Subros Share Price: Revenue Badha, Par Margin Gira! EV Orders Ne Pakdi Speed 🚀

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AuthorAnanya Iyer|Published at:
Subros Share Price: Revenue Badha, Par Margin Gira! EV Orders Ne Pakdi Speed 🚀
Overview

Subros ne Q3 FY26 mein mixed results diye hain. Revenue **15%** badh gaya hai, thanks to naye orders. Par sadly, material costs aur product mix change hone ki wajah se EBITDA margins thoda **8.6%** tak gir gaye hain. Company EV compressors par zor-shor se kaam kar rahi hai, **₹1,280 crore** ka bada order bhi mila hai.

Margins Par Pressure Kyun Aaya?

Sabse bada reason hai commodity prices ka baar-baar badhna aur currency mein fluctuations. Iski wajah se EBITDA margins 65 basis points kam ho kar 8.6% par aa gaye, jo last year 9.2% the. Aur haan, new labor law ke wajah se ₹8 crore ka extra kharcha bhi hua. Net profit margin bhi 32 bps neeche chala gaya.

EV Ki Duniya Mein Entry!

Passenger Vehicles (PV) mein toh Subros kaafi strong hai, lagbhag 41% market share ke saath. Ab company electric mobility mein bhi apna share badhane ki soch rahi hai, kyunki electric gaadiyon mein thermal management ka kaam zyada hota hai. Maruti Suzuki aur Mahindra ke EV projects ke liye supply shuru ho gayi hai, aur Tata Motors, Hyundai/Kia ke saath bhi baat chal rahi hai.

Aur is quarter mein toh kamaal hi ho gaya, Subros ne upcoming EV aur SHEV (strong hybrid) vehicles ke liye ₹1,280 crore ka order secure kar liya hai, jo 7 saal tak chalega. E-compressor aur ICE vehicles ke liye compressors banane ke liye Karsanpura facility mein capacity bhi badhai ja rahi hai.

Sirf Passenger Cars Nahi, Aur Bhi Bahut Kuch!

Commercial Vehicles (CV) segment mein bhi Subros kaafi accha kar raha hai, lagbhag 42% market share hai CV ACs aur blowers mein. Buses aur railways mein bhi presence hai.

Railways toh ek naya growth area ban raha hai. Indian Railways ne ₹52 crore ka 3 saal ka maintenance contract diya hai. Ab Vande Bharat trains ke liye bhi HVAC tenders mein bidding kar rahe hain.

Aage Kya?

FY26 mein PV aur CV segments mein moderate growth ki umeed hai, aur company ko lagta hai woh industry se behtar perform karegi. Lekin, raw material costs abhi bhi high rehne ki ummeed hai, jisse Q4 mein margins par pressure rahega. Denso Corporation, Japan ke saath partnership se fayda mil raha hai, but Denso ki supply chain par dependency kam karna ek challenge hai. Current valuation ~23x FY27e earnings par stock bahut mehnga nahi lag raha, par near-term mein zyada tezi ki ummeed kam hai.

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