{"id":179729,"date":"2026-02-05T15:45:52","date_gmt":"2026-02-05T20:45:52","guid":{"rendered":"https:\/\/alphastreet.com\/india\/shriram-pistons-rings-ltd-shripiston-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-06T06:11:40","modified_gmt":"2026-02-06T11:11:40","slug":"shriram-pistons-rings-ltd-shripiston-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/shriram-pistons-rings-ltd-shripiston-q3-2026-earnings-call-transcript\/","title":{"rendered":"Shriram Pistons & Rings Ltd (SHRIPISTON) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Shriram Pistons & Rings Ltd (NSE: SHRIPISTON) Q3 2026 Earnings Call dated Feb. 03, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Chirag Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Radha Agarwalla<\/strong> \u2014 Analyst<\/em><\/p>\n

Anubhav Mukherjee<\/strong> \u2014 Analyst<\/em><\/p>\n

Divyansh Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Harsh Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Viraj Kacharia<\/strong> \u2014 Analyst<\/em><\/p>\n

Raman KV<\/strong> \u2014 Analyst<\/em><\/p>\n

Mehul Panjwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Jinal Sheth<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Ladies and Gentlemen, good day and welcome to Sriram Pistons and Rings Ltd. Q3 and 9 months SY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity. Ladies and Gentlemen, good day and welcome to Sriram Pistons and Rings Limited Q3 and 9 months FY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing Star then zero on your Touchstone phone.<\/p>\n

Please note that this conference is being recorded today from the management we have with us Mr. Krishna Kumar Srinivasan, Managing Director and Chief Executive Officer, Mr. Prem Rathi, Executive Director and Chief Financial Officer and Mr. Pankaj Gupta, Deputy Executive Director, Head Legal and Company Secretary. Before we begin, let me remind you that this discussion may contain forward looking statements that may involve known or unknown risks, uncertainties and other factors. It may be viewed in conjunction with the business risks that could cause future results, performance or achievements to differ significantly from what is expressed or implied by such forward looking statements.<\/p>\n

I now hand the conference over to Mr. Krishna Kumar for his opening remarks post which we will open the floor for an interactive Q and A session. Thank you and over to you Sir.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thank you Bhumi. I hope all of you are able to hear me well. Good evening everyone and thank you for joining us on this earnings call. I appreciate the time taken by you.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

All to be with us today and.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

I am pleased to walk you through our Q3 and 9 month FY26 performance. Progress on Progress Progress on our strategic initiatives and the overall direction of the company. Q3FY26 has been an eventful quarter for the company as we delivered the highest ever total income in a quarter along with the successful completion of SPRL’s 100% acquisition of Grupo and Tolin’s three Indian.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Entities and many other important milestones.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

SPRL reported a 21% year on year growth in consolidated total income during Q3 FY26 supported by a strong broad based demand across all segments as the auto industry witnessed a very strong operating environment and reported record production and sales volumes during the quarter. Sales in passenger vehicle and commercial vehicle segments grew by more than 20% year on year while two wheeler segments grew by almost 17% and three wheeler segments grew by 14% year on year. This growth has been driven by various macroeconomic factors like the implementation of GST2 reforms which improved affordability for end customers along with successful repo rate cuts by RBI which eased the financing costs along with one of the strongest festive seasons this year.<\/p>\n

This broad based growth was also observed in the production volumes as the total.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Production grew by 17% year on year in Q3 FY26.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Consolidated EBITDA also witnessed a very strong growth of 21% year on year in Q3FY26. This growth in profitability was driven by improved operating leverage and the company’s continued focus on productivity, cost optimization and operational efficiency. Over the past few quarters we have made steady progress in strengthening our manufacturing systems, enhancing automation and improving throughput, all of which are now contributing positively to our profitability. The actions taken in all the subsidiaries has also given very good results with all of them performing exceedingly well. The consolidated profit before tax before exceptional Items grew by 22% year on year during the quarter.<\/p>\n

Of course there was a non recurring exceptional expense of Rupees 252 million pertaining to the statutory impact of the new labor Codes introduced by the government in November 2025. Still, our PBT after exceptional items grew by 6.4% year on year in Q3 FY26. During the nine month FY26 period also we reported a robust performance as our consolidated total income grew by 16.8% year on year and despite the one time exceptional expense we were able to achieve a strong 10.6 year on year growth in the bottom line. A key strategic milestone and an important highlight for the company is the 100% acquisition of the Grupo Antolin’s three Indian entities namely Antolin Lighting India Private Limited, Grupo Intolin India Pvt Limited and Grupo Antolin Chatgarh Private Limited which are the leading providers of automotive, interior and electronic.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Lighting solutions in India.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

This acquisition marks a significant step in our long term growth strategy and represents a meaningful diversification beyond the legacy business. With the successful closure of this acquisition, SPRL has become a well diversified and a multi product organization thereby de risking its business model. Antolin manufactures products such as Headliner substrate, modular headliners, sun visors, door panels, door trims, central floor controls, dome lamp, ambient lighting, touch panels and electronic capacity pads for major OEMs across the country including Tata Motors, Mahindra Mahindra, Volkswagen India, Toyota, Hyundai, Renault and others. By entering the automotive interiors and lighting space, we significantly expand our addressable market and enhance our ability to offer diversified.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

And integrated product solutions to our customers.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

The transaction was completed in the first week of January 2026 at an enterprise value of Euro 159 million or Rupees.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

16,700 million approximately on a debt free cash flow basis.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

We believe this acquisition positions SPRL on a strong growth trajectory by complementing our existing strength with new capabilities, technologies and customer touchpoints. The integration of these companies will enhance SPRL’s financial performance and strengthen its position in the overall market. Both the consolidation of Ansol in India operations within sprl, the overall sales revenue of the powertrain agnostic products would increase to over 35% of the consolidated revenue including previous acquisitions of TGPEL, Takahata and EMFI. Alongside this strategic expansion, we continued to invest in the legacy business of pistons, piston pins, piston rings and engine valves through capacity expansion, asset modernization and automation.<\/p>\n

This includes the signing of an asset purchase agreement with Sunbeam Lightweighting Solutions Private Limited, a wholly owned subsidiary of Craftsman Automation Limited to acquire piston manufacturing lines and related machinery and assets for a total consideration of Rupees 280 million. The first tranche of this agreement was concluded during the quarter. To further strengthen our supply chain, we inaugurated our state of art assembly center at Bora Kalan Guru Brahm in November 2025. I am also very happy to state that in November 2025 as committed earlier, we have inaugurated the state of art world class facility at Coimbatore for manufacturing of motors and controllers and the manufacturing.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Has already started from there.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

These initiatives are focused on improving efficiency, ensuring consistent quality and strengthening delivery performance.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

To all our customers.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Our diversified customer base across geographies and vehicle segments continues to provide resilience and stability to our business model. I would now like to take a moment to highlight a significant milestone for our company. As many of you are aware, I have been discussing our strategy to diversify our business and I’m proud to say that we have been consistently making significant.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Strides in this direction.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Being a multi product organization, it has also become necessary for the name of the organization to represent the multi product domain that it works in. We believe that we are now at a pivotal inflection point in our journey and as a part of this evolution we have proposed a change of name of the company from Sriram Pistons and Rings Limited to SPR Auto Technologies Limited Subject to receipt of all necessary approvals from shareholders and government authorities. This change clearly reflects our commitment to enhancing our business activities in the automotive domain and expanding our operations while staying true to our focus for newer technologies.<\/p>\n

This name change will also ensure that while we diversify into different areas, we will continue to stay focused on our legacy products and also grow our business in the other powertrain agnostic products. I am sure that this move will be a very highly value accretive to all our stakeholders. While the company is consistently growing, it has also followed a policy of rewarding its shareholders throughout the years by the way of dividends. In line with this, the board has approved an interim dividend at 50% of face value, I.e. rupees 5 per equity share during the meeting held yesterday.<\/p>\n

Going forward, we expect the overall atmosphere in the auto industry to be very buoyant thanks to the GST reforms and the recently announced trade agreements with Europe and US. The Union Budget 2627 also strikes a very constructive and forward looking note for India’s automotive manufacturing and electric mobility ecosystem. Balancing the near term demand supports with long term supply chain reform. The focus on rare earth mining and building infrastructure is going to further strengthen the demands in the auto industry. Looking forward, we’ll continue to maintain a strategic and growth oriented approach. We are focused on diversifying our business model and expanding our portfolio and have a clear strategic roadmap to ensure sustained.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Growth momentum for the company.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

This will be well supported by strong tailwinds in the Indian automotive industry with macroeconomic factors showing positive outlook for the.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Industry.<\/p>\n

Krishnakumar Srinivasan<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

From a financial standpoint, we of course remain focused on maintaining a strong balance sheet, prudent working capital management and healthy cash flows. We remain confident in our strategy and execution capabilities and are excited with the opportunities that lay ahead of us. I once again extend my heartfelt appreciation to all our employees for their dedication and commitment to our customers for their continued trust and to all our shareholders for their unwavering support. Together we will continue to build a strong, innovative and sustainable spr. Thank you once again for joining us today. We’ll now be very happy to take your questions.<\/p>\n

Thank you once again.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of Chirav Jain from MK Global. Please go ahead.<\/p>\n

Chirag Jain<\/strong><\/p>\n

Thank you for the opportunity and congratulations once again for a very strong quarter. Sir, just wanted your thoughts in terms of outlook for fourth quarter and probably the extra year. We have seen sustained demand, momentum and postal numbers in the automotive industry across categories for January and even the outlook seems to be quite strong based on the OEM commentary So just your thoughts in terms of the family operations for the core business. And also maybe if you can touch upon the individual subsidiaries now they are almost 35% of our overall revenues. How do you see those individual subsidiaries in terms of their growth outlook for, let’s say, two, three years standpoint? That also would be very helpful.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, thank you. First and foremost, as I said in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

My, you know, address just now, that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The overall automotive segment is seeing the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Very good growth last quarter and we expect this growth momentum to come continue this coming quarter also.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And this quarter also, all the indications.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Are quite buoyant and we expect that we should be breaking records month after month.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And the same issue is there continuing in all the subsidiaries also because most of the subsidiaries are also all linked.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To the automotive business. And so obviously they also have excellent outlook for the next quarter. Quarter. We expect that, you know, the plastics, precision plastics business, both at Takata as well as with TGPL should be doing extremely well.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We have, by the way, also moved.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Our production to the new, you know, locations in Coimbatore for our electric motor and controller manufacturing.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And I’m very happy to state that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We are hitting record almost every month in terms of our output there and increasing our overall sales. And if everything goes well, we expect to continue this in the coming quarter.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And in the long term also we.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Expect it to be really doing well.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And also happy to state that post.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Closure of the Antolin MNDA takeover, we have had our initial meetings and all the figures look extremely positive and we are seeing that they also are breaking all various records that they have done earlier to be beating the numbers in this quarter. And hopefully this will continue this quarter.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And we are also, in the long.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Term also seeing many new programs on which they are working with their customers, which is a very, very healthy sign in terms of the overall growth that we see for this business.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So overall, I must say that our.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Plastics business will do extremely well. Our interiors business will do well. The lighting division, the electronics lighting division, the capacitative touch panels, doing extremely well.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And lastly, of course, our legacy business.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Doing extremely well in the coming years. Coming year.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So hopefully, fingers crossed, I’m hoping that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

This run will continue for some time.<\/p>\n

Chirag Jain<\/strong><\/p>\n

Thank you, sir. If you can elaborate in terms of the actions undertaken in various subsidiaries, I think you did touch upon just to understand as to what kind of initiatives we typically take when we acquire a company. And also with this reference to Antonia, while obviously it’s still a bit early days, but still maybe a few plans that you can share as to that you plan to undertake in terms of accelerating growth and probably improving profitability, that would be quite helpful.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, Chirag, frankly you know we do.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Number of initiatives, you know, thanks to the number of M&As that we have done over the last five years, we have a set kind of a rule book by means of which we ensure that not only we focus on the core areas, we also bring in a lot of agility in the organization in terms of execution capabilities and also build on various growth programs that most of these companies are working on. We have continued this style with all our subsidiaries so far and we plan to continue this also for Antolin and frankly all the Antolin Group companies.<\/p>\n

The kind of growth initiatives that they’re working on looks extremely exciting. What it needs is speed and speed of execution with all our customers and that is what we are going to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Focus on while focusing of course on.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Technological and digitization and other areas that we want to improve with regards to bringing in more focus in terms of improving the output and improving the agility in the organization.<\/p>\n

Chirag Jain<\/strong><\/p>\n

Okay, just last thing and then I’ll come back in the queue. In terms of the current capacity across businesses and any expansion plans or capex plans probably you can share.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know, frankly that was one of the major reason why we were you know looking at the kind of volumes.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That were growing and looking at all the schedules that we are getting from our customers. We thought that we might be a little bit stretched on our piston manufacturing. And hence one of the very important initiatives that we took was to do this asset purchase agreement with Sunbeam and thereby getting their lines, their piston manufacturing lines. And thanks to that we have now fairly good capacities available and we can keep scale up very fast. And all other places we are already most of the other places we have put in all required capacity expansion machines to be able to take care of all the requirements of expansion that we see in the coming at least two quarters plus more.<\/p>\n

Chirag Jain<\/strong><\/p>\n

Okay, thank you so much. That’s it from my side. All the best.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thanks Chirag.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Radha from BNK securities. Please go ahead. Hello.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Thank you for the opportunity, sir. The FY25 annual report mentions that the company has taken steps to phase out low margin and non strategic product lines reallocating resources to high margin value added product lines. So please help us understand which products are we talking about, what changes have we made and what kind of delta and margins was achieved through this?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, so thank you Radha for this.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Question and you know, frankly I must.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Say that this exercise we started almost.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Five years back and post, you know, we started screening all our, you know, I will put it this way, that bleeders and leakers and bleeders as we call it in the company and we.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Ensure that we work on two ways. One is of course going back to the customers to see if we can.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Get some improved prices.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And for areas where we were getting.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Priced out because of our competition being on a much lower price target, we decided to actually exit those businesses and number of businesses we have actually done, done that in the past to be.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Able to ensure that we are meeting.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Our targets on profitability. And I’m very happy to state that all the improvements that you see over the last five years in terms of the margin improvements have actually come that way.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Now this is not something that we.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Continue to do continuously while we continue to look at speakers and bleeders, but.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Frankly we have more or less now covered most of that. And you, you will see that there is some kind of, you know, consistency.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That is coming in our profitability achievements and that is what is extremely good.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That even with all the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

New expansion areas that we are working on, with extra efforts that we are putting on the new expansion areas, including some of.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The money that we are spending for.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Due diligence and others, we are still able to maintain all our margin targets in terms of maintaining the margins. And that’s a very healthy sign and we expect to continue that way.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

You mentioned that this exercise was started five years back. So I believe that you’re talking about the legacy business where all these exercise was taken. So there. How do you differentiate between low margin products and high margin products?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well, it’s a very detailed exercise that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We do in terms of overall part profitability and we have, you know, a very detailed benchmark, internal benchmarks and based on that there is a profitability working for all the SKU sizes that we manufacture. And when we compare that, we are able to easily make out which are the ones which are the breeders for us and probably take required actions.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

So is it fair to understand that CV loans would be considered lower margin as compared to CV for the legacy products or which is not correct in the standard?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, no, no, no, not at all.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It is on a per product, you know, at a product line basis. You know, it has got nothing to do with the two wheels industry or bedded some two wheeler industry where we.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Probably get some of the best margins. So there is no such distinct distinction coming out of industry segmentation.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It is coming purely from a product segmentation so what happens normally is you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Have to focus on the product manufacturing strategies and be able to meet the requirements of the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

There are also some products, you know, and believe me, in two wheelers, some of the best technologies we have to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Give today to the two wheeler industry in terms of meeting not only the Euro 6 norms, but also meeting the required targets in terms of fuel efficiency and others. Like, you know, some of the coatings on the rings, some of the coatings.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

On both the first, the top and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The middle ring as well as the bottom ring. So there are multiple technologies which goes into this. So we work on all those technologies.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Within the legacy business in case there is a product mix change towards four wheelers compared to two wheelers that would have no impact on the margin.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Frankly.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We were thinking that this is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

What will happen because of the introduction of EVs and two wheelers, but frankly I must say that both the two.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Wheels legacy business as well as the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Four wheeler legacy business are actually grown in numbers. And even though the penetration is going on the EV side, we find that there is also a huge requirement in terms of the CNG vehicles and new vehicles that are coming in even in the legacy business. So legacy business is actually also growing very fantastically.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Yes sir, I understand the growth part, but what I want to understand is in case there is a change in product mix within the legacy business, will there be any fluctuation in margins because of that?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well, the product margins could vary, but I don’t expect any major change to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Happen at a company level because we.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Expect that we have brought in a lot of fungibility on our lines and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We are very confident that we can still meet all the demands based on the actions that we have taken in terms of making the two wheeler and four wheeler pistons on multiple lines.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Fungibility, you mean that within the same product line, two wheeler?<\/p>\n

operator<\/strong><\/p>\n

Can you please join the queue for more questions?<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Okay, sir, sure.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. Thank you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Our next question comes from the line of Anubhav from Prescient Capital. Please go ahead.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Hello sir. Am I audible?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, Anubhav.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Please go ahead sir.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

My first question is that if you.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Look at your standalone revenue growth, it is slightly lower than what we shared for the overall auto industry production of. So can you share some color on that?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, basically. See you must realize this, that on.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The legacy business, on the standalone number.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know, the actual industry started picking.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Up only post mid October.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In fact, I would put it only.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

From November and December. Actually October was more or less remaining almost at the Levels of August and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

September primarily because there was too much.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Of, you know.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Capacity build up or there was too much of volume buildup.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That was done by the oem.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

As a result, what happened was all.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The same coins, the volumes were quite high.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So the production was still kept at a lower level.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thinking, you know, that people wanted to really understand what exactly is happening to the. What will happen with regards to the volume, how it will go up.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Once it started picking up in November, that is the time when actually the OEMs actually started. And October also had Diwali holidays and all that. So mid November is what the volumes actually picked up.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And December also the volumes were there.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But still in December.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Some of the OEMs also take what is called as their annual shutdown to do all various preventive maintenance on the machines.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So as a result what happens is normally November and December. If you see all our previous quarters.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

November Decembers are always the lowest of production primarily because of one is Diwali is normally peaking and then November December goes down and then December you have the same.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But fortunately for us this time that has not happened.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Actually quarter on quarter we are seeing a growth and a healthy growth and so on.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The production volume, the volumes have started.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Picking up only in December.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So if you take that entire effect for the quarter, we see that the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Effect is only slow, slightly new, slightly on a lower side as compared to the other actions being taken by on all the other subsidiaries. Where is more of tier one supplies?<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Okay, sir. And sir, for the subsidiaries in the consolidated revenue, did we see any contribution from the Groupo and the entity?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, the Grupo Enterlin entity, the whole.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Listing was completed only on the 8th of January. So nothing from Groupoentolin is added in these numbers.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Okay. And sir, it seems like the combined revenue of the subsidiaries like has shown a very strong growth like double year on year. So for each of these two businesses like the electric motors controllers and for the precision plastic moulded car, can you share some color on what’s driving such strong growth? Like whether it is new client addition or increasing wallet share. That will be very helpful.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

For our plastics business. We have had number one increase in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Volumes coming out of the increased volumes coming from OEMs.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Number two, we have been able to to win some new businesses in both.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Kakata and tgpl which has really helped us to increase the sales. Number three, you know, the overall, you know.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Tier one requirements have actually gone.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Up because of the requirements from the customers. So that has really helped us to increase the volumes in both These companies.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In electric motors and controllers we have one new business. Businesses.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We have increased volumes with our existing customers and we have done massive improvements in terms of the number of motors that we are manufacturing.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Moving on to the new plant has.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Really helped us to scale up our output and we achieved some of the best outputs both in November and December.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So it has been a good story.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In electric motors and controllers also.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So all this we completed is put.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Together really helped us on the subsidiary side.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

And so for electric motors and controllers are we like catering to all like EV segments like two wheeler, three wheeler and cars?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, we make motors right from you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Know, 2.5, 1.5 kilowatts right up to 250 kilowatts. We are also now venturing to another 300 kilowatt platform that we have recently won.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So there are number of programs on.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Which we are working.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So we make all kinds of motors.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We make hub motors as well as mid drive motors. We have both the motor lines. We have multiple motor lines now in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The new plant and we have multiple.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Lines for making the controller including we make controllers. Fair amount of localization has happened in the controller side also, thereby helping us to maintain our margins as well as bring in the localization level that is required for getting the PME ICAT approvals.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Last question, my side is can you share some color on how exports have done for us in this quarter as well as for the numbers, exports also.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Have done quite well even with a.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Very tough and a very difficult geopolitical situation that was existing till around a week back.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

I think overall up to December it.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Was a very, very tough kind of a market situation.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But our teams have done well to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Get newer markets, work on newer programs, work on newer areas, thereby helping us to actually improve our sales. And frankly, we have actually increased our sales as compared to last year.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

And sir, just a follow up question. North America is a small contributor to our exports compared to Europe and all. So are we focusing especially on increasing that share? Especially when I understand it’s a very temporary phenomena but like the tariffs are also conducive now.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In fact in North America we have.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Won some very good businesses, new businesses that we have won recently. And with the tariff situation now, I think it should only help us to further go up. So the quantities will certainly increase going to America.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Thank you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you ladies and gentlemen. In order to ensure that management is.<\/p>\n

operator<\/strong><\/p>\n

Able to address questions from all the.<\/p>\n

operator<\/strong><\/p>\n

Participants in the conference, please limit your questions to two per participant. Our next question comes from the line of Divyansh Gupta from latent pms. Please go ahead.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Hi sir. The first question of the Craftsman acquisition. Does it only bring us capacity or does it also brings us some products or business that we were not able to that we are not catering earlier?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, it does both.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Got it. Understood. And sir, only from a top line perspective is the following understanding correct that December 24th didn’t include TGPL acquisition. Rather revenue contribution from CGPL.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, a small part was included.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But you know, majorly it was not included.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Got it. So if I build on this and whatever we have, whatever has been covered in the call. So tgpl, a very small number was done. EMFI was operating on a small base. Now this quarter we have scaled it up and we have also increased export sales. So if I combine all these three.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Points sales in Takata and Takahata as well.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

So Takarta is still in December 24th page. Right. So therefore removing. I’m trying to see that what has.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In the December base.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Sorry sir, your voice was cracking.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

All of them except the TGPL was.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

There in the December base of last year.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Yeah. So I’m saying that we showed a 20% revenue growth. But if I remove the MP scale up, export scale up and TGPL which is now in December 25, then a 20% revenue growth against a 17% volume product and volume growth. That number seems a bit. Seems like we might have lost some business. Am I missing something? Or let’s say lower.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That’s not the way to be done. You know, in overall, even for the auto numbers.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know when we say the overall.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

17% is if I include all categories of the business.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The 17% was primarily for the two wheeler and the four wheeler segment.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

If I include commercial vehicles and all.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It it comes down to as low as around 13%. 12 to 13%.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So if we look at the overall.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Business that we do, it is still very accretive. I don’t think we have lost any business.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Got it. Because I was trying to call it that most egplar approximation and fee and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That is not the right way to do it.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Got it. Got it. I understood first. Understood. I. Yeah. That’s all those two questions were there. Thank you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you, Dhuvansh.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Harish Shah from Seven Rivers Holding. Please go ahead.<\/p>\n

Harsh Shah<\/strong><\/p>\n

Hi, good afternoon, sir. Sir, can you give us the breakup in terms of what was the growth in oem, aftermarket and export business?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, so all segments of our business.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Have actually really Grown well, we don’t give individual segment price detail obviously because competition is tracking us very, very closely and very, very diligently. So we have to be very careful.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But at the same time I want.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To highlight that our aftermarket business has done some record sales in some of the months and it has actually done very well. Exports have grown quite well. Our domestic market markets have grown quite.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well and product wise, all product segments.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Have grown very well.<\/p>\n

Harsh Shah<\/strong><\/p>\n

So sir, if I only have to look at your standalone business, the legacy business, say for next four to five years, then should we take your growth as part of the industry growth, Whatever the OEM industry growth would be there, our growth would be similar to that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yes, we have a sizable share in the market so there is no reason.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Why we should not take that. We will grow at the level of the market growth.<\/p>\n

Harsh Shah<\/strong><\/p>\n

So in standalone business, what can bring in the incremental growth? Because I mean if you look at the industry report, the OEM industry is expected to grow at 6 to 7% for next five years. Then what can get us an incremental 4 or 5% growth to reach 10,12,000 crores for our legacy business?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Harish, there are multiple areas on which.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We can actually go.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Number one is newer products, newer product range.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In the exports market we are, you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Know, having.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know, newer segments of the market on which we are working. You know, as I said in the last call, I think, last couple of calls I have said that we have entered enter into marine applications, snowmobile applications, etc. Etc. So which has really helped us get new business then.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We have also been very successful in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Penetrating the Indian aftermarket. And as I said, we are catering to hardly though we are amongst the biggest as far as the aftermarket is concerned in our category of products that we make. But we still cater to a fairly, I should say good amount of segments which we can increase, thereby increasing our market share. So there’s a huge scope for us to improve the market share there.<\/p>\n

Harsh Shah<\/strong><\/p>\n

Okay. And sir, how do you look at these recent FTA signed by India with Europe and us because export is a significant chunk of a business now, standalone business almost making 20%. Do you feel and I think in a few of your last calls you had explicitly mentioned that you, while your competitions want to shy away from the ICE business, you want to double down into this segment. So with this FTA sign now or almost version of being signed and tariff being conducive for us, do you look at export as a key driver for your growth?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well, I didn’t last Time say that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

I will double down on this legacy business.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But I did say I will be the last man standing. So I want to continue that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And I have no.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In fact I am happy to state.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That with all the new businesses that we are winning we are actually looking at and you can see that we are investing into our legacy business also. So as a result our investments into.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Both our legacy business as well as the new business plus the new takeover.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Will continue so that we can grow the franchise.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Now coming to the effect of the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Effect of the free trade agreement between India and Europe.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

I think there are lot of possibilities.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Where you know where we can actually support the requirements in Europe. And this really positions us quite well with some the of of the Chinese manufacturers who are exporting into Europe and thereby helping us to actually win some of the businesses there.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And overall looking at the geopolitical situation.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

India is certainly preferred.<\/p>\n

Harsh Shah<\/strong><\/p>\n

Okay. And so this is one last bookkeeping question. Just one last question on the 1000 crore NCV base if you can clarify on that. I mean what would be the tenure of these NCDs? When would we plan to repay it?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The tenure is for two years and we plan to take it in two branches and we plan to pay off as soon as possible.<\/p>\n

Harsh Shah<\/strong><\/p>\n

Got it. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Viraj from Simpl. Please go ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, hi. Am I audible?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah Virajam, I can hear you.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity. Just couple of questions first sir. Just wanted to understand on the standalone piece a little bit better. You know you said the aftermarket we have seen the record sales export also seen a healthy growth. You know if I deduct that 12%. You know if I qualitatively then somewhere the growth in the salon seems to have lagged compared to the production bandage is seen across advanced know in the industry. So just trying to understand is there been any loss of share or you know any. Any politing gift?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, as I said you know I.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

I think I answered this question. Number one let me re emphasize and state it very clearly. We lost not a single share, not.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Even one person share. Okay. To any of our competitors.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Number two, we have in fact grown.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Our market share in almost all segments of the business.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Number three is you know the production.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Volumes as compared to the sales volumes are lower.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know the sales volumes were higher.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Because the stock positions were extremely high as of beginning of October for the finished vehicles both in the two wheeler as well as in the four wheeler industry. As a result the you know the OEMs have not produced at the manner at which they would have produced if the stocks were not there.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Number four is, as far as we are concerned, all segments of our business, whether it is oem, whether it is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Aftermarket, whether it is exports, everything has grown as compared to the previous quarter.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay. Because I was referring to the production numbers only for the industry which you get from CM Chopes. And when I compare to that, there seems to be a.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Also keep in mind one thing, that even in the. Within the segmentation of the OEM business, while the numbers will look on the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Higher side, you must also keep in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Mind that it is actually the small.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Cars which are doing well.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And the small cars, the value is certainly going to be lower than the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Mix that we had earlier for the big cars.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So actually the GST advantage is seen more on the small cars and Most of the OEMs have actually shifted to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Making more of small cars and selling it. And as a result, the numbers are looking distinct.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But overall, if you see the value of the product that goes into the small car is also lower as compared.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To the value that goes in the big car.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Can you give growth trends which you have seen either for the quarter or nine months in each of the segments.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

In standard, whatever, you’re comfortable.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, second question, sorry.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Overall, you have to see that even with the change in the product mix, we have been able to maintain our margins.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Right. Which is what I was coming to. Second question was on the gross margin in the standalone business, you know, we’ve seen a trend, I think in this quarter you’ve seen it moderating from 61% last year to around 58%. So I think, you know, in last quarter we alluded that the aftermarket and the export piece was weak and hence the margins moderated, you know, year on year basis. So even this quarter we have seen something similar, despite the aftermarket and export, you know, recovering into doing things.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, it is, you know, we have.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

More or less maintained overall mix, as I stated.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And you know, if you really see some of the businesses in aftermarket as well as in exports are actually, have actually grown. So it is primarily the effect of the gross margin that you see is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Primarily because of the mix which I stated earlier.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, just last two questions. Yeah, ma’, am. Just. Yeah, just one. Okay.<\/p>\n

operator<\/strong><\/p>\n

Our next question comes from the line of Raman KV from Sequent Investment. Please go ahead.<\/p>\n

Raman KV<\/strong><\/p>\n

Hello, sir, can you hear me?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Hi, Raman. Yeah, yeah.<\/p>\n

Raman KV<\/strong><\/p>\n

So my first question is on the vis side pistons, including piston drinks and piston bins. Can you give us a ballpark now figure of how, what percentage of the total scale is pistons? One is that and the follow up on that is post acquisition of craftsmanship business. How much on a percentage wise is your piston capacity increased?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

First and foremost, we normally do not.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Give these percentages and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But what is important to state here is that we have now sufficient capacities.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To meet the increased demand.<\/p>\n

Raman KV<\/strong><\/p>\n

Understood.<\/p>\n

Raman KV<\/strong><\/p>\n

And it’s.<\/p>\n

Raman KV<\/strong><\/p>\n

And on the second question on the group of Antonia business, what was the integration cost with respect to this and how much of that has been taken in this during this quarter?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, so we don’t again, we don’t.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Give sub elements of our cost parametrics anywhere.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But whatever was there has been considered.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And we have already cleared it. So the overall integration has already happened and we have already taken over management.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Control and we have started working in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Our style the way we normally do with all the other takeovers that we have done so far.<\/p>\n

Raman KV<\/strong><\/p>\n

Understood, sir.<\/p>\n

Raman KV<\/strong><\/p>\n

And sir, on the last question on the part of MCD, we averaged 1000 crores. Can you just give, I mean is this for the working capital or is.<\/p>\n

Raman KV<\/strong><\/p>\n

It for an acquisition related fundraiser?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It’s primarily acquisition related.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We don’t require any capital. The company is self sufficient on its.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To stand on its own leg.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

There is no reason for us to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Raise any more capital required for working capital etc. In that company.<\/p>\n

Raman KV<\/strong><\/p>\n

And the failure of NCD is two years, right?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, the NCD is for two years.<\/p>\n

Raman KV<\/strong><\/p>\n

And at what rate have we raised this entity?<\/p>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, the line for the management seems to be disconnected. Please wait for a moment while we reconnect them. Thank you for patiently waiting. The line for the management has been reconnected. Over to you, sir.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, thank you. Bhumi, I’m very sorry for this. You know, we suddenly lost the line so. Raman.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But I think I have answered your question right.<\/p>\n

Raman KV<\/strong><\/p>\n

I just want to understand at what interest rate have we raised the 10 cities? That was my final question.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We have raised it at very competitive.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Rates and you know, we don’t normally give the percentage yet.<\/p>\n

Raman KV<\/strong><\/p>\n

Thank you, sir.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you, Rama.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of mehul Panjwani from 40 cents. Please go ahead.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Hello sir. Thank you so much for the opportunity.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

And congratulations on a great set of numbers.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Sir, I’m referring to the. Yeah, thank you. Sir, I’m referring to slide number 22 in your presentation. I can see the subsidies are listed.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

For the company, for our company.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

So can you throw some light on.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

How have we classified the subsidiaries? I Mean, is it based on business products or is it like the size.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Of the subsidy or.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

It is based on.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

As you can.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

See, it is based on the shareholding. And there is no such, you know, any other specificity with which we have listed that.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

And what would be the.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Yeah, sorry, sir, go ahead.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know, shareholding that we have. And What. Whether it’s 100 subsidiary on SPRL. Whether it’s 100 subsidiary on SEL.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Sir, what would be the revenue contribution.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

From each of these?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

As I said, you know, we don’t give those breakups. And we. You can see the annual accounts here.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

And sir, what would be the. So I can see, Anton, is those are two new subsidiaries, but apart from that we have SPR Engineers. Engineers is completely dedicated to electric vehicles.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, SPR Engineers Ltd. Has got three companies under its fold.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

One is the SPR Takahata which is with a. We have a 62% stake there, and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

SPR EMFI with a 73% stake.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And SPR CGPL is a 100% stake.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And apart from that, SEL in itself.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Has its own production center which is at Pitampur.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Okay, and sir, when we refer to legacy products, in the last. Ma’, am, last question. Ma’, am, last question. I just want to know. Yes, sir, I just want to know about the legacy business. So when we say legacy business, which are the products which come in legacy?<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Because I’m new to this company.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Yeah.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Okay.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It is basically our questions rings. If you go to our core product.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

This thing, picture all the pictures that we, that we put in. Let me see which slide it is. It is on.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Oh, yeah, yeah.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Slide number two.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Slide number 28.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Right.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

See slide number 20. We have written very clearly what is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

A legacy product like pistons, piston rings.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Piston pins, engines, engine valves and piston rings. Now, mostly, when I say legacy product, it doesn’t mean the product is an.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Old product or a design is an old design.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It only means that just to give a clear classification, we call it as legacy product because those were the legacy.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Business with which Serum pistons actually started.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Now, frankly, we are producing some of.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The technologies that we have on these.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Products are unbelievable technologies which are, you know, the most recent ones, like, you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Know, the thin walled pistons. Pistons with very special coating. We do multiple, you know.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Coating on our pins.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Also we do multiple coatings on our plate on the rings to enable that we get the least friction in the vehicle and thereby giving the best performance for our customers, both for needs of the Euro 6 requirements as well as also for the needs of Improving fuel efficiency.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

Thank you, sir. It’s a pleasure talking to you.<\/p>\n

Mehul Panjwani<\/strong><\/p>\n

I’ll join that with you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thanks, Noel. Thanks.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Gina Sheth from Aurica Capital Advisors llp. Please go ahead.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, Ginarjee, please go ahead.<\/p>\n

operator<\/strong><\/p>\n

Gina, your line has been unmuted. Please go ahead with your question.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Hi sir.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Audible.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, yeah, I can. We can hear you now.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Hi sir, thanks for the opportunity. This is.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

On exports today we’ve been talking about.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

What is happening globally in terms of capacities in getting. Sir, just to know your view.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Now.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

There’S an opportunity for SPR to add to some of these new program which are, you know, starting or probably are starting now and which are the sub segments. You would be most excited within that if you could talk about that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, actually in exports we are finding that some of the, you know, legacy.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Players are actually vacating capacities which is helping us.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But there are also also many of the OE customers have to actually go through.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The overall validation cycles are quite long and it takes some time.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But our exports have been growing quite.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well and all the programs that we are actually working on is also quite good in terms of the number of programs and the number of new programs.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So most of our program managers are.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Really very busy managing those new programs. So that’s point number one. Point number two, as far as the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Kind of products that are getting interested.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In the market, I think we have.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Fairly good enquiries, including enquiries for our electric motors and controllers which we are working on.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

There are some, you know, export requirements which we have already given samples and they are under validation testing. So it’s a very interesting phase. Now we are quite excited with all the opportunities that are in front of us.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

So would you be fair to assume that export.<\/p>\n

operator<\/strong><\/p>\n

Can you please read round. There are still participants waiting in the queue.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Ma’, am, this one last bookkeeping question and I’ll join back with you. Sir, can you just quantify the amount of depreciation which the company will take.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

In an absolute amount for next year.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Given that you’ve made a large acquisition this year? That’s the last question.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well, I never said that I have made a last acquisition when you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The large acquisition that we have done.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Does not stop us from making more acquisitions. So please be clear. I think we are still fairly under leveraged and I think we can do many much more and there is no reason for us to assure that we’ll stop here.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Understood, sir. But could you quantify the depreciation amount here?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We Normally do not do that, but you can easily take that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

All the depreciation amounts that have been going on so far more or less.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Will have to be maintained to maintain.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The trend of growth trajectories that we are seeing ahead of us.<\/p>\n

Jinal Sheth<\/strong><\/p>\n

Perfect. Thank you so much, sir.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Thank you. Our next question comes from the line of Karan Gupta from Acmel. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, my question is regarding to the 60 baby part. Am I audible right?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, Karan, we can hear you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah. So specifically par designation 3569 contributing so that we are assuming all since we mentioned Takata, PGPL and MC. Right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Contributing 45% and Neptrolin also.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So can you share some bit on growth part that these 35% of peasants over the next one or two years. Any group guidance on that? How much it is green? And what’s the margin of these piece? 20 to 25 range.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, no, Karan, you can easily see.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That all our segments are in the automotive domain. Okay.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So will be more or less growing.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

With regards to the kind of automotive market that we see. And the automotive market growth is now clearly seen by most of the people. There are also good forecasts available through ISS and others which you can check those numbers.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And what is important is apart from.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

That, we are also working on a number of areas to actually penetrate sales deeper into the aftermarket as well as increase our sales, sales and exports which will continue. So that’s going to be more accretive to the kind of growth targets that we have most of the time which.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You have seen earlier.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We have actually outgrown the segment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. So the margin expansion we are seeing is largely as of now because of aftermarket and export size. Going forward, this subsidiary will contribute.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, no, no. I think this assumption is completely not correct. And the margin expansion is there across all our segments of business. Page have actually grown in all segments of the business.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Please note that we’ll only be taking one question per participant from now on. Our next question is from the line of Harsh an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, I’m audible.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, it’s great.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for the opportunity. So I just wanted to clarify something in terms of our raw material prices. You mentioned that we have back ended contracts with our customers. So the pass through what is the transmission of the raw material increased faster? Is it with a lag or does it happen automatic?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, it has normally a lag because.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We also carry inventories in the pipeline.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So it is normally in Most of the cases it is a lag of 1\/4.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Lag of 1\/4.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s it.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next we have a follow up question from Radha from BNK securities. Please go ahead.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Hi Susanji again. So in the legacy business if we consider only the two wheeler and four wheeler market, that is excluding the marine and snowmobile etc. If your current base of market share is X percentage then how much can this be increased in your opinion in the next few years from India?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, but in our legacy business we have two wheelers, we have four wheelers, we have CV business, we have industrial engines, that is all the industrial gensets. Then we have snowmobiles, we have marine engines, we have railway engines, all of them.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And what happens is some segment of the business, if it goes down, the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Other segment is going up.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So we have seen over the last five years even when the business was.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Not, you know, the market was going.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

At around 3, 4, 5%. We were actually growing at around 10%. And we have more or less maintained the trajectory over, you know, even if you see this year I expect at least 12% and above growth. And even though the industry will end.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Up with something like around 8%. So we are outgrowing the market in all segments including the two wheeler as well as the four wheeler.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

How much is non matter in the legacy business?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Pardon me?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Non auto.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

How much is non auto in legislation?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, it’s, it’s you know, fairly big number. But you know I don’t normally give those percentages.<\/p>\n

Radha Agarwalla<\/strong><\/p>\n

Okay sir, all the best.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

As I said, you know, the non, non legacy, non, you know, auto business consists of all the engines that I said just now.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The marine engine. Then we are supplying to, you know, railway engines, we are supplying to gensets, we are in fact even supplying to compressors.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And there is a potential to increase market share everywhere in all the domains.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No. Why not? Because in all segments of the business we are only looking at not only the Indian business but also their international business. And with people vacating capacities we do find that there is a good possibility.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

For us to keep increasing the business.<\/p>\n

operator<\/strong><\/p>\n

Okay sir, all the best to you and to you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you. Thank you Radha.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next we have a follow up question from Anubhav from Prescient Capital. Please go ahead.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Sir.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

In the aftermarket, like what will be our market share and how large is the unordinate organized part?<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

And.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Like with this GST cart like has that driven a large shift towards organized PR to like us?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah. You are asking whether because of GST.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Cut, organized business has moved to organized business, right?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

If I understand your question.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Yeah, sir. So my. How much was.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

First and foremost?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

I think, you know, see, when we say unorganized and organized, you know, this.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Market, as far as the aftermarket is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Concerned, it is, I would put it overall as a fairly unorganized market in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The sense that the market is free.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To buy from various areas. It can even import some of the pistons from China, which are at very throwaway prices.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But people over a period of time have tried all this and have tested and seen that the quality and other.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Things parameters don’t work that way.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And they come back to the either the original manufacturers or those who supply to OEM or some of the known.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Names that are existing in the industry.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So we have found that many of.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The people have already come back mainly because of the quality and the requirements on the product.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Because Piston is not a product which.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Is very easy to just make and sell in the market, even in the aftermarket, because it has a huge amount of design parametrics as well as coating parametrics. So if you have to really meet.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And what actually happens is when in the aftermarket, when you have to actually.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Rebore the engine, you have to also have different sizes of the Piston, you know, we call it as oversize, undersize and all that.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So all those segments will have to be catered to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

It’s not very easy. And so both in terms of manufacturing and supplying and at the same time also in terms of, you know, fitment. So you request specialized players to, who work on this to do that?<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

Yes, right. What I understand is that the GST rate would have been cut from 28% to 18% in the aftermarket. Yeah, so. So is that like a big driver for us to gain market share in Aftermarket?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well, see, as you know, it is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Not happening to one particular producer, it’s happening all across.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So what normally happens is the industry.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Carries some inventory and there is always an issue of the inventory getting liquidated and then the new product coming in.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

All the new products that are coming.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

In are at the lower GST rate, which thereby helps to give the price advantage to the the end customer. So there has been a good amount of time lag post the GST introduction.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

After which the aftermarket has started picking up.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

You know, we did, if you remember in our previous call, previous quarter call, we had stated that our aftermarket, you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Know, to some extent was affected because.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Of the stocks that are lying and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

People wanted to actually get rid of.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Those stocks which were sold at higher GST rates.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So those kind of issues we always.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Have in business and we have to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

See how we overcome that and start ensuring that we are still able to grow.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And that’s what we have done as a team. And I think overall, quarter on quarter, with all those troubles, we have been able to grow the business.<\/p>\n

Anubhav Mukherjee<\/strong><\/p>\n

So, sir, when you say.<\/p>\n

operator<\/strong><\/p>\n

If you have more questions. Thank you. Our next question is from the line of Viraj from Simpl. Please go ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity again. Just two questions. Can you give some color in terms of customer concentration and segment concentration for each of the subsidiaries? Any color on an annual basis?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Frankly, Viraj, actually our customer concentration has.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Come down drastically because of all the mix that we have in the product segmentation that we have now.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We are fairly well represented in almost all the OEMs. You know, name any OEM and we are there.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Name any customer, we are there in some form or the other.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

So I think we are present with.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

All of them and we have a fairly good relationship with every one of them.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So my question was specific for the subsidiaries. So say top five, top 10 customers or the largest customer. You know, briefly talk for each of the three.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

If you really see our investor presentation.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

There is a clear listing given in terms of all the customers that we have for each of the subsidiaries. You know, if you see that we have given all the names of all the suppliers of all the customers.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

No, no, I understand, sir. I was just trying to understand. You have a single customer who is more than 10% or 20% of the sales in each of the subsidiaries or is the concentration, is it more diversified? Any color you can give on the subsidiaries.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, which I said there is no.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Concentration of any one customer in any of our businesses.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay. Second question was on the EV subsidiary, you know, the pipe. Any color you can give in one of the order book and the pipeline. So which segments you are seeing the highest traction in terms of order book and you know, scale up with the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Amount of validations that are going on with all the customers.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Order book will be very huge here. So let us go step by step here. We are growing very well. We are, I think from last year.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

To this year we would grow almost.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Like five to seven times.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

And I think since the base is.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Small, that growth will continue. So we expect our growth in the motor and controller segment to really grow.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, last question. What the cash and debt pose the payment towards the acquisition?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, total we have paid 159 million I have I think stated that in the.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, I’m just trying to understand what is your cash and the debt level now post acquisition.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Just go to our figure of what.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Cash we had in the, in the previous P and L to what that we have taken now. It gives very clear picture of what is the cash and then we have to.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Divyansh Gupta from latent pms. Please go ahead.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Hi sir, just one question. What would be the maintenance capex for us either last year or let’s say going forward? How should we understand maintenance capex?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No maintenance capex. Normally what happens is we don’t give any percentages. But as I said it is well within limits and there is no such.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thing as you know, we are spending anything extra for our maintenance capex. So it’s.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

I was trying to understand that example wise. Let’s say last year we did about 170 odd crores of capex. How much was let’s say growth capex versus just for maintenance?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

No, no, no, we don’t give those breakups.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

But as I said, it’s within the.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Industry norms and within our planning parameters.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Got it. Got it.<\/p>\n

Divyansh Gupta<\/strong><\/p>\n

Understood.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Next question comes from the line of Ravi Purohit from securities Investment Management Private Limited. Please go. Go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks for taking my question. Congratulations on a good set of numbers. So just one question. You know, historically we’ve seen, you know, running of this company at very, very good and strong ROC levels.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Even the acquisitions that we have made in the past like Kahakata have ended up giving us, you know, reasonably good rocs. So what, you know, how would you judge this new acquisition of the Grupo Antolinz assets? Would you aspire to bring this asset also to be at the same ROC level at the company? I’m not talking of margin, but essentially no. Is it going to be ROC dilutive or do you think we can over the next two, three year period bring them at par with the company level ROCs?<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Well, all our initial working shows that we can make it at par.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. That would be great, I think.<\/p>\n

operator<\/strong><\/p>\n

Yeah.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

A lot of congratulations.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thanks Ravi. Thanks.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question comes from the line of harsh. An individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for taking the follow up question. I just wanted to. Obviously now the company is different from two years ago or so. So what is our management structure like with respect to our structure in the region is the same core team that manages all verticals or do we have vertical wise or client wise, etc.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, so what? The structure that we have followed, and.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

We find that that is really working very well for us, is to ensure that the existing management structures in the subsidiaries are able to work along with a core group of the central management.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Team, which is able to give all.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

The support that it requires in terms of all the growth requirements and everything.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thereby ensuring that we are able to.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Be very agile and be able to make quick decisions in terms of all the requirements.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, fair enough.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. We take that as the last question for today. I would now like to hand the conference over to Mr. Krishna Kumar for closing comments.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Yeah, thank you. I think really a good set of questions, you know, the kind of questions really shows the kind of, you know.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Interest you have in our company. And I would like to assure you that, you know, we’ll do everything to grow the organization, the franchise.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

I would again, once again, like to thank everyone who joined today’s earning call.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Your active participation has greatly enriched our discussion today.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Our focus remains on achieving our strategic.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Goals and we are committed to driving the sustained, positive results that we have seen.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

If you have any further queries or any additional information that you need, please do contact us on our investor relations.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Call as well as our investor relations partners at Ernst and Young.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

On behalf of the company, we deeply appreciate your time and engagement.<\/p>\n

Krishnakumar Srinivasan<\/strong><\/p>\n

Do take care and goodbye. Thank you.<\/p>\n

operator<\/strong><\/p>\n

On behalf of Sriram Pistons and Rings limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shriram Pistons & Rings Ltd (NSE: SHRIPISTON) Q3 2026 Earnings Call dated Feb. 03, 2026 Corporate Participants: Krishnakumar Srinivasan \u2014 Managing Director and Chief Executive Officer Analysts: Unidentified Participant Chirag Jain \u2014 Analyst Radha Agarwalla \u2014 Analyst Anubhav Mukherjee \u2014 Analyst Divyansh Gupta \u2014 Analyst Harsh Shah \u2014 Analyst Viraj Kacharia \u2014 Analyst Raman KV […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-179729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":179311,"url":"https:\/\/alphastreet.com\/india\/shriram-pistons-rings-q3-fy26-earnings-results\/","url_meta":{"origin":179729,"position":0},"title":"Shriram Pistons & Rings Q3 FY26 Earnings Results","author":"Chirag Gupta","date":"February 3, 2026","format":false,"excerpt":"Shriram Pistons & Rings Ltd is primarily engaged in the manufacturing of pistons, piston pins, piston rings and engine valves for various automotive companies in the domestic and export markets. 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