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Subros Ltd (SUBROS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517168 NSE: SUBROS Auto Ancillary | Small Cap | Subros Share Price
₹696.05 -8.40 (-1.19%)
As on 15-Sep'26 10:17
Subros Ltd (SUBROS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517168 NSE: SUBROS Auto Ancillary | Small Cap | Subros Share Price
₹696.05 -8.40 (-1.19%)
As on 15-Sep'26 10:17
Key Metrics
Valuation Multiples
Market Cap
₹4,596 Cr.
Current Price
₹696.1
52-Week Low / High
₹621 / 1,212
TTM EPS
₹25.5
TTM Sales
₹3,909 Cr.
Book Value per Share
₹197.1
P/E Ratio
27.63
Lower than its 5-year historical median
Industry PE
49.1
Price to Book (P/B)
3.58
In line with its 5-year historical median
Price to Sales (P/S)
1.18
In line with its 5-year historical median
EV/EBITDA
12.79
In line with its 5-year historical median
Dividend Yield
0.43%
Profitability Efficiency
Return on Equity (ROE)
14.17%
Outperforms industry median
Return on Capital Employed (ROCE)
18.74%
Outperforms industry median
Return on Assets (ROA)
7.34%
Operating Profit Margin
8.7%
Net Profit Margin
4.41%
Gross Profit Margin
9.4%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
11.52%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
0.6%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
10.04%
Asset Quality
Promoter Holding
36.79%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,272 Cr.
Equity
₹13.1 Cr.
Face Value
₹2
All Time Low / High
₹1.38 / 1212.40
Check Before You Invest
Quality
Somewhat GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Subros Ltd a good quality company?
Subros Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Subros Ltd performance compare with that of its Peers?
Revenue growth of Subros Ltd vs industry peers?
Subros Ltd revenue CAGR is 15.90%, compared to the industry median CAGR of 0.79%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Subros Ltd?
Promoters hold 36.79% of the Subros Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Subros Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 17.9% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Subros Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.6% | 16% | 18.2% | 17.6% | 8.1% | 6.3% | 8.5% | 15.8% | 20.3% | 18.8% | - |
| Value Creation Index ⓘ | -0.5 | 0.2 | 0.3 | 0.3 | -0.4 | -0.6 | -0.4 | 0.1 | 0.5 | 0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,535 | 1,913 | 2,124 | 1,993 | 1,796 | 2,239 | 2,806 | 3,071 | 3,368 | 3,756 | 3,909 |
| Sales YoY Gr. | - | 24.6% | 11.1% | -6.2% | -9.9% | 24.7% | 25.4% | 9.4% | 9.7% | 11.5% | - |
| Adj EPS ⓘ | 5 | 9.7 | 11.6 | 7.9 | 6.9 | 5 | 6 | 14.7 | 22.6 | 25.5 | 25.5 |
| YoY Gr. | - | 94.4% | 19.1% | -32% | -12.6% | -27.7% | 20.7% | 144.7% | 53.8% | 13% | - |
| BVPS (₹) ⓘ | 58 | 67.5 | 104.3 | 115.3 | 121.8 | 126.2 | 132.9 | 146.5 | 167.7 | 190.7 | 197 |
| Adj Net Profit ⓘ | 29.9 | 58.2 | 75.4 | 51.3 | 44.8 | 32.4 | 39.2 | 95.8 | 147 | 166 | 167 |
| Cash Flow from Ops. ⓘ | 111 | 316 | 100 | 239 | 155 | 151 | 141 | 165 | 175 | 105 | - |
| Debt/CF from Ops. ⓘ | 3.7 | 1.2 | 2.4 | 0.6 | 0.6 | 0.4 | 0.5 | 0.2 | 0.2 | 0.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 10.5% | 15.9% | 10.2% | 11.5% | ||||
| Adj EPS ⓘ | 19.9% | 30% | 62% | 13% | ||||
| BVPSⓘ | 14.1% | 9.4% | 12.8% | 13.7% | ||||
| Share Price | 17.8% | 17.3% | 19.4% | -25% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 8.8 | 15.5 | 13.9 | 7.2 | 5.8 | 4 | 4.6 | 10.5 | 14.4 | 14.2 | 13.2 |
| Op. Profit Mgn % ⓘ | 10.9 | 11 | 10.8 | 9.7 | 8.6 | 6.7 | 6 | 8.3 | 9.6 | 8.7 | 8.3 |
| Net Profit Mgn % ⓘ | 2 | 3 | 3.6 | 2.6 | 2.5 | 1.5 | 1.4 | 3.1 | 4.4 | 4.4 | 4.3 |
| Debt to Equity ⓘ | 1.2 | 1 | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0.1 | - |
| Working Cap Days ⓘ | 89 | 94 | 95 | 102 | 117 | 106 | 92 | 92 | 102 | 123 | 56 |
| Cash Conv. Cycle ⓘ | 17 | 1 | -5 | 0 | 2 | 3 | 5 | 9 | 18 | 29 | 21 |
Valuation of Subros - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,535 | 1,913 | 2,124 | 1,993 | 1,796 | 2,239 | 2,806 | 3,071 | 3,368 | 3,756 |
| Operating Expenses ⓘ + | 1,367 | 1,703 | 1,896 | 1,804 | 1,651 | 2,090 | 2,639 | 2,818 | 3,045 | 3,431 |
| Operating Profit ⓘ | 168 | 210 | 228 | 189 | 144 | 149 | 168 | 252 | 322 | 324 |
| Operating Profit Margin (%) | 10.9% | 11.0% | 10.7% | 9.5% | 8.0% | 6.6% | 6.0% | 8.2% | 9.6% | 8.6% |
| Other Income ⓘ + | 7 | 7 | 10 | 20 | 20 | 10 | 20 | 16 | 21 | 38 |
| Interest ⓘ | 48 | 41 | 42 | 36 | 16 | 11 | 7 | 12 | 11 | 10 |
| Depreciation ⓘ | 88 | 92 | 79 | 90 | 92 | 102 | 110 | 117 | 128 | 125 |
| Profit Before Tax ⓘ | 8 | 82 | 114 | 124 | 56 | 45 | 71 | 141 | 204 | 220 |
| Tax ⓘ | -5 | 22 | 38 | 39 | 9 | 13 | 23 | 43 | 53 | 55 |
| Profit After Tax | 13 | 61 | 76 | 85 | 47 | 32 | 48 | 98 | 151 | 166 |
| PAT Margin (%) | 0.9% | 3.2% | 3.6% | 4.3% | 2.6% | 1.5% | 1.7% | 3.2% | 4.5% | 4.4% |
| Adjusted EPS (₹) | 2.2 | 10.1 | 11.7 | 13.0 | 7.3 | 5.0 | 7.4 | 15.0 | 23.1 | 25.4 |
| Dividend Payout Ratio (%) | 22.80% | 10.90% | 11.10% | 6.20% | 9.60% | 14.10% | 13.60% | 12% | 11.30% | 11.80% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 347 | 404 | 680 | 752 | 795 | 824 | 867 | 956 | 1,094 | 1,244 | |
| Debt + | 327 | 315 | 188 | 113 | 79 | 49 | 67 | 30 | 40 | 69 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 239 | 409 | 390 | 385 | 461 | 489 | 489 | 504 | 560 | 618 | |
| Others Liabilities ⓘ | 217 | 191 | 182 | 218 | 203 | 241 | 226 | 284 | 356 | 533 | |
| Total Liabilities ⓘ | 1,130 | 1,320 | 1,440 | 1,468 | 1,538 | 1,602 | 1,650 | 1,774 | 2,050 | 2,463 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 497 | 670 | 690 | 765 | 745 | 726 | 723 | 745 | 719 | 730 | |
| CWIP ⓘ | 149 | 90 | 86 | 66 | 54 | 61 | 86 | 80 | 79 | 79 | |
| Investments ⓘ | 1 | 2 | 2 | 1 | 5 | 5 | 25 | 5 | 116 | 143 | |
| Inventories | 205 | 240 | 249 | 234 | 281 | 318 | 339 | 375 | 374 | 451 | |
| Trade Receivables | 130 | 161 | 167 | 189 | 204 | 226 | 208 | 283 | 451 | 576 | |
| Cash Equivalents | 4 | 20 | 90 | 91 | 119 | 119 | 88 | 122 | 77 | 38 | |
| Others Assets ⓘ | 143 | 138 | 155 | 121 | 130 | 147 | 181 | 163 | 235 | 446 | |
| Total Assets ⓘ | 1,130 | 1,320 | 1,440 | 1,468 | 1,538 | 1,602 | 1,650 | 1,774 | 2,050 | 2,463 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 111 | 315 | 100 | 239 | 154 | 151 | 141 | 165 | 175 | 105 |
| Cash Flow From Investing Activity ⓘ + | -75 | -231 | -126 | -93 | -58 | -100 | -145 | -92 | -165 | -137 |
| Cash Flow From Financing Activity ⓘ + | -35 | -72 | 17 | -148 | -68 | -53 | 4 | -65 | -13 | 7 |
| Net Cash Flow ⓘ | 1 | 13 | -8 | -3 | 28 | -1 | -1 | 8 | -3 | -25 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 3.86 | 16.11 | 14.06 | 11.85 | 6.13 | 4.01 | 5.67 | 10.71 | 14.69 | 14.17 |
| ROCE (%) | 7.58 | 16.03 | 18.24 | 17.61 | 8.13 | 6.33 | 8.5 | 15.79 | 20.29 | 18.74 |
| Asset Turnover Ratio | 1.63 | 1.61 | 1.54 | 1.37 | 1.2 | 1.43 | 1.74 | 1.8 | 1.76 | 1.67 |
| PAT to CFO Conversion(x) | 8.54 | 5.16 | 1.32 | 2.81 | 3.28 | 4.72 | 2.94 | 1.68 | 1.16 | 0.63 |
| Working Capital Days | ||||||||||
| Receivable Days | 24.10 | 27 | 28.20 | 32.70 | 39.80 | 34.90 | 28.10 | 29.10 | 39.80 | 49.90 |
| Inventory Days | 40 | 41.20 | 42 | 44.30 | 52.10 | 48.60 | 42.40 | 42.30 | 40.60 | 40.10 |
| Payable Days | 63.10 | 88.70 | 98.30 | 100.50 | 119.70 | 104.30 | 83 | 79.90 | 79.90 | 78.60 |
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Subros Ltd FAQs
The current trading price of Subros on 15-Sep-2026 10:17 is ₹696.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 14-Sep-2026 the market cap of Subros stood at ₹4,595.5 Cr
The latest P/E ratio of Subros as of 14-Sep-2026 is 27.60.
The latest P/B ratio of Subros as of 14-Sep-2026 is 3.58.
The 52-week high of Subros is ₹1,212.4 and the 52-week low is ₹621.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Subros is ₹3,909 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Subros Ltd is a average quality company.
The key valuation ratios of Subros Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Subros Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Subros Ltd
Subros, established in 1985 as a joint venture with Denso Corporation and Suzuki Motor Corporation, is recognised as a leading Thermal solution company in India, delivering cutting-edge solutions in all types of mobility. With decades of expertise, the company specializes in designing and manufacturing a wide range of thermal products, including reciprocating compressors, condensers, Engine Cooling modules, heat exchangers, and the components essential for complete AC systems.
The company’s solutions cater to diverse industries, from passenger vehicles, buses, and trucks to refrigerated transport, off-road vehicles, railways, tractors and residential air conditioning. With state-of-the-art manufacturing units strategically located around the country, supported by fully equipped R&D and application engineering centres in Noida, Subros ensures unmatched quality and innovation in its offerings.
Business area of the company
Subros is engaged primarily in the business of manufacturing and sale of thermal products for automotive and home air-conditioning original equipment manufacturers.
Products
- Compressors
- HVAC
- Radiators
- Condensers
- Evaporators
- Heaters
- Tubes & Hoses
- Bus AC Kit
- Rail AC Kit
- Transport Refrigeration System
- Residential & Commercial Cooling Solution
Mobility Solutions by Segments
- Passenger Vehicle
- Bus Application
- Rail Application
- Transport Refrigeration System
- Off Highway Application
- Residential & Commercial Cooling Solution
- Truck Application
Certifications
- Quality Management System: These certifications demonstrate that Subros' quality management system meets the requirements of IATF-16949
- EHS & OHSAS Certifications: ISO 14001:2015 focuses on establishing, implementing, maintaining, and continually improving an Environmental Management System (EMS).
- ERM Certification: The company has established and implemented a robust Enterprise Risk Management (ERM) framework
Awards & Recognitions
2022-23
- Award by Maruti Suzuki in recognition of Overall Excellence
- Award by Maruti Suzuki in recognition of Inner Part Localization
- Award by Maruti Suzuki in recognition of Localization of Design and Development (D&D) Capability
- Award by Maruti Suzuki in recognition of OEM Project Support
- CII Awards: Inter-industry Kaizen Competition - Winner of the year 2023 'Par Excellence Team' category
- CII Awards: Inter-industry Kaizen Competition - Winner in 'HR Manpower Saving' category
- CII Awards: Inter-industry Kaizen Competition - 1st runner-up in 'CRM/Customer Satisfaction' category
- CII Awards: Poka Yoke Competition - Platinum and Silver awards in Alarm Category; Silver Award in Shutdown category
- Golden Peacock award in GPNQA
- International Quality circle award from IQMA
- Supplier Quality Circle Award by Tata Motors
2023-24
- Award by Maruti Suzuki in recognition of Overall Performance
- Award by Maruti Suzuki in recognition of Localization of Design & Development
- ACMA Award in Manufacturing and Safety
- ACMA Quality Improvement Award
- ACMA Atmanirbhar Excellence Awards - 2023-24
- CII Award in challenger, Low cost Optimization & 3M Competition
- CII - Kaizen and Poka Yoke Competition Award in Kaizen and Poka Yoke & Kaizen
- Indian Society of Quality Award in ISQ Tops Convention
- Patent granted by GOI in FY 2023-24 for Innovation and Teamwork
2024-25
- Golden Peacock Award in health & Safety & HR Excellence Award in Gender & Diversity.
- QCFI Award in Quality Circle Competition
- ACMA Award in Quality Circle Competition & HR Best Practice
- ACMA Award in Kaizen, Quality Circle & Productivity Competition
- ACMA Award in Best Presentation in Gender Diversity
- CII Award in Technology, Kaizen, Work Skill, Quality Circle, Low Cost
- CII Award in Robotic Process Competition
- CII Award in Quality, Kaizen Improvement, Cost Reduction & Supervisory Skill
- Golden Award in QCFI Competition
- QCFI Poster Competition Award in Safety
- SMG Award in Quality Circle Competition
- Award by Maruti Suzuki for Internal Parts Localization
- Award by Maruti Suzuki for Yield Performance
- Award by Maruti Suzuki for Spare parts Excellence
- Award by Maruti Suzuki for Overall Group Excellence
Milestones
- 1985: Established the company
- 1987: Setup of Noida Plant-1
- 1995: Setup of Noida Plant-2
- 2000: Setup of Pressure Die Casting Plant at Noida
- 2001: MF Condenser Plant
- 2006: Setup of Manesar Plant
- 2007: Setup of Pune Plant
- 2010: 1 million AC kits production achieved
- 2010: Setup of Denso Subros Engineering Centre
- 2012: Capacity 1.5 million AC kits achieved
- 2012: Setup of Chennai Plant
- 2013: Launch of Transport Refrigeration System & Rail AC System
- 2014: Inauguration of STEC (Subros Tool Engineering Centre)
- 2015: 10 million HVAC production completed
- 2015: Radiator entrustment production started
- 2015: Setup of Chennai Plant
- 2015: Launch of Home AC Condensor
- 2019: Setup of Karsanpura Plant
- 2020: Introduction of Vane Rotary Compressor
- 2022: Start of Heat Exchanger production at Karsanpura Plant
- 2022: Launch of new Compressor
- 2023: Launch of Coach AC
- 2024: Coach AC for LHB train
- 2024: E-bus integrated HVAC +BTMS for H2 fuel cell bus
- 2024: Compact Non serviceable Condenser
- 2024: Tractor radiators with extended ranges
- 2024: Inverter AC
- 2024: Low permeability hoses
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