Archive · 19 Sep 2026
SPR Auto Expands Beyond Pistons, Chasing a Motherson-Style Future
SPR Auto Technologies used to be best known for making pistons and piston rings.
Now it wants to make many more parts used in cars.
These include plastic components, interiors, lights, moulds, electric motors and controllers.
The purchase of Grupo Antolin’s Indian operations helped it grow quickly in these areas.
More than 35% of its revenue now comes from products that can be used in vehicles with different types of powertrains.
Sales increased strongly, but profit margins became smaller.
The company also borrowed money for the acquisition and must manage that debt.
Its electric-vehicle business is growing, but it is still much smaller than the traditional business.
The main test is whether SPR can improve the new businesses while earning good returns, similar to the way Samvardhana Motherson International expanded over time.
SPR Auto Technologies is diversifying from pistons and rings into plastics, interiors, lighting, tooling and electric-vehicle components.
The January 2026 acquisition of Grupo Antolin’s Indian operations added automotive interiors and lighting to the company’s portfolio.
Powertrain-agnostic products now account for more than 35% of consolidated revenue, according to the company.
Consolidated FY26 revenue rose 25.6% to Rs 4,458.7 crore, but EBITDA margin fell to 19.6% from 20.4%.
Higher debt, acquisition integration, margin dilution and the need for strong returns on new investments remain key risks.
- Who
- SPR Auto Technologies, its subsidiaries and Grupo Antolin’s Indian operations are central to the story; Samvardhana Motherson International is the comparison.
- What
- SPR Auto Technologies is expanding beyond pistons and piston rings into interiors, lighting, plastics, tooling, electric motors and controllers.
- When
- The Grupo Antolin acquisition was completed in January 2026; the article also discusses FY26 and Q1FY27 results.
- Where
- The expansion involves the company’s Indian operations, including facilities in Neemrana, Noida and Coimbatore, with research activity in Singapore.
- Why
- SPR is diversifying its revenue sources and reducing dependence on components tied only to internal-combustion engines.
Expansion Case
Risk Case
Diversification
Expansion Case
Moving into interiors, lighting, plastics and EV components could give SPR a larger share of each vehicle and reduce reliance on internal-combustion-engine products.
Risk Case
The traditional piston and piston-ring business remains the company’s base, and newer businesses could dilute margins as they become a larger part of revenue.
Grupo Antolin acquisition
Expansion Case
The acquisition added meaningful revenue, customer programmes and opportunities for cost reductions, supply-chain improvements and cross-selling.
Risk Case
The acquired business had lower margins, increased debt and created integration demands; the deal’s value depends on whether profitability improves sustainably.
Electric-vehicle growth
Expansion Case
EMFI is expanding its motors and controllers business, adding customers and validating products across two-wheelers, passenger vehicles, trucks and buses.
Risk Case
The EV business is still relatively small, and customer wins and product validation may not immediately produce large commercial revenues.
- FY26 consolidated revenue
- Rs 4,458.7 crore, up 25.6%.
- FY26 EBITDA
- Rs 876.1 crore, up 21%; EBITDA margin was 19.6%.
- Q1FY27 revenue
- Rs 1,474.4 crore, up 53.1% year-on-year.
- Powertrain-agnostic revenue
- More than 35% of consolidated revenue.
- Acquisition financing
- SPR raised Rs 1,000 crore through non-convertible debentures for the acquisition.
- FY26 debt-to-equity
- Consolidated debt-to-equity increased to 0.62x from 0.19x.
- FY26 capital expenditure
- Approximately Rs 200 crore was invested in capacity expansion.