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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[1]
Market LeadershipThe company is India's largest Air Conditioning & Thermal Products manufacturer, holding a42% market share in passenger car ACs and 54% in the truck aircon/blower segment.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | PTC Industries | 18400.00 | 438.72 | 27570.81 | 0.00 | 18.14 | 4.79 | 124.63 | 72.21 | 7.74 | 410.62 | 19.11 | 62.84 | 18.14 | 19.42 | 4.98 | 0.13 |
| 2. | HBL Engineering | 810.60 | 34.07 | 22469.42 | 0.12 | 387.26 | 364.85 | 1222.90 | 134.74 | 27.33 | 2750.81 | 33.04 | 661.00 | 405.02 | 11.30 | 15.29 | 0.04 |
| 3. | Inox India | 1154.80 | 43.80 | 10481.40 | 0.18 | 60.84 | 19.90 | 358.22 | 16.85 | 37.98 | 1400.87 | 21.71 | 238.93 | 59.34 | 10.74 | 15.35 | 0.10 |
| 4. | Esab India | 5778.90 | 48.41 | 8895.50 | 1.12 | 79.20 | 27.36 | 381.55 | 12.67 | 70.03 | 1438.78 | 17.54 | 183.72 | 54.97 | 21.34 | 29.15 | 0.01 |
| 5. | Subros | 870.00 | 35.41 | 5675.53 | 0.30 | 40.59 | 11.36 | 879.83 | 6.22 | 19.94 | 3487.52 | 9.15 | 160.29 | 40.59 | 4.96 | 8.45 | 0.02 |
| 6. | KRN Heat Exchan | 780.25 | 82.13 | 4849.75 | 0.00 | 18.02 | 46.39 | 152.07 | 66.93 | 20.75 | 510.32 | 16.18 | 59.04 | 18.02 | 9.14 | 12.41 | 0.06 |
| 7. | Kirloskar Indus. | 3320.00 | 21.84 | 3487.08 | 0.39 | 98.49 | 1.24 | 1781.92 | 5.58 | 6.72 | 6848.76 | 12.12 | 159.68 | 49.95 | 0.50 | 2.83 | 0.19 |
| – | Median: 37 Co. | 310.0 | 28.17 | 424.46 | 0.0 | 5.98 | 19.03 | 96.05 | 12.67 | 19.73 | 224.14 | 12.08 | 15.96 | 5.98 | 3.46 | 9.19 | 0.21 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 695 | 655 | 748 | 693 | 813 | 732 | 832 | 810 | 828 | 821 | 908 | 878 | 880 |
Expenses | 655 | 621 | 697 | 646 | 743 | 673 | 754 | 733 | 752 | 745 | 816 | 796 | 811 |
Operating Profit | 40 | 34 | 51 | 47 | 70 | 60 | 77 | 77 | 76 | 76 | 93 | 82 | 68 |
Other Income | 4 | 8 | 6 | 2 | 3 | 7 | 4 | 3 | 6 | 5 | 6 | 6 | 20 |
Profit before tax | 15 | 12 | 27 | 20 | 42 | 34 | 45 | 47 | 49 | 46 | 62 | 54 | 54 |
Tax % | 33% | 33% | 30% | 32% | 36% | 21% | 32% | 26% | 25% | 28% | 25% | 25% | 26% |
Net Profit | 10 | 8 | 19 | 13 | 27 | 27 | 31 | 35 | 36 | 33 | 46 | 41 | 41 |
EPS in Rs | 1.51 | 1.26 | 2.86 | 2.06 | 4.10 | 4.11 | 4.70 | 5.35 | 5.59 | 5.03 | 7.08 | 6.23 | 6.22 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,162 | 1,187 | 1,295 | 1,535 | 1,913 | 2,124 | 1,993 | 1,796 | 2,239 | 2,806 | 3,071 | 3,368 | 3,488 |
Expenses | 1,030 | 1,050 | 1,142 | 1,367 | 1,703 | 1,896 | 1,804 | 1,642 | 2,089 | 2,638 | 2,815 | 3,045 | 3,168 |
Operating Profit | 131 | 137 | 152 | 168 | 210 | 229 | 189 | 154 | 149 | 168 | 255 | 323 | 319 |
Other Income | 2 | 1 | 2 | -24 | 5 | 6 | 61 | 10 | 9 | 20 | 14 | 20 | 36 |
Interest | 37 | 39 | 42 | 48 | 41 | 42 | 36 | 16 | 11 | 7 | 12 | 11 | 11 |
Depreciation | 77 | 79 | 86 | 88 | 92 | 79 | 90 | 92 | 102 | 110 | 117 | 128 | 128 |
Profit before tax | 19 | 20 | 26 | 8 | 82 | 114 | 124 | 56 | 45 | 71 | 141 | 203 | 217 |
Net Profit | 20 | 20 | 24 | 13 | 61 | 76 | 85 | 47 | 33 | 48 | 98 | 150 | 160 |
EPS in Rs | 3.38 | 3.39 | 4.00 | 2.22 | 10.11 | 11.67 | 12.96 | 7.16 | 4.99 | 7.37 | 14.97 | 23.06 | 24.56 |
Dividend Payout % | 21% | 21% | 20% | 22% | 11% | 11% | 6% | 10% | 14% | 14% | 12% | 11% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
Reserves | 290 | 305 | 323 | 336 | 393 | 667 | 739 | 782 | 810 | 854 | 943 | 1,081 | 1,145 |
Borrowings | 414 | 420 | 390 | 404 | 385 | 244 | 155 | 52 | 33 | 19 | 35 | 41 | 24 |
Other Liabilities | 213 | 236 | 275 | 373 | 508 | 456 | 482 | 602 | 648 | 657 | 661 | 724 | 818 |
Total Liabilities | 928 | 973 | 1,001 | 1,126 | 1,298 | 1,381 | 1,389 | 1,449 | 1,504 | 1,543 | 1,651 | 1,858 | 2,000 |
Fixed Assets | 483 | 536 | 563 | 497 | 670 | 690 | 765 | 745 | 726 | 723 | 745 | 719 | 753 |
Gross Block | 963 | 1,094 | 1,208 | 585 | 847 | 934 | 1,096 | 1,159 | 1,230 | 1,326 | 1,450 | 1,531 | – |
Accumulated Depreciation | 480 | 557 | 645 | 88 | 177 | 244 | 330 | 414 | 504 | 602 | 705 | 812 | – |
CWIP | 103 | 88 | 54 | 149 | 90 | 86 | 66 | 54 | 61 | 86 | 80 | 79 | 31 |
Investments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 5 | 5 | 25 | 5 | 116 | 70 |
Other Assets | 340 | 345 | 381 | 477 | 536 | 602 | 555 | 646 | 712 | 709 | 821 | 945 | 1,146 |
Total Assets | 928 | 973 | 1,001 | 1,126 | 1,298 | 1,381 | 1,389 | 1,449 | 1,504 | 1,543 | 1,651 | 1,858 | 2,000 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 95 | 143 | 149 | 111 | 316 | 100 | 239 | 154 | 151 | 141 | 166 | 175 |
Cash from Investing Activity | -109 | -96 | -68 | -75 | -231 | -126 | -93 | -58 | -100 | -145 | -92 | -165 |
Cash from Financing Activity | 14 | -48 | -82 | -35 | -72 | 17 | -148 | -68 | -53 | 4 | -65 | -13 |
Net Cash Flow | 1 | -1 | -0 | 1 | 13 | -8 | -2 | 28 | -1 | -1 | 8 | -3 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 19 | 24 | 28 | 31 | 31 | 29 | 35 | 42 | 37 | 27 | 34 | 49 |
Inventory Days | 80 | 78 | 73 | 70 | 66 | 61 | 61 | 80 | 70 | 57 | 60 | 56 |
Days Payable | 50 | 49 | 53 | 82 | 112 | 96 | 100 | 130 | 107 | 83 | 81 | 84 |
Cash Conversion Cycle | 50 | 52 | 47 | 19 | -16 | -6 | -4 | -9 | -1 | 2 | 13 | 21 |
Working Capital Days | -24 | -37 | -33 | -47 | -52 | -29 | -23 | -16 | -9 | -6 | 7 | 17 |
ROCE % | 8% | 8% | 9% | 12% | 16% | 19% | 13% | 8% | 7% | 9% | 16% | 20% |
Direct from BSE filings, auto-summarised
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