NSE: SUBROS · BSE: 517168
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive air conditioning and thermal products, Electric and EV thermal products, Railway thermal products. Auto-components supplier, asset-heavy manufacturing tied to vehicle production cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,239 | 2,806 | 3,071 | 3,368 | 3,756 |
| EBITDA (ex other income) | 149 | 168 | 254 | 322 | 316 |
| margin % | 6.6 | 6.0 | 8.3 | 9.6 | 8.4 |
| Owners' profit | 33 | 48 | 98 | 151 | 166 |
| EPS, as reported (₹) | 4.98 | 7.35 | 14.96 | 23.07 | 25.39 |
| ROE % · ROCE % | 3.9 · 6.4 | 5.5 · 8.4 | 10.2 · 14.9 | 13.8 · 18.5 | 13.3 · 16.7 |
| Debt / equity (x) | 0.03 | 0.02 | 0.00 | 0.00 | 0.02 |
| Cash from operations | 151 | 141 | 165 | 175 | 105 |
| Capex | (106) | (132) | (120) | (118) | (150) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 828 | 821 | 908 | 878 | 880 | 948 | 1,050 | 1,032 |
| Profit before tax | 49 | 46 | 62 | 54 | 54 | 44 | 67 | 56 |
| Net profit | 36 | 33 | 46 | 41 | 41 | 35 | 49 | 42 |
| EPS (₹) | 5.58 | 5.05 | 7.08 | 6.26 | 6.24 | 5.33 | 7.56 | 6.36 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD | 20,105 | 21.8 | 9.08 | 17.2 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 18,461 | 72.4 | 16.52 | 48.1 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,258 | 37.2 | 19.23 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED ◆ | 4,316 | 25.9 | 3.47 | 12.2 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,112 | 26.0 | 2.09 | 11.7 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 4,034 | 26.1 | 2.88 | 15.7 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,610 | 23.0 | 4.71 | 18.8 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,598 | 29.1 | 3.94 | 21.4 | 12.4 | 15.2 | — | 16.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.9 | 16.9 | 19 of 27 | 31% |
| P/B | 3.5 | 2.4 | 15 of 24 | 39% |
| ROCE | 16.0 | 12.3 | 9 of 31 | 73% |
| ROE | 13.3 | 10.3 | 7 of 24 | 74% |
| Debt / Equity | 0.0 | 0.2 | 6 of 24 | 78% |
| EBITDA margin | 8.4 | 10.8 | 15 of 23 | 36% |
| Revenue growth | 17.5 | (5.5) | 8 of 23 | 68% |
| Profit growth | 1.7 | (5.0) | 10 of 23 | 59% |
| Market cap | 4316 | 110 | 4 of 31 | 90% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 26 Sept 2026 · Trading Window closed from Oct 1 until Q2 results announcement | compliance | minimal | — | — |
| 21 Sept 2026 · Subros AGM 2026 voting results: all 8 resolutions passed | compliance | minimal | — | — |
| 18 Sept 2026 · Subros Limited holds 41st AGM, key resolutions placed before members | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Subros files proof of newspaper publication for 41st AGM notice | compliance | minimal | — | — |
| 25 Aug 2026 · Subros fixes 41st AGM on Sept 18, 2026; shares Annual Report link | compliance | minimal | — | — |
| 25 Aug 2026 · Subros submits BRSR for FY 2025-26 as part of Annual Report | compliance | low | — | — |
| 25 Aug 2026 · Subros 41st AGM Notice and Annual Report FY 2025-26 submitted to exchanges | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · Subros FY26 Annual Report: Revenue up 11.5%, PAT up 10.2% | results | high | — | — |
| 22 Aug 2026 · Subros publishes 41st AGM notice; dividend declared for FY 2025-26 | compliance | minimal | — | — |
| 10 Aug 2026 · Subros shares link of Q1 FY27 investor call audio recording | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.