H1 FY26
Total income up 14.9% YoY, EBITDA up 14.2%; Q2 FY26 income up 15%, EBITDA margin 22.4%, PAT margin 13.6%
• Outperformed industry growth (~3-4%) significantly despite market challenges and muted domestic demand
• GST 2.0 (Aug 2025) caused aftermarket disruption; recovery seen with double-digit festive season growth across PV, 2W, 3W, CV
• Multi-powertrain strategy covering ICE, hybrids, CNG, EV; EV motor/controller plant commissioned, commercial production from Q3 FY26
• EV revenue FY25 ~INR 26 crore, target INR 100+ crore in 2-3 years
• Strong legacy piston business with global exports; diversified into railways, defense, marine, off-highway, industrial segments
• Capex in routine business matches depreciation; extra cash allocated to ICE-agnostic M&A for growth
• Industry forecast: 6-7% CAGR ICE volume growth next 5 years with 15-20% EV penetration; SPRL aims to outgrow market >2x
• Focus on automation, R&D, multi-segment powertrain presence to become top auto component manufacturer in India
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