SPR Auto Technologies (SHRIPISTON) Q2 25/26 earnings summary

Executive summary

• Consolidated total income grew 14.9% year-over-year in H1 FY26, reaching Rs. 20,344 million, with Q2 income up 15% year-over-year and EBITDA margin at 22.4%.

• PAT for H1 FY26 was Rs. 2,770 million, up 14% year-over-year, with Q2 PAT at Rs. 1,421 million, up 12.9% year-over-year.

• Outperformed industry growth, driven by diverse markets, product segments, and strong subsidiary performance, including EV and high-precision plastics.

• Strategic focus on operational excellence, technology-led growth, and expanding product offerings, including alternative fuel and EV components.

• Recognized for sustainability and governance with multiple awards, including Golden Peacock and EcoVadis bronze rating.

Financial highlights

• Standalone total income for H1 FY26 was Rs. 17,601 million, up 9.4% year-over-year; Q2FY26 was Rs. 8,979 million, up 9.1%.

• EBITDA margin held at 22.4% in Q2, with PAT margin at 13.6%.

• Subsidiaries delivered strong scale-up and margin improvement, with some reporting 74% growth in Q2.

• Net working capital cycle improved to 54 days in FY25 from 58 days in FY24.

• Company remains net-debt free with a debt-to-equity ratio of 0.11 in FY25.

Outlook and guidance

• Management expects steady growth across key vehicle segments in H2 FY26, supported by improved demand post-GST reforms and festive season momentum.

• All business segments expected to grow, with delayed EV penetration providing continued opportunities in ICE and hybrid segments.

• Plans to maintain current gross margin rates, with continued focus on outgrowing end markets.

• Targeting significant revenue growth in EV business, aiming for INR 100+ crore in 2-3 years.

• Focus on capital efficiency, operational excellence, and backward integration to drive future profitability.