Subros Ltd Stock Analysis

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

BSE Share Price May 26, 11:21
283.40 -14.65 (-4.92%)

DeciZen - Make an Informed Decision on Subros

Overall Rating

1. Quality

2. Valuation

Fair

3. Price Trend

FAQs

1. Is Subros Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Subros Ltd is a below average quality company.

2. Is Subros Ltd undervalued or overvalued?

The key valuation ratios of Subros Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Subros Ltd a good buy now?

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.

10 Year X-Ray of Subros:

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.
Subros Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
ROCE % 7.5%6.2%6.9%6.5%7.1%8.6%11.4%12.2%8.4%6.5%-
Value Creation Index -0.5-0.6-0.5-0.5-0.5-0.4-0.2-0.1-0.4-0.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,1161,2721,1711,1971,3071,5351,9132,1241,9931,7962,239
YoY Gr. Rt. %-14%-7.9%2.2%9.2%17.5%24.6%11.1%-6.2%-9.9%-
Adj EPS 3.62.33.53.43.859.811.67.96.95
YoY Gr. Rt. %--35.9%50.7%-2%13.3%30.3%97%17.5%-32%-12.6%-
BVPS (₹) 45.247.850.352.955.95867.5104.3115.3121.8126.2
Adj Net Profit 21.413.720.720.32329.95975.451.344.833
Cash Flow from Ops. 87.517795.3143149111316100239208-
Debt/CF from Ops. 3.924.32.92.63.71.22.40.60.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 5.4%6.6%-2.1%-9.9%
Adj EPS 7.5%12.4%-11.3%-12.6%
BVPS 11.716.921.85.6
Share Price 25% 2.3% 1.5% -15.4%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Equity % 8.64.976.67.18.815.713.97.25.84
Op. Profit Mgn % 8.79.611.311.411.710.91110.89.78.66.6
Net Profit Mgn % 1.91.11.81.71.823.13.62.62.51.5
Debt to Equity 1.31.21.41.31.21.210.40.20.10
Working Cap Days 968589918889949510211891
Cash Conv. Cycle 2019233129171-50-48

Recent Performance Summary

Sales growth is good in last 4 quarters at 140.19%

Return on Equity has declined versus last 3 years average to 4.00%

Sales growth has been subdued in last 3 years -2.09%

Net Profit has been subdued in last 3 years -11.26%

Latest Financials - Subros Ltd.

Standalone Consolidated
TTM EPS (₹) 5 5
TTM Sales (₹ Cr.) 2,239 2,239
BVPS (₹.) 126.2 126.3
Reserves (₹ Cr.) 810 811
P/BV 2.36 2.36
PE 59.66 59.83
From the Market
52 Week Low / High (₹) 274.90 / 418.00
All Time Low / High (₹) 1.38 / 442.00
Market Cap (₹ Cr.) 1,944
Equity (₹ Cr.) 13.1
Face Value (₹) 2
Industry PE 32.5

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 (%)

Event Update

Analyst's Notes

News

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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