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Subros share price & results

Subros Limited· Capital Goods· Industrials

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

India's largest automotive air-conditioning & thermal systems maker, a JV with Suzuki and Denso.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue1,032 ₹ crore+17.5% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin8.0 %−1.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit41.0 ₹ crore0.0% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity14.76 %+0.2 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin-1.14 %−2.9 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)13.83 %+1.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

3 of 5 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.

Subros Limited management guidance track record on Inve: 19 targets tracked across analysed earnings calls (3 achieved, 2 missed, 14 open).

TargetOriginal wordingSaidLatest callVerdict
Truck AC Revenue₹160-175 crores
Call transcript, Q2 FY25 · 8 Nov 2024		Q2 FY25Q1 FY27:Promise was to achieve ₹160-175 crores. FY26 revenue was ₹263 crores, confirming prior achievement.
Call transcript, Q1 FY27 · 10 Aug 2026		Achieved
Import Content<10% in next 2-3 years
Call transcript, Q2 FY25 · 8 Nov 2024		Q2 FY25Q1 FY27:No update on the overall import content target. Management discussed localization for specific projects (e-compressor) but not the consolidated metric.
Call transcript, Q1 FY27 · 10 Aug 2026		Ghosted
EBITDA Marginaround 12%
Call transcript, Q3 FY25 · 31 Jan 2025		Q3 FY25Q1 FY27:EBITDA margin at 8.43%. Management states the double-digit aspiration is 'slightly pushed out for the period' due to cost pressures.
Call transcript, Q1 FY27 · 10 Aug 2026		Delayed

Source: Inve Guidance Tracker for Subros Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Subros Limited's 19 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.

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Price

₹615.85 +3.43% · +₹20.45

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −43.7% 1Y

₹0.6k₹0.8k₹1.0kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 19 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹1,094.1 on 24 Oct 2025 → ₹615.85. High ₹1,134.4 (28 Oct 2025), low ₹588.1 (23 Oct 2026).

Previous close
₹595.4
Market cap
₹3.9k Cr
52-week range
₹588.1 – ₹1,134.4
One year
−44.86%
Price to earnings (TTM to Jun 2026)
22.51×
Return on equity (TTM to Jun 2026)
14.76%

Overview

Symbol
NSE:SUBROS
Industry
Industrials
Exchange
NSE
Currency
INR

What Subros Limited does

Based on the company's own presentations, annual report and earnings calls.

Subros is an integrated manufacturer of automotive thermal (air-conditioning) systems, designing and producing HVAC units, compressors, condensers and heat exchangers that it supplies to car, bus, truck, tractor, reefer and railway OEMs, plus a smaller home-AC line. It is backward-integrated into components such as compressors and brazed heat-exchangers rather than only assembling bought-out parts, and runs plants sited close to major customer factories (e.g. Manesar near Maruti Suzuki, Pune near Tata Motors, Karsanpura near Suzuki Motor Gujarat) to support just-in-time supply. It also has technical and tool-engineering centres for in-house product design and validation, with technology sourced partly through its Japanese JV partner Denso.

Segments

  • Passenger Vehicle (PV) Thermal Systems
  • Commercial Vehicle (CV) Thermal Systems
  • Non-auto thermal products
Manufacturing plants
9 plants (Noida x4 incl. central works & die-casting, Manesar, Pune, Chennai, Karsanpura, Nalagarh), plus a new Kharkhoda greenfield plant under construction
Market position
Market leader with ~41% share each in passenger-vehicle AC and truck aircon/blower segments
Technical centres
2 (Noida)
Tool engineering centres
1 (Noida)
Patents granted
14 patents across its product portfolio
Ownership structure
Joint venture between Indian promoters, Suzuki Motor Corporation (Japan) and DENSO Corporation (Japan)
Founded 1985Headquarters New Delhi Company website

How the price took the results

close before → close after

Q1 FY27
−6.1%
10 Aug
Q4 FY26
+0.5%
19 May
Q3 FY26
−1.3%
2 Feb
Q2 FY26
−0.2%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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