Subros Ltd

Q4 FY25

Subros Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹733

Market cap₹5.4K Cr

P/E31.6

Updated23 Aug 2026

Read4 min read

The short version

Subros expects overall industry growth for FY '26 to be muted, around 1% to 3%, but aims to outperform the industry growth significantly. Subros expects to continue revenue growth outperforming industry, targeting 1%-3% industry growth but expecting better company growth driven by increasing AC penetration, especially in trucks from Oct 2025 regulation.

From Subros Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Subros expects overall industry growth for FY '26 to be muted, around 1% to 3%, but aims to outperform the industry growth significantly.
Growth drivers include increased AC penetration, especially mandatory AC in N2, N3 category trucks from October 2025.
The company targets more than 50% market share in the truck AC segment, with expected steep ramp-up post-October 2025.
EV bus segment is promising with almost 100% AC penetration expected due to battery cooling needs; large OEM tenders secured.
Content per vehicle expected to increase 1-2% in EV passenger vehicles (excluding electric compressors), with further growth with compressor localization when volumes justify.
In commercial vehicle and bus segment, 50-60% growth expected from current levels by FY '27.

2 more points management made on revenue & sales performance

Profitability & Margins

Subros expects to continue revenue growth outperforming industry, targeting 1%-3% industry growth but expecting better company growth driven by increasing AC penetration, especially in trucks from Oct 2025 regulation.
Margin improvement efforts are ongoing with a long-term target of 12%+ EBITDA margin, recently crossed 10.22% annual margin; FY '27 is indicated as a potential timeline to reach 12%.
New segments such as truck AC (N2, N3 category) with over 50% market share target and railway segments are expected to drive future growth.
EV and green mobility products currently contribute ~20% of revenue, with plans to expand HVAC and associated products aiding growth.

2 more points management made on profitability & margins

See what Subros Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Subros is undertaking a key strategic project at the Kharkhoda plant for capacity expansion and automation.
The Board has approved an investment proposal for this project.
Land acquisition for Kharkhoda plant is completed and construction is underway.
Planned capex for the Kharkhoda project is INR 150 crores.
The company intends to finance approximately 75% of the Kharkhoda investment (around INR 112 crores) through term loans during the financial year, with the remainder from internal accruals.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

Subros plans an investment of INR 150 crores for the Kharkhoda project.
The company intends to fund 75% of this through term loan borrowings, approximately INR 112 crores.
As of now, no loans have been taken, but the company aims to avail term loans up to INR 112 crores during the financial year.
The remaining capex will be funded from internal accruals.

2 more points management made on fundraising & capital structure

See what Subros Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Subros has secured almost INR 150 crores worth of orders in the truck AC (N2, N3 category) segment.
They anticipate maintaining more than 50% market share in this segment going forward.
For the railway segment, Subros has an order book of around INR 40 crores in tenders; INR 17 crores delivered and INR 23 crores expected to be delivered in the first 3 quarters.
Large tenders for EV buses have already been agreed with major OEMs; preparing for initial product introduction and battery cooling solutions.
The bus AC segment overall market size is about INR 400 crores to 450 crores; expecting to capture a significant market share.

2 more points management made on order book & pipeline

Subros Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹49 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Subros's management said in earlier quarters

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Frequently Asked Questions

What were Subros Ltd Q4 FY25 results?

What is Subros Ltd share price analysis?

Subros Ltd currently shows a neutral. The stock trades at a P/E of 31.6 with a market cap of ₹5,411 Cr. Investors should review the full earnings analysis for detailed insights.

Is Subros Ltd planning capital expenditure?

Subros is undertaking a key strategic project at the Kharkhoda plant for capacity expansion and automation.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.