Subros Ltd
SUBROS NSE
Subros Ltd
IndustrialsNSE: SUBROS BSE: 517168 Industrial Products
Key Fundamentals
MicrocapAuto ComponentsAutomobilesMarket Cap
₹4,940 Cr
Volatility
Moderate
P/E Ratio
29.74
EBITDA
₹316 Cr
Return on Equity
13.76%
Debt to Equity
0.02
Book Value
₹190.71
EPS
₹18.25
52W High
₹1,213.7
52W Low
₹622.1
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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45 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 29.2% CAGR over last 5 years
Weaknesses
2- Company has a low return on equity of 13.4% over last 3 years.
- Debtor days have increased from 46.2 to 55.9 days.
Growth Rate
Revenue Growth
10.84% ↗
Net Income Growth
4.95% ↗
Cash Flow Change
5.64% ↗
ROE
34.77% ↗
ROCE
24.55% ↗
EBITDA Margin (Avg.)
-17.69% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 39d agoAI opinion · based on fundamentals
Risk medium
Subros Ltd, a leading automotive thermal products manufacturer with a market cap of ₹5,525 Cr, trades at a PE of 33.4x with improving profitability (ROE at 15% last year) and near-zero debt. The company has delivered 29% compounded profit CAGR over 5 years, though the stock has declined 13% over the past year and debtor days have expanded.
Bull Case 7
- Strong 5-year compounded profit growth of 29% CAGR demonstrates consistent earnings expansion
- Company is almost debt-free, significantly reducing financial risk and interest burden
- TTM sales growth of 12% indicates healthy topline momentum in a cyclical industry
- ROE has improved from 10% (5-year average) to 15% last year, signaling better capital efficiency
- 10-year stock CAGR of 24% reflects sustained long-term value creation for shareholders
- 3-year compounded profit growth of 54% shows accelerating earnings trajectory in recent years
- 5-year compounded sales CAGR of 16% outpaces the 10-year CAGR of 11%, indicating improving growth rates
Bear Case 7
- PE ratio of 33.4x is elevated for an auto-component company, leaving limited margin of safety
- Stock has declined 13% over the past 1 year, underperforming broader markets
- 3-year average ROE of only 13% is modest relative to the premium valuation commanded
- Debtor days have increased from 46.2 to 55.9 days, indicating deteriorating working capital efficiency
- Dividend yield of just 0.31% offers negligible income return to shareholders
- Price-to-book ratio of 4.45x suggests the stock is priced for perfection with limited downside protection
- 10-year compounded sales CAGR of only 11% reflects moderate topline growth for such a high valuation multiple
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 693 | 813 | 732 | 832 | 810 | 828 | 821 | 908 | 878 | 880 | 948 | 1,050 | 1,032 |
| Expenses | 646 | 743 | 673 | 755 | 733 | 752 | 745 | 816 | 796 | 811 | 866 | 958 | 951 |
| Operating Profit | 47 | 70 | 60 | 77 | 77 | 76 | 76 | 93 | 82 | 68 | 81 | 92 | 81 |
| OPM % | 7% | 9% | 8% | 9% | 10% | 9% | 9% | 10% | 9% | 8% | 9% | 9% | 8% |
| Other Income | 2 | 3 | 7 | 4 | 3 | 6 | 5 | 6 | 6 | 20 | -2 | 8 | 6 |
| Interest | 2 | 3 | 4 | 4 | 3 | 2 | 3 | 3 | 2 | 2 | 3 | 2 | 3 |
| Depreciation | 27 | 29 | 28 | 32 | 31 | 32 | 32 | 34 | 31 | 31 | 32 | 31 | 29 |
| PBT | 20 | 42 | 34 | 45 | 47 | 49 | 46 | 62 | 55 | 55 | 45 | 66 | 56 |
| Tax % | 32% | 36% | 21% | 32% | 26% | 25% | 28% | 25% | 25% | 25% | 22% | 26% | 26% |
| Net Profit | 14 | 27 | 27 | 30 | 35 | 36 | 33 | 46 | 41 | 41 | 35 | 49 | 42 |
| EPS in Rs | 2.08 | 4.1 | 4.12 | 4.66 | 5.36 | 5.58 | 5.05 | 7.08 | 6.26 | 6.25 | 5.33 | 7.56 | 6.36 |
Profit & Loss
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,192 | 1,298 | 1,535 | 1,913 | 2,124 | 1,993 | 1,796 | 2,239 | 2,806 | 3,071 | 3,368 | 3,756 | 3,909 |
| Expenses | 1,055 | 1,146 | 1,367 | 1,703 | 1,896 | 1,804 | 1,642 | 2,089 | 2,638 | 2,815 | 3,045 | 3,431 | 3,587 |
| Operating Profit | 137 | 152 | 168 | 210 | 229 | 189 | 154 | 149 | 168 | 255 | 323 | 324 | 323 |
| OPM % | 11% | 12% | 11% | 11% | 11% | 9% | 9% | 7% | 6% | 8% | 10% | 9% | 8% |
| Other Income | 1 | 2 | -24 | 6 | 6 | 62 | 11 | 9 | 20 | 14 | 20 | 30 | 31 |
| Interest | 39 | 42 | 48 | 41 | 42 | 36 | 16 | 11 | 7 | 12 | 11 | 10 | 10 |
| Depreciation | 79 | 87 | 88 | 92 | 79 | 90 | 92 | 102 | 110 | 117 | 128 | 125 | 123 |
| PBT | 20 | 26 | 8 | 82 | 114 | 124 | 56 | 45 | 71 | 141 | 204 | 220 | 221 |
| Tax % | 0% | 9% | -63% | 26% | 33% | 32% | 16% | 28% | 32% | 31% | 26% | 25% | — |
| Net Profit | 20 | 24 | 13 | 61 | 76 | 85 | 47 | 32 | 48 | 98 | 151 | 166 | 166 |
| EPS in Rs | 3.34 | 3.99 | 2.2 | 10.1 | 11.69 | 13 | 7.26 | 4.98 | 7.35 | 14.96 | 23.08 | 25.39 | 25.5 |
| Div. Payout % | 21% | 20% | 23% | 11% | 11% | 6% | 10% | 14% | 14% | 12% | 11% | 12% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 305 | 323 | 335 | 392 | 667 | 739 | 782 | 811 | 854 | 943 | 1,081 | 1,231 |
| Borrowings | 420 | 390 | 404 | 385 | 244 | 155 | 52 | 33 | 19 | 35 | 41 | 30 |
| Other Liabilities | 236 | 276 | 373 | 508 | 456 | 482 | 602 | 648 | 657 | 661 | 724 | 860 |
| Total Liabilities | 973 | 1,001 | 1,125 | 1,297 | 1,380 | 1,388 | 1,449 | 1,505 | 1,543 | 1,651 | 1,859 | 2,134 |
| Fixed Assets | 537 | 563 | 497 | 670 | 690 | 765 | 745 | 726 | 723 | 745 | 719 | 756 |
| CWIP | 88 | 54 | 149 | 90 | 86 | 66 | 54 | 61 | 86 | 80 | 79 | 53 |
| Investments | 0 | 0 | 1 | 2 | 2 | 1 | 5 | 5 | 25 | 5 | 116 | 143 |
| Other Assets | 348 | 384 | 477 | 536 | 603 | 555 | 646 | 712 | 709 | 821 | 945 | 1,182 |
| Total Assets | 973 | 1,001 | 1,125 | 1,297 | 1,380 | 1,388 | 1,449 | 1,505 | 1,543 | 1,651 | 1,859 | 2,134 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 141 | 151 | 111 | 315 | 100 | 239 | 154 | 151 | 141 | 166 | 175 | 105 |
| Investing | -94 | -69 | -75 | -231 | -126 | -93 | -58 | -100 | -145 | -92 | -165 | -137 |
| Financing | -48 | -82 | -35 | -72 | 17 | -148 | -68 | -53 | 4 | -65 | -13 | 7 |
| Net Cash Flow | -1 | 0 | 1 | 13 | -8 | -3 | 28 | -1 | -1 | 8 | -3 | -25 |
| Free Cash Flow | 47 | 82 | 33 | 84 | -26 | 141 | 92 | 45 | 31 | 47 | 58 | -42 |
| CFO/OP | 106 | 103 | 67 | 157 | 54 | 138 | 108 | 107 | 90 | 75 | 72 | 55 |
Ratios
| 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 | 54 | 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 | -36 | -33 | -47 | -52 | -29 | -23 | -16 | -9 | -6 | 7 | 17 | 42 |
| ROCE % | 8% | 9% | 12% | 16% | 19% | 13% | 8% | 7% | 9% | 16% | 20% | 20% |
Documents
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Update on Intimation on Analyst/Investor meet submitted vide dated 07-05-2026 2d - Update on Intimation on Analyst/Investor meet submitted vide dated 07-05-2026
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Subros confirms it is not a Large Corporate under SEBI debt framework. 30 Apr - Subros confirms it is not a Large Corporate under SEBI debt framework.
4
Board Meeting Intimation for Intimation Of The Board Meeting Under Regulation 29 Of SEBI (Listing Obligations And Disclosure
Requirements) Regulations, 2015.
7 May - Board meeting on May 18, 2026 to approve FY26 audited results and consider dividend. 7 May - Board meeting on May 18, 2026 to approve FY26 audited results and consider dividend.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
7 May - For Analyst/Investor Conference Call for the quarter and financial year ended 31st March, 2026 7 May - For Analyst/Investor Conference Call for the quarter and financial year ended 31st March, 2026
Frequently Asked Questions about Subros Ltd
What does Subros Ltd do?
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 Cond...
Where is Subros Ltd (SUBROS) listed?
Subros Ltd is listed on the Indian stock exchanges. It is listed on NSE: SUBROS and BSE: 517168. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Subros Ltd belong to?
Subros Ltd operates in the Industrials sector within the Industrial Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Subros Ltd?
Subros Ltd has a market capitalisation of approximately ₹4939.65 Cr. Based on this, it is classified as a Small Cap stock.
What is the PE ratio of Subros Ltd?
The Price-to-Earnings (PE) ratio of Subros Ltd is 29.74. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Subros Ltd?
Over the past 52 weeks, Subros Ltd has traded between a low of ₹622.1 and a high of ₹1,213.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Subros Ltd pay dividends?
Yes, Subros Ltd has a dividend yield of 0.40%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Subros Ltd?
Subros Ltd has a Return on Equity (ROE) of 13.76%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Subros Ltd on Tapetide?
On Tapetide, you can view Subros Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
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]
Website subros.com
CEO Ms. Shradha Suri Marwah
Employees 3,908
Listed 2005-07-13
Face Value ₹ 2
Issued Size 6,52,35,750