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

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.

<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

Thematic (Sector/Industry)

<ul>
<li>2024-25 mining proposals hit Rs.167B, rebounding from 2023’s Rs.50B low but still below decade average of Rs.393B, signaling cautious revival.</li>
<li>Assam Sulphur Plant (Rs.107B) announced as 2024-25’s largest project, featuring processing units and terminals, though location remains unconfirmed.</li>
<li>Jayant OC Expansion (Rs.17B) completed, doubling Singrauli mine capacity to 20M tonnes, while Bhaskarpara Coal Mine adds 1M tonne capacity.</li>
</ul>


2024-25 mining proposals hit Rs.167B, rebounding from 2023’s Rs.50B low but still below decade average of Rs.393B, signaling cautious revival.
Assam Sulphur Plant (Rs.107B) announced as 2024-25’s largest project, featuring processing units and terminals, though location remains unconfirmed.
Jayant OC Expansion (Rs.17B) completed, doubling Singrauli mine capacity to 20M tonnes, while Bhaskarpara Coal Mine adds 1M tonne capacity.


Unearthing Growth: Mining Sector’s Subdued Yet Steady Rebound

<ul>
<li>India-UK FTA removes a 12% import tariff, giving Indian textile exporters a strong price advantage in the UK market.</li>
<li>Cotton-Rich Indian apparel aligns with UK demand; exports of women’s cotton trousers to the UK rose 30% in 2023.</li>
<li>The FTA is set to boost India’s annual apparel exports to the UK from $4 billion to nearly $6 billion by 2025.</li>
</ul>


India-UK FTA removes a 12% import tariff, giving Indian textile exporters a strong price advantage in the UK market.
Cotton-Rich Indian apparel aligns with UK demand; exports of women’s cotton trousers to the UK rose 30% in 2023.
The FTA is set to boost India’s annual apparel exports to the UK from $4 billion to nearly $6 billion by 2025.


India-UK Free Trade Agreement: A New Era for India's Textile Industry

Macroeconomics

<ul>
<li>A limited conflict in Kashmir would have minimal economic impact, as the region is a small part of both economies.</li>
<li>India’s suspension of the Indus Water Treaty poses a bigger threat to Pakistan’s agriculture and water supply.</li>
<li>India may seek to isolate Pakistan internationally, possibly affecting Pakistan’s IMF bailout and global support.</li>
</ul>


A limited conflict in Kashmir would have minimal economic impact, as the region is a small part of both economies.
India’s suspension of the Indus Water Treaty poses a bigger threat to Pakistan’s agriculture and water supply.
India may seek to isolate Pakistan internationally, possibly affecting Pakistan’s IMF bailout and global support.


Water Wars: India's Economic Trump Card in Kashmir Crisis

<ul>
<li>Industry to add 1,298 thousand tonnes capacity in 2025-26, doubling previous year's additions to reduce imports</li>
<li>Production expected to rise 2% in 2025-26, with revival in urea output and continued growth in non-urea segment</li>
<li>Revenues rise after six quarters of decline; operating profit surged 55.8% with margin expansion to 7% in Q3 2024-25</li>
</ul>


Industry to add 1,298 thousand tonnes capacity in 2025-26, doubling previous year's additions to reduce imports
Production expected to rise 2% in 2025-26, with revival in urea output and continued growth in non-urea segment
Revenues rise after six quarters of decline; operating profit surged 55.8% with margin expansion to 7% in Q3 2024-25


Fertilizing Self-Reliance: India's Fertiliser Industry Set to Double Capacity in 2025-26

Viral Kishorchandra Shah
Partner at Exencial Research
• Exencial Research

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

Unearthing Growth: Mining Sector’s Subdued Yet Steady Rebound

Mining proposals for 2024-25 show a cautious revival, with Assam Sulphur Plant as the largest project and capacity expansions at Jayant OC and...

Viral Kishorchandra Shah

India-UK Free Trade Agreement: A New Era for India's Textile Industry

India-UK FTA eliminates import tariff, boosting Indian textile exports to UK and increasing annual apparel exports to nearly $6 billion by 2025.

Viral Kishorchandra Shah

Water Wars: India's Economic Trump Card in Kashmir Crisis

A limited Kashmir conflict may not hurt the economy much, but if India suspends the Indus Water Treaty, it could severely affect Pakistan’s water...

Viral Kishorchandra Shah

Fertilizing Self-Reliance: India's Fertiliser Industry Set to Double Capacity in 2025-26

Fertilisers industry in India is set to increase capacity significantly in 2025-26 to reduce imports, with production expected to rise and...

Viral Kishorchandra Shah

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

Unearthing Growth: Mining Sector’s Subdued Yet Steady Rebound

​Mining proposals for 2024-25 show a cautious revival, with Assam Sulphur Plant as the largest project and capacity expansions at Jayant OC and...

Viral Kishorchandra Shah

India-UK Free Trade Agreement: A New Era for India's Textile Industry

​India-UK FTA eliminates import tariff, boosting Indian textile exports to UK and increasing annual apparel exports to nearly $6 billion by 2025.

Viral Kishorchandra Shah

Water Wars: India's Economic Trump Card in Kashmir Crisis

A limited Kashmir conflict may not hurt the economy much, but if India suspends the Indus Water Treaty, it could severely affect Pakistan’s water...

Viral Kishorchandra Shah

Fertilizing Self-Reliance: India's Fertiliser Industry Set to Double Capacity in 2025-26

​Fertilisers industry in India is set to increase capacity significantly in 2025-26 to reduce imports, with production expected to rise and...

Viral Kishorchandra Shah

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

Mining proposals for 2024-25 show a cautious revival, with Assam Sulphur Plant as the largest project and capacity expansions at Jayant OC and...

India-UK FTA eliminates import tariff, boosting Indian textile exports to UK and increasing annual apparel exports to nearly $6 billion by 2025.

Fertilisers industry in India is set to increase capacity significantly in 2025-26 to reduce imports, with production expected to rise and...