SPR Auto: Beyond Pistons to Plastics & EVs

SPR Auto Technologies is strategically evolving from its legacy piston and piston-ring business into a diversified auto-component supplier. This transformation involves expanding into precision plastics, electric-vehicle components, automotive interiors, and lighting, a move significantly boosted by the January 2026 acquisition of Grupo Antolin's Indian operations.

The company's business mix has broadened considerably, with powertrain-agnostic products now contributing over 35% of its consolidated revenue. This indicates a reduced dependence on traditional vehicle powertrains, as SPR integrates new capabilities and product lines.

In FY26, SPR's standalone business generated Rs 3,526.5 crore in revenue. Its subsidiaries reported Rs 932.3 crore in FY26, with the Antolin businesses contributing Rs 337 crore in Q4FY26 alone. However, this diversification has led to a slight dip in EBITDA margins, from 20.4% in FY25 to 19.6% in FY26, as lower-margin acquired businesses increase their share of revenue.

The Antolin acquisition has increased SPR's consolidated debt-to-equity ratio to 0.62x in FY26 from 0.19x in FY25. While finance costs rose sharply in Q1FY27, a Rs 1,000 crore qualified institutional placement in August is expected to support expansion plans and ease cash flow pressures.

SPR continues to invest in capacity expansion, with approximately Rs 200 crore invested in FY26. This capital expenditure is directed towards enhancing capabilities in areas like precision plastics and establishing new manufacturing facilities, aiming to participate more broadly in the automotive value chain.