SUBROS

Subros share price & financials

Price
₹747.45
Market cap
₹4.9k Cr
Sector
Capital Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 10 Aug 2026

Subros Limited Q1 FY27

Revenue from Operations ₹1,032 cr +18%EBITDA ₹86.99 cr −1%EBITDA Margin 8.43% Profit After Tax ₹41.38 cr +2%

What went well

  • Healthy revenue growth of 17.5% to ₹1,032 crores in Q1 FY27.
  • Passenger vehicle segment grew approximately 24%.
  • Commercial Vehicle (Truck Aircon) business grew 77%.

What to watch

  • Profitability remained under pressure, with EBITDA marginally declining by 0.82% to ₹86.99 crores.
  • EBITDA margin impacted by approximately 1% due to cost escalations (commodity, industrial gases, logistics, manpower).
Read the full call →

What Subros Limited does

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

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 3 delivered 2 missed 14 open
  • Truck AC Revenue delivered said Q2 FY25 Promised: ₹160-175 crores Q1 FY27: Promise was to achieve ₹160-175 crores. FY26 revenue was ₹263 crores, confirming prior achievement.
  • Import Content went quiet said Q2 FY25 Promised: <10% in next 2-3 years Q1 FY27: No update on the overall import content target. Management discussed localization for specific projects (e-compressor) but not the consolidated metric.
  • EBITDA Margin delayed said Q3 FY25 Promised: around 12% Q1 FY27: EBITDA margin at 8.43%. Management states the double-digit aspiration is 'slightly pushed out for the period' due to cost pressures.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.5%, net profit up 2.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue828 821 908 878 880 +6%948 +15%1,050 +16%1,032 +18%
EBITDA76 76 93 82 68 −11%81 +7%92 −1%81 −1%
Net profit36 33 46 41 41 +14%35 +6%49 +7%42 +2%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −24.8% 1Y

₹0.6k₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 2 Feb 2026Q4 FY26 — 19 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹935.55 on 10 Sept 2025 → ₹703.75. High ₹1,194.2 (29 Sept 2025), low ₹635.25 (30 Mar 2026).

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.

Financials, as filed

Revenue grew 10.2% a year over 3 years, FY23 to FY26. Operating margin widened to 8.6%.

Year endingFY23FY24FY25FY26
Revenue₹2.8k Cr₹3.1k Cr₹3.4k Cr₹3.8k Cr
Operating profit₹168 Cr₹254 Cr₹322 Cr₹323 Cr
Operating margin6.0%8.3%9.6%8.6%
Interest₹7 Cr₹13 Cr₹11 Cr₹9 Cr
Depreciation₹111 Cr₹116 Cr₹129 Cr₹125 Cr
Net profit₹48 Cr₹98 Cr₹150 Cr₹166 Cr
Net margin1.7%3.2%4.5%4.4%
Cash from operations₹141 Cr₹166 Cr₹175 Cr₹105 Cr
Free cash flow₹31 Cr₹47 Cr₹58 Cr₹-42 Cr
ROCE9.0%16.0%20.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr
Reserves₹782 Cr₹811 Cr₹854 Cr₹943 Cr₹1.1k Cr₹1.2k Cr
Borrowings₹52 Cr₹33 Cr₹19 Cr₹35 Cr₹24 Cr₹30 Cr
Other liabilities₹602 Cr₹648 Cr₹657 Cr₹661 Cr₹818 Cr₹860 Cr
Total liabilities₹1.4k Cr₹1.5k Cr₹1.5k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr
Fixed assets₹745 Cr₹726 Cr₹723 Cr₹745 Cr₹753 Cr₹756 Cr
Capital work in progress₹54 Cr₹61 Cr₹86 Cr₹80 Cr₹31 Cr₹53 Cr
Investments₹5 Cr₹5 Cr₹25 Cr₹5 Cr₹71 Cr₹143 Cr
Other assets₹646 Cr₹712 Cr₹709 Cr₹821 Cr₹1.1k Cr₹1.2k Cr
Total assets₹1.4k Cr₹1.5k Cr₹1.5k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.86 pp while DIIs trimmed −0.62 pp. The shareholder count grew 18% to 56,225.

Promoters
36.8%
FIIs
32.7%
DIIs
10.7%
Public
19.8%

Since Jun 2025

  • Public +0.86 pp
  • DIIs −0.62 pp
  • FIIs −0.25 pp

How it drifted, 12 quarters

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 36.8%, FIIs 32.7%, DIIs 11.0%, Public 19.5%.Dec '23: Promoters 36.8%, FIIs 33.4%, DIIs 9.5%, Public 20.4%.Mar '24: Promoters 36.8%, FIIs 32.8%, DIIs 10.0%, Public 20.4%.Jun '24: Promoters 36.8%, FIIs 33.2%, DIIs 10.4%, Public 19.6%.Sep '24: Promoters 36.8%, FIIs 33.0%, DIIs 10.7%, Public 19.5%.Dec '24: Promoters 36.8%, FIIs 32.8%, DIIs 10.7%, Public 19.7%.Mar '25: Promoters 36.8%, FIIs 32.8%, DIIs 11.2%, Public 19.2%.Jun '25: Promoters 36.8%, FIIs 32.9%, DIIs 11.3%, Public 18.9%.Sep '25: Promoters 36.8%, FIIs 33.1%, DIIs 11.3%, Public 18.8%.Dec '25: Promoters 36.8%, FIIs 32.8%, DIIs 11.1%, Public 19.4%.Mar '26: Promoters 36.8%, FIIs 32.8%, DIIs 10.8%, Public 19.6%.Jun '26: Promoters 36.8%, FIIs 32.7%, DIIs 10.7%, Public 19.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Subros Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Denso Corporation Corporate20.00%unchanged
Deeksha Holding Limited 15.54%unchanged
Suzuki Motor Corporation Corporate11.96%unchanged
Shradha Suri 8.56%unchanged
Jyotsna Holding Private Limited 5.29%unchanged
Kotak Mahindra Mutual Fund Mutual fund5.03%unchanged
R. R. Holdings Private Limited 4.92%unchanged
Responsible Holding Private Limited 2.69%unchanged
Js Family Trust 2.48%unchanged
UTI Mutual Fund Mutual fund2.13%−0.06 pp
Canara Robeco Mutual Fund Mutual fund1.57%unchanged
Shs Transport Private Limited 1.50%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SUBROS

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹69 Cr
1 schemes
Biggest holder
Nippon India Small Cap Fund
₹69 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹69 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+159%
vs est. average cost
Held by funds
₹69 Cr
1 schemes · ≈ 1.5% of the company

Shares held by these funds −2%

Aug '23 9.68 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹704, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~47%. At that growth it is worth ₹2445 — upside of 247%.

Growth the price implies
20.9% a year
for 7 years, fading to 4%
It has actually compounded at
46.8% a year
net profit, FY23–FY26 · EPS 46.8%
The gap
-0.3 pp
247% downside if it only repeats history
Price today ₹703.75 Value at the reference growth ₹2,444.79

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Subros Limited

Guides on how to read this kind of business and the numbers that matter.