Introduction
Shriram Pistons & Rings Limited, established on December 9, 1963, is India’s largest manufacturer and exporter of pistons, piston pins, rings, and engine valves. Headquartered in Ghaziabad, Uttar Pradesh, the company has built strong technical collaborations with global leaders such as Kolbenschmidt (Germany), Honda Foundry (Japan), Riken Corporation (Japan), and Fuji Oozx (Japan). These partnerships have enabled SPR to cater to prestigious global clients including BMW, Mercedes-Benz, Volkswagen, Ford, Volvo, Peugeot, and many more. Over the decades, the company has developed dedicated production lines for key customers such as Maruti Udyog and Honda joint ventures in India. With state-of-the-art facilities located in Ghaziabad, Pathredi, and other industrial hubs, SPR employs more than 9,000 professionals and operates nine manufacturing plants across India. Products are marketed under the SPR and USHA brands, both of which are recognized for their quality and reliability across domestic and global OEMs and aftermarket segments.
SPR’s evolution into a globally competitive manufacturing powerhouse has been marked by numerous milestones including ISO 9001 certification in 1994-95, QS-9000 accreditation in 1998-99, and multiple performance awards from Tata Cummins, Maruti Udyog, and Engineering Export Promotion Council. SPR continues to expand its product offerings and capacities through continuous innovation, backward integration, and automation. Its focus on low-cost automation, robotics, and interlinked operations ensures cost efficiency and operational excellence. The Company’s business mix today reflects strong diversification, with nearly 50% of revenues coming from exports, aftermarkets, and non-automotive segments including applications in railways, defense, gensets, marine, snowmobiles, and lawnmowers.
In FY25, SPRL reported consolidated revenues of ₹3,661 crore, with EBITDA at ₹835.7 crore and PAT at ₹515.6 crore, outperforming the automotive sector which grew just 3%. Exports contributed 15–17% of revenue, with sales spanning 45+ countries across Europe, North and South America, Middle East, Asia Pacific, and Africa. The aftermarket business remained robust, supported by the continued strength of the SPR and USHA brands. While geopolitical headwinds impacted traditional markets in Europe and the US, SPR’s entry into new applications helped limit the export sales decline to just 4–5%. The company maintains a dominant domestic market share and supplies to all leading Indian OEMs across vehicle categories and powertrain technologies.
SPR is proactively developing future-ready products compatible with alternative fuels such as hybrid, hydrogen, LNG, CNG, flex-fuels, and biofuels, while also building capabilities in electric powertrain components. The plastics division, enhanced by acquisitions such as SPR Takahata and SPR TGPEL, contributes to a diversified revenue base, with less than 15% dependent on ICE vehicles. The company’s investments in R&D, including its government-recognized Tech Centre, support end-to-end product development from concept to validation, contributing to a pipeline of innovation and four patent filings to date.
Through its wholly-owned subsidiary SPR Engenious Ltd, SPRL has strategically expanded into EV and precision engineering segments. SPR EMFI, a key subsidiary, doubled its revenue in FY25 and is establishing a new plant in Coimbatore to produce motors and controllers for EVs. The acquisition of SPR TGPEL has strengthened SPR’s position in molded plastics and tooling, while the takeover of Karna Intertech secures backward integration in die-casting molds. These acquisitions enable SPR to ensure quality, cost control, and supply chain stability for its complex and high-variety product portfolio.
Operating at 75–80% capacity utilization, SPRL continues to invest in capex to stay ahead of demand. The company is doubling its Pithampur engine valve facility and expanding Takahata operations for high-tonnage components. Management remains committed to scale-led margin expansion and achieving sustainable, profitable growth. With over 1,200 business partners in India, a presence in five continents, and Direct-on-Line (DoL) status with most OEMs, the company has built deep-rooted relationships based on performance, quality, and technological leadership.
Recognized among India’s top 500 ESG value creators by Dun & Bradstreet, and a winner of the TPM Excellence Awards from JIPM, Japan, SPRL stands as a benchmark in manufacturing excellence, ESG practices, and customer satisfaction. The company’s client roster includes Tata Motors, Maruti Suzuki, Hero, Honda, Hyundai, John Deere, TVS, Cummins, Royal Enfield, and many other prominent OEMs. Its export clients include global names like Caterpillar, CNH Industrial, Perkins, FUSO, JLR, BMW, Yanmar, AGCO, and Bitzer. With strong fundamentals, an agile business model, and relentless focus on innovation and sustainability, Shriram Pistons & Rings Limited is strategically positioned to lead the transition across traditional and emerging powertrain technologies while consistently delivering value to all stakeholders.
Business Products
Pistons and Piston Pins
Shriram Pistons & Rings (SPR) is a leading manufacturer of pistons and piston pins, serving a wide spectrum of BS-VI compliant two-wheelers, three-wheelers, passenger cars, and advanced GDI & MPFI engines. The company also produces high-performance pistons and pins for new-generation cars, light to heavy-duty diesel trucks, off-highway vehicles, tractors, and stationary diesel engines. SPR’s in-house design capabilities, supported by simulation (FEA) and proprietary tools, enable the development of complex piston structures including cooling gallery pistons, thin-walled gasoline variants, and asymmetrical profiles. Advanced treatments such as hard anodizing, MoS₂ coating, tin plating, and graphatizing further enhance durability and performance. The piston pin range covers diameters from 10mm to 50mm, with precise finishing techniques like pin bore broaching and surface treatments such as LofriKS and Bonderising.
Applications and Uses: These pistons and pins are integral to internal combustion engines across automotive and industrial segments. They are used in passenger vehicles, motorcycles, commercial trucks, agricultural tractors, construction machinery, power generators, and off-highway diesel engines, providing efficient combustion, heat resistance, and mechanical strength critical for high-performance and emission-compliant engine systems.
Piston Rings
Piston rings by SPR are manufactured using premium-grade cast iron and steel materials, including alloyed grey cast iron and spheroidal graphite cast iron, ensuring durability and high performance. Advanced material development and metal matrix technologies make these rings ideal for modern automotive applications that demand strength, efficiency, and longevity. SPR offers a wide range of surface treatments and coatings such as RNS–M, Physical Vapour Deposition (PVD), Composite Plating of Chrome (CPC), Plasma Inlaid Moly Coating, Gas & Salt Nitriding (GN), Inlaid Chrome Coating, Chrome Plating, and Parkerizing.
Applications and Uses: These piston rings are essential components in internal combustion engines, providing effective sealing, oil control, and heat transfer. They are widely used in passenger cars, commercial vehicles, two- and three-wheelers, agricultural machinery, generators, and high-performance engines across various industries.
Engine Valves
Engine valves by Shriram Pistons & Rings Ltd. are engineered to meet international standards, offering high quality, durability, and precision. Each valve is custom-designed to match OEM specifications while also addressing aftermarket needs. Manufactured using premium magnetic and non-magnetic steel, these valves are built to withstand extreme thermal and corrosive conditions. Rigorous quality checks ensure reliable performance, and advanced surface treatments like chrome plating, Tufftriding, and Arcor coating enhance wear resistance and longevity.
Applications and Uses: These engine valves are critical components in internal combustion engines, controlling the intake of air/fuel mixture and the exhaust of combustion gases. They are used across a wide range of vehicles including two-wheelers, passenger cars, commercial trucks, tractors, and industrial engines, ensuring optimal engine performance, fuel efficiency, and emissions control.
SPR Engenious Limited
SPR Engenious Limited (SEL) is a wholly-owned subsidiary of Shriram Pistons & Rings Ltd (SPRL), established to drive diversification and technological innovation in the electric mobility and precision engineering sectors. As a future-focused enterprise, SEL leads SPRL’s strategic growth initiatives in emerging automotive technologies by expanding into electric powertrains and high-precision components. Through its acquisitions and advanced in-house capabilities, SEL is well-positioned to support both traditional and next-generation mobility solutions across domestic and global markets.
Strategic Acquisitions & Partners
To enhance its capabilities and product offerings, SEL has made significant strategic acquisitions:
- SPR EMF Innovations Pvt. Ltd. (SPR EMFI): A Coimbatore- and Singapore-based technology company specializing in electric powertrain components like motors and controllers. With SPRL holding a majority stake, SPR EMFI serves all EV segments including two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and buses.
- SPR Takahata Precision India Pvt. Ltd.: In collaboration with Takahata Japan, this Neemrana-based unit manufactures precision-molded plastic and metal components for automotive and industrial use. Key customers include Hitachi Astemo, Denso, and Mitsubishi Electric.
- SPR TGPEL Precision Engineering Limited: A leader in mold design, high-quality plastic components, and assemblies. This acquisition supports SEL’s entry into advanced plastic engineering across diverse industries.
These partnerships reflect SEL’s commitment to technological excellence, localization, and sustainable manufacturing.
Product Portfolio
Electric Motors
SEL, through SPR EMFI, offers a wide range of high-efficiency electric motors tailored for diverse applications:
- Brushless DC (BLDC) Hub Motors: Available in 5″, 6″, 10″, 12″, and 17″ sizes, designed for two- and three-wheelers. Features include high power-to-weight ratio, IP67 protection, energy-efficient design, and controller integration.
- Permanent Magnet Synchronous Motors (PMSM): Offered in both low and high voltage applications (2 kW to 250 kW), PMSMs provide high torque at low speeds, compact design, and regenerative braking capabilities. They are ideal for scooters, motorcycles, light and heavy commercial vehicles, utility vehicles, boats, drones, and industrial machines.
Mid-Drive Motors
Designed in-house for two-, three-, and four-wheelers, these motors feature:
- Internal Permanent Magnet (IPM) architecture
- High field weakening capability for broader speed range
- Peak torque from 10 Nm to 1250 Nm
Motor Controllers
These intelligent controllers are optimized for plug-and-play integration in EVs and offer:
- Field Oriented Control (FOC) for precise operation
- CAN bus support for vehicle communication
- Regenerative braking
- Real-time diagnostics and protection features
- Power range from 2 kW to 250 kW, voltage from 36V to 750V
Technology & Innovation
SEL collaborates with global leaders to integrate cutting-edge technology:
- Greatland Electric: Supplies high-voltage motor technology, enabling SEL to deliver high-performance, durable electric motors for heavy vehicles and buses.
- Lingbo: Partner for CAN-based motor controllers, integrated into SEL’s Coimbatore facility. This ensures subsidy eligibility under India’s FAME policy and supports high-volume, localized production.
The company also utilizes advanced simulation, FEA tools, and electronic commutation to enhance motor performance and reliability across applications.
Applications
SEL’s products cater to a broad range of mobility and industrial applications, including:
- Automotive: Electric scooters, motorcycles, e-rickshaws, passenger vehicles, commercial trucks, and electric buses.
- Utility & Off-Highway: Light utility vehicles, agricultural and construction equipment.
- Specialty & Industrial: Drones, electric boats, autonomous vehicles, and machinery used in various industrial sectors.
SPR Takahata Precision India Pvt. Ltd
SPR Takahata Precision India Pvt. Ltd. is a premier precision engineering company based in Neemrana, Rajasthan, specializing in the manufacturing of high-precision molded and assembled plastic components, as well as precision metal molds. Acquired by Shriram Pistons & Rings Ltd. (SPRL) through its subsidiary SPR Engenious Ltd., this strategic investment marks SPRL’s expansion into the field of precision plastic injection molding, complementing its existing portfolio of pistons, rings, engine valves, and EV components. With strong operational and technological support from Takahata Japan, SPR Takahata serves both domestic and international markets across automotive and industrial sectors. Its diverse product portfolio includes components such as power window parts, wiper motor parts, door lock systems, seat belt mechanisms, relay boxes, fuel pump modules, throttle sensors, ECUs, steering parts, headlamp assemblies, case parts, starter motors, brake assemblies, air conditioning units, and accelerator pedal sensors.
Cylinder Liners
Shriram Pistons & Rings Ltd. produces and markets over 1,25,000 cylinder liners every month, manufactured using centrifugally cast special alloy cast iron enriched with elements like molybdenum, chromium, and copper. These materials are carefully selected through extensive technical research to ensure superior wear resistance, corrosion resistance, durability, and scuffing resistance. Each liner is precision-bored, machined, and plateau-honed on CNC machines to achieve exact surface roughness as per modern engine requirements. SPR customizes the chemical composition and microstructure to meet specific customer demands and offers a variety of finishes including hardened, phosphated, chrome-plated, and nitrided liners. The product range includes bore diameters from 45 mm to 250 mm, serving a wide spectrum of applications in small to heavy commercial vehicles, passenger cars, tractors, stationary diesel engines (SDE), and industrial machinery across both domestic and international markets.
Crankshafts
Shriram Pistons & Rings Ltd. manufactures high-performance crankshafts using advanced forging techniques to meet diverse market requirements. Forged from medium carbon alloy steel using a 6000-ton hydraulic press from PHIO, USA, these crankshafts are precision-machined on state-of-the-art CNC machines to ensure exact fitment and extended engine life. Induction hardening is carried out using AEG-ELOTHERM equipment for consistent hardness, while dynamic balancing is performed using Hoffman (Germany) machines to achieve superior operational stability. All crankshafts undergo rigorous dimensional and metallurgical checks, adhering to stringent international quality standards.
Connecting Rods
Shriram Pistons & Rings Ltd. manufactures high-precision connecting rods from forged alloy steel, engineered to meet stringent OE specifications. The machining process is meticulously controlled to ensure dimensional accuracy, with weight tolerances maintained within 5 to 25 grams per unit as per OEM norms. For specific applications, special bi-metal alloy bushes are used to enhance performance and durability. Commonly used materials include EN-15, EN-9, EN-8, CK-35, V 75-85, and 42CrMo4, tailored to meet customer requirements globally. SPR’s connecting rods are supplied across a wide range of platforms including CASE International, Caterpillar, Cummins, Deutz, Fiat, Eicher, Ford, John Deere, Land Rover, Leyland, Lombardini, MAN, Mercedes, MWM, Nissan, Paykan, Perkins, Peugeot, Renault, Scania, Tata, Toyota, various tractor brands, and Volvo.
Cylinder Heads
Shriram Pistons & Rings Ltd. manufactures high-quality cylinder heads primarily from cast iron, with aluminum variants under development for specialized applications. Produced at one of India’s most advanced foundries, these cylinder heads are made using the shell mould casting process to ensure uniform wall thickness, especially around the water jacket. Post-casting, the components undergo shot blasting for thorough cleaning and are then precision-machined on sophisticated CNC equipment to achieve exceptional dimensional accuracy. Each unit is subjected to rigorous quality checks, including metallurgical analysis, hydro-pressure testing, and vacuum testing, to ensure flawless performance and reliability.
Filters
Shriram Pistons & Rings Ltd. produces a comprehensive range of filters engineered to meet the latest quality standards and performance benchmarks. Each filter undergoes 100% testing, including life and efficiency evaluation, bursting strength, bubble testing, relief valve performance, and leakage checks—conducted using advanced, high-precision equipment. The product lineup caters to automotive, off-road, and industrial applications and includes lubricating oil filters (spin-on and insert type), fuel filters (spin-on, insert, and online type), air filters (insert and panel type), cabin filters (insert type), and hydraulic filters (spin-on and insert type). SPR filters are exported globally under both its own brand and renowned international labels.
Gaskets
Shriram Pistons & Rings Ltd. manufactures high-performance gaskets using both asbestos and non-asbestos (NAM – Non Asbestos Material) composite materials, along with beater and rubber-moulded variants for complete set assemblies. Cylinder head gaskets are typically surface-coated and feature silicone beading to enhance heat resistance. The product range includes a variety of gasket types such as Copper-Asbestos-Copper, Aluminium-Asbestos-Aluminium, Multi-Layer Steel (MLS), and Asbestos-Steel-Asbestos configurations, catering to diverse engine sealing requirements with superior durability and thermal resilience.
Clients
Capex
As per the management, the Coimbatore plant, with a CAPEX investment of ₹70 crore, has been developed with sufficient capacity to meet the requirements of multiple customers already under development, including Ampere. While Ampere is one of the confirmed clients, the plant is also engaged with several other customers currently undergoing validation and approval processes. The existing capacity has been planned to accommodate all these initial clients. However, if additional customers are onboarded beyond the current pipeline, further CAPEX may be required to support that incremental demand.
Financials
For the Year Ended March 2025
- Total Income grew by 15% year-on-year, reaching ₹3,661.2 crore (₹36,612 million).
- EBITDA increased by 15% to ₹835.7 crore (₹8,357 million), with an EBITDA margin of 22.8%.
- Profit After Tax (PAT) rose by 18% year-on-year to ₹515.6 crore (₹5,156 million), with a PAT margin of 14.1%.
- The company outperformed the overall auto industry, which recorded a modest 3% growth, with two-wheelers growing 9%, passenger vehicles 2%, and commercial vehicles declining 1%.
- Domestic markets led the growth, while exports faced challenges due to global geopolitical tensions.
For Q4 FY25
- Total Income rose by 15% year-on-year to ₹1,015.8 crore (₹10,158 million).
- EBITDA increased by 18% to ₹237.8 crore (₹2,378 million), resulting in an EBITDA margin of 23.4%, up from 22.8% in Q4 FY24.
- PAT surged by 30% year-on-year to ₹151.5 crore (₹1,515 million), with a PAT margin of 14.9%, up by 168 basis points compared to the same quarter in the previous year.
Management’s comments
As part of its ongoing diversification strategy, the company is actively pursuing acquisitions of businesses with strong fundamentals and high growth potential. Building on the successful integration of SPR Takahata and SPR EMFI, the company has now acquired a 100% stake in SPR TGPEL Precision Engineering Limited. This strategic acquisition is aimed at strengthening its presence in the precision molded plastic components segment, thereby accelerating growth in this area and further broadening the company’s capabilities within the advanced engineering space.
As per the management, the company continues to supply to both OEMs and the aftermarket in the export segment, maintaining relationships with several leading global automotive brands. Despite strong client engagement, export volumes were impacted in FY25 due to geopolitical tensions, particularly in Europe, the UK, and the US, where original equipment manufacturers (OEMs) saw volume declines of over 20%, and certain markets experienced reductions of 10–15%. However, the company effectively mitigated these challenges by expanding into new application areas such as snowmobiles, marine engines, compressors, and lawnmowers. As a result, while the broader export market saw a 20–22% drop, the company’s export revenue declined by only 4–5%, largely due to the initial stages of new program ramp-ups including sample submissions and validations. With these initiatives now fully underway, management expects export volumes to rebound in the current year and potentially surpass earlier projections, reinforcing confidence in sustained growth within the export business.
As per the management, royalty payments are made solely for access to advanced technologies provided by the company’s global technology partners. In FY25, the royalty amounted to ₹48 crore, which was approximately 1.6% of revenue—a figure considered standard within the industry. Royalties are paid based on specific technology inputs across product categories. Key partners include Kolbenschmidt for pistons, Honda Foundry for Honda-specific piston requirements, Fuji Oozx for engine valves, Riken Corporation for piston rings, and Takahata Corporation for plastic injection molding technologies. These collaborations enable the company to stay ahead of market demands by adopting and delivering next-generation solutions—such as compliance with Euro 6 norms—well ahead of time, ensuring continued technological leadership.
As per the management, SPR Takahata has expanded its capacity by installing higher tonnage machines to support the production of larger precision components. Additionally, the company has acquired adjacent land within the Neemrana estate to facilitate further expansion, with development activities already underway. On the customer front, several new additions have been made, including those in non-automotive segments such as medical and music-related applications. While specific client names were not disclosed, the diversification into new industries reflects the growing demand and strategic importance of the Takahata business.
Sectoral Outlook
India’s automobile sector remains one of the fastest-growing globally, backed by strong domestic demand, favorable demographics, and strategic policy support. According to SIAM and IBEF:
- India became the 3rd largest automobile market globally in 2023, surpassing Japan.
- The Indian automotive industry is projected to reach ₹18 lakh crore (~US$ 251 billion) by 2026, growing at a CAGR of 11–13% from 2023 levels【source: IBEF 】
- In FY24, passenger vehicle production crossed 4 million units, while two-wheelers exceeded 17 million units【source: SIAM】.
- The EV segment is expanding rapidly, with over 15 lakh EVs sold in FY24, and the market expected to reach ₹3 lakh crore (US$ 35–40 billion) by 2030【source: NITI Aayog, IBEF】.
Auto Component Industry Outlook:
- India’s auto component industry reached ₹5.6 lakh crore (US$ 69.7 billion) in FY24, registering 15.6% growth YoY【source: ACMA】.
- Exports stood at ₹1.6 lakh crore (US$ 19.3 billion), with Europe and the US being major markets.
- The aftermarket component sector alone accounted for ₹85,333 crore (US$ 10.5 billion) in FY24.
Key Drivers:
- Rising rural demand, improved financing access, and expected normal monsoon are boosting both personal and commercial vehicle demand.
- The government’s FAME II scheme, PLI scheme, and the Automotive Mission Plan 2026 are fostering EV adoption and localized manufacturing.
- India is benefiting from the global “China+1” supply chain diversification, strengthening its position as a key automotive exporter.
Conclusion
Shriram Pistons & Rings Ltd., a 61-year-old company engaged in manufacturing advanced powertrain components for both ICE and electric vehicles, holds a cash balance of over ₹1,000 crore and is actively exploring growth opportunities through strategic acquisitions. With a dominant presence in the domestic OEM and aftermarket segments, the company has also established a strong foothold in global markets. Recent acquisitions in EV motors, precision plastics, and tooling reflect its commitment to diversification and technological advancement. Backed by partnerships with global leaders and a robust R&D ecosystem, the company consistently outpaces industry growth. Its focus on sustainability, digitization, and capacity expansion positions it strongly for long-term value creation. Shriram Pistons remains well-poised to capitalize on emerging trends in mobility and engineering.