Subros Ltd
NSE:SUBROS
Subros Ltd
Subros Ltd. engages in the manufacture of thermal products for automotive applications. The company is headquartered in New Delhi, Delhi and currently employs 2,647 full-time employees. The firm is engaged primarily in the business of manufacturing and sale of thermal products for automotive and home air-conditioning original equipment manufacturers. The firm manufactures compressors; heating, ventilation and air conditioning (HVAC); piping, and heat exchangers to suit various vehicle configurations. Its operating in a range of products, which include complete thermal solutions for cars, buses, refrigeration vehicles, railways, home air-conditioning (AC), tractors and trucks. The Company’s plant is located in Noida, Manesar, Pune, Chennai, Karsanpura and Nalagarh.
Subros Ltd. engages in the manufacture of thermal products for automotive applications. The company is headquartered in New Delhi, Delhi and currently employs 2,647 full-time employees. The firm is engaged primarily in the business of manufacturing and sale of thermal products for automotive and home air-conditioning original equipment manufacturers. The firm manufactures compressors; heating, ventilation and air conditioning (HVAC); piping, and heat exchangers to suit various vehicle configurations. Its operating in a range of products, which include complete thermal solutions for cars, buses, refrigeration vehicles, railways, home air-conditioning (AC), tractors and trucks. The Company’s plant is located in Noida, Manesar, Pune, Chennai, Karsanpura and Nalagarh.
Revenue Growth: Subros posted Q3 revenue of INR 948 crores, representing a 15.43% increase, outpacing the industry’s 9-month growth.
Margin Challenges: EBITDA margin came in at 9.23%, with management citing commodity and currency volatility as key headwinds, although absolute EBITDA grew 8.13%.
Commercial Vehicle Surge: The CV segment revenue jumped 136% in Q3, boosted by new AC mandates for N2/N3 trucks, though the full-year impact will be seen next year.
New EV/Hybrid Investment: Subros is investing INR 175 crores to localize electric compressor production, targeting both EV and hybrid markets, with the plant expected to start by December 2027.
Railway & Diversification: The company secured a major INR 52 crore railway AC maintenance contract and is participating in additional railway and truck tenders.
Market Position: Subros maintained a 41% market share in passenger vehicles and 42% in trucks this quarter.
Guidance & Outlook: Management remains optimistic for continued growth, but margin improvement to 12% may take longer due to ongoing raw material and FX pressures.
