Below is a structured extraction and summary of the relevant and actionable financial information from the Shriram Pistons & Rings Limited results filing dated November 4, 2025.
1. Auditor’s Note
- Standalone and Consolidated Financial Results have been reviewed by Walker Chandiok & Co LLP.
- The review was conducted under SRE 2410 (Review of Interim Financial Information).
- No qualifications, concerns, or issues were raised by the auditors.
- The auditor’s conclusion: Nothing has come to their attention indicating material misstatements or non-compliance with applicable accounting standards and SEBI Listing Regulations.
- Standard limited review report issued.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (July-Sept 2025) → 3 months ended September 30, 2025
- Immediately preceding quarter: Q1 FY26 (Apr-June 2025) → 3 months ended June 30, 2025
- Same quarter previous year: Q2 FY25 (July-Sept 2024) → 3 months ended September 30, 2024
- Half year FY26: 6 months ended September 30, 2025
- Half year FY25: 6 months ended September 30, 2024
- Full year FY25: Year ended March 31, 2025
Standalone Financial Results (Rs. Million)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 8,730 | 8,356 | 7,940 | 17,086 | 15,552 | 31,795 |
| Other income | 249 | 266 | 290 | 515 | 533 | 1,032 |
| Total income | 8,979 | 8,622 | 8,230 | 17,601 | 16,085 | 32,827 |
| Total expenses | 7,181 | 6,879 | 6,557 | 14,060 | 12,878 | 26,147 |
| Profit before tax | 1,798 | 1,743 | 1,673 | 3,541 | 3,207 | 6,680 |
| Total tax expense | 459 | 445 | 427 | 904 | 818 | 1,702 |
| Net profit | 1,339 | 1,298 | 1,246 | 2,637 | 2,389 | 4,978 |
| Basic EPS (Rs) | 30.40 | 29.46 | 28.29 | 59.87 | 54.25 | 113.01 |
| EBITDA (calculated)* | ~2,241 | ~2,160 | ~2,090 | ~4,401 | ~3,633 | Not explicitly stated |
*EBITDA approximated as Profit before tax + Finance costs + Depreciation & Amortization
Q2 FY26 EBITDA = 1,798 + 59 + 223 = 2,080 (approx.)
Consolidated Financial Results (Rs. Million)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 10,165 | 9,633 | 8,765 | 19,798 | 17,136 | 35,498 |
| Other income | 262 | 284 | 304 | 546 | 567 | 1,114 |
| Total income | 10,427 | 9,917 | 9,069 | 20,344 | 17,703 | 36,612 |
| Total expenses | 8,503 | 8,087 | 7,390 | 16,590 | 14,488 | 29,796 |
| Profit before tax | 1,924 | 1,830 | 1,679 | 3,754 | 3,215 | 6,816 |
| Total tax expense | 503 | 481 | 420 | 984 | 785 | 1,661 |
| Net profit | 1,421 | 1,349 | 1,259 | 2,770 | 2,430 | 5,155 |
| Basic EPS (Rs) | 31.76 | 30.35 | 28.32 | 62.11 | 54.53 | 115.02 |
| EBITDA (calculated)* | ~2,435 | ~2,235 | ~2,093 | ~4,570 | ~3,601 | Not explicitly stated |
*EBITDA approximated as Profit before tax + Finance costs + Depreciation & Amortization
Q2 FY26 EBITDA = 1,924 + 85 + 326 = 2,335 (approx.)
Margins (Standalone Q2 FY26)
- EBITDA Margin ≈ EBITDA / Revenue from operations = 2,241 / 8,730 ≈ 25.7%
- Operating Profit Margin (PBT margin) = 1,798 / 8,730 ≈ 20.6%
- Net Profit Margin = 1,339 / 8,730 ≈ 15.3%
3. Detailed Notes / Management Commentary
- The company operates primarily in the automotive component segment.
- Accounting policies: Results prepared as per Ind AS 34 (Interim Financial Reporting) and Companies Act, 2013.
- Investments:
- During Q2 FY26, the company invested Rs. 500 million in SPR Engenious Limited (wholly-owned subsidiary) by subscribing to equity shares.
- SPR Engenious Limited further infused Rs. 500 million into SPR EMF Innovations Private Limited (step-down subsidiary), increasing ownership from 66.42% to 72.58%.
- Acquisitions:
- SPR TGPEL Precision Engineering Limited acquired on Dec 24, 2024.
- Karna Intertech Private Limited acquired on April 1, 2025.
- Due to these acquisitions, Q2 FY26 and H1 FY26 consolidated results are not comparable with prior year periods.
- No changes in accounting policies or material adjustments reported.
- No mention of NPAs, slippages, or asset quality issues (not a financial services company).
- The Board approved the results on November 4, 2025.
4. Segment Information
- No explicit segment-wise financials provided.
- The company and group primarily operate in the automotive component segment.
- No geographic or product-wise breakdown disclosed.
5. Capex, Projects, and Corporate Activity
- Capital Expenditure (Standalone):
- Rs. 392 million spent on property, plant, and equipment in H1 FY26 (vs Rs. 276 million in H1 FY25).
- Rs. 22 million spent on intangible assets in H1 FY26 (vs Rs. 13 million in H1 FY25).
- Investments:
- Rs. 500 million invested in subsidiary SPR Engenious Limited during Q2 FY26.
- Subsidiary SPR Engenious Limited invested Rs. 500 million in step-down subsidiary SPR EMF Innovations Private Limited.
- Acquisitions:
- SPR TGPEL Precision Engineering Limited (Dec 24, 2024)
- Karna Intertech Private Limited (April 1, 2025)
- No reported writedowns, impairments, or provisions beyond normal provisions for doubtful debts.
- No restructuring or cost-cutting measures explicitly mentioned.
6. Standalone vs Consolidated
| Aspect | Standalone | Consolidated |
|---|---|---|
| Revenue (Q2 FY26) | Rs. 8,730 million | Rs. 10,165 million |
| Net Profit (Q2 FY26) | Rs. 1,339 million | Rs. 1,421 million |
| EPS (Basic, Q2 FY26) | Rs. 30.40 | Rs. 31.76 |
| Total Assets (Sep 30, 2025) | Rs. 36,412 million | Rs. 40,293 million |
| Equity (Sep 30, 2025) | Rs. 26,472 million (Equity + Other Equity) | Rs. 27,491 million (incl. NCI) |
| Capex (H1 FY26) | Rs. 414 million (PPE + Intangibles) | Rs. 885 million (PPE + Intangibles) |
- Consolidated results include subsidiaries SPR Engenious Limited, SPR EMF Innovations Private Limited, SPR Takahata Precision India Private Limited, SPR TGPEL Precision Engineering Limited, and Karna Intertech Private Limited.
- Consolidated financials reflect acquisitions made in Dec 2024 and April 2025, impacting comparability.
Additional Highlights from Cash Flow Statements (Standalone & Consolidated)
| Particulars | Standalone H1 FY26 (Rs. Million) | Standalone H1 FY25 (Rs. Million) | Consolidated H1 FY26 (Rs. Million) | Consolidated H1 FY25 (Rs. Million) |
|---|---|---|---|---|
| Net cash from operating activities | 2,578 | 1,717 | 2,736 | 1,718 |
| Net cash used in investing activities | (2,351) | (1,578) | (2,566) | (1,588) |
| Net cash used in financing activities | (250) | (158) | (193) | (229) |
| Net change in cash & cash equivalents | (23) | (19) | (23) | (99) |
- Operating cash flow improved significantly YoY.
- Increased capex and investments in subsidiaries reflected in higher investing cash outflows.
- Financing cash flows include dividend payments of Rs. 220 million (unchanged YoY).
Summary for Investment Analysis Team
| Category | Key Points |
|---|---|
| Auditor’s Note | Clean limited review report; no qualifications or concerns. |
| Financial Performance | - Standalone Q2 FY26 revenue Rs. 8,730 mn (+10% YoY), net profit Rs. 1,339 mn (+7.5% YoY). |
| - Consolidated Q2 FY26 revenue Rs. 10,165 mn (+16% YoY), net profit Rs. 1,421 mn (+13% YoY). | |
| - EPS growth consistent with profit growth. | |
| - Margins stable with EBITDA ~25.7% standalone in Q2 FY26. | |
| Management Commentary | - Investments in subsidiaries totaling Rs. 500 mn in Q2 FY26. |
| - Acquisitions in Dec 2024 and April 2025 impacting consolidated comparability. | |
| - No changes in accounting policies or material adjustments. | |
| Segment Information | - Primarily automotive components; no further segment breakdown. |
| Capex & Corporate Activity | - Increased capex in H1 FY26 (Rs. 414 mn standalone, Rs. 885 mn consolidated). |
| - Strategic investments in subsidiaries and acquisitions to expand footprint. | |
| - No impairments or restructuring reported. | |
| Standalone vs Consolidated | - Consolidated revenue and profits higher due to subsidiaries and acquisitions. |
| - Consolidated includes non-controlling interest (~Rs. 1,117 mn equity as of Sep 30, 2025). | |
| Cash Flows | - Strong operating cash flow growth YoY. |
| - Increased investing outflows due to capex and investments. | |
| - Stable dividend payout maintained. |
Actionable Insights:
- The company shows steady revenue and profit growth both standalone and consolidated.
- Investments and acquisitions indicate strategic expansion, especially in subsidiaries.
- Margins remain healthy and stable.
- Strong operating cash flow supports ongoing capex and investments.
- No auditor concerns or accounting issues reported.
- Monitor impact of recent acquisitions on future earnings and integration risks.
- Watch for updates on segment performance and any future restructuring or cost optimization initiatives.
End of Analysis