SPR Auto Reports Record FY26 Income; Concall Guidance on Margins, QIP & Capex
SPR Auto Technologies Limited announced its highest-ever financial results for FY26, with consolidated total income rising 24.90% YoY to INR 4,571 crores and EBITDA growing 18% YoY to INR 989 crores. The Board recommended a final dividend of Rs. 5 per share, taking the total dividend for the year to Rs. 10 per share, and approved a QIP of up to Rs. 10,000 million to fund organic and inorganic growth. During the earnings conference call, management provided guidance on maintaining group profitability, improving Antolin EBITDA margins from 9-10% to over 20% within three years, and projecting EV penetration of 15-17% by 2030. The company plans to invest approximately INR 200 crores annually in capacity expansion for the next two to three years.
*this image is generated using AI for illustrative purposes only.
SPR Auto Technologies Limited announced its audited standalone and consolidated financial results for the quarter and full year ended March 31, 2026, reporting its highest-ever performance across all key metrics. The Board of Directors, at its meeting held on May 11, 2026, approved a final dividend of Rs. 5 per equity share and a Qualified Institutions Placement (QIP) of up to Rs. 10,000 million. The 62nd Annual General Meeting (AGM) is scheduled for July 27, 2026.
Management Commentary
Mr. Krishnakumar Srinivasan, Managing Director & CEO, described FY26 as a landmark year marked by record Consolidated Total Income and EBITDA. He noted that the auto industry recorded its highest-ever sales across all segments, with PV sales growing by 8% YoY, 2W sales by 11% YoY, and 3W & CVs by 13% YoY each. This demand was driven by the introduction of GST 2.0, income tax reforms, and reduced financing costs. He highlighted that Q4FY26 was a historic quarter, with the industry recording its highest-ever quarterly sales volumes. The company successfully completed the acquisition of three Indian entities of the Antolin Group on January 8, 2026, which delivered strong performance during the quarter.
Post-Results Conference Call: Key Guidance
Following the results announcement, management shared forward-looking guidance during the earnings conference call. Key highlights from the concall are summarised below:
| Guidance Area | Details |
|---|---|
| Group Profitability Target: | Maintain group profitability at levels similar to the standalone company |
| Antolin EBITDA Margin Target: | Improve from 9-10% to closer to 20%+ within three years, driven by synergies and insourcing |
| QIP Purpose: | Intended for growth — organic expansion and inorganic acquisitions — not for debt repayment |
| EV Penetration Projection: | 15% to 17% by 2030, within a 6% CAGR growth for overall volumes |
| ICE Outlook: | Continued dominance of ICE vehicles, including hybrids, expected through 2030 |
| Capacity Expansion Capex: | Approximately INR 200 crores invested in FY26; similar or higher figures expected annually for the next two to three years |
Management expects to maintain group profitability at levels similar to the standalone company, with Antolin's EBITDA margins improving from the current 9-10% range to closer to 20%+ within three years, driven by synergies and insourcing. On the QIP, management clarified that the fundraise is intended for growth — encompassing both internal organic expansion and inorganic acquisitions — rather than for debt repayment. Management also projected EV penetration to reach 15% to 17% by 2030, within a 6% CAGR growth for overall volumes, indicating continued dominance of ICE vehicles, including hybrids. On capital expenditure, the company plans to continue investing in capacity expansion, with approximately INR 200 crores invested in FY26, and similar or higher figures expected annually for the next two to three years.
Q4 & FY26 Financial Performance – Consolidated
SPR Auto Technologies delivered strong consolidated financial performance for FY26, with total income rising 24.90% year-on-year, reaching a record consolidated total income of INR 4,571 crores and highest-ever EBITDA of INR 989 crores, growing 18% year-over-year. The company's consolidated results are presented below (all figures in Rs. million):
| Particulars | Q4FY26 | Q4FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Total Income: | 14,807 | 10,158 | +45.80% | 45,713 | 36,612 | +24.90% |
| EBITDA:* | 2,928 | 2,377 | +23.20% | 9,885 | 8,357 | +18.30% |
| EBITDA Margin:* | 19.80% | 23.40% | — | 21.60% | 22.80% | — |
| PBT before Exceptional Items: | 2,082 | 2,010 | +3.60% | 7,777 | 6,816 | +14.10% |
| PBT Margin (before Exceptional): | 14.10% | 19.80% | — | 17.00% | 18.60% | — |
| PAT: | 1,590 | 1,515 | +5.00% | 5,614 | 5,155 | +8.90% |
| PAT Margin: | 10.70% | 14.90% | — | 12.30% | 14.10% | — |
*Including Other Income.
Q4 & FY26 Financial Performance – Standalone
On a standalone basis, SPR Auto Technologies reported total income of Rs. 36,261 million for FY26, reflecting a 10.50% year-on-year increase. The detailed standalone results are as follows (all figures in Rs. million):
| Particulars | Q4FY26 | Q4FY25 | YoY | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|
| Total Income: | 9,700 | 8,787 | +10.40% | 36,261 | 32,827 | +10.50% |
| EBITDA:* | 2,241 | 2,140 | +4.70% | 8,438 | 7,794 | +8.30% |
| EBITDA Margin:* | 23.10% | 24.40% | — | 23.30% | 23.70% | — |
| PBT before Exceptional Items: | 1,737 | 1,858 | -6.50% | 7,055 | 6,680 | +5.60% |
| PAT: | 1,351 | 1,385 | -2.50% | 5,137 | 4,978 | +3.20% |
*Including Other Income.
Dividend, Fund Raising & Corporate Actions
The Board declared a final dividend of Rs. 5 per equity share (50%) for FY26, subject to shareholder approval at the ensuing AGM. This is in addition to the interim dividend of Rs. 5 per equity share already paid in February 2026, bringing the total dividend for FY26 to Rs. 10 per share. The record date for the final dividend has been fixed as Monday, July 20, 2026. The Board also approved a proposal to raise funds of up to Rs. 10,000 million via a QIP, primarily towards growth through organic expansion and inorganic acquisitions.
| Corporate Action | Details |
|---|---|
| Interim Dividend (already paid): | Rs. 5 per share (50%) |
| Final Dividend (recommended): | Rs. 5 per share (50%) |
| Record Date (Final Dividend): | Monday, July 20, 2026 |
| 62nd AGM Date: | Monday, July 27, 2026 |
| QIP Size (proposed): | Up to Rs. 10,000 million |
Strategic Diversification & Company Overview
The company invested close to Rs. 2,000 million for capacity expansion across various businesses. Key milestones include the acquisition of 100% stake in SPR Auto Interior Solutions Pvt. Ltd. and SPR Auto Interior Lighting Solutions Pvt. Ltd. (completed January 8, 2026) for a total purchase consideration of Rs. 17,083 million. Post these acquisitions, powertrain-agnostic products now contribute over 35% of consolidated total revenue, with approximately 60% of the business expected to be unaffected by EV penetration. The company operates 14 manufacturing plants and has a presence in 45+ countries across 5 continents.
Historical Stock Returns for Shriram Pistons & Rings
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.03% | +3.33% | -4.99% | +30.29% | +41.00% | +766.98% |
How will SPR Auto Technologies allocate the Rs. 10,000 million QIP proceeds between organic capacity expansion and potential inorganic acquisitions, and which auto component segments are being targeted for the next acquisition?
Given that Antolin's EBITDA margins need to nearly double from 9-10% to 20%+ within three years, what specific synergies and insourcing initiatives are being prioritized, and what are the key execution risks to this margin improvement roadmap?
With EV penetration projected at only 15-17% by 2030, how is SPR Auto Technologies balancing its continued investment in ICE-related components like pistons and rings against scaling up its EV motors and controllers business at Coimbatore?
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