Shriram Pistons & Rings Ltd

SHRIPISTON

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Market Cap

₹ 14,160 Cr

P/E

26.22

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Investment Checklist

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Shriram Pistons & Rings Limited is India's largest manufacturer of pistons, piston rings, and engine valves, serving OEMs and aftermarket clients globally.

The company reported a 14.9% year-on-year growth in consolidated total income and a 14.2% increase in EBITDA for H1 FY '26, demonstrating its resilience in a challenging automotive market.

New GST reforms have positively impacted the domestic market, making the company an early beneficiary, as reflected by improved OEM demand.

Strategic expansions, including new facilities for EV motors and ongoing capacity growth at existing sites, highlight the company's focus on new-age mobility solutions.

Partnerships with global tech leaders and an emphasis on innovation in alternative fuel component development showcase Shriram Pistons' commitment to future-ready solutions.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Engine Parts

Market Cap

14,160 Cr

Volatility

Moderate Risk

P/E Ratio

26.2

Industry P/E

22.7

PEG Ratio

1.8

P/B Ratio

5.4

52W High

3,251.55

52W Low

1,556.00

Sales CAGR

14.91%

15.48%

14.63%

10Y

8.34%

Profit CAGR

17.53%

44.92%

46.79%

10Y

20.69%

ROE

TTM

20.48%

20.40%

17.60%

10Y

15.82%

ROCE

TTM

24.14%

25.13%

22.02%

10Y

20.18%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CRAFTSMAN	7095.70	16,927 Cr	64.99	5.59	0.07	8.60	9.91	2.91
BELRISE	161.25	14,349 Cr	31.49	2.89	0.25	9.16	13.39	5.63
SHRIPISTON	3214.45	14,160 Cr	26.22	5.39	0.31	20.48	24.14	13.64
MINDACORP	591.60	14,154 Cr	53.05	5.80	0.24	10.94	10.78	4.36
GABRIEL	964.95	13,861 Cr	54.24	10.86	0.49	20.01	25.35	11.31
JBMA	574.10	13,637 Cr	65.53	9.62	0.15	14.68	12.13	3.52
BBTC	1867.00	13,015 Cr	11.81	2.08	0.91	18.06	37.87	16.03

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	716	752	766	856	837	877	848	988	963	1,017
Expenses	570	594	604	679	672	699	677	778	768	809
Operating Profit	146	158	161	177	165	178	171	210	195	207
OPM %	20.40	20.97	21.06	20.69	19.77	20.30	20.12	21.28	20.25	20.39
Other Income	19	23	19	24	26	30	27	27	28	26
Interest	6.20	6.66	8.16	9.44	8.63	9.44	7.88	8.40	9.00	8.50
Depreciation	23	22	29	34	30	31	31	28	32	33
Profit Before Tax	136	151	143	158	154	168	159	201	183	192
Tax %	25.60	25.39	24.86	26.25	23.72	25.02	23.96	24.63	26.28	26.14
Net Profit	101	113	108	116	117	126	121	152	135	142
EPS in Rs	23.15	26.80	24.37	—	26.21	28.32	27.22	33.27	30.36	31.76

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,624	1,774	1,955	1,607	1,597	2,065	2,609	3,089	3,550	3,676
Expenses	1,207	1,437	1,661	1,425	1,381	1,760	2,149	2,447	2,826	2,922
Operating Profit	416	337	294	182	216	304	460	642	724	754
OPM %	25.64	19.02	15.03	11.33	13.50	14.75	17.64	20.78	20.40	20.51
Other Income	26	25	24	20	20	29	47	85	111	113
Interest	20	16	14	12	13	11	19	30	34	35
Depreciation	90	90	94	103	103	102	95	108	120	122
Profit Before Tax	171	211	209	86	120	220	393	589	682	711
Tax %	30.89	34.13	33.83	15.48	26.03	25.72	25.23	25.54	24.37	25.00
Net Profit	118	139	138	73	89	164	294	439	516	533
EPS in Rs	—	—	—	19.32	20.14	37.12	56.30	101.47	115.02	122.61
Dividend Payout %	13.26	16.11	16.16	18.38	15.12	13.47	22.52	9.95	8.69	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	22	22	22	22	22	44	44
Reserves	673	772	891	1,004	1,048	1,126	1,233	1,505	1,882	2,350
Borrowings	195	155	107	46	115	146	157	333	487	508
Other Liabilities	401	405	470	496	372	409	438	554	726	828
Total Liabilities	1,292	1,354	1,491	1,568	1,558	1,704	1,850	2,414	3,138	3,729
Fixed Assets	597	577	555	613	741	703	689	772	934	1,203
CWIP	5.71	9.35	11	17	19	7.65	5.55	4.67	31	58
Investments	18	8.01	20	5.51	61	34	32	72	115	36
Other Assets	672	760	904	934	737	959	1,124	1,565	2,058	2,432
Total Assets	1,292	1,354	1,491	1,568	1,558	1,704	1,850	2,414	3,138	3,729

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	255	183	175	157	297	190	219	—	—	434
Cash from Investing Activity	-67	-55	-65	-157	-214	-10	-56	0.00	0.00	-385
Cash from Financing Activity	-113	-89	-88	-61	-111	-28	-91	—	—	-61
Net Cash Flow	75	39	21	-62	-28	152	72	0.00	0.00	-11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Jul 2023	Sep 2023	Dec 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.75%	46.75%	46.75%	46.75%	46.75%	46.75%	46.75%	43.75%	43.75%	43.75%	43.75%	43.75%
FIIs	0.00%	0.00%	0.03%	0.04%	0.08%	1.07%	1.99%	4.27%	4.50%	5.31%	5.88%	6.00%
DIIs	10.11%	10.05%	9.59%	9.35%	9.29%	13.07%	11.80%	12.74%	13.06%	13.15%	13.34%	13.24%
Public	43.14%	43.20%	43.63%	43.85%	43.88%	39.11%	39.46%	39.24%	38.69%	37.79%	37.03%	37.01%
Total Shareholders	2,616	3,043	4,672	5,309	8,218	22,627	40,419	47,013	46,348	43,808	46,039	51,290

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 06, 2024	East lane capital llp	Block	Buy	2,197.60	28.46 Cr	1,29,500	0.29
Sep 06, 2024	Dsp mutual fund	Block	Buy	2,197.60	96.86 Cr	4,40,750	1.00
Sep 06, 2024	Tata mutual fund	Block	Buy	2,197.60	48.29 Cr	2,19,750	0.49
Sep 06, 2024	Astral indian equities fund i	Block	Buy	2,197.60	10.33 Cr	47,000	0.10
Sep 06, 2024	Meenakshi dass	Block	Sell	2,197.60	145.15 Cr	6,60,500	1.49
Sep 06, 2024	Luv d. shriram	Block	Sell	2,181.77	144.11 Cr	6,60,500	1.49
Sep 06, 2024	Theleme india master fund lim...	Block	Buy	2,176.00	105.32 Cr	4,84,000	1.09
Sep 06, 2024	Luv d. shriram	Bulk	Sell	2,181.77	144.11 Cr	6,60,500	1.49
Sep 06, 2024	Dsp mutual fund	Bulk	Buy	2,197.60	96.86 Cr	4,40,750	1.00
Sep 06, 2024	Theleme india master fund lim...	Bulk	Buy	2,176.00	105.32 Cr	4,84,000	1.09

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

20 hours ago

Report on Transfer Requests of Physical Shares

The company has received a report from its Registrar and Share Transfer Agent regarding the re-lodgement of physical share transfer requests for a specified period.

Investor Meet

2 days ago

Investor Meet Outcome on Antolin Acquisition

Shriram Pistons & Rings Limited announced the outcome of the investor call regarding its acquisition of Grupo Antolin Companies (India), detailing the strategic implications and expected benefits of the deal.

Analyst/Investor Meet

5 days ago

Analyst/Investor Meet Outcome on Grupo Antolin Acquisition

Audio recording of the con-call regarding the update on the acquisition of Grupo Antolin Companies (India) is now available.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q4 FY24

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Overview

Detailed Summary

Shriram Pistons & Rings Limited is India's largest manufacturer of pistons, piston rings, and engine valves, serving OEMs and aftermarket clients globally.

The company reported a 14.9% year-on-year growth in consolidated total income and a 14.2% increase in EBITDA for H1 FY '26, demonstrating its resilience in a challenging automotive market.

New GST reforms have positively impacted the domestic market, making the company an early beneficiary, as reflected by improved OEM demand.

Strategic expansions, including new facilities for EV motors and ongoing capacity growth at existing sites, highlight the company's focus on new-age mobility solutions.

Partnerships with global tech leaders and an emphasis on innovation in alternative fuel component development showcase Shriram Pistons' commitment to future-ready solutions.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Engine Parts

Market Cap

14,160 Cr

Volatility

Moderate Risk

P/E Ratio

26.2

Industry P/E

22.7

PEG Ratio

1.8

P/B Ratio

5.4

52W High

3,251.55

52W Low

1,556.00

Sales CAGR

14.91%

15.48%

14.63%

10Y

8.34%

Profit CAGR

17.53%

44.92%

46.79%

10Y

20.69%

ROE

TTM

20.48%

20.40%

17.60%

10Y

15.82%

ROCE

TTM

24.14%

25.13%

22.02%

10Y

20.18%