Shriram Pistons & Rings Ltd Analyst Meeting Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Chirag Jain - Emkay Global Financial Services Ltd - Analyst : And congratulations, on this, acquisition. Just a few questions from my end. Can you share some, thoughts in terms of, let's say first of all on the financial, historical financials, especially on the profitability front, and maybe the return ratios, and how do we see this business, over the next, 2-3 years, once it comes under, let's say, our family.

Question: Chirag Jain - Emkay Global Financial Services Ltd - Analyst : Any thoughts you would like to share in terms of, from a growth outlook perspective how we should see this business for the next few years?

Question: Chirag Jain - Emkay Global Financial Services Ltd - Analyst : Okay, and anything you can share in terms of the relative, position of the company, within the market, or probably who would be the key competitors and broad, let's say some thoughts on the market structure and probably the related positioning.

Question: Chirag Jain - Emkay Global Financial Services Ltd - Analyst : Okay, and just last thing, and then I'll come back in the queue. You did mention that the return issues and the cash flow generation is very strong, for the company. So, I don't think so. We would expect the further investments from the company in terms of expanding or modernizing the facility per se, from Chiram business.

Question: Chirag Jain - Emkay Global Financial Services Ltd - Analyst : Okay, thank you so much, sir, and all the.

Question: Viraj Kacharia - SiMPL - Analyst : Yeah, I, thanks for the opportunity. Am I audible? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30AM, SHIE.NS - Shriram Pistons & Rings Ltd Analyst Meeting Yeah, Viraj, please go ahead. Yeah, hi sir. So just a couple of questions. First is, see, if you look at their, bulk of the sales, they are primarily headliners and sun visors, and there are few revenue contributions from, plastic parts. So product per se is very, maybe commoditized and product category itself is very mature and saturated. And if you look at the past 10 years, of financials, at best it is on a high single-digit margin, ROCs has been, low 10s. So I'm just trying to understand, this is what the entity has earned in the last 10 years of its operation. So just trying to understand, what has really attracted us, and what was the rationale for, paying this valuation. That's the first question to start with.

Question: Viraj Kacharia - SiMPL - Analyst : So just one perspective I wanted to just get your, thoughts, if I look at their, 10 year ROCs, it has been around 1,212, 13 levels. So I'm just trying to understand, when you refer to high ROC, you know what if any perspective can say because what we and when we look at the numbers from the ROC, which the company has uploaded, historical ROCs of the company has been just 12%, 13%. So just wanted to understand your thoughts.

Question: Viraj Kacharia - SiMPL - Analyst : Okay, just, sure, I understand. Just two questions, see, once we, undergo the cost, and other synergies layout, eventually what kind of a margin structure this business should be, operating at on a steady state basis. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30AM, SHIE.NS - Shriram Pistons & Rings Ltd Analyst Meeting

Question: Viraj Kacharia - SiMPL - Analyst : Okay, last question. See, if you look at the parent, right, the group of ale and, they operate in a lot of other product categories, com, and if I look at the Indian entity, they are primarily into sun visors and headliners. So as a part of this agreement what product or segments are part of this transaction and what. Product segments will be outside because they also have a tie up with a lot of other companies globally, in different segments, so they have a sunrise.

Question: Viraj Kacharia - SiMPL - Analyst : So any future product development, any new product category, we will get an access to that through the tier.

Question: Viraj Kacharia - SiMPL - Analyst : Thank you. I'll come back to you.

Question: Anubhav Mukherjee - Prescient Capital - Analyst : So, first of all, congratulations on the acquisition. Thanks a lot. I just had one or two questions, sir. Firstly, like, you also mentioned that we have a JD with Krishnavati with the plant in Gurgaon, and I was looking at the website, and we have, I think plants in Sanan and Bangalore as well. So how is the India business then? Like, will be broken between what we have acquired and the rest of the entities. Will it be that we cater to certain unions only and the rest of the unacquired part will cater to certain unions. Or we'll be able to compete for business in any of those games you want. .

Question: Anubhav Mukherjee - Prescient Capital - Analyst : Okay. So there's no sort of non-complete or anything at all.

Question: Anubhav Mukherjee - Prescient Capital - Analyst : Good, thanks.

Question: Anubhav Mukherjee - Prescient Capital - Analyst : The technology agreement, do we have to pay like any technology fees or royalty going forward or is it like whatever acquisition constitution. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30AM, SHIE.NS - Shriram Pistons & Rings Ltd Analyst Meeting

Question: Anubhav Mukherjee - Prescient Capital - Analyst : Okay, will you be able to share that? Like.

Question: Anubhav Mukherjee - Prescient Capital - Analyst : Yes sir. And sir, who will be the key competitors for like the business we have acquired like, in India?

Question: Anubhav Mukherjee - Prescient Capital - Analyst : Yes.

Question: Anubhav Mukherjee - Prescient Capital - Analyst : Good. Thanks for that information. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 10:30AM, SHIE.NS - Shriram Pistons & Rings Ltd Analyst Meeting

Question: Vaibhav Shah - DSP Mutual Fund - Analyst : Yeah, thank you. Good afternoon, sir, and congratulations on, acquisition of, Elis India business. So two set of questions, from my side. First one is, can you talk about any, sort of order book, currently which this entity has, or, say, the capital employed in the business and what sort of revenue, that this entity can do combined business on an annualized basis.

Question: Vaibhav Shah - DSP Mutual Fund - Analyst : Yeah, so the question primarily was on, AUD book and capital employed into the business, primarily to understand if the utilizations are low to then we can scale with minimal investments.