Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Oct - Subros inaugurated SATIC innovation centre at Sector 136, Noida to strengthen R&D and advanced technologies.
Source: Bse
Subros Limited (SUBROS)
Micro CapIndustrials stocks · Micro cap · NSE
Established in 1985, Subros is India's largest Air Conditioning & Thermal Products company. A joint venture with Indian Promoters, Denso, and Suzuki, it manufactures thermal products for auto (Car, Bus, Truck, Tractor, Reefer, Railways) and non-auto (Home AC) segments. The company operates 8 plants, a Technical Centre, and a Tool Engineering Centre.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:32 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -3.7% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SUBROSD candles · FIT view-19.0%Latest close ₹631.25 on 2026-10-21
Bar
-4.5%
RSI
28
MACD hist
-2.86
52W pos
2%
2026-10-21O ₹661.00H ₹661.00L ₹625.00C ₹631.25Vol 36,916 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SUBROSNifty India ManufacturingNifty 500
- SUBROS
- -21.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -14.8 pp
Chart stats
21 Oct 2026- From 52W high
- -45.6%
- 52W range position
- 2%
- ATR (14)
- 3.2%
- Volume vs 20D
- 1.30x
- Avg traded value
- ₹2 Cr
- 20D price channel
- ₹625 - ₹742
₹1,161
₹622.1 - ₹1,161
₹20.2
Latest completed session
20-session average
23.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average32
Revenue +17.5% · PAT +2.4% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+37.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +18% YoY · PAT +2% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,032 Cr | +17.5% | -1.7% |
| EBITDA | ₹81 Cr | -1.2% | -12.0% |
| Operating margin | 8.0% | -100 bps | -100 bps |
| PAT | ₹42 Cr | +2.4% | -14.3% |
| PAT margin | 4.1% | -60 bps | -60 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 25.20
- P/B
- 3.48
- EV/EBITDA
- 9.88
- Market Cap
- 4330.00Cr
Profitability
- ROE
- 14.50%
- ROCE
- 19.20%
- ROA
- 7.78%
- Dividend Y
- 0.45%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 53.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 32.30×
- Altman Z
- 6.27
- Book Value
- 191.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 9/5
- OCF
- 105.00 Cr
- EPS TTM
- 25.50
Shareholding
- Promoter Hold
- 36.79%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 1,032-1.7% vs prev
Net Profit
₹ CrLatest: 42.0-14.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 28.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.9% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
15
RS percentile
Stage 4 Downtrend
1M return
-9.4%
3M return
-19.0%
6M return
-17.2%
1Y return
-42.5%
RS 1D
-1
RS 20D
-2
Sector rank
#2
Industry rank
#52
Stage evidence
- Price is 12.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 55.04-2.32%
RS vs Nifty 50055
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation8/30
Growth22/25
Quality10/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 37.0%.
- Growth contributes 22/25 to the score.
Main drags
- Valuation is weaker at 8/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
25.2
PB
3.5
EV/EBITDA
9.9
ROE
14.5%
ROCE
19.2%
FCF Yield
—
Debt/Equity
0.1
MoS
+37.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+37.0%
Previous: +34.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
59
59
59
59
59
59
59
59
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹331.04
-90.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,002.15
+37.0% MoS
PEG
0.65
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FRONTSP
Small
Frontier Springs Limited
Auto Components
match 119
69
28.0
39.2%
+33%
UNDERVALUED
NELCAST
Small
Nelcast Limited
Auto Components
match 118
52
25.7
8.4%
+28%
FAIR VALUE
INVPRECQ
Small
Investment & Precision Castings Limited
Auto Components
match 118
34
108.0
12.5%
-159%
WATCHLIST
STERTOOLS
Small
Sterling Tools Limited
Auto Components
match 116
33
41.3
3.1%
-593%
WATCHLIST
STYRENIX
Micro
Styrenix Performance Materials Limited
Auto Components
match 116
50
13.2
14.2%
+8%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T07:24:46.501Z
Management commentary snapshot
Subros reported record Q4 FY26 revenue of Rs. 1049.76 Cr, up 15.55% YoY and 10.77% QoQ. Full-year FY26 revenue grew 11.52% YoY to Rs. 3755.52 Cr. PBT increased 12.24% YoY for FY26, and 7.86% YoY for Q4, despite margin pressure from higher material costs.
Subros achieved record Q4 FY26 revenue, driven by increased volumes and new business. Full-year revenue and profit also grew. However, EBITDA margins compressed due to adverse commodity/currency movements and product mix, partially offset by cost optimization and incentive income. Capacity expansion and EV product development are underway, but managing input costs remains critical for sustained profitability.
Growth engines
PV Segment Thermal Business Growth
PV Segment Thermal business growth is 19%.
New Business Awards
New business award for future program from various customers including electric compressor, HVAC & HX for forthcoming platforms and railway segment.
EV Business Development
Development in progress of new EV business awarded in 2022-23.
CV Segment Expansion
Business Expansion in CV Segment (Bus, rail, Truck, Tractor).
Capacity and execution
Kharkhoda & Karsanpura Plant Expansion
Kharkhoda plant (Greenfield project) & Karsanpura plant (expansion) for new capacities and product of electric Compressor & FDC Capacity Expansion.
Karsanpura Plant SOP Target
Karsanpura Plant Expansion for localisation of Electric Compressor and New capacity of FDC Compressor, target SOP in 2027-28.
Tailwinds
Market Demand
Highest ever Revenue reported for Rs. 1049.76 Cr. in quarter 4 of FY26 due to market demand.
Accrued Incentive Income
Accrued incentive income of Rs 15.48 Cr contributed to higher EBITDA and PBT.
Positive MTM on Currency Reinstatement
Other Income is higher due to positive MTM on currency reinstatement at the year end.
Headwinds
High Material Cost
High material cost due to adverse commodity/currency movement and product mix change, partially offset by cost optimization.
Increased Employee Cost
Employee Cost is higher due to annual salary/wage revision.
Risk radar
Commodity and Currency Volatility
High material cost due to adverse commodity & Currency movement impacted EBITDA margins.
Product Mix Changes
Product Mix change contributed to higher material costs and impacted margins.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company operates in the automotive components sector, where both annual growth (YoY) reflecting market expansion and sequential performance (QoQ) indicating project execution and demand momentum are crucial for assessing operational efficiency and market responsiveness.
Sector KPIs management disclosed
Revenue
FY26: Rs. 3755.52 Cr (up 11.52% YoY). Q4 FY26: Rs. 1049.76 Cr (up 15.55% YoY, 10.77% QoQ).
EBITDA
FY26: Rs. 362.93 Cr (up 5.77% YoY). Q4 FY26: Rs. 100.07 Cr (up 0.84% YoY, 14.77% QoQ).
EBITDA % to Net Sales
FY26: 9.70% (vs 10.22% FY25). Q4 FY26: 9.57% (vs 10.96% Q4 FY25, 9.23% Q3 FY26).
PBT
FY26: Rs. 228.37 Cr (up 12.24% YoY). Q4 FY26: Rs. 66.69 Cr (up 7.86% YoY, 26.43% QoQ).
Management forward view
Industry Growth Alignment
Company Growth aligned to Industry Growth in all segments.
Green Mobility Opportunities
To Realize business opportunities Green Mobility i.e. (EV, SHEV, CNG etc.).
Foreign Exchange Mitigation
Mitigating Impact of Foreign Exchange thru Hedging and Aggressive Localization.
Cost Optimization
Cost Optimization by improvement in Operational Efficiencies.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Karsanpura Plant Expansion SOP | Expansion for electric Compressor and FDC Compressor capacity. | Target SOP in 2027-28. |
| EV Business Development | Development in progress for new EV business awarded in 2022-23. | Further progress and commercialization of EV & Hybrid Vehicle products. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 86th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
55 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Industrials: 86th pctile, median 68 · Micro: 74th pctile, median 73
Evidence depth
Financial-only
55 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.06.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Subros Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 18 May - Board approved FY26 audited results, Rs.3 dividend, AGM on 18 September 2026, with unmodified audit opinion.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Book Closure For The Purpose Of AGM And Dividend 18 May
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - Proof of Publication for 41st AGM Notice of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Proof of Publication for Pre AGM Notice
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 14 Aug
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Proof of Publication for unaudited financial results for quarter ended 30th June, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement Under Regulation 30 7 Aug - Subros approved Q1 FY27 results, changed DENSO nominee director, and signed EV compressor localization agreement.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jun - Proof of publication for notice to shareholders
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.