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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 32/100margin compression · Rev +18% YoY · PAT +2% YoY
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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).
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -8.5% / mo · RSI oversold · MACD − · near 52W low
Technical chart
SUBROSdaily · 1Y · AUTO-3.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 27. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 27 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- 42% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 29.7%.
- 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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 86th pctile, median 68 · Micro: 74th pctile, median 73
55 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 26.90
- P/B
- 3.72
- EV/EBITDA
- 10.55
- Market Cap
- 4629.00Cr
Profitability
- ROE
- 14.50%
- ROCE
- 19.20%
- ROA
- 7.78%
- Dividend Y
- 0.42%
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
- 6.47
- 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
- 15%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.