at or below 18% while Antolin's own EBITDA margin stays under 12% would kill the margin-bridge leg the entire 34.7x multiple rests on and turn this into a DROP. The mirror is just as decisive and would lift it to P1: operating margin back above 19.5% with quarterly net profit clearing Rs 165 Cr in Q2 or Q3 FY27 would mean the acquired business is actually being repaired rather than merely promised.

The test written in advance. Valuation Multiple Compression at Cycle Peak — Valuation Multiple Compression at Cycle Peak by the next result.

The test written in advance. Guidance Consistency and Capital Allocation Reversals — Guidance Consistency and Capital Allocation Reversals by the next result.

🚨 What the surface reading misses. The surface reading is: PE at the 89th percentile indicates the stock trades at an extended valuation multiple. The research reads it further: The deterministic cycle classification is an expensive re-rating. Normalizing operating margins to the 10-year average of 17.5% yields a normalized PE of 36.9x (98th percentile). The multiple is not elevated because of depressed trough earnings; it represents multiple expansion running ahead of earnings delivery.

🚨 What the surface reading misses. The surface reading is: Normalized PE of 36.9x indicates valuation is more expensive on a normalized basis than trailing. The research reads it further: Because trailing operating margin of 18% is slightly above normalized margin of 17.5%, adjusting for cycle-average profitability lowers normalized earnings and raises normalized PE, confirming absence of trough-margin discount.

Lever 1 · Operating leverage — BUILDING. Operational integration of three Antolin entities targeting operating margin expansion from a 9-10% acquisition baseline toward standalone levels of 20%+ within 3 years. What proves it keeps working: Antolin Margin Convergence & Synergies. It stops working if Antolin quarterly earnings before interest, tax, depreciation and amortization margin remains stagnant below 12% across two consecutive quarters, indicating inability to pass through cost inflation or execute internal component insourcing.

Lever 2 · Value-added mix — BUILDING. Turnover scale-up in electric motors and controllers from Coimbatore facility, targeting multi-year market share gains across two-wheelers and passenger vehicles. What proves it keeps working: Electric Motor & Controller Ramp. It stops working if Electric motor turnover growth decelerates below 25% YoY or major original equipment manufacturer qualification cycles fail to convert into purchase orders.

Lever 3 · Management change — BUILDING. Outgrowing domestic internal combustion engine market by 1.5-2.0x via CAFE compliance technologies, hybrid engine programs, and flex-fuel components. What proves it keeps working: Core ICE Outgrowth & Alternative Fuels. It stops working if Domestic automotive production contracts year-over-year or original equipment manufacturers switch to in-house engine component machining.

Lever 4 · Paying down debt — BUILDING. Capacity expansion at Takahata Neemrana and TGPPL Noida addressing expanding demand for two-wheeler anti-skid braking system components. What proves it keeps working: Precision Injection Molding TAM Expansion. It stops working if Regulatory implementation deadlines for two-wheeler anti-skid braking systems are deferred or raw material polymer costs rise faster than contract indexing.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

SPR Auto Technologies Ltd reported ₹1,474 Cr of revenue in the Jun 26 quarter, +53.1% 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 ₹4,969 Cr.

FY26 revenue came in at ₹4,459 Cr (+25.6% on the year), capping 10 years at 12.3% compound. The latest quarter (Jun 26) printed ₹1,474 Cr, +53.1% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +34.3% 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 +35.2% over the last 4 quarters against +24.4%/yr over the last 8 — accelerating; TTM profit +7.7% vs +12.5%/yr — rolling over.

FY26-Q4. revenue ₹1,456 Cr and profit ₹159 Cr as reported.

FY27-Q1. revenue ₹1,474 Cr and profit ₹148 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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 Jun 26 quarter, −2.0 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.

Why this happened. The acquisition of three Antolin entities for Rs 1670 Cr added automotive interior modules including headliners, door panels, and ambient lighting, generating approximately Rs 1500-1800 Cr annualized revenue. While initially diluting group operating margins to 18%, management is deploying a margin expansion roadmap: (a) insourcing precision plastic components from sister company TGPPL, (b) introducing integrated multi-component cockpit assemblies, and (c) executing overhead cost rationalization. Management confirmed early margin improvements in Q1 FY27, with targeted progression toward standalone 20%+ profitability over three years adding an estimated Rs 130-160 Cr incremental operating…

The latest quarter's operating margin is 18.0%, −2.0 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 −2.8 pp year on year while gross margin went −8.9 pp — the loss came mostly from the gross line: input costs and pricing.

FY26-Q4. revenue ₹1,456 Cr and profit ₹159 Cr as reported.

FY27-Q1. revenue ₹1,474 Cr and profit ₹148 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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 ₹148 Cr of net profit in the Jun 26 quarter, +9.6% 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 10.0% of the quarter's revenue. The same quarter a year earlier earned ₹135 Cr.

Jun 26 profit was ₹148 Cr, +9.6% 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 +53.1% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +7.8% vs revenue +34.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

FY26-Q4. revenue ₹1,456 Cr and profit ₹159 Cr as reported.

FY27-Q1. revenue ₹1,474 Cr and profit ₹148 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

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 +2.7 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: 14.7% − 12.0% = a +2.7 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. Positive but thin — value creation with little room for error.

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.

Why this happened. Mandatory safety norms and anti-skid braking system adoption in two-wheelers have expanded the total addressable market for high-precision engineering plastics beyond the previous Rs 3500 Cr estimate. SPR is adding Phase 3 capacity at Takahata Neemrana and expanding TGPPL Noida. In addition to external component supply to braking system manufacturers, these facilities provide captive supply of plastic assemblies to Antolin, capturing dual margin benefits.

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 4.1 points of SPR Auto Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 8.4% of the company. Domestic institutions moved +3.3 points over the same window, to 16.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. Standalone legacy operations delivered 10-11% revenue growth in FY26 against 6-7% domestic market expansion. Outperformance is supported by technological content gains: CAFE friction-reduction coatings, E20/E85 ethanol-compliant pistons, and joint development of dedicated hybrid engine platforms targeted for 2029-2030 commercialization. Acquisition of production lines from Sunbeam Lightweight Solutions has expanded capacity to meet demand without building greenfield facilities.

The register over the last two years — Foreign institutions: +4.1 points over 8 quarters to 8.4%; Domestic institutions: +3.3 points over 8 quarters to 16.0%; Promoters: −2.2 points over 8 quarters to 41.5%.

Why the register moved: foreign institutions drove it (+4.1 points), alongside domestic institutions (+3.3 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.

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 34.8× P/E, at the pricey end of its own range (94th percentile). Its long-run median P/E is 18.3×, measured across 9.0 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 34.8× is at the pricey end of its own range (94th percentile), against a long-run median of 18.3× measured over 9.0 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 +68.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +56.6%/yr price move, ~+29.2%/yr came from earnings growth and ~+27.4 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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 26 August 2026 price, SPR Auto Technologies Ltd was paying for profit growth of about 19.9% a year. Profit itself has compounded 19.8% a year over the past 10 years. Today the market pays 34.8× P/E, the 94th percentile of its own 9-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

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 — revenue growth is rising at +35.2% while profit growth is decelerating from its peak at +7.7% — the curves disagree, so 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

37.9/100 — rank 5 of 5 in Auto Ancillaries - Engine Parts · 100% evidence confidence

SPR Auto Technologies Ltd scores 37.9 out of 100 against the 5 companies it is compared with in Auto Ancillaries - Engine Parts, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 10.1 + 16.2 + 3.7 + 7.9 = 37.9. 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.

Said versus delivered

What SPR Auto Technologies Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

🚨 EV Motors Growth Expectation Miss · 5 August 2026. In Feb 2026, management expected the electric motor and controller business to grow almost 5x to 7x year over year. In Aug 2026, management described the prior year's growth as only a doubling, a materially lower outcome with no explanation for the shortfall.

Fundraise Allocation Shifted Toward Debt Repayment · 5 August 2026. In May 2026, management explicitly stated that the QIP was not being raised to repay debt and that the proceeds were for internal and acquisition-led growth. In Aug 2026, management said the fundraise was fungible and included plans for debt repayment, changing the previously stated capital allocation without explaining the shift.

Consolidated Margin Convergence Ambition Softened · 5 August 2026. In Feb and May 2026, management said consolidated and subsidiary profitability should move close to, or remain at, standalone company levels. In Aug 2026, management instead described maintaining consolidated margins in the high teens as an excellent possibility and used conditional language, without explaining why the earlier convergence expectation was no longer reaffirmed.

NCD Prepayment Intent Reversal · 12 May 2026. In the Feb 2026 call, management explicitly stated their intention to repay the INR1,000 crore NCD as soon as possible, signaling a proactive early debt reduction strategy that investors would have built into balance sheet deleveraging models. In the May 2026 call, this position was fully reversed with management explicitly stating there are no plans for prepayment and that the NCDs would be repaid only at their scheduled maturity dates. This direct and unexplained 180-degree reversal on a specific financial commitment would materially affect cash flow projections and the timeline for leverage reduction.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions