Company Profile

Subros Limited, established in 1985, is India's largest air conditioning and thermal products company. It is an integrated thermal products manufacturer for auto and non-auto products serving car, bus, truck, tractor, reefer, railways, and home AC segments. The company has 9 plants pan-India, 2 technical centers in Noida, and 1 tool engineering center in Noida. Equity distribution: Indian Promoters 36.79%, Denso 20%, Suzuki 11.96%, Public 31.25%. Market shares: 41% in passenger car AC, 43% in truck aircon/blower. FY 2025-26 revenue from operations: ₹3,756 Cr (US$ 425 Mn).

Financial Results for Quarter Ended 30.09.2026 (₹ in Lakhs)

  • Net Sales: 1,19,374 (vs 87,662 in Q2 FY26)
  • Other Operating Income: 516
  • Net Income from Operation: 1,19,890
  • Other Income: 737
  • Net Revenue: 1,20,627
  • Raw Material Consumed: 91,407 (76.57% of Net Sales)
  • Staff Cost: 10,127 (8.48% of Net Sales)
  • Other Expenses: 9,946 (8.33% of Net Sales)
  • EBIDTA: 9,147 (7.66% of Net Sales)
  • Depreciation and Amortisation: 2,913 (2.44% of Net Sales)
  • Interest: 239 (0.20% of Net Sales)
  • Net Profit: 5,995 (5.02% of Net Sales)
  • Current Tax: 1,679
  • Deferred Tax: (146)
  • Total Tax: 1,533 (25.57% of PBT)
  • Net Profit after Tax: 4,462 (3.74% of Net Sales)
  • Other Comprehensive Income: (130)
  • Total Comprehensive Income: 4,332 (3.63% of Net Sales)
  • EPS: ₹6.84

Financial Results for Six Months Ended 30.09.2026 (₹ in Lakhs)

  • Net Sales: 2,22,120 (vs 1,75,172 in H1 FY26)
  • Other Operating Income: 981
  • Net Income from Operation: 2,23,101
  • Other Income: 1,356
  • Net Revenue: 2,24,457
  • Raw Material Consumed: 1,67,222 (75.28% of Net Sales)
  • Staff Cost: 20,457 (9.21% of Net Sales)
  • Other Expenses: 18,932 (8.52% of Net Sales)
  • EBIDTA: 17,846 (8.03% of Net Sales)
  • Depreciation and Amortisation: 5,791 (2.61% of Net Sales)
  • Interest: 501 (0.23% of Net Sales)
  • Net Profit: 11,554 (5.20% of Net Sales)
  • Current Tax: 3,308
  • Deferred Tax: (354)
  • Total Tax: 2,954 (25.56% of PBT)
  • Net Profit after Tax: 8,600 (3.87% of Net Sales)
  • Other Comprehensive Income: (99)
  • Total Comprehensive Income: 8,501 (3.83% of Net Sales)
  • EPS: ₹13.18

Key Performance Indicators - H1 FY27 vs H1 FY26

  • Revenue From Operation: ₹2,231.01 Cr vs ₹1,758.08 Cr (+₹472.93 Cr, +26.9%)
  • Other Income: ₹13.56 Cr vs ₹25.20 Cr (-₹11.64 Cr)
  • Material Cost: 75.28% vs 72.44% (+2.84 ppts)
  • Employee Cost: 9.21% vs 10.30% (-1.09 ppts)
  • Other Expenses: 8.52% vs 9.04% (-0.51 ppts)
  • Op. EBIDTA: 8.03% vs 10.03% (-1.99 ppts)
  • Finance Cost: 0.23% vs 0.26% (-0.03 ppts)
  • Depreciation: 2.61% vs 3.55% (-0.94 ppts)
  • PBT: 5.20% vs 6.22% (-1.02 ppts)
  • PAT: 3.87% vs 4.64% (-0.77 ppts)

Key Performance Indicators - Q2 FY27 vs Q2 FY26

  • Revenue From Operation: ₹1,198.90 Cr vs ₹879.83 Cr (+₹319.07 Cr, +36.3%)
  • Other Income: ₹7.37 Cr vs ₹19.51 Cr (-₹12.14 Cr)
  • Material Cost: 76.57% vs 73.08% (+3.49 ppts)
  • Employee Cost: 8.48% vs 10.39% (-1.91 ppts)
  • Other Expenses: 8.33% vs 9.08% (-0.75 ppts)
  • Op. EBIDTA: 7.66% vs 10.04% (-2.37 ppts)
  • Finance Cost: 0.20% vs 0.24% (-0.04 ppts)
  • Depreciation: 2.44% vs 3.58% (-1.14 ppts)
  • PBT: 5.02% vs 6.22% (-1.19 ppts)
  • PAT: 3.74% vs 4.63% (-0.89 ppts)

Key Performance Indicators - Q2 FY27 vs Q1 FY27

  • Revenue From Operation: ₹1,198.90 Cr vs ₹1,032.11 Cr (+₹166.79 Cr, +16.2%)
  • Other Income: ₹7.37 Cr vs ₹6.19 Cr (+₹1.18 Cr)
  • Material Cost: 76.57% vs 73.79% (+2.78 ppts)
  • Employee Cost: 8.48% vs 10.05% (-1.57 ppts)
  • Other Expenses: 8.33% vs 8.75% (-0.41 ppts)
  • Op. EBIDTA: 7.66% vs 8.47% (-0.80 ppts)
  • Finance Cost: 0.20% vs 0.25% (-0.05 ppts)
  • Depreciation: 2.44% vs 2.80% (-0.36 ppts)
  • PBT: 5.02% vs 5.41% (-0.39 ppts)
  • PAT: 3.74% vs 4.03% (-0.29 ppts)

Business Highlights and Key Aspects

Revenue growth achieved through higher volumes and price increases due to commodity/currency movement and minimum wages. Other income includes incentive income at corresponding period. Material cost increased due to upward product mix change. In Q2 FY27, other income included ₹0.64 Cr incentive income vs ₹13.40 Cr in commodity/currency movement.

Way Forward and Strategic Initiatives

  • Market growth aligned to industry growth in all segments
  • Business expansion in CV segment (Bus, Rail, Truck, Tractor)
  • Realizing business opportunities in green mobility (BEV, SHEV, CNG etc.)
  • Karsanpura plant expansion for compressor localization, target SOP in 2027-28
  • Product expansion in BEV and SHEV space including electric compressor and new FDC capacity
  • Technology upgrade to meet regulatory changes (BSVI, RDE, CAFÉ etc)
  • Mitigating foreign exchange impact through hedging and aggressive localization
  • Capacity through internal efficiency optimization and expansion plans
  • Cost optimization through operational efficiencies improvement
  • Human skill development and organization structure to meet future requirements
  • ESG goals to meet future sustainability and social requirements

Board Composition

Total 12 members: 3 from Promoter, 3 from Collaborators, and 6 Independent Directors. Includes Chairperson & Managing Director, Director, Representative of Suzuki Motor Corporation Japan, Executive Director & CEO, Representative of DENSO Corporation Japan, Mr. Akihiro Deguchi (Representative of DENSO Corporation Japan), Alternate Director, and Independent Directors.