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Subros

SUBROS NSE
₹595.10 +10.90 (+1.87%)
P/E
23.34
View as Markdown
MCP
Close 4 Nov 2026 ₹595.10 −417.80 −41.2% 1Y
Start ₹1,012.90

Key Fundamentals

MicrocapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.20%
Debt to Equity
0.06
EPS (TTM)
₹25.50
Book Value
₹190.71
Market Cap
—
P/E (TTM)
23.34
P/B
3.12
ROE
14.50%
Dividend Yield
0.51%
EBITDA
₹363 Cr
52W High
₹1,050.70
52W Low
₹572.10
Day Range
₹576.75 – ₹604.80
Volume
1,70,926

Peer Comparison

Industrials › Automobiles › Auto Components › Other Industrial Products

Subros peer comparison
HBL Engineering
₹836.4029.69₹22,697 Cr10.470.37%45.30%59.30%₹3,339 Cr₹780 Cr
INOX India
₹1,936.7068.97₹17,030 Cr15.730.11%26.10%33.50%₹1,618 Cr₹255 Cr
ESAB India
₹5,330.0036.98₹8,482 Cr19.111.37%48.80%64.70%₹1,577 Cr₹222 Cr
KRN Heat Exchanger and Refrigeration
₹1,011.7065.95₹6,440 Cr6.730.00%14.10%16.00%₹737 Cr₹97 Cr
Harsha Engineers
₹462.0027.19₹4,075 Cr3.000.34%10.50%13.00%₹1,719 Cr₹154 Cr
Subros (this company)
₹595.1023.34₹3,836 Cr3.120.51%14.50%19.20%₹3,909 Cr₹167 Cr
Ador Welding
₹1,414.2021.46₹2,487 Cr4.320.52%16.40%22.70%₹1,258 Cr₹115 Cr
Median 7 companies₹1,011.7029.69₹6,440 Cr6.730.37%16.40%22.70%₹1,618 Cr₹167 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

45 Average

Data confidence 100/100

Category scores

Quality
38
Weak
Returns, margins, earnings quality 22% weight
Valuation
58
Good
Cheap vs sector & own history 24% weight
Growth
45
Weak
Sales & profit trajectory 9% weight
Financial Health
70
Strong
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has delivered good profit growth of 28.8% CAGR over last 5 years

Weaknesses

2
  • Company has a low return on equity of 13.3% over last 3 years.
  • Debtor days have increased from 46.2 to 55.9 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1252
OscillatorsBearish351
Moving AveragesStrong Bearish901

Key readings

RSI (14)
36.68
Neutral
MACD (12,26,9)
−29.51
Bearish
SMA (50)
677.74
Bearish
SMA (200)
743.81
Bearish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.21%
5Y+15.90%
3Y+10.21%
1Y+11.52%
TTM+13.83%

Net profit

Net profit growth by window
10Y+21.34%
5Y+28.71%
3Y+51.22%
1Y+9.93%
TTM+7.05%

Operating cash flow

Operating cash flow growth by window
10Y−3.57%
5Y−7.37%
3Y−9.36%
1Y−40.00%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−3.06 pp
5Y+0.08 pp
3Y+2.66 pp
1Y−0.94 pp
TTM−1.28 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,535 Cr
Mar 2018₹1,913 Cr
Mar 2019₹2,124 Cr
Mar 2020₹1,993 Cr
Mar 2021₹1,796 Cr
Mar 2022₹2,239 Cr
Mar 2023₹2,806 Cr
Mar 2024₹3,071 Cr
Mar 2025₹3,368 Cr
Mar 2026₹3,756 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹13.00 Cr
Mar 2018₹61.00 Cr
Mar 2019₹76.00 Cr
Mar 2020₹85.00 Cr
Mar 2021₹47.00 Cr
Mar 2022₹32.00 Cr
Mar 2023₹48.00 Cr
Mar 2024₹98.00 Cr
Mar 2025₹151 Cr
Mar 2026₹166 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹89.40 Cr −2.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI 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 5
  • 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
  • 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

₹ Cr
SUBROS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
693
813
732
832
810
828
821
908
878
880
948
1,050
1,032
1,199
Expenses
646
743
673
755
733
752
745
816
796
811
866
958
951
1,115
Operating Profit
47
70
60
77
77
76
76
93
82
68
81
92
81
84
OPM %
7%
9%
8%
9%
10%
9%
9%
10%
9%
8%
9%
9%
8%
7%
Other Income
2
3
7
4
3
6
5
6
6
20
−2
8
6
7
Interest
2
3
4
4
3
2
3
3
2
2
3
2
3
2
Depreciation
27
29
28
32
31
32
32
34
31
31
32
31
29
29
PBT
20
42
34
45
47
49
46
62
55
55
44.49
66.69
56
60
Tax %
32%
36%
21%
32%
26%
25%
28%
25%
25%
25%
22%
26%
26%
26%
Net Profit
14
27
27
30
35
36
33
46
41
41
35
49
42
45
EPS (₹)
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
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
SUBROS profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
3,430
3,587
Operating Profit
137
152
168
210
229
189
154
149
168
255
323
325
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
20.71
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
203
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 (₹)
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

₹ Cr
SUBROS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
75
Other Liabilities
236
276
373
508
456
482
602
648
657
661
724
815
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
730
CWIP
88
54
149
90
86
66
54
61
86
80
79
79
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

₹ Cr
SUBROS cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
106
103
67
157
54
138
108
107
90
75
72
55

Ratios

SUBROS financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
32
ROCE %
8%
9%
12%
16%
19%
13%
8%
7%
9%
16%
20%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Subros insights

62 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 36.79%
  • FIIs 32.70%
  • Public 10.65%
  • DIIs 10.60%
  • Others 9.26%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Subros

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).
Where is Subros Ltd (SUBROS) listed?
Subros Ltd trades as SUBROS on the NSE and under code 517168 on the BSE.
Which sector does Subros Ltd belong to?
Subros Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Subros Ltd?
Subros Ltd trades at a PE ratio of 23.34 as of 4 Nov 2026, on earnings per share of ₹25.5, against a book value of ₹190.71 per share.
What is the 52-week high and low of Subros Ltd?
Over the last 52 weeks Subros Ltd has traded between ₹572.1 and ₹1,050.7 as of 4 Nov 2026.
Does Subros Ltd pay dividends?
Subros Ltd has a dividend yield of 0.51%.
What is the Return on Equity (ROE) of Subros Ltd?
Subros Ltd reported a return on equity of 14.50%. Its debt-to-equity ratio is 0.06.

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

Website subros.com
CEO Ms. Shradha Suri Marwah
Employees 3,908
Listed 13 Jul 2005
Face Value ₹2

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