Subros Ltd

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Subros Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Subros Ltd

₹ 595 1.87%
04 Nov - close price
subros.com BSE: 517168 NSE: SUBROS
About

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]

Key Points

Market Leadership[1]
The company is India's largest Air Conditioning & Thermal Products manufacturer, holding a 41% market share in passenger car ACs and 42% in the truck aircon/blower segment in Q3 FY26.

Website BSE NSE
  • Market Cap ₹ 3,882 Cr.
  • Current Price ₹ 595
  • High / Low ₹ 1,069 / 571
  • Stock P/E 22.0
  • Book Value ₹ 201
  • Dividend Yield 0.50 %
  • ROCE 19.2 %
  • ROE 14.5 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 29.2% CAGR over last 5 years

Cons

  • Company has a low return on equity of 13.3% over last 3 years.
  • Debtor days have increased from 46.2 to 55.9 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Other Industrial Products

Part of BSE Industrials Nifty Total Market BSE 1000 Nifty Microcap 250 Nifty Smallcap 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
813 732 832 810 828 821 908 878 880 948 1,050 1,032 1,199
743 673 754 733 752 745 816 796 811 866 957 951 1,115
Operating Profit 70 60 77 77 76 76 93 82 68 81 92 81 84
OPM % 9% 8% 9% 10% 9% 9% 10% 9% 8% 9% 9% 8% 7%
3 7 4 3 6 5 6 6 20 -2 8 6 7
Interest 3 4 4 3 2 3 3 2 2 3 2 3 2
Depreciation 29 28 32 31 32 32 34 31 31 32 31 29 29
Profit before tax 42 34 45 47 49 46 62 54 54 45 67 56 60
Tax % 36% 21% 32% 26% 25% 28% 25% 25% 26% 22% 25% 26% 26%
27 27 31 35 36 33 46 41 41 35 50 41 45
EPS in Rs 4.10 4.11 4.70 5.35 5.59 5.03 7.08 6.23 6.22 5.34 7.62 6.34 6.84
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
1,187 1,295 1,535 1,913 2,124 1,993 1,796 2,239 2,806 3,071 3,368 3,756 4,228
1,050 1,142 1,367 1,703 1,896 1,804 1,642 2,089 2,638 2,815 3,045 3,430 3,890
Operating Profit 137 152 168 210 229 189 154 149 168 255 323 325 339
OPM % 12% 12% 11% 11% 11% 9% 9% 7% 6% 8% 10% 9% 8%
1 2 -24 5 6 61 10 9 20 14 20 30 19
Interest 39 42 48 41 42 36 16 11 7 12 11 10 10
Depreciation 79 86 88 92 79 90 92 102 110 117 128 125 121
Profit before tax 20 26 8 82 114 124 56 45 71 141 203 220 227
Tax % 0% 9% -63% 26% 33% 32% 16% 28% 32% 31% 26% 25%
20 24 13 61 76 85 47 33 48 98 150 166 171
EPS in Rs 3.39 4.00 2.22 10.11 11.67 12.96 7.16 4.99 7.37 14.97 23.06 25.41 26.14
Dividend Payout % 21% 20% 22% 11% 11% 6% 10% 14% 14% 12% 11% 12%
Compounded Sales Growth
10 Years: 11%
5 Years: 16%
3 Years: 10%
TTM: 21%
Compounded Profit Growth
10 Years: 22%
5 Years: 29%
3 Years: 53%
TTM: 10%
Stock Price CAGR
10 Years: 14%
5 Years: 9%
3 Years: 14%
1 Year: -43%
Return on Equity
10 Years: 10%
5 Years: 10%
3 Years: 13%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 12 12 12 12 13 13 13 13 13 13 13 13 13
Reserves 305 323 336 393 667 739 782 810 854 943 1,081 1,231 1,296
420 390 404 385 244 155 52 33 19 35 41 75 99
236 275 373 508 456 482 602 648 657 661 724 815 1,008
Total Liabilities 973 1,001 1,126 1,298 1,381 1,389 1,449 1,504 1,543 1,651 1,858 2,134 2,416
536 563 497 670 690 765 745 726 723 745 719 730 758
CWIP 88 54 149 90 86 66 54 61 86 80 79 79 143
Investments 2 2 2 2 2 2 5 5 25 5 116 143 115
345 381 477 536 602 555 646 712 709 821 945 1,182 1,401
Total Assets 973 1,001 1,126 1,298 1,381 1,389 1,449 1,504 1,543 1,651 1,858 2,134 2,416

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
143 149 111 316 100 239 154 151 141 166 175 105
-96 -68 -75 -231 -126 -93 -58 -100 -145 -92 -165 -137
-48 -82 -35 -72 17 -148 -68 -53 4 -65 -13 7
Net Cash Flow -1 -0 1 13 -8 -2 28 -1 -1 8 -3 -25
Free Cash Flow 47 81 33 84 -27 141 92 45 31 47 58 -42
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 108% 102% 67% 157% 54% 138% 108% 107% 90% 75% 72% 55%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 24 28 31 31 29 35 42 37 27 34 49 56
Inventory Days 78 73 70 66 61 61 80 70 57 60 56 60
Days Payable 49 53 82 112 96 100 130 107 83 81 84 82
Cash Conversion Cycle 52 47 19 -16 -6 -4 -9 -1 2 13 21 34
Working Capital Days -37 -33 -47 -52 -29 -23 -16 -9 -6 7 17 32
ROCE % 8% 9% 12% 16% 19% 13% 8% 7% 9% 16% 20% 19%

Insights

In beta
Mar 2018 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Passenger Car AC Market Share (Share of Business)
%

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Truck Aircon/Blower Market Share (Share of Business)
%
Localization Level (Child Parts)
%
Number of Manufacturing Plant Locations
plants
EV/Hybrid/CNG Thermal Systems Share of Revenue
%
Maruti Suzuki (MSIL) Share of Revenue (Customer Concentration)
%
R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79% 36.79%
33.35% 32.83% 33.22% 33.05% 32.81% 32.80% 32.93% 33.14% 32.78% 32.79% 32.68% 32.70%
9.48% 9.96% 10.40% 10.67% 10.72% 11.18% 11.32% 11.30% 11.05% 10.76% 10.70% 10.59%
20.38% 20.42% 19.60% 19.50% 19.68% 19.22% 18.95% 18.79% 19.38% 19.65% 19.81% 19.90%
No. of Shareholders 48,33753,98146,56747,76048,93447,84847,45048,42752,75854,70856,22555,433

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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