Subros Ltd(SUBROS)

NSE: SUBROSBSE: 517168

₹ 593.85+0.93%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,874 crNext results: 3 Nov 2026Website: www.subros.comUpdated: 27 Oct 2026

About

Subros Ltd is India's largest manufacturer of automotive thermal management systems - air conditioning units, heat exchangers, and related components - supplying passenger vehicles, commercial vehicles, and railways. The company posted FY26 revenue of ₹3,755.52 Cr, up 11.52% YoY, and held a 41% share of the passenger car AC market in Q1 FY27. It operates in technical collaboration with Denso Corporation and Toyota Industries Corporation of Japan.^[1][2][3]

Revenue by customer and segment

In Q1 FY27, Maruti AC products contributed ₹695 Cr, ACM ₹135 Cr, and other OEMs ₹200 Cr+ out of total revenue of ₹1,032 Cr.^[2]
Passenger vehicle segment revenue was ₹930 Cr in Q1 FY27, up 19% YoY; commercial vehicle truck revenue was ₹75 Cr, up 77% YoY.^[2]
Green mobility thermal systems (hybrid, EV, CNG) contributed approximately 25% of Q1 FY27 total revenue, growing 9% YoY.^[2]
CV truck segment full-year FY26 revenue was ₹260 Cr, up from ₹125 Cr in FY25; management targets ₹300 Cr in FY27.^[2][4]

Market position

Passenger car AC market share: 41% in Q1 FY27.^[2]
Truck aircon market share: 41% in Q1 FY27; bus AC market share: 16% in Q1 FY27.^[2]
Subros held ~20% share of Mahindra's total thermal product purchases in H1 FY26, targeting ~25% as new programs come online.^[4]

Plants and capacity

Kharkhoda greenfield plant SOP pushed from Q1 FY27 to Q3 FY27 (October - December 2026); Phase 1 capacity 4.75 lakh units, scalable to 9.5 lakh units across both phases.^[2]
Karsanpura plant (Gujarat) started production of Maruti Fronx in Q4 FY26 and is being expanded for electric compressor localisation and FDC capacity.^[1]
Total planned investment in the Kharkhoda greenfield plant is ₹150 Cr; ₹80 Cr had been spent as of Q2 FY26.^[4]

Key operating metrics

Q1 FY27 revenue ₹1,032 Cr, +17.52% YoY; EBITDA ₹86.99 Cr, -0.82% YoY; EBITDA margin 8.47%, down 155 bps YoY.^[2]
Material cost as % of net sales was 73.79% in Q1 FY27, up 199 bps YoY, driven by commodity price escalation, industrial gases, logistics, and statutory wage increases.^[2]
FY26 full-year EBITDA margin was 9.70%, down 52 bps from 10.22% in FY25; material cost was 73.12% of net sales in FY26, up 0.67 ppts YoY.^[1]
CV truck AC revenue grew 136% YoY in Q3 FY26 following mandatory AC regulation for N2/N3 trucks implemented 8 June 2025; 9M FY26 truck revenue ~₹180 Cr vs ~₹70 - 75 Cr in 9M FY25.^[5]

Customers and distribution

Primary OEM customers include Maruti Suzuki, Mahindra, and in CV, Daimler and Ashok Leyland - the latter two added in Q3 FY26.^[5]
EV thermal content per vehicle is approximately 2x that of an ICE vehicle across HVAC, condenser, radiator, and hose & pipe (excluding compressor).^[4]
Subros secured 2 - 3 new Mahindra PV platforms in Q3 FY26, with SOPs expected from FY27 onwards; it is also present in all three Mahindra EV platforms on selective components.^[5]

Expansion and capex

Technology Assistance Agreement signed with Denso Corporation Japan and Toyota Industries Corporation Japan for local manufacturing of electric compressors at Karsanpura, Gujarat; announced in Q1 FY27.^[2]
E-compressor Phase 1 capex of ₹175 Cr at Karsanpura Plant 2; initial capacity 400,000 units for 20cc, 27cc, and 34cc variants; Phase 1 SOP targeted November 2027, with 80 - 85% import content initially.^[5][2]
E-compressor business secured from Maruti Suzuki for FY28 - FY29 model launches worth ₹1,280 Cr over a 7-year lifecycle across three model phases.^[5]
Early-stage planning underway for a new plant in West India (Sanand/Gujarat area) to serve Maruti's announced 1 million unit plant; feasibility and internal approvals pending.^[2]

Railway segment

Completed a ₹32 Cr railway order in FY26; current firm order of ₹31 Cr plus a ₹50 Cr AMC spread over 3 - 4 years; targeting ₹100 Cr from railways within 3 years.^[2]
Won a ₹52 Cr, 3-year Annual Maintenance Contract for railway coach HVAC units in Q3 FY26; company is participating in Vande Bharat tenders.^[5]
Railway segment grew 26% in H1 FY26; a separate ₹27 Cr tender was bagged and awarded in Q2 FY26.^[4]

Recent developments

In Q1 FY27, statutory wage increases of 30 - 32% (Haryana) and 26 - 28% (UP) added more than 1% adverse impact on EBITDA margin; management explicitly pushed out the 12% EBITDA margin target.^[2]
New business awards received in Q4 FY26 covering electric compressor, HVAC & heat exchangers, and the railway segment for forthcoming OEM platforms.^[1]
H1 FY26 operating cash flow turned negative due to a strategic inventory build of more than ₹75 Cr to buffer against geopolitical supply-chain disruption.^[4]

Market Cap

₹3,874 Cr

High / Low

₹1,162 / 581

Stock P/E

23.2

Price / Book

3.1

Book Value

₹191

EPS

₹25.4

No. of Shares

6.52 Cr

ROCE

20.1%

ROE

14.2%

OPM

6.3%

Debt / Equity

0.02

Sales

₹3,756 Cr

Net Profit

₹166 Cr

Promoter holding

36.8%

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