Shriram Pistons & Rings Ltd
Shriram Pistons & Rings Ltd is primarily engaged in the manufacturing of pistons, piston pins, piston rings and engine valves for various automotive companies in the domestic and export markets.[1]
- Market Cap ₹ 11,014 Cr.
- Current Price ₹ 2,500
- High / Low ₹ 2,580 / 1,556
- Stock P/E 21.7
- Book Value ₹ 543
- Dividend Yield 0.42 %
- ROCE 26.0 %
- ROE 23.5 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 48.1% CAGR over last 5 years
Cons
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,170 | 1,244 | 1,393 | 1,463 | 1,729 | 1,955 | 1,607 | 1,597 | 2,065 | 2,609 | 3,089 | 3,550 | |
940 | 1,054 | 1,161 | 1,207 | 1,436 | 1,660 | 1,425 | 1,381 | 1,760 | 2,149 | 2,447 | 2,826 | |
Operating Profit | 229 | 190 | 232 | 255 | 293 | 295 | 182 | 216 | 304 | 460 | 642 | 724 |
OPM % | 20% | 15% | 17% | 17% | 17% | 15% | 11% | 14% | 15% | 18% | 21% | 20% |
10 | 17 | 18 | 26 | 24 | 22 | 20 | 19 | 29 | 47 | 85 | 111 | |
Interest | 38 | 32 | 26 | 20 | 16 | 14 | 12 | 13 | 11 | 19 | 30 | 34 |
Depreciation | 101 | 96 | 93 | 90 | 90 | 94 | 103 | 103 | 102 | 95 | 108 | 120 |
Profit before tax | 101 | 79 | 131 | 171 | 211 | 209 | 86 | 120 | 220 | 393 | 589 | 682 |
Tax % | 31% | 28% | 30% | 31% | 34% | 34% | 15% | 26% | 26% | 25% | 26% | 24% |
70 | 57 | 92 | 118 | 139 | 138 | 73 | 89 | 164 | 294 | 439 | 516 | |
EPS in Rs | 15.58 | 12.82 | 20.50 | 26.42 | 31.07 | 30.97 | 16.34 | 19.85 | 37.18 | 66.70 | 100.47 | 115.02 |
Dividend Payout % | 11% | 14% | 10% | 13% | 16% | 16% | 18% | 15% | 13% | 11% | 10% | 9% |
Compounded Sales Growth | |
---|---|
10 Years: | 11% |
5 Years: | 17% |
3 Years: | 20% |
TTM: | 15% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 48% |
3 Years: | 46% |
TTM: | 16% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 52% |
3 Years: | 92% |
1 Year: | 23% |
Return on Equity | |
---|---|
10 Years: | 17% |
5 Years: | 20% |
3 Years: | 23% |
Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | 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 | 22 | 22 | 44 | 44 |
Reserves | 538 | 585 | 673 | 772 | 891 | 1,004 | 1,048 | 1,126 | 1,233 | 1,505 | 1,882 | 2,350 |
381 | 310 | 289 | 226 | 179 | 97 | 135 | 146 | 157 | 333 | 487 | 508 | |
253 | 272 | 308 | 334 | 398 | 445 | 352 | 409 | 438 | 551 | 723 | 828 | |
Total Liabilities | 1,194 | 1,189 | 1,292 | 1,354 | 1,491 | 1,568 | 1,558 | 1,704 | 1,850 | 2,412 | 3,136 | 3,729 |
713 | 667 | 597 | 577 | 555 | 613 | 741 | 703 | 689 | 772 | 934 | 1,203 | |
CWIP | 9 | 4 | 6 | 9 | 11 | 17 | 19 | 8 | 6 | 5 | 31 | 58 |
Investments | 0 | 0 | 18 | 8 | 20 | 6 | 61 | 34 | 32 | 72 | 115 | 36 |
472 | 518 | 672 | 760 | 904 | 934 | 737 | 959 | 1,124 | 1,563 | 2,056 | 2,432 | |
Total Assets | 1,194 | 1,189 | 1,292 | 1,354 | 1,491 | 1,568 | 1,558 | 1,704 | 1,850 | 2,412 | 3,136 | 3,729 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
180 | 129 | 255 | 183 | 175 | 157 | 297 | 190 | 219 | 395 | 487 | 434 | |
-65 | -45 | -67 | -55 | -65 | -157 | -214 | -10 | -56 | -476 | -422 | -385 | |
-101 | -111 | -113 | -89 | -88 | -61 | -111 | -28 | -91 | 93 | -42 | -61 | |
Net Cash Flow | 14 | -27 | 75 | 39 | 21 | -62 | -28 | 152 | 72 | 12 | 23 | -11 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 56 | 63 | 58 | 59 | 68 | 66 | 54 | 74 | 63 | 55 | 56 | 60 |
Inventory Days | 197 | 196 | 175 | 213 | 190 | 184 | 182 | 175 | 155 | 113 | 114 | 116 |
Days Payable | 149 | 129 | 157 | 185 | 178 | 144 | 144 | 184 | 142 | 97 | 104 | 101 |
Cash Conversion Cycle | 104 | 130 | 75 | 87 | 80 | 107 | 92 | 65 | 75 | 71 | 66 | 75 |
Working Capital Days | 40 | 50 | 41 | 47 | 50 | 64 | 55 | 62 | 61 | 49 | 51 | 64 |
ROCE % | 15% | 12% | 16% | 19% | 21% | 20% | 8% | 11% | 17% | 24% | 28% | 26% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
29 May - Annual Secretarial Compliance Report for FY 2024-25 confirming regulatory compliance and no violations.
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Update - Resignation Of Mr. Shinich Unno As Independent Director
15 May - Clarification on resignation of Independent Director Mr. Shinichi Unno effective May 7, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 May - Shriram Pistons reports 15% revenue growth, strong margins, acquisitions, and expansion plans in FY25 earnings call.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 May - Audio recording of Shriram Pistons Q4FY25 earnings call made available online.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
8 May - Newspaper Publication for Audited Results for quarter and financial year ended March 31, 2025
Annual reports
Concalls
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May 2025Transcript PPT REC
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Mar 2025TranscriptPPTREC
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Dec 2024TranscriptPPTREC
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Nov 2024Transcript PPT
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Oct 2024TranscriptNotesPPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT
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Apr 2024TranscriptPPTREC
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Apr 2024Transcript PPT
Business Overview
The company is a leading Indian manufacturer of pistons, piston pins, piston rings, and engine valves. It supplies to top OEMs and aftermarket clients in India and overseas under the SPR and USHA brands. [1]
GRevenue Mix
Original Equipment Manufacturers (OEMs): 52% in FY25 vs 51% in FY23
Aftermarket: 26% in FY25 vs 26% in FY23
Exports: 17% in FY25 vs 20% in FY23
Non-Automotive Applications: 5% in FY25 vs 3% in FY23 [1] [2]