Subros Limited stands as India's foremost manufacturer of automotive air conditioning and thermal products. Incorporated in 1985, the company is a joint venture with significant stakes held by the Suri family of India (36.79%), Denso Corporation of Japan (20%), and Suzuki Motor Corporation of Japan (11.96%). Subros specializes in the design, manufacturing, and supply of Auto Air Conditioning (AC) products for all major automakers across the Passenger and Commercial Vehicle segments. Headquartered in New Delhi, India, the company holds a commanding 42% market share in passenger car ACs and a leading 54% share in the truck aircon/blower segment. Subros is recognized as the leading manufacturer of thermal products for automotive applications in India, benefiting from a technical collaboration with Denso Corporation, Japan, which ensures access to advanced technology and maintains its competitive edge.
As of July 2025, Subros Ltd has a market capitalization of ₹6,201.64 Cr. The company's 52-week trading range has been between ₹518 and ₹1083.2. Subros shares have demonstrated strong recent performance, soaring 18% to an all-time high of ₹982.35, reflecting a 26% increase over a three-day period.
Financially, the company has exhibited robust growth. It has delivered a good profit growth of 21.9% CAGR over the last 5 years. While the sales growth over the past five years has been a modest 11.1%, Subros has successfully maintained strong profitability metrics and enhanced its operational efficiency.
In Q4 FY25 (ending March 2025), Subros Ltd reported a significant net profit jump of 51.82% year-on-year, reaching ₹46.20 Cr. Revenue for the quarter stood at ₹908.46 Cr. On a quarterly growth basis, net profits saw a jump of 40.34% from the preceding three months.
For the full financial year FY25, Subros Ltd's profit rose by 54.22% to ₹150.53 Cr, with sales increasing by 9.67%. The board has recommended a dividend of ₹2.60 per share, subject to shareholder approval.
- Revenue Growth: Revenue has shown positive momentum for the last two quarters, increasing from ₹825.85 Cr to ₹914.92 Cr, an average increase of 9.7% per quarter.
- Net Profit Growth: Net profit has also been on an upward trend for the last two quarters, rising from ₹32.92 Cr to ₹46.2 Cr, with an average quarterly increase of 28.7%.
- EBITDA: SUBROS LTD EBITDA stands at ₹3.22 Billion INR, with a current EBITDA margin of 9.57%.
Subros' core business involves the manufacturing of compressors, condensers, heat exchangers, and all other components essential for a complete automotive air conditioning loop. The company caters to a diverse range of segments, including passenger vehicles, buses, trucks, refrigerated transport, and railways. Its product portfolio encompasses car AC and engine cooling parts like blowers, evaporators, cooling modules, and hoses. For railways, it manufactures roof-mounted driver cab AC units for both diesel and electric locomotives, as well as EMU (Electric Multiple Unit) cab ACs. Subros also exports its products to international markets.
Recent regulatory changes have acted as significant growth catalysts for Subros. A government mandate requiring air conditioning in new trucks, effective from June 8, is expected to substantially boost demand for Subros' truck AC units. This ruling positions the company for strong future growth. The company's established market position in the passenger vehicle sector, coupled with these government mandates for trucks, provides a favorable outlook. While the home AC segment might present challenges, the automotive AC market is expected to thrive.
Subros Limited has made significant progress in managing its debt, and the company is now considered to be almost debt-free. This strong balance sheet provides substantial financial flexibility, enabling the company to pursue growth opportunities and effectively navigate economic uncertainties.
Established in 1985, Subros Ltd has cemented its position as India's premier manufacturer of thermal products for automotive applications. The company's strategic joint venture structure, with significant ownership by the Suri family, Denso Corporation, and Suzuki Motor Corporation, provides a strong foundation. Subros serves as a key OEM supplier to major automotive manufacturers, including Maruti, Gypsy, and ALTO, providing them with high-quality air conditioning systems and accessories. Its collaborations with leading Japanese corporations and established relationships with major automotive players well-position it to capitalize on the rapidly growing demand for automotive air conditioning systems within India's expanding automotive market.
