SUBROS LIMITED

Manufactures automotive air conditioning and thermal management products, including air conditioning systems, electric compressors, HVAC units and thermal products for railway applications, selling primarily to vehicle OEMs. India’s largest automotive air conditioning and thermal products company, it reported FY26 revenue of Rs 3,755.52 crore, up 11.52% year-on-year, with the highest-ever quarterly revenue of Rs 1,049.76 crore in Q4 FY26, helped by the start of production of the Fronx at Karsanpura. EBITDA margin compressed to 9.70% in FY26 from 10.22% in FY25 on higher raw material costs from adverse commodity and currency movements, partially offset by cost optimisation and Rs 15.48 crore of accrued incentive income. Profit after tax for FY26 was Rs 165.65 crore, up 7.56%. The company is expanding capacity at Karsanpura for electric compressors and FDC compressors (SOP targeted 2027-28) and is building a greenfield plant at Kharkhoda, with a focus on EV and hybrid thermal products. New business awards were secured in electric compressors, HVAC systems and railway segments. Materials at 73.3% of revenue are the dominant cost.