Any current/future new fundraising through debt or equity?

The company is currently debt-free with no long-term borrowings on the books of accounts. There is no mention of any ongoing or planned new fundraising through debt or equity in the call. The focus is on sustaining and generating positive cash flow without relying on additional borrowing. Capital expenditure is planned around ₹100+ crores annually for incremental capacity and technology investments, funded internally. Any large technology investments, particularly for electric compressors, will be evaluated carefully based on EV market ramp-up before committing funds. No clear indication of ex

Any current/future capex/capital investment/strategic investment?

Current annual CAPEX is around Rs. 100-120 crore, mainly for sustaining and incremental capacity expansion, such as de-bottlenecking operations. Large greenfield infrastructure investments were completed about three years ago; current CAPEX does not include major new facilities. Additional CAPEX will be required for new technology investments, particularly for EV-related products. Electric compressor localization investment is at the feasibility stage; the company is cautious due to high investment and uncertain EV market ramp-up. Further strategic investments depend on the pace of EV penetrat

Future growth expectations in sales/revenue/volumes?

Subros expects double-digit revenue growth in the next year, subject to economic and geopolitical conditions post-elections. For FY '26 and '27, the company aims to outperform industry growth, targeting double-digit growth compared to the industry’s estimated 6%-8%. New technology adoption, especially related to EVs, hybrids, and thermal products, is expected to contribute significantly to revenue growth from 2026 onwards through 2031. The company has a strong order book (~Rs. 1,000 crores over two years) which will translate to revenues in the near term, though partly from replacement a

Future growth expectations in earnings/operating earnings/profits/EPS?

Subros expects double-digit revenue growth in the next year, contingent on geopolitical and economic stability post-elections. The company aims to exceed overall industry growth, targeting 6-8% growth in FY26-27, with ambitions for double-digit growth for these years. New technologies and EV products are expected to substantially contribute to revenue from FY26-27 onwards. EBITDA margins target is to break the 10% level soon, with efforts to eventually return to 11-12% margins seen in 2015-2017. Profitability has shown a strong recovery with a 43% YoY EBITDA increase and 103% PAT growth in FY2

Current/ Expected Orderbook/ Pending Orders?

Subros Limited booked orders worth around ₹475 crores in FY '23-'24 and ₹530 crores in the previous year. The total order book is approximately ₹1,000 crores spread across various customers and segments. The typical development to start-of-production (SOP) cycle is between 12 to 18 months. Not all of the ₹1,000 crores will translate into incremental revenue as some orders correspond to model changeovers or replacement business. For Mahindra, Subros has secured new business including BEV components and full systems for specific models, with SOP starting from September onwards. Orders for EV bus

Subros LtdQ1 FY25Industrial Products

Subros Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹576.35P/E: 21.9Market Cap: ₹3.8K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Subros expects double-digit revenue growth in the next year, subject to economic and geopolitical conditions post-elections.
For FY '26 and '27, the company aims to outperform industry growth, targeting double-digit growth compared to the industry’s estimated 6%-8%.
New technology adoption, especially related to EVs, hybrids, and thermal products, is expected to contribute significantly to revenue growth from 2026 onwards through 2031.
The company has a strong order book (~Rs. 1,000 crores over two years) which will translate to revenues in the near term, though partly from replacement and model changeover business.
Subros is expanding into EV-related components, with some products expected to start production next year; however, major investment decisions, particularly for electric compressors, await clearer EV market growth.
The company aims to sustain growth with existing and new customers, including Mahindra & Mahindra and Maruti Suzuki, for hybrid and EV models.

Margin guidance

Category 3

Subros expects double-digit revenue growth in the next year, contingent on geopolitical and economic stability post-elections.
The company aims to exceed overall industry growth, targeting 6-8% growth in FY26-27, with ambitions for double-digit growth for these years.
New technologies and EV products are expected to substantially contribute to revenue from FY26-27 onwards.
EBITDA margins target is to break the 10% level soon, with efforts to eventually return to 11-12% margins seen in 2015-2017.
Profitability has shown a strong recovery with a 43% YoY EBITDA increase and 103% PAT growth in FY24.
Continued margin improvement driven by cost reduction, operational efficiencies, and easing commodity prices.
CAPEX focused on incremental capacity and selective new technology investments to support 8-10% growth sustainably.
The company remains cautious on investments in EV compressors, pending clearer market ramp-up signals.

See what Subros Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company is currently debt-free with no long-term borrowings on the books of accounts.
There is no mention of any ongoing or planned new fundraising through debt or equity in the call.
The focus is on sustaining and generating positive cash flow without relying on additional borrowing.
Capital expenditure is planned around ₹100+ crores annually for incremental capacity and technology investments, funded internally.
Any large technology investments, particularly for electric compressors, will be evaluated carefully based on EV market ramp-up before committing funds.
No clear indication of external funding (debt/equity) is planned in the near future as per the management discussion.

Order book

Yes

Subros Limited booked orders worth around ₹475 crores in FY '23-'24 and ₹530 crores in the previous year.
The total order book is approximately ₹1,000 crores spread across various customers and segments.
The typical development to start-of-production (SOP) cycle is between 12 to 18 months.
Not all of the ₹1,000 crores will translate into incremental revenue as some orders correspond to model changeovers or replacement business.
For Mahindra, Subros has secured new business including BEV components and full systems for specific models, with SOP starting from September onwards.
Orders for EV bus HVAC systems are approaching conclusion with large customers, with order booking expected in the second half of the year.
Localization efforts and new product technologies will contribute to future order inflows, targeting growth beyond industry levels by 2026-27.

See what Subros Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Current annual CAPEX is around Rs. 100-120 crore, mainly for sustaining and incremental capacity expansion, such as de-bottlenecking operations.
Large greenfield infrastructure investments were completed about three years ago; current CAPEX does not include major new facilities.
Additional CAPEX will be required for new technology investments, particularly for EV-related products.
Electric compressor localization investment is at the feasibility stage; the company is cautious due to high investment and uncertain EV market ramp-up.
Further strategic investments depend on the pace of EV penetration, expected ramp-up beyond FY '26-'27.
CAPEX related to new technologies (hose and pipe for battery cooling, hybrid condensers/radiators, compressors) will be pursued as market potential becomes clearer.
No specific investment quantum is disclosed yet; announcements will be made in future calls based on market developments.

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Subros Ltd Q1 FY25 Earnings Call Analysis

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