Arthneeti

Subros Q1 FY27 Share Price & Earnings Call Analysis

₹576.35-1.66% today
Market cap
₹3,764 Cr
P/E
21.90
ROE
14.49%
PEG
0.42
Price to sales
0.97
Debt to equity
0.06
52W high / low
₹1,106 / ₹576
Sales growth (5Y)
15.90%
EBITDA margin
8.25%
Net profit margin
4.51%
Promoter holding
36.79%
Sales (last year)
₹3,909 Cr

Subros Limited was incorporated in 1985 as a joint venture public limited company with Suri family of India (36.79% ownership), Denso Corporation, Japan (20% ownership) & Suzuki Motor Corporation, Japan (11.96% ownership). It is engaged in the business of manufacturing and supplying Auto Air Conditioning products for all major Automakers in Passenger and Commercial Vehicle Space. It has a technical collaboration with Denso Corporation [1]

Guidance scorecard · Q1 FY27 call

What Subros Ltd's management guided
and where it ranks in Industrial Products

Revenue0–10%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

0–10%
  • 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.

2 more points from Subros Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • 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.

2 more points from Subros Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

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

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • 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.

2 more points from Subros Ltd's call on the order book

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Full Q1 FY27 analysis
Full Industrial Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Subros Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹532 Cr21.2
240%+Up 2%+₹450 Cr13.2
340%+Up 2%+₹371 Cr26.1
440%+Up 0–2%₹1,340 Cr32.9
540%+Up 0–2%₹1,196 Cr14.1
640%+Flat₹966 Cr25.0

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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Subros Ltd announcements

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Financials of Subros Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Subros Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +7486938137328328108288219088788809481,050
Expenses +697646743673755733752745816796811866958
Operating Profit51477060777776769382688192
OPM %7%7%9%8%9%10%9%9%10%9%8%9%9%
Other Income +623743656620-28
Interest2234432332232
Depreciation28272928323132323431313231
Profit before tax26204234454749466255554566
Tax %31%32%36%21%32%26%25%28%25%25%25%22%26%
Net Profit +18142727303536334641413549
EPS in Rs2.802.084.104.124.665.365.585.057.086.266.255.337.56

Financials of Subros Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1,1921,2981,5351,9132,1241,9931,7962,2392,8063,0713,3683,756
Expenses +1,0551,1461,3671,7031,8961,8041,6422,0892,6382,8153,0453,431
Operating Profit137152168210229189154149168255323324
OPM %11%12%11%11%11%9%9%7%6%8%10%9%
Other Income +12-24666211920142030
Interest39424841423616117121110
Depreciation79878892799092102110117128125
Profit before tax2026882114124564571141204220
Tax %0%9%-63%26%33%32%16%28%32%31%26%25%
Net Profit +20241361768547324898151166
EPS in Rs3.343.992.2010.1011.6913.007.264.987.3514.9623.0825.39
Dividend Payout %21%20%23%11%11%6%10%14%14%12%11%12%

Financials of Subros Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital121212121313131313131313
Reserves3053233353926677397828118549431,0811,231
Borrowings +420390404385244155523319354130
Other Liabilities +236276373508456482602648657661724860
Total Liabilities9731,0011,1251,2971,3801,3881,4491,5051,5431,6511,8592,134
Fixed Assets +537563497670690765745726723745719756
CWIP8854149908666546186807953
Investments00122155255116143
Other Assets +3483844775366035556467127098219451,182
Total Assets9731,0011,1251,2971,3801,3881,4491,5051,5431,6511,8592,134

Financials of Subros Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +141151111315100239154151141166175105
Cash from Investing Activity +-94-69-75-231-126-93-58-100-145-92-165-137
Cash from Financing Activity +-48-82-35-7217-148-68-534-65-137
Net Cash Flow-1-0113-8-328-1-18-3-25
Free Cash Flow47823384-261419245314758-42
CFO/OP106%103%67%157%54%138%108%107%90%75%72%55%

Financials of Subros Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days242831312935423727344956
Inventory Days787370666161807057605660
Days Payable4954821129610013010783818482
Cash Conversion Cycle524719-16-6-4-9-12132134
Working Capital Days-36-33-47-52-29-23-16-9-671742
ROCE %8%9%12%16%19%13%8%7%9%16%20%20%

Guidance history

How Subros Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →0–10%FlatPlanned—Rising
Q4 FY26 call →10–20%Up 0–2%Planned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

4out of 100

Momentum score · price trend

4 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−47.9%6%
Last 6 months−26.0%12%
Last 3 months−29.6%6%

The price is 51.7% below its all-time high of ₹1,194.2 (29 Sept 2025). Stocks more than 20% below their peak have their score halved, so 9 became 4.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Subros Ltd: 0.4 × 6 + 0.4 × 12 + 0.2 × 6 = 9, halved to 4 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Subros Ltd's management said in earlier quarters

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