SPR Auto Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript SPR Auto Technologies Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
SPR Auto Technologies Limited, formerly Shriram Pistons & Rings, reported FY26 consolidated total income of INR 4,571 crores, up 25% year-over-year, and EBITDA of INR 989 crores, up around 18% year-over-year. Management attributed growth to a recovery in automotive demand, GST 2.0 and tax reforms, and the acquisition of three Antolin Group entities in interiors and lighting along with Karna Intertech. The company also discussed capacity expansions at Takahata Neemrana, TGPEL Noida, and SPL Pithampur, alongside a planned QIP of INR 1,000 crores for organic and inorganic growth.
Numbers mentioned
Consolidated total income: INR 4,571 crores (FY26)
p. 3
“record consolidated total income of INR 4,571 crores, growing by 25% year-over-year”
Krishnakumar Srinivasan, page 3 of the filed PDF · View the filing
EBITDA: INR 989 crores (FY26)
p. 3
“highest ever EBITDA at INR 989 crores, growing by around 18% year-over-year”
Krishnakumar Srinivasan, page 3 of the filed PDF · View the filing
Powertrain agnostic business contribution: around 35% (Q4 FY26)
p. 5
“powertrain agnostic businesses contributed around 35% of our consolidated total income during the quarter”
Krishnakumar Srinivasan, page 5 of the filed PDF · View the filing
Capacity expansion investment: close to INR 200 crores (FY26)
p. 4
“we have invested close to INR 200 crores in capacity expansion across various business lines”
Krishnakumar Srinivasan, page 4 of the filed PDF · View the filing
Interim dividend: INR5 per share (FY26)
p. 6
“the interim dividend of INR5 per share already paid in February 2026”
Krishnakumar Srinivasan, page 6 of the filed PDF · View the filing
Final dividend recommended: INR5 per share (FY26)
p. 6
“the Board has recommended a final dividend of INR5 per share, subject to shareholders' approval in ensuing AGM”
Krishnakumar Srinivasan, page 6 of the filed PDF · View the filing
Aluminium price increase: as high as 40% higher
p. 8
“aluminium prices have gone as high as 40% higher than the base rate that was existing at that point in time”
Krishnakumar Srinivasan, page 8 of the filed PDF · View the filing
Antolin EBITDA margin prior to acquisition: 9% or 10%
p. 9
“they were between 9% or 10% EBITDA, which we are expecting it to start improving once we bring in”
Krishnakumar Srinivasan, page 9 of the filed PDF · View the filing
Legacy business growth: around 11% (FY26)
p. 17
“we have grown at around 11%, and we have outgrown the market”
Krishnakumar Srinivasan, page 17 of the filed PDF · View the filing
End market growth (weighted average): 6% to 7% (FY26)
p. 17
“the overall market has grown by around anywhere between 6% to 7% if I do a combined weighted average kind of a growth for all segments of the business”
Krishnakumar Srinivasan, page 17 of the filed PDF · View the filing
Standalone wage code cost impact: around INR 23 odd crores
p. 19
“Standalone is almost to a tune of around INR 23 odd crores and consolidated is around INR 27”
Krishnakumar Srinivasan, page 19 of the filed PDF · View the filing
Export growth: around 1% - 1.5% (Q4 FY26)
p. 19
“the export business has grown only by around 1% - 1.5% primarily, as you can see, it's primarily because of the external environment”
Krishnakumar Srinivasan, page 19 of the filed PDF · View the filing
Domestic and aftermarket growth: almost close to 10%, 11% (Q4 FY26)
p. 19
“both have registered a fairly even kind of a growth of almost close to 10%, 11%”
Krishnakumar Srinivasan, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
NCD repayment — INR500 crores in 18 months, INR500 crores in 24 months · 18-24 months
stated firmly by Krishnakumar Srinivasan
p. 12
“we have two-time frames. One INR500 crores is for 18 months and INR500 crores is for 24 months. We plan to repay it on time.”
Krishnakumar Srinivasan, page 12 of the filed PDF · View the filing
Capex — similar to last year's INR 200 crores · next 2-3 years
stated firmly by Krishnakumar Srinivasan
p. 15
“we will continue to invest those kinds of figures with regards to the kind of investments that we have to do over the next 2, 3 years”
Krishnakumar Srinivasan, page 15 of the filed PDF · View the filing
Subsidiary margin improvement timeline — closer to standalone margins · less than 3 years
stated as an aspiration by Krishnakumar Srinivasan
p. 14
“Well, I expect it to be even lower than 3 years. My demands are lower than 3 years, but then we can't say how it will go, but we'll have to look at it how it comes.”
Krishnakumar Srinivasan, page 14 of the filed PDF · View the filing
Powertrain agnostic business mix — 60%
stated as an aspiration by Krishnakumar Srinivasan
p. 15
“now I'm looking at more or less maintaining this kind of a stand because it's a fairly good kind of a mix”
Krishnakumar Srinivasan, page 15 of the filed PDF · View the filing
EV penetration — 15% to 17% penetration · by 2030
stated as an aspiration by Krishnakumar Srinivasan
p. 18
“I still think that the EV business will be anywhere between 15% to 17% penetration by 2030, but this will be at a backdrop on a CAGR growth of around 6%”
Krishnakumar Srinivasan, page 18 of the filed PDF · View the filing
Exports business
stated conditionally by Krishnakumar Srinivasan
p. 15
“if everything goes well, we should be able to further grow our exports business. It's not that we are going to reduce our exports business.”
Krishnakumar Srinivasan, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management declined a detailed breakup but indicated combined margins are in the 20s and expressed confidence in improving Antolin's margins.
Answered by Krishnakumar Srinivasan
Asked by Ram Seshan: What are the revenue and margins for the three major subsidiaries Antolin, TGPEL and Takahata for the quarter?
p. 6
“Normally, we don't give that breakup, but I can tell you that it is in the 20s.”
Krishnakumar Srinivasan, page 6 of the filed PDF · View the filing
Management said the QIP is for growth, both organic and inorganic, not for repaying debt.
Answered by Krishnakumar Srinivasan
Asked by Gokul Maheshwari: Why is the company raising INR1,000 crores via QIP given low net debt?
p. 10
“The QIP is not being raised for repaying the loan. As you know we are already operating on a low debt equity ratio.”
Krishnakumar Srinivasan, page 10 of the filed PDF · View the filing
Management said commodity costs are largely passed through to customers with a quarter's lag, and energy and labour issues have not materially affected operations.
Answered by Krishnakumar Srinivasan
Asked by Chirag Jain: Will rising commodity, energy and labour costs affect performance in coming quarters?
p. 8
“we do have a gap of quarter's delay that happens because of the formula that we normally use”
Krishnakumar Srinivasan, page 8 of the filed PDF · View the filing
Management said the difference reflects OEM destocking timing rather than a loss of market share, noting full-year outperformance versus the market.
Answered by Krishnakumar Srinivasan
Asked by Harsh Shah: Did the company lose market share in Q4 given OEMs reported higher volume growth?
p. 17
“we have done 11%.”
Krishnakumar Srinivasan, page 17 of the filed PDF · View the filing
Management said there was no market share loss, attributing the export softness to weak end markets.
Answered by Krishnakumar Srinivasan
Asked by Divyansh Gupta: Has the company lost export market share given the decline outside Europe and North America?
p. 17
“No, no, absolutely nothing.”
Krishnakumar Srinivasan, page 17 of the filed PDF · View the filing
Management quantified the wage code impact already reflected in financials.
Answered by Krishnakumar Srinivasan
Asked by Sahil Jain: What is the impact of new labour laws and wage increases on employee costs?
p. 19
“Standalone is almost to a tune of around INR 23 odd crores and consolidated is around INR 27”
Krishnakumar Srinivasan, page 19 of the filed PDF · View the filing
Risks flagged
Rising commodity prices, particularly aluminium, due to geopolitical tensions in the Middle East
p. 8
“aluminium prices have gone as high as 40% higher than the base rate that was existing at that point in time”
Krishnakumar Srinivasan, page 8 of the filed PDF · View the filing
Labour issues in Noida and Haryana affecting the industry
p. 8
“we did have the impacts coming out of the labour issue that started in Noida and in Haryana”
Krishnakumar Srinivasan, page 8 of the filed PDF · View the filing
Weak export end markets in Europe, Middle East and America due to geopolitical tensions
p. 16
“the end markets are badly affected in Europe as well as across the Middle East as well as America”
Krishnakumar Srinivasan, page 16 of the filed PDF · View the filing
Wage code impact on employee costs
p. 19
“we have had an impact because of the wage code”
Krishnakumar Srinivasan, page 19 of the filed PDF · View the filing
LPG supply issues affecting energy costs, since normalized
p. 8
“we did have some issues with regards to LPG supplies and other things, which has been normalized at this stage now”
Krishnakumar Srinivasan, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.