External broker reports(aggregated public sources), Emkay Global Financial Services Limited

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

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Equity Bottom-Up

Shriram Pistons & Rings Ltd / Equity Bottom-Up

<ul><li>Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high precision injection molds and components, at an EV of Rs2.2bn on a debt-free, cash-free basis (expected to close by end Dec-24; press release).</li><li>We believe the acquisition, though small (~4% of SPRL sales), is important strategically. 1) It will represent another step in diversifying away from engine parts (non-engine revenue contribution may rise to ~15% on pro forma basis vs ~11% pre-TGPEL).</li><li>2) It will provide another play on a high-growth area, benefiting from the light-weighting trend, with ~4% EPS accretion in FY26E (not built-in). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high precision injection molds and components, at an EV of Rs2.2bn on a debt-free, cash-free basis (expected to close by end Dec-24; press release).We believe the acquisition, though small (~4% of SPRL sales), is important strategically. 1) It will represent another step in diversifying away from engine parts (non-engine revenue contribution may rise to ~15% on pro forma basis vs ~11% pre-TGPEL).2) It will provide another play on a high-growth area, benefiting from the light-weighting trend, with ~4% EPS accretion in FY26E (not built-in). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Shriram Pistons & Rings - Accelerates Foray into Non-Engine Parts with TGPEL Acquisition

India

Shriram Pistons and Rigs Limited develops, manufactures, and sells industrial machinery parts. The Company offers diesel and gasoline pistons, pins, rings, and engine valves. Shriram Pistons & Rings markets its products worldwide.

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Shriram Pistons & Rings Ltd (SPRL IN)

Shriram Pistons & Rings - Accelerates Foray into Non-Engine Parts with TGPEL Acquisition

Shriram Pistons (SPRL) has entered an agreement for acquiring 100% shareholding in TGPEL Precision Engineering (TGPEL), a manufacturer of high...

Emkay

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