- **SPR Auto Technologies is a precision-engineered shape-shifter: promoted in 1972 and with a history spanning over 50 years, it began making the metal heart of a petrol engine and, over the last three years, has deliberately bought its way into electric motors, high-tech plastics, and the entire roof and dashboard of your car. The recurring approach is to acquire niche leaders, lock in their global technology partners, and then scale them with the cash and customer relationships of the legacy business - a playbook of becoming indispensable to every carmaker, regardless of what powers the vehicle.** # Business segments Four engines at different stages - a dominant hydrocarbon cash cow, two precision-manufacturing platforms built through acquisition, and an electric-motor challenger - each layered on the customer trust of the one before. ## 1. Core engine components: the group’s cash and credibility **It is India’s largest maker and exporter of pistons, rings, pins and valves, holding roughly half the domestic market and supplying nearly every major vehicle manufacturer on the road.** - **The last man standing in ICE** - management’s explicit strategy is to serve the internal combustion engine market for as long as engines are made, while using the profits to fund its electric future. It holds a 48.4% share of the domestic OEM market for these components, making it the default supplier for engines across cars, trucks, tractors and two-wheelers. - **Five decades of borrowed genius** - since 1972, the company has paid a royalty to access the piston designs of Germany’s Kolbenschmidt, the ring technology of Japan’s Riken (a 21.3% shareholder), and the valve know-how of Japan’s Fuji Oozx, with resident engineers on-site. This means its products are built to a global specification that export customers like Cummins and Honda already trust. - **A factory for every customer** - four main plants make the components, but five assembly units sit right next to major customers in Gujarat, Maharashtra, Haryana and Tamil Nadu, so a truck-maker never waits for a piston. A sixth assembly centre was just added. - **Quality is the aftermarket moat** - in the unorganised replacement market, cheap Chinese imports are everywhere, but mechanics and fleet owners return to the ‘SPR’ and ‘USHA’ brands because a poorly made piston destroys an engine. This pull means the aftermarket generates 26% of total revenue without the company having to chase it. - **Designing for the fuel you haven’t used yet** - the in-house R&D centre, recognised by the government, is already delivering piston samples for engines that run on 100% hydrogen, CNG, and 85% ethanol blends, so the legacy business has a product ready when diesel fades. ## 2. Automotive interior and lighting: the new anchor of scale **Acquired in January 2026, this is now the dominant supplier of headliners to Indian carmakers and instantly made powertrain-agnostic parts over a third of the group’s total business.** - **Bought, not built** - the company purchased the three Indian entities of Spain’s Grupo Antolin, bringing with it a long-term technology licence so the secret foaming and moulding recipes stay in-house. The deal came with five plants across Maharashtra and Tamil Nadu and a customer list that reads like a who’s-who of Indian auto manufacturing. - **The roof over every car** - the business holds a 24.6% share of the Indian automotive interior solutions market, making everything from the fabric ceiling (headliner) and sun visors to door panels, centre consoles, and the plastic carrier behind the front bumper. It is “well represented in almost all the companies that you can think of in the country”. - **A moat in foam and heat** - the competitive edge is not just scale but a unique foaming and moulding technology that manages heat dissipation and absorption inside the cabin, improving air-conditioning efficiency in ways that are customised to each carmaker’s design. A rival cannot simply copy the shape and get the same result. - **Lighting that touches you** - beyond trim, the business makes the ambient lighting systems, dome lamps, and capacitive touch panels that are becoming standard as car interiors mimic smartphones, giving it a second revenue stream inside the same cockpit. ## 3. High-precision moulded components: the quiet precision platform **Three acquired companies form a one-stop shop that designs the mould, makes the plastic part, and assembles the finished product - serving everything from car airbags to medical devices.** - **A chain of three acquisitions** - the group bought a 62% stake in Takahata Precision India (a Japanese-collaboration injection moulder) in 2023, 100% of TGPEL Precision Engineering (a thirty-year-old mould-to-assembly specialist) in 2024, and 100% of Karna Intertech (its own mould-maker) in 2025. Together, they cover the entire value chain from tool-room to finished component. - **End-to-end under one roof** - TGPEL’s distinction is that it does not just mould parts; it designs and builds the mould itself, then takes the plastic component through sub-assembly to a complete product, which is rare among Indian precision engineering firms. This makes it a single point of accountability for a customer’s entire plastic module. - **Capacity being pulled by the group** - the Neemrana and Noida plants are already being expanded, and the in-house mould-maker Karna Intertech (which previously just supplied moulds for SPR’s own piston castings) is now being scaled to support growth programmes across the group. ## 4. EV motors and controllers: the electric bet under construction **A top-tier provider of electric powertrain solutions in India, it designs and makes the motor and controller that drive everything from an electric scooter to a bus, with a newly commissioned factory built for scale.** - **Acquired as a start-up, kept as a specialist** - the group bought a 51% stake in EMF Innovations, a Singapore-backed motor design firm founded in Coimbatore, in January 2023, and has since raised its stake to over 72%. It holds a 4.2% share of the Indian two-wheeler EV motor and controller market, with a product range spanning 250 watts to 300 kilowatts. - **Validation is the real moat** - getting an EV motor and controller certified for a specific vehicle requires 6 to 12 months of government homologation testing, followed by 12 to 24 months of field trials. Once a motor is validated on a scooter or bus platform, the switching cost for the vehicle maker is enormous, locking in the supplier for the model’s life. - **A factory built for the opportunity** - a world-class manufacturing plant was commissioned in Coimbatore during FY26, replacing an earlier facility that could produce 280,000 hub motors and 400,000 controllers a year. The new plant is designed to cater to all vehicle segments, from two-wheelers to commercial vehicles. # Group structure and partners **The parent company sits atop a clean pyramid of wholly and majority-owned subsidiaries, each bound to a global technology leader through long-term licence agreements.** - **A simple holding structure** - SPR Auto Technologies directly owns 100% of its material subsidiary SPR Engenious Limited (the vehicle for all new-age acquisitions), 100% of Karna Intertech, and 100% of the two Antolin interior and lighting entities, with no joint ventures or associate companies to complicate control. - **SPR Engenious as the growth engine** - this wholly owned subsidiary holds the 62% stake in Takahata Precision India, the 72.58% stake in EMF Innovations, and 100% of TGPEL Precision Engineering, making it the container for the group’s precision plastics and EV bets. - **Technology partners as quasi-shareholders** - Japan’s NPR-RIKEN Niigata Corporation holds a 21.30% equity stake in the listed parent, while separate long-term technology agreements bind the group to Kolbenschmidt (Germany, pistons), Honda Foundry (Japan, pistons), Fuji Oozx (Japan, engine valves), Takahata Precision (Japan, injection moulding), and Grupo Antolin (Spain, interiors). The licences are the conduit for continuous technical know-how, and the equity stake aligns Riken’s interests with the company’s success.