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Subros Limited (SUBROS)

Micro Cap

Industrials 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.

₹631.25
-21.00 · -3.22%
Market cap ₹4,330 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm IST
Details
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

31Bearish

full 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%

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%
Visible chart range
Candle interval
2026-10-21O ₹661.00H ₹661.00L ₹625.00C ₹631.25Vol 36,916 sh
₹611.36₹686.40₹761.45₹836.50₹911.5452L₹631.252026-032026-06VolRSIMACD2026-042026-062026-082026-092026-11
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
-24%-14%-4%+6%21 Jul2 Sept21 Oct21 Oct 2026SUBROS -21.3%Nifty India Manufactu… -7.7%Nifty 500 -6.5%
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%
₹1,161
52W range position
2%
₹622.1 - ₹1,161
ATR (14)
3.2%
₹20.2
Volume vs 20D
1.30x
Latest completed session
Avg traded value
₹2 Cr
20-session average
20D price channel
₹625 - ₹742
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 VALUE
59

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Latest result
Average
32

Revenue +17.5% · PAT +2.4% YoY

Technical
Bearish
31

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 evidence
78

Financial-only signal; management claim evidence is not sufficient yet.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Latest result

Quarter ended 30 Jun 2026

Average · 32/100

margin compression · Rev +18% YoY · PAT +2% YoY

Filed 30 Jun 2026
Open results browser →
MetricThis quarterYoYQoQ
Revenue₹1,032 Cr+17.5%-1.7%
EBITDA₹81 Cr-1.2%-12.0%
Operating margin8.0%-100 bps-100 bps
PAT₹42 Cr+2.4%-14.3%
PAT margin4.1%-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

₹ Cr
Latest: 1,032-1.7% vs prev
01050Sep 2023: 813Dec 2023: 732Mar 2024: 832Jun 2024: 810Sep 2024: 828Dec 2024: 821Mar 2025: 908Jun 2025: 878Sep 2025: 880Dec 2025: 948Mar 2026: 1,050Jun 2026: 1,032Q2 23Q3 23FY24Q1 24Q2 24Q3 24FY25Q1 25Q2 25Q3 25FY26Q1 26

Net Profit

₹ Cr
Latest: 42.0-14.3% vs prev
049.0Sep 2023: 27.0Dec 2023: 27.0Mar 2024: 30.0Jun 2024: 35.0Sep 2024: 36.0Dec 2024: 33.0Mar 2025: 46.0Jun 2025: 41.0Sep 2025: 41.0Dec 2025: 35.0Mar 2026: 49.0Jun 2026: 42.0Q2 23Q3 23FY24Q1 24Q2 24Q3 24FY25Q1 25Q2 25Q3 25FY26Q1 26
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

Daily technical trend read

Bearish setup

Trend 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%
53657890102Sept 25Feb 26Jun 26Oct 2655
RS vs Nifty 50055

Valuation & peers

U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies

59U-SCORE
Financial Turnaround

Fundamental score breakdown

U band · FAIR VALUE
Valuation8/30
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.

Blended relative
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.

Compare all ↗
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 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

CheckpointCurrent evidenceWhat to verify next
Karsanpura Plant Expansion SOPExpansion for electric Compressor and FDC Compressor capacity.Target SOP in 2027-28.
EV Business DevelopmentDevelopment 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 confidence
What 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.

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

12 shown
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

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

Open source ↗
AnnouncementSep 2026

Sep 2026 · Book Closure For The Purpose Of AGM And Dividend 18 May

Source: Bse

Open source ↗
Concall transcriptAug 2026

Aug 2026 · Transcript

Source: Company Ir

Open source ↗
Investor presentationAug 2026

Aug 2026 · PPT

Source: Bse

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - Proof of Publication for 41st AGM Notice of the Company

Source: Bse

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - Proof of Publication for Pre AGM Notice

Source: Bse

Open source ↗
Concall transcript

Announcement under Regulation 30 (LODR)-Earnings Call Transcript 14 Aug

Source: Bse

Open source ↗
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

Open source ↗
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

Open source ↗
Announcement

Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Jun - Proof of publication for notice to shareholders

Source: Bse

Open source ↗
Concall transcriptMay 2026

May 2026 · Transcript

Source: Company Ir

Open source ↗
Verify on:NSE India ↗
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.