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SHRIPISTON - Shriram Pistons

📊 NSE: SHRIPISTON 🏢 Auto Ancillaries 📅 Last Updated: 12/14/2025 13:19

📢 Recent Corporate Announcements

Shriram Pistons Shareholders Approve Name Change and MoA Alteration with 99.9% Majority

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 13 Mar 2026, 06:43 PM

Shriram Pistons & Rings Limited has successfully passed three special resolutions via postal ballot with overwhelming shareholder support. The approved changes include a company name change and an alteration of the object clause in the Memorandum of Association (MoA). Over 76.5% of total shares participated in the voting process, with all resolutions receiving more than 99.7% approval. These structural changes often precede a strategic rebranding or entry into new business verticals.

Approved the change of company name with 99.99% of votes in favor.
Passed alteration of the object clause and adoption of new MoA with 99.99% support.
Total voter turnout stood at 76.53% of outstanding shares, totaling 33.71 million votes.
Resolution for alteration of Articles of Association (AoA) passed with 99.76% majority.

💡 Monitor the company's official rebranding announcement and details on the revised object clause to understand the future strategic direction. Such changes typically signal expansion into new product categories or markets.

Shriram Pistons Rebrands to SPR Auto Technologies; Diversifies into Tech-Enabled Auto Solutions

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 13 Mar 2026, 06:40 PM

Shriram Pistons & Rings Limited has secured shareholder approval to change its name to SPR Auto Technologies Limited, marking a significant strategic pivot. The company is altering its Memorandum of Association to focus on electronics-integrated and software-enabled automotive solutions, moving beyond traditional piston manufacturing. This rebranding aligns with a technology-focused growth strategy aimed at capturing new opportunities in the modern automotive landscape. Furthermore, the company has modernized its Articles of Association to comply with the Companies Act, 2013.

Shareholders approved the name change to SPR Auto Technologies Limited on March 12, 2026.
MOA object clause altered to include advanced, electronics-integrated, and software-enabled automotive solutions.
Complete adoption of new MOA and AOA to align with the Companies Act, 2013, replacing the 1956 Act versions.
The rebranding reflects a diversification strategy to explore new opportunities in the evolving automotive landscape.

💡 Investors should view this as a strategic pivot towards high-growth tech-enabled automotive segments. Monitor future capital expenditure and partnership announcements related to these new business areas.

Shriram Pistons & Rings Schedules Plant Visits for Investors on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Mar 2026, 11:15 PM

Shriram Pistons & Rings Limited has announced an analyst and institutional investor meet scheduled for March 11, 2026. The event, organized by Emkay Global, involves physical R&D and plant visits to the company's Ghaziabad facility and its step-down subsidiary, SPR TGPEL Precision Engineering, in Noida. The session will run from 2:45 PM to 5:30 PM IST and will feature interactions with Key Managerial Personnel. The company has clarified that discussions will be based strictly on publicly available information.

Investor meet and plant visits scheduled for Wednesday, March 11, 2026, from 2:45 PM to 5:30 PM IST.
Part of the Emkay Global Auto Investor Tour involving physical group meetings.
Visits cover the Ghaziabad plant for Pistons and Rings and the Noida plant for Precision Plastic R&D.
Interaction will involve Key Managerial Personnel (KMPs) of the company.
Company confirms no unpublished price sensitive information (UPSI) will be shared during the meet.

💡 Investors should watch for any subsequent analyst reports or investor presentations that may provide deeper insights into the company's R&D capabilities and manufacturing efficiency. No immediate trading action is required based on this routine disclosure.

Shriram Pistons Redeems Commercial Papers Worth Rs. 10,000 Million

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 24 Feb 2026, 06:28 PM

Shriram Pistons & Rings Limited has successfully fulfilled its payment obligations by redeeming Commercial Papers worth Rs. 10,000 million. The redemption was completed on the scheduled maturity date of February 24, 2026. This action was carried out in accordance with SEBI's regulations for Non-Convertible Securities. The timely repayment indicates a healthy liquidity position and disciplined financial management by the company.

Full redemption of Commercial Papers amounting to Rs. 10,000 million.
Payment of maturity value completed on the due date of February 24, 2026.
Compliance with SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
The transaction involved ISIN INE526E14086.

💡 Investors should take this as a positive indicator of the company's creditworthiness and strong cash flow management. No immediate portfolio changes are required based on this routine but significant debt repayment.

Shriram Pistons Sets Feb 23 Record Date for Commercial Paper Redemption

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 07:11 PM

Shriram Pistons & Rings Limited has announced the record date for the maturity and redemption of its listed Commercial Paper (ISIN: INE526E14086). The record date is fixed as February 23, 2026, to identify eligible holders. The final payment of interest and the redemption amount is scheduled to be processed on February 24, 2026. This filing is a standard regulatory requirement under SEBI's listing regulations for non-convertible securities.

Record date for Commercial Paper (ISIN: INE526E14086) is February 23, 2026
Redemption and interest payment date is scheduled for February 24, 2026
The debt instrument is listed on the National Stock Exchange (NSE)
Compliance maintained with SEBI Master Circular for Non-Convertible Securities

💡 This is a routine administrative update regarding debt maturity and does not impact equity shareholders directly. Investors should continue to monitor the company's overall debt levels and interest coverage ratios.

Shriram Pistons & Rings Upgraded to 'IND AA+/Stable' by India Ratings

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 12 Feb 2026, 07:28 PM

India Ratings & Research has upgraded Shriram Pistons & Rings Limited's issuer rating and long-term bank facilities to 'IND AA+/Stable' from 'IND AA'. The upgrade also applies to the company's proposed INR 10,000 million Non-Convertible Debentures (NCDs), reflecting improved creditworthiness. Additionally, the agency has removed the company from 'Rating Watch with Positive Implications', assigning a Stable outlook. Short-term ratings for bank facilities and Commercial Paper worth INR 10,000 million were affirmed at 'IND A1+'.

Issuer rating upgraded to 'IND AA+/Stable' from 'IND AA', indicating stronger financial stability.
Long-term bank loan facilities of INR 5,738.61 million upgraded to 'IND AA+/Stable'.
Proposed Non-Convertible Debentures (NCDs) of INR 10,000 million also upgraded to 'IND AA+/Stable'.
Commercial Paper programme of INR 10,000 million affirmed at the highest short-term rating of 'IND A1+ '.
The company has been successfully removed from 'Rating Watch with Positive Implications'.

💡 The credit rating upgrade is a positive indicator of the company's robust balance sheet and reduced financial risk. Investors should monitor how this improved rating helps the company lower its cost of capital for future expansions.

Shriram Pistons to Rebrand as SPR Auto Technologies; Expands Scope to EV Components

🟢 POSITIVE ⭐ 7/10

OTHER 📅 09 Feb 2026, 08:53 PM

Shriram Pistons & Rings Limited has initiated a postal ballot to seek shareholder approval for changing its name to 'SPR Auto Technologies Limited.' This rebranding is accompanied by a significant expansion of the company's Object Clause to include high-growth sectors like Electric Vehicle (EV) motors, Battery Management Systems (BMS), and electronic components. The move signifies a strategic pivot from traditional internal combustion engine parts to advanced automotive technologies. Shareholders can cast their votes electronically between February 11 and March 12, 2026.

Proposed name change to SPR Auto Technologies Limited to reflect a broader technological focus.
Expanded business scope to include traction motors, DC-DC converters, and e-drive systems for EVs.
New objects cover advanced electronics like radars, telematics boxes, and infotainment systems.
E-voting period is scheduled from February 11, 2026, to March 12, 2026.
Cut-off date for shareholder voting eligibility is February 6, 2026.

💡 The rebranding and expansion into EV components are positive indicators of the company's intent to adapt to the changing automotive landscape. Investors should view this as a long-term strategic pivot and monitor the company's execution in the EV powertrain segment.

Shriram Pistons Q3 FY26: 21% Revenue Growth & INR 16,700 Cr Antolin Acquisition Completion

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 07 Feb 2026, 03:11 PM

Shriram Pistons reported a robust 21% YoY growth in consolidated total income for Q3 FY26, driven by strong demand across all automotive segments. The company successfully completed the INR 16,700 million acquisition of Grupo Antolin's Indian entities, significantly diversifying its portfolio into automotive interiors and lighting. Powertrain-agnostic products now account for over 35% of consolidated revenue, reducing reliance on legacy internal combustion engine components. Despite a one-time exceptional expense of Rs. 252 million related to new labor codes, the company maintained profitability and declared an interim dividend of INR 5 per share.

Consolidated total income grew by 21% YoY in Q3 FY26, achieving the highest-ever quarterly revenue.
Completed 100% acquisition of three Grupo Antolin Indian entities for an enterprise value of approximately INR 16,700 million.
Powertrain-agnostic revenue share increased to over 35% following recent acquisitions and new facility operations.
Declared an interim dividend of INR 5 per share (50% of face value) and proposed a name change to SPR Auto Technologies Limited.
Inaugurated a new world-class facility in Coimbatore for manufacturing electric motors and controllers.

💡 Investors should view the successful diversification into non-ICE components and the Antolin acquisition as strong long-term growth drivers. Monitor the integration of the new entities and the ramp-up of the EV motor facility in Coimbatore for continued margin expansion.

Shriram Pistons & Rings Releases Audio Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 03 Feb 2026, 06:23 PM

Shriram Pistons & Rings Limited has released the audio recording of its earnings conference call held on February 3, 2026. This follows the company's disclosure of its financial results and investor presentation on February 2, 2026. The call provides a platform for management to discuss operational performance and future outlook with analysts and institutional investors. The company confirmed that all discussions were based on publicly available information and no unpublished price sensitive information was shared.

Audio recording of the earnings call held on February 3, 2026, is now accessible via the company's official website.
The filing follows the release of the Investor Presentation and Press Release on February 2, 2026.
Management confirmed that no Unpublished Price Sensitive Information (UPSI) was disclosed during the session.
The disclosure is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to understand management's perspective on demand trends and margin outlook. This is a routine regulatory filing and does not contain new financial data beyond the previously released results.

Shriram Pistons Q3 Profit ₹1,149M; ₹5 Dividend, ₹10,000M NCD & Name Change Approved

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 11:03 PM

Shriram Pistons & Rings reported a 12.4% YoY increase in Q3 FY26 revenue to ₹8,651 million, though net profit slightly dipped to ₹1,149 million due to a ₹237 million exceptional item related to new labour codes. The board declared an interim dividend of ₹5 per share (50% of face value) with a record date of February 6, 2026. Significantly, the company approved a massive fundraise of up to ₹10,000 million via NCDs and a strategic rebranding to 'SPR Auto Technologies Limited' to reflect a broader technology focus.

Revenue from operations grew to ₹8,651 million in Q3 FY26 compared to ₹7,696 million in Q3 FY25.
Declared an interim dividend of ₹5 per share, with payment scheduled on or before March 3, 2026.
Approved issuance of secured NCDs aggregating up to ₹10,000 million (₹1,000 crore) on a private placement basis.
Proposed name change to 'SPR Auto Technologies Limited' to align with future growth in automotive technologies.
Net profit of ₹1,149 million was impacted by a one-time exceptional charge of ₹237 million for labour code implications.

💡 The rebranding and massive ₹1,000 crore fundraise signal a major shift toward expansion or diversification into advanced auto-tech segments. Investors should hold for the dividend while monitoring the deployment of the newly raised capital and its impact on the debt-equity ratio.

Shriram Pistons to Raise Rs 1,000 Cr via NCDs, Rebrands to SPR Auto, Declares Rs 5 Dividend

🟢 POSITIVE ⭐ 9/10

BOARD_MEETING 📅 02 Feb 2026, 11:00 PM

Shriram Pistons & Rings reported a standalone PAT of Rs 1,149 million for Q3 FY26, with revenue at Rs 8,651 million. The board approved a significant fundraise of up to Rs 10,000 million (Rs 1,000 crores) through Non-Convertible Debentures (NCDs) to support future growth. Additionally, the company is rebranding to 'SPR Auto Technologies Limited' and has declared an interim dividend of Rs 5 per share. The name change and object clause alterations suggest a strategic shift towards broader automotive technologies beyond its traditional product line.

Approved issuance of NCDs aggregating up to Rs 10,000 million (Rs 1,000 crores) on a private placement basis.
Declared an interim dividend of 50% (Rs 5 per share) with a record date of February 6, 2026.
Proposed name change to 'SPR Auto Technologies Limited' to reflect a wider technological focus.
Reported Q3 FY26 standalone revenue of Rs 8,651 million and PAT of Rs 1,149 million.
Standalone net worth stood at Rs 27,360 million as of December 31, 2025.

💡 Investors should view the rebranding and large fundraise as a pivot towards a more diversified auto-tech entity. Monitor the utilization of the Rs 1,000 crore capital for potential acquisitions or capacity expansion in new-age automotive components.

Shriram Pistons Q3 FY26 Revenue Up 21% YoY; Completes ₹16,700 Mn Antolin Acquisition

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 08:41 PM

Shriram Pistons & Rings Limited (SPRL) reported a robust 21% YoY growth in consolidated total income to ₹10,563 million for Q3 FY26, driven by strong demand across automotive segments. While EBITDA grew 21% to ₹2,389 million, PAT growth was limited to 4% YoY at ₹1,257 million due to a one-time exceptional expense of ₹252 million related to the New Labour Code. A major strategic milestone was achieved with the completion of the ₹16,700 million acquisition of Grupo Antolin’s Indian entities, diversifying the portfolio into automotive interiors and lighting. This acquisition is expected to make powertrain-agnostic products contribute over 35% of consolidated revenue.

Consolidated Total Income grew 20.7% YoY to ₹10,563 million in Q3 FY26.
EBITDA rose 20.8% YoY to ₹2,389 million with a steady margin of 22.6%.
Completed 100% acquisition of Grupo Antolin's three Indian entities for ~₹16,700 million on January 8, 2026.
Q3 PAT stood at ₹1,257 million, impacted by a ₹252 million one-time exceptional statutory expense.
Acquired piston manufacturing lines from Sunbeam Lightweighting Solutions to boost legacy business capacity.

💡 Investors should focus on the company's successful transition toward an ICE-agnostic portfolio, which reduces long-term EV disruption risks. The strong revenue growth and strategic acquisitions suggest a positive outlook, though integration costs of the new entities should be monitored.

Shriram Pistons Q3 Revenue Up 21% YoY; Completes Rs 16,700 Mn Antolin Acquisition

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 08:23 PM

Shriram Pistons & Rings Limited (SPRL) reported a strong Q3FY26 with consolidated total income rising 21% YoY to Rs. 10,563 million. EBITDA also grew 21% to Rs. 2,389 million, maintaining a healthy margin of 22.6%. The company successfully completed the acquisition of three Grupo Antolin Indian entities for approximately Rs. 16,700 million, a move that diversifies its portfolio into automotive interiors and lighting. Consequently, ICE-agnostic products now contribute over 35% of consolidated revenue, significantly reducing dependence on traditional powertrain components.

Consolidated Total Income grew 21% YoY to Rs. 10,563 million in Q3FY26.
Completed 100% acquisition of Grupo Antolin's Indian entities for an enterprise value of ~Rs. 16,700 million.
ICE-agnostic products now account for over 35% of consolidated revenue post-acquisition.
EBITDA margin remained stable at 22.6% despite a one-time exceptional expense of Rs. 252 million related to the New Labour Code.
Strong growth across segments: Passenger Vehicles and Commercial Vehicles grew over 20% YoY.

💡 Investors should look favorably at the company's aggressive diversification away from ICE-dependent products and its robust revenue growth. Monitor the integration of the newly acquired Antolin entities and their impact on consolidated margins in the next few quarters.

Shriram Pistons Q3 Consolidated Income Up 17% to ₹10,563M; Completes ₹16,700M Antolin Acquisition

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 02 Feb 2026, 08:22 PM

Shriram Pistons & Rings reported a robust 17% YoY growth in consolidated total income for Q3 FY26, reaching ₹10,563 million. While EBITDA grew by 21% to ₹2,389 million, PAT growth was restricted to 4% YoY due to a one-time exceptional expense of ₹252 million related to the New Labour Code. A major strategic milestone was achieved with the completion of the ₹16,700 million acquisition of Grupo Antolin's Indian entities in January 2026. This move significantly diversifies the company, with powertrain-agnostic products now contributing over 35% of consolidated revenue.

Consolidated Total Income for 9M FY26 rose 17% YoY to ₹30,905 million.
Q3 FY26 EBITDA increased 21% YoY to ₹2,389 million with a steady margin of 22.6%.
Completed acquisition of three Grupo Antolin entities for ~₹16,700 million to enter automotive interiors.
Powertrain-agnostic products now represent over 35% of the consolidated revenue mix.
Exceptional non-recurring charge of ₹252 million impacted Q3 PAT due to New Labour Code compliance.

💡 Investors should focus on the successful integration of the Antolin acquisition which de-risks the company from ICE-only components. The stock remains a strong play on automotive diversification, though the impact of the ₹10,000 million debt (Commercial Paper) on finance costs warrants monitoring.

Shriram Pistons Q3 Revenue Up 12%; Approves ₹1,000 Cr Fundraise and ₹5 Dividend

🟢 POSITIVE ⭐ 9/10

BOARD_MEETING 📅 02 Feb 2026, 06:21 PM

Shriram Pistons & Rings reported a 12.4% YoY increase in revenue to ₹8,651 million for Q3 FY26, though net profit slightly declined to ₹1,149 million due to a ₹237 million exceptional item related to new labour codes. The board has approved a massive fundraise of up to ₹10,000 million through NCDs, signaling significant expansion or refinancing plans. Shareholders will receive an interim dividend of ₹5 per share, with the record date set for February 6, 2026. Furthermore, the company is rebranding to 'SPR Auto Technologies Limited' to reflect a broader technological focus beyond its traditional product line.

Revenue from operations grew 12.4% YoY to ₹8,651 million in Q3 FY26 compared to ₹7,696 million in Q3 FY25.
Approved issuance of secured, rated NCDs worth up to ₹10,000 million (₹1,000 crore) via private placement.
Declared an interim dividend of 50% (₹5 per share) with a record date of February 6, 2026.
Net profit stood at ₹1,149 million, impacted by a one-time exceptional charge of ₹237 million for new Labour Code compliance.
Proposed name change to 'SPR Auto Technologies Limited' to align with evolving business objectives and object clause alterations.

💡 The ₹1,000 crore fundraise is a major signal of upcoming growth or strategic shifts; investors should stay invested for long-term expansion benefits. Monitor the impact of the rebranding and the utilization of the new capital on future margins.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated total income grew 14.9% YoY to INR 20,344 Million in H1 FY26. Standalone total income increased 9.4% YoY to INR 17,601 Million. Subsidiary revenue showed significant momentum, growing 74% in Q2 FY26 compared to the previous year, driven by new business wins and EV segment scaling.

Geographic Revenue Split

Not disclosed in available documents, though the company maintains export customers and international operations through subsidiaries like Takahata and TGPEL.

Profitability Margins

Standalone PAT margin stood at 15.0% (INR 2,637 Million) in H1 FY26, up from 14.9% in H1 FY25. Consolidated PAT margin was 13.6% (INR 2,770 Million). Historical standalone PAT margins have improved from 5.5% in FY21 to 15.2% in FY25.

EBITDA Margin

Standalone EBITDA margin was 23.3% (INR 4,104 Million) in H1 FY26, a slight decrease from 23.4% in H1 FY25. Consolidated EBITDA margin was 22.5% (INR 4,570 Million). The company aims to maintain margins across all segments, ensuring acquisitions do not dilute overall EBITDA targets.

Capital Expenditure

Regular capex is maintained in line with depreciation (INR 86.5 Cr in FY25) for existing businesses. Surplus cash is strategically allocated for M&A opportunities and nonlinear growth initiatives, such as the Antolin India acquisition.

Credit Rating & Borrowing

The company is net-debt free with a low debt-equity ratio. Standalone total borrowings as of H1 FY26 were INR 368.7 Cr (INR 62.5 Cr non-current and INR 306.2 Cr current). Finance costs were INR 12.3 Cr in H1 FY26, down from INR 13.2 Cr YoY.

⚙️ Operational Drivers

Raw Materials

Not specifically named in documents, though products like pistons, rings, and engine valves typically require specialized alloys and steel. Antolin products include headliners and sunvisors involving fabrics and plastics.

Capacity Expansion

The company maintains a high asset turn of over 4x in its new subsidiary businesses. Investments in the EV motor plant are scaled based on growth requirements, currently manufacturing motors from 250W upwards.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but management noted that cost structures for acquired entities (like Antolin) will be relooked at to align with SPRL's localized, high-efficiency model.

Manufacturing Efficiency

The company utilizes state-of-the-art, modern operational setups. Standalone EBITDA margins have been consistently maintained above 23% despite market volatility, indicating high operational efficiency.

📈 Strategic Growth

Expected Growth Rate

8-10%

Growth Strategy

SPRL aims to outgrow the end market (growing at 3-4%) by more than double through new business wins in subsidiaries and scaling the EV motor business. The acquisition of Antolin India provides market leadership in roofliners. The company leverages its low debt-equity to pursue M&A for nonlinear growth while maintaining a 4x asset turn in new ventures.

Products & Services

Pistons, piston rings, engine valves, EV motors (250W and above), headliners, sunvisors, and plastic automotive parts.

Brand Portfolio

SPR, Shriram Pistons & Rings.

New Products/Services

EV motors (targeting INR 100 Cr+ revenue in 2-3 years from INR 26 Cr in FY25) and the integration of Antolin's headliner and sunvisor portfolio.

Market Expansion

Focusing on consolidating the Antolin acquisition and expanding the EV motor business. The company is also looking at further M&A opportunities to leverage its low debt position.

Market Share & Ranking

Market leader in roofliners and sunvisors in India (via Antolin acquisition). Significant player with high market share in pistons, rings, and engine valves.

Strategic Alliances

Maintains a JV with Krishna Maruti to service Maruti Suzuki. Strategic partnerships exist with Riken Corporation and KS Kolbenschmidt GmbH.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward EVs (where SPRL is investing in motors) and premiumization in interiors (headliners). While the general market grows at 3-4%, SPRL is positioning itself in high-growth niches to grow at 2x the market rate.

Competitive Landscape

Competitors in the interior segment include Supreme Industries and IAC. In core engine parts, the company competes with both domestic and international players.

Competitive Moat

Moat is built on market leadership in core components, high ROCE (27% in FY25), and deep-rooted OEM relationships. The ability to localize global cost structures provides a sustainable cost advantage over international competitors.

Macro Economic Sensitivity

Highly sensitive to the Indian auto industry growth, which is currently muted at 3-4%. Revenue is also sensitive to GST policy announcements affecting aftermarket and OEM timing.

Consumer Behavior

Muted domestic demand and consumer hesitation due to regulatory/tax uncertainty (GST) impacted short-term volumes in Q2 FY26.

Geopolitical Risks

Geopolitical situations are cited as a factor creating 'challenging market conditions' in the auto industry during H1 FY26.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to GST regulations and automotive manufacturing standards. The company monitors GST council announcements closely as they impact sales timing.

Environmental Compliance

Received the 'Significant Achievement in Environment Management' award from industry bodies in 2025.

Taxation Policy Impact

Effective tax rate was approximately 25.5% in H1 FY26 (INR 90.4 Cr tax on INR 354.1 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Muted growth in domestic end markets (3-4% growth) and geopolitical uncertainties could impact consolidated growth targets. Integration risk of the Antolin acquisition regarding cost-structure realignment.

Geographic Concentration Risk

Not disclosed, but heavily tied to the Indian automotive production volumes (17.2 million units in H1 FY26).

Third Party Dependencies

Dependency on OEMs like Maruti Suzuki for a high percentage of market share in specific segments.

Technology Obsolescence Risk

Mitigated by diversification into EV motors and non-engine components like headliners to offset potential long-term declines in internal combustion engine (ICE) components.