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Subros Ltd. Stock Analysis

Small Cap
Evaluated by 788 users | BSE: 517168 | NSE: SUBROS |
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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...

Analysis of Financial Track Record

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.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 7.91%7.46%6.22%6.92%6.53%7.14%8.59%11.39%12.24%8.42%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 1,0901,1161,2721,1711,1971,3071,5351,9132,1241,993
Y-o-Y Gr. Rt.-2.4%14%-7.9%2.2%9.2%17.5%24.6%11.1%-6.2%
Adjusted EPS (Rs.) 3.533.572.293.453.383.834.999.8311.557.86
Y-o-Y Gr. Rt.-1.1%-35.9%50.7%-2%13.3%30.3%97%17.5%-32%
Book Value per Share (Rs.) 38.3645.1547.7650.3252.8755.9157.9867.47104.26115.32
Adjusted Net Profit 21.221.413.720.720.32329.95975.451.3
Net Op. Cash Flow (Rs. Cr.) 38.887.517795.3143149111316100239
Debt to Cash Flow from Ops 5.623.911.974.342.942.613.651.222.440.61
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Subros Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 6.9%10.7%9.1%-6.2%
Adjusted EPS 9.3%18.4%16.4%-32%
Book Value per Share 1316.925.810.6
Share Price 28.5% 23.1% -0.9% 7%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 9.78.554.927.046.557.058.7615.6713.97.16
Operating Profit Margin (%) 6.978.699.6111.2911.4211.6510.9310.9910.789.7
Net Profit Margin (%) 1.951.921.081.771.691.761.953.083.552.57
Debt to Equity 0.951.261.221.371.321.161.160.950.360.19
Working Capital Days 729685899188899495102
Cash Conversion Cycle 142019233129171-50
Entity Percentage Holding
Promoters 36.79%
Institutions 10.73%
Non-Institutions 52.48%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Subros Ltd.'s performance infers:

Subros Ltd. earnings have grown by 18.4%, whereas share price has appreciated 23.1% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Subros Ltd. share prices over the last 10 years. Here is what we found out:

Subros Ltd. share price has appreciated 17.9% annually over the past ten years.

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

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.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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