Subros Ltd (SUBROS) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 517168 | NSE: SUBROS | Auto Ancillary | Small Cap

Subros Share Price

878.10 5.85 0.67%
as on 05-Dec'25 12:10

Subros Ltd (SUBROS) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 517168 | NSE: SUBROS | Auto Ancillary | Small Cap

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1. Quality


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2. Valuation


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Subros stock performance -

Key Ratios
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P/E Ratio (SA):
35.50
Market Cap:
5,690.2 Cr.
52-wk low:
501.6
52-wk high:
1,212.4

Is Subros Ltd an attractive stock to invest in?


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10 Year X-Ray of Subros: Login to view analysis.

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 9.3%7.6%16%18.2%17.6%8.1%6.3%8.5%15.8%20.3%-
Value Creation
Index
-0.3-0.50.20.30.3-0.4-0.6-0.40.10.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,3071,5351,9132,1241,9931,7962,2392,8063,0713,3683,488
Sales YoY Gr.-17.5%24.6%11.1%-6.2%-9.9%24.7%25.4%9.4%9.7%-
Adj EPS 3.859.711.67.96.95614.722.624.6
YoY Gr.-30.3%94.4%19.1%-32%-12.6%-27.7%20.7%144.7%53.8%-
BVPS (₹) 55.95867.5104.3115.3121.8126.2132.9146.5167.7177.5
Adj Net
Profit
2329.958.275.451.344.832.439.295.8147160
Cash Flow from Ops. 149111316100239155151141165175-
Debt/CF from Ops. 2.63.71.22.40.60.60.40.50.20.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.1%11.1%14.6%9.7%
Adj EPS 21.8%23.5%65.6%53.8%
BVPS13%7.8%9.9%14.5%
Share Price 24.6% 23.9% 41.3% 37.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
7.18.815.513.97.25.844.610.514.414.2
Op. Profit
Mgn %
11.710.91110.89.78.66.768.39.69.2
Net Profit
Mgn %
1.8233.62.62.51.51.43.14.44.6
Debt to
Equity
1.21.210.40.20.10.10.1000
Working Cap
Days
88899495102117106929210254
Cash Conv.
Cycle
29171-5023591818

Recent Performance Summary

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Latest Financials - Subros Ltd.

Standalone Consolidated
TTM EPS (₹) 24.6 24.6
TTM Sales (₹ Cr.) 3,488 3,488
BVPS (₹.) 177.5 177.6
Reserves (₹ Cr.) 1,145 1,145
P/BV 4.91 4.91
PE 35.50 35.41
From the Market
52 Week Low / High (₹) 501.55 / 1212.40
All Time Low / High (₹) 1.38 / 1212.40
Market Cap (₹ Cr.) 5,690
Equity (₹ Cr.) 13.1
Face Value (₹) 2
Industry PE 44.7

Management X-Ray of Subros:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Subros - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Event Update

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Analyst's Notes

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Key Ratios of Subros

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,3071,5351,9132,1241,9931,7962,2392,8063,0713,368
Operating Expenses 1,1551,3671,7031,8961,8041,6512,0902,6392,8183,045
Manufacturing Costs7795114121109103126156170190
Material Costs8831,0671,3351,4841,4081,2901,6612,1502,2672,432
Employee Cost 126154188206207188227248284322
Other Costs 685166857970768597101
Operating Profit 152168210228189144149168252322
Operating Profit Margin (%) 11.6%10.9%11.0%10.7%9.5%8.0%6.6%6.0%8.2%9.6%
Other Income 27710202010211721
Interest 4248414236161171211
Depreciation 868892799092102110117128
Exceptional Items 0-31-2-34100000
Profit Before Tax 26882114124564571141203
Tax 2-5223839913234353
Profit After Tax 241361768547334898150
PAT Margin (%) 1.8%0.9%3.2%3.6%4.2%2.6%1.5%1.7%3.2%4.5%
Adjusted EPS (₹)4.02.210.111.713.07.25.07.415.023.1
Dividend Payout Ratio (%)20%22%11%11%6%10%14%14%12%11%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 3353484056807527958238679561,094
Share Capital 12121213131313131313
Reserves 3233363936677397828108549431,081
Minority Interest0000000000
Debt2973273151881137949673040
Long Term Debt18915715357232513500
Short Term Debt108170163130905435633040
Trade Payables129240410390385461489489504560
Others Liabilities 239217191182218203241226284356
Total Liabilities 1,0011,1311,3211,4401,4681,5381,6011,6501,7742,050

Fixed Assets

Gross Block1,2085858479341,0961,1591,2301,3261,4501,531
Accumulated Depreciation64588177244331414504602705812
Net Fixed Assets 563497670690765745726723745719
CWIP 541499086665461868079
Investments 3332255255116
Inventories177205240249234281318339375374
Trade Receivables99130161167189204226208283451
Cash Equivalents 742090911191198812277
Others Assets 99143138155121130147181163235
Total Assets 1,0011,1311,3211,4401,4681,5381,6011,6501,7742,050

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 149111316100239154151141165175
PBT 26882114124564571141203
Adjustment 128124140109116106110110119124
Changes in Working Capital 0-19107-992144-30-68-97
Tax Paid -6-2-14-24-22-12-9-10-26-57
Cash Flow From Investing Activity -68-75-231-126-93-58-100-145-92-165
Capex -68-78-231-127-98-62-106-132-119-116
Net Investments 00000-30-1922-64
Others 03115765516
Cash Flow From Financing Activity -82-35-7217-148-68-534-65-13
Net Proceeds from Shares 000209000000
Net Proceeds from Borrowing -19-46-12-112-60-11-17-12-130
Interest Paid -47-47-48-40-37-14-11-7-12-11
Dividend Paid -5-5-3-7-8-5-5-5-7-12
Others -1164-9-34-43-37-2027-3310
Net Cash Flow -0113-8-228-1-18-3

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)7.363.916.1114.0311.816.044.035.6910.7114.68
ROCE (%)9.327.5916.0318.2217.578.056.348.5215.820.28
Asset Turnover Ratio1.51.631.611.541.371.21.431.741.81.76
PAT to CFO Conversion(x)6.218.545.181.322.813.284.582.941.681.17
Working Capital Days
Receivable Days22242728334035282940
Inventory Days43404142445249424241
Payable Days50638998100120104838080

Subros Ltd Stock News

Subros Ltd FAQs

The current trading price of Subros on 05-Dec-2025 12:10 is ₹878.1.
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 04-Dec-2025 the market cap of Subros stood at ₹5,690.2.
The latest P/E ratio of Subros as of 04-Dec-2025 is 35.50.
The latest P/B ratio of Subros as of 04-Dec-2025 is 4.91.
The 52-week high of Subros is ₹1,212.4 and the 52-week low is ₹501.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Subros is ₹3,488 ( Cr.) .

About Subros Ltd

Subros was established in 1985 as a joint venture between the Suri Brothers, Denso Corporation, Japan and Suzuki Motor Corporation, Japan.

The company has grown from a capacity of 15,000 AC units in 1985 comprising of largely an assembly operation, into the largest and only integrated manufacturing unit in India for Auto Air Conditioning systems. The company has the capability to manufacture compressors, condensers, heat exchangers and all the connecting elements that are required to complete the AC Loop.

Subros has three plants in Noida, one in Manesar and one in Pune. It also has a R&D centre and Tool room in Noida. The manufacturing capacity has grown to a level of 7,50,000 AC units per annum and there is a plan to go to a level of 1,000,000 per annum by 2008.

Subros has production facility in Noida, Manesar and Noida plant produces state-of-the-art, Brazed Multi Flow (MF) Condensors, Serpentine (SP) Condensors and SP Evaporators. The facilities also include injection moulding shop for manufacture of final assemblies and cooling units.

In 2010 The Company and Denso Corporation Japan agreed to form a Joint Venture Company in India for designing automobile air conditioning systems and other devices.
2011-12 Inauguration of Chennai Plant.
2012-13 Subros Launched Transport Refrigeration Systems

  • Compressor & HAVC Division of Noida: The compressor plant produces 10P and 10S compressors for various vehicle applications. This plant extensively uses CNC machines and automatic testing equipment for production of compressors. This plant also produces hoses and tube liquids using state-of-the-art equipment.
  • Die Casting Division / Tool Room of Noida: Subros posses India's only Squeeze Die Casting plant to produce high quality intricate castings using squeeze and vacuum die casting. The technology is provided by the collaborator M/s Denso Corporation, Japan.
  • Manesar Division : Plant has been set up in Manesar in vicinity of the MUL factory on a land area of 38000 sq mtrs. The plant is equipped with latest state of art manufacturing and testing facilities.
  • Pune Division : Pune Plant has been built in Chakan , Pune on a land area of over 24000 sq mtrs. The plant's vicinity to TML helps in providing faster and efficient service to the customer. The plant will also cater to the requirements of all other west based customers. The plant has latest production facilities and a new product design/ development setup as well.

Product range of the company includes:

Subros products are known for their reliability, energy efficiency and low noise levels, making them the OE customer’s preferred choice. The company manufactures new generation energy efficient swash plate compressors from 83cc ~ 138cc to meet all the customer needs in India. HVACs, Condersors and pipings are designed to suit vehicle configurations.

  • Compressors- Subros has wide range of swash plate of compressors, compatible for R12 as well as eco friendly R-134a Refrigerant. These compressors are available in different size and capacities to suit your requirements and engine power. Because of its unique design. These compressors draw little power from engine and works efficiently and silently.
  • Condensors- Subros is the largest manufacturer in India for the automotive condensors. These condensors are manufactured in house with technical collaboration with M/S Denso Corporation of Japan on Japanese machines.
  • Evaporators- Subros existing serpentine evaporators with corrugated fins, are highly efficient and light in weight. After extensive trial, Subros has adopted latest technology in evaporators. Multi-Flow (MF) evaporators are 50% lighter in weight and 15% better in performance than existing serpentine evaporator. They also give higher fuel efficiency, better cooling, easy service in the field and need less refrigerant.
  • Blowers- High speed, low current consumption Blowers with air discharge resulting in complete circulation of air in passenger compartment. Suitable for All Maruti, Telco, Honda City vehicles.
  • Heaters- Aluminium Heater light weight, smaller in size high heat transfer unit suitable for Alto / Wagon-R, Versa, Baleno vehicles
  • Tubes & Hoses- made from special grade aluminium material with wrinkle free bending and special grade rubber material for carrying high pressure R134a environment friendly refrigerant from Compressor to Condensor to Evaporator in order to keep the Vehicle cabin cool during summer.

Achievements/ recognition

  • MUL Award for System Audit Rating Performance for the year 2006-08
  • MUL Certificate for Appreciation to participated in All India Vendor Conference for the year 2007
  • MUL Award for Vendor Performance 2007-08 in Warranty Improvement
  • 2002-03: ISO 14001- EMS
  • 2004-05: OSHAS 18001, TS 16949,               : rated among top 5 IT user in manufacturing sector in India by NASSCOM
  • 2005-06: Maruti Award for overall performance, quality, VAVE and vendor upgradation.
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