Subros Ltd Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 Aug 2026 | Industrial Products | Market Cap: ₹4.8K Cr
Truck Cabin AC market in India is currently Rs. Subros expects growth aligned with industry trends, projecting moderate single-digit growth overall due to current geopolitical uncertainties.
From Subros Ltd's Q1 FY27 earnings-call transcript · updated 26 Aug 2026.
Price
₹730
Market Cap
₹4.8K Cr
P/E Ratio
27.8
Revenue Rank
Margin Rank
How does Subros Ltd rank in Industrial Products?
Compare Subros Ltd against every Industrial Products company this quarter on revenue, margins and earnings-call signals.
Subros Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹49 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 4- →Truck Cabin AC market in India is currently Rs. 600-700 crore; expected to grow to approximately Rs. 800 crore with CV segment growth.
- →Subros currently holds ~41% share in Cabin AC for Commercial Vehicles.
- →Truck AC segment revenue was Rs. 260 crore in FY 2025-26; expected to reach Rs. 300 crore in FY 2026-27, Rs. 400-450 crore in next 2-3 years.
- →Overall company revenue growth expected in line with industry growth (~moderate single-digit growth).
- →Non-passenger vehicle business (commercial vehicle AC) grew 77% in the last quarter; bus AC grew 6%.
- →Railway segment expected to cross Rs. 100 crore in next 3 years.
- →New product launches such as electric compressors (phased SOP from FY 2027) expected to break even around FY 2028-29.
- →Capacity expansions planned at Kharkhoda and West India to support demand, especially from Maruti Suzuki.
📈 Profitability & Margins
Rank 3- →Subros expects growth aligned with industry trends, projecting moderate single-digit growth overall due to current geopolitical uncertainties.
- →Truck Cabin AC segment (Commercial Vehicles) revenue expected to grow from Rs. 260 crore in FY 25-26 to around Rs. 300 crore in FY 26-27 and Rs. 400-450 crore over the next 2-3 years.
- →EBIT margins target of double digits pushed out by 12+ months due to wage hikes and commodity inflation; margin improvement expected between FY 2028-2029.
- →Revenue for electric compressor project from Maruti’s EV segment to stabilize and contribute significantly by FY 28-29, reaching company-level margin profiles.
- →Investments in automation, localization, and productivity ongoing to sustain long-term growth and improve margins once macro environment normalizes.
- →Railway business expected to cross Rs. 100 crore revenue in next 3 years, contributing to diversification and growth.
- →Overall, profits and EPS growth are linked to market recovery and execution of strategic projects, with cautious optimism post FY 28-29.
🏗️ Capital Expenditure Plans
Yes- →Kharkhoda Greenfield project: progressing well, construction at advanced stage, machine readiness underway; capacity expansion to support Maruti Suzuki's increased production, with Phase 1 capacity of 4.75 lakh units and Phase 2 totaling 9.5 lakh units.
- →New plant planned in West India (Sanand area) to support Maruti's upcoming plant of 1 million units; discussions ongoing for SOP and line installation.
- →Greenfield project at Karsanpura, Gujarat: focused on compression manufacturing for EV and hybrid ecosystems and expanding mechanical compressors for ICE engines.
- →Signed technology assistance agreement with Denso Corporation Japan and Toyota Industries Corporation Japan for local manufacturing of e-compressors, strengthening electric mobility portfolio.
- →Investments aimed at increasing automation, productivity improvements, and localization to de-risk from global supply disruptions and wage inflation pressures.
- →Long-term funding approvals taken for Kharkhoda and Karsanpura projects to support strategic expansions and repayment plans.
💰 Fundraising & Capital Structure
No information- →Subros Limited has taken approvals for long-term funding specifically for the Kharkhoda and Karsanpura projects.
- →These projects' funding will be supported via loans, with the expectation that once operational, their cash flows will support repayment.
- →There was no mention of any immediate or planned equity fundraising during the call.
- →The company's cash flows are intact, with internal accruals being reinvested into the business except for the strategic projects mentioned.
- →Overall, the focus is on financial prudence with existing hedging policies for foreign exchange volatility and managing receivables efficiently.
📋 Order Book & Pipeline
Yes- →Railway business is a key focus area with a growing footprint.
- →Last year, a large order of approximately Rs. 32 crores was completed.
- →In the current year, there is a firm order of around Rs. 31 crores.
- →Additionally, there is an Annual Maintenance Contract (AMC) business worth Rs. 50 crores spread over 3-4 years.
- →Several large railway orders are currently in the pipeline.
- →The company targets to cross Rs. 100 crores revenue from the railway segment in the next 3 years.
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Subros Ltd Q1 FY27 results?
Truck Cabin AC market in India is currently Rs. Subros expects growth aligned with industry trends, projecting moderate single-digit growth overall due to current geopolitical uncertainties.
What is Subros Ltd share price analysis?
Subros Ltd currently shows a neutral. The stock trades at a P/E of 27.8 with a market cap of ₹4,783 Cr. Investors should review the full earnings analysis for detailed insights.
Is Subros Ltd planning capital expenditure?
Kharkhoda Greenfield project: progressing well, construction at advanced stage, machine readiness underway; capacity expansion to support Maruti Suzuki's increased production, with Phase 1 capacity of 4.75 lakh units and Phase 2 totaling 9.5 lakh units.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.