Shriram Pistons & Rings Limited (SPRL) reported a consolidated total income of Rs 10,563 million for the third quarter ended December 31, 2025, an increase of 20.7% from Rs 8,751 million in the same period the previous year. Consolidated profit after tax (PAT) for the quarter rose 4.0% to Rs 1,257 million, compared with Rs 1,209 million in the year-ago period.
Quarterly Financial Results
The company’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) reached Rs 2,389 million for the quarter, up 20.8% from Rs 1,978 million in the prior year. The consolidated EBITDA margin was maintained at 22.6%. Profit before tax (PBT) prior to exceptional items rose 22.3% year-over-year to Rs 1,944 million. The results for the quarter include a non-recurring exceptional expense of Rs 252 million on a consolidated basis related to the statutory impact of the New Labour Code.
Segment Highlights
Operational growth was reported across all major automotive segments during the third quarter. Sales in the passenger vehicles and commercial vehicles segments each recorded growth exceeding 20% year-over-year. The two-wheeler segment grew by 17% year-over-year, while the three-wheeler segment saw a 14% increase. This performance followed an operating environment affected by GST 2.0 reforms and festive demand.
Nine-Month Performance Context
For the nine-month period ended December 31, 2025, consolidated total income reached Rs 30,905 million, a 16.8% increase from Rs 26,455 million in the previous year,. Consolidated PAT for the nine-month period rose 10.6% to Rs 4,025 million. Consolidated EBITDA for this period stood at Rs 6,957 million, representing a 16.3% increase year-over-year. Directional trends indicate sustained growth in total income and EBITDA throughout the fiscal year.
M&A and Strategic Moves
On January 8, 2026, Shriram Pistons & Rings completed the 100% acquisition of three Indian entities from Grupo Antolin: Antolin Lighting India Private Limited, Grupo Antolin India Private Limited, and Grupo Antolin Chakan Private Limited. The transaction was valued at an aggregate enterprise value of €159 million, or approximately Rs 16,700 million. This acquisition incorporates automotive lighting and interior solutions into the company’s portfolio.
Additionally, the company executed an Asset Purchase Agreement with Sunbeam Lightweighting Solutions Private Limited, a subsidiary of Craftsman Automation Limited. The first tranche of this agreement has been closed to acquire piston manufacturing lines and related machinery on a piecemeal basis to expand legacy business capacity.
Guidance and Outlook
Following the integration of the Grupo Antolin entities, powertrain-agnostic products are projected to contribute more than 35% of the company’s consolidated revenue. Industry observers may monitor the continued impact of regulatory reforms on production and sales volumes. The company aims to increase its market share in electric vehicle (EV) mobility solutions and high-precision plastic injection molding through its recent acquisitions.
Performance Summary
Consolidated income grew 20.7% to Rs 10,563 million. PAT increased 4.0% to Rs 1,257 million. Passenger and commercial vehicle segments saw growth above 20%. The company finalized a Rs 16,700 million acquisition of three Grupo Antolin entities. Neutral market position maintained.