Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Equity Bottom-Up

Shriram Pistons & Rings Ltd / Equity Bottom-Up

<ul>
<li>The company is expanding into EV motors, precision plastics, and exports to over 45 countries worldwide</li>
<li>SPRL reported  Rs 36,612 million total income in FY25, with 15.3% YoY growth and a 22.8% EBITDA margin</li>
<li>SPRL balances legacy ICE products with new EV, plastics, and non-auto segments for resilient growth</li>
</ul>


The company is expanding into EV motors, precision plastics, and exports to over 45 countries worldwide
SPRL reported  Rs 36,612 million total income in FY25, with 15.3% YoY growth and a 22.8% EBITDA margin
SPRL balances legacy ICE products with new EV, plastics, and non-auto segments for resilient growth


Shriram Pistons & Rings Ltd: Powering Forward with Precision and Purpose

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Shriram Pistons & Rings Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shriram-pistons-rings-ltd" target="_blank" data-smartkarma-citation="entities:44009:1" rel="noopener">Shriram Pistons &amp; Rings Ltd (SPRL IN)</a> is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. </li>
<li>On an overall scheme of things, balance sheet and forensics look good and healthy. </li>
<li>However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.</li>
</ul>



Shriram Pistons &amp; Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
On an overall scheme of things, balance sheet and forensics look good and healthy. 
However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.


Shriram Pistons and Rings Ltd- Forensic Analysis

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 Ltd: Powering Forward with Precision and Purpose

SPRL diversifies into EV motors and precision plastics, reporting strong financial growth and expanding exports globally.

Viral Kishorchandra Shah

Shriram Pistons and Rings Ltd- Forensic Analysis

Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Nitin Mangal

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52-week Range

Market Cap (USDm)

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Shriram Pistons & Rings Ltd: Powering Forward with Precision and Purpose

​SPRL diversifies into EV motors and precision plastics, reporting strong financial growth and expanding exports globally.

Viral Kishorchandra Shah

Shriram Pistons and Rings Ltd- Forensic Analysis

​Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Nitin Mangal

SPRL diversifies into EV motors and precision plastics, reporting strong financial growth and expanding exports globally.

Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions