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Subros Limited

Subros Limited

SUBROS.NS
Subros LimitedIN flagNational Stock Exchange of India
821.45
INR
-22.15
- -
53.59BMarket Cap
Subros Limited
SUBROS.NS
(National Stock Exchange of India)

Recent

price

821.45

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
182.11
186.79
212.8
196.07
200.37
218.49
255.73
318.65
344.29
305.23
274.9
342.59
429.18
470.69
516.11
575.63
575.65
Revenue per Share
4.77
7.96
3.38
3.47
3.34
3.99
2.2
10.09
12.37
13
7.26
4.98
7.35
14.96
23.07
25.39
25.39
Basic EPS, GAAP
-14.52
-16.81
6.78
-2.34
7.74
13.61
-7.26
14
-4.39
21.56
13.95
6.88
1.27
7.02
8.72
-6.78
- -
Free Cash Flow per Basic Share
0.82
0.93
1.28
0.81
0.82
0.84
0.96
0.5
1.07
1.3
0.8
0.7
0.7
1
1.8
2.6
- -
Dividend per Share
2
27.04
29.27
31.57
33.73
37.27
38.18
45.32
55.18
64.16
70.93
75.09
81.53
94.89
115.82
2
2
Book Value per Share
28.2
29.26
29.74
29.91
26.17
29.43
26.51
36.79
81
87.97
95.88
100.1
107.78
121.67
143.27
166.76
166.77
Tangible Book Value per Share
60
60
60
60
60
60
60
60
62
65
65
65
65
65
65
65
65
Basic Weighted Avg Shares
10,925
11,205
12,766
11,762
12,020
13,107
15,341
19,115
21,222
19,912
17,933
22,349
27,998
30,706
33,676
37,555
37,555
Sales/Revenue/Turnover
4.36
3.96
3.88
4.74
4.82
5.05
5.2
6.17
7.07
5.17
3.46
2.26
2.06
4.6
5.77
5.31
5.98
Operating Margin (%)
406
532
728
775
789
865
879
920
788
903
921
1,024
1,103
1,165
1,282
1,249
1,249
Depreciation Expense
286
477
203
208
200
239
132
606
762
848
474
325
479
976
1,505
1,656
1,656
Net Income, GAAP
11.04
17.64
16.65
- -
0.39
9.25
- -
26.44
33.17
31.56
15.99
28.27
32.36
30.6
26.06
24.76
24.76
Effective Tax Rate (%)
2.62
4.26
1.59
1.77
1.67
1.83
0.86
3.17
3.59
4.26
2.64
1.45
1.71
3.18
4.47
4.41
4.41
Profit Margin (%)
-719
-849
-882
-656
-1,107
-1,174
-1,935
-2,525
-780
-360
389
626
647
1,808
3,156
4,678
4,678
Working Capital
767
1,361
1,896
2,414
2,143
1,905
1,568
1,526
574
315
329
198
91
44
1
241
241
LT Debt
2,303
2,705
2,860
3,018
3,169
3,403
3,475
4,044
6,799
7,520
7,951
8,238
8,673
9,559
10,941
12,441
12,441
Total Equity
12.68
8.28
7.16
- -
8.97
8.66
- -
11.23
11.66
7.67
5.76
4.05
4.25
10.1
13.47
12.19
13.73
Return on Invested Capital (%)
33.25
24.88
10.74
- -
10.57
10.44
- -
12.63
15.78
18.23
10.15
6.62
8.68
16.41
21.93
39.1
243.87
Return on Capital (%)
238.72
54.81
12
11.39
10.22
11.24
5.83
24.18
24.91
22.36
10.76
6.82
9.38
16.96
21.9
43.1
1,269.49
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
790
- -
506
LT Borrowings
16
- -
241
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
65
- -
65
Market Capitalization
70,803
56,502
41,444

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
11,478
- -
12,297
Cash, Cash Equivalents & STI
1,747
- -
1,777
Accounts Receivable, Net
4,910
- -
5,756
Inventories
4,568
- -
4,512
Total Current Liabilities
7,349
- -
7,619
Payables & Accruals
- -
- -
- -
ST Debt
790
- -
506
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
15.02%
9.45%
13.71%
Free Cash Flow
-106.6%
33.44%
-177.75%
Net Income, GAAP
49.15%
36.8%
10.04%
Sales/Revenue/Turnover
11.73%
16.15%
11.52%
Total Cash Common Dividend
- -
- -
44.46%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,932
8,134
7,325
8,218
30,706
2025
8,098
8,283
8,210
9,085
33,676
2026
8,782
8,798
9,477
10,498
37,555

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.08
4.1
4.12
- -
14.96
2025
5.36
5.58
5.05
7.08
23.07
2026
6.26
6.24
5.33
7.56
25.39

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1
2025
- -
- -
- -
- -
1.8
2026
- -
- -
- -
- -
2.6
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Business
Subros Limited, established in 1985 as a joint venture with Denso Corporation and Suzuki Motor Corporation, manufactures and supplies thermal products for automotive applications in India, headquartered in New Delhi with manufacturing units in Noida, Manesar, Pune, Chennai, Nalagarh, and Karsanpura. The company offers reciprocating compressors, automotive condensers, engine cooling modules including radiators, heat exchangers, heating ventilating and air conditioning systems comprising heaters, evaporators and blower units, tubes and hoses; along with bus AC systems, driver cabin AC for railway engines and locomotives, commercial and residential AC units, transport refrigeration systems, truck cabin AC systems, off-roader AC systems and tractor AC systems, primarily serving passenger vehicles, commercial vehicles, railways and residential markets with exports to select international destinations and technical collaboration with Denso enhancing product development. Ownership comprises 36.79% by Indian promoters, 20% by Denso Corporation Japan and 11.96% by Suzuki Motor Corporation Japan; recent developments include receipt of two new orders worth Rs 120 crore in Q2 FY2025 with start of production by FY2026, a Rs 27 crore order from Indian Railways' Banaras Locomotive Works for diesel locomotive cabin ACs to be completed by October 2026, new business in hydrogen-based bus project pilot with Ashok Leyland, supplies commencing to tractor segment including exports via Mahindra & Mahindra, mandatory truck driver cabin ACs driving CV orders from October 2025, board approval for Rs 150 crore greenfield plant near Maruti Suzuki's Kharkhoda facility commissioning by April 2026 targeting 60-70% utilization quickly, and new product development for electric vehicle HVAC, battery cooling, traction motor cooling and controllers alongside 20% topline from alternative fuels CNG hybrid electric segments.