SUBROS

Subros Limited

Automotive thermal management systems for vehicles and railways

Industrials›Capital Goods›Industrial Products›Other Industrial Products

subros.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹665.20
Market cap
4,343 Cr
Stock P/E
26.1
P/B
3.49
Dividend yield
0.4%
ROE (FY26)
13.3%
ROCE (FY26)
18.0%
Operating margin (FY26)
5.3%
Debt / equity (FY26)
0.02
OCF / EBITDA (FY26)
32.5%
OCF / EBITDA (3Y)
49.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Subros makes thermal products for vehicles, including compressors for internal combustion engine (ICE) vehicles and a new electric compressor business, and reports them as a single segment, thermal products.

Company snapshot

5thBy market cap

Ranked among 13 companies in Other Industrial Products.

What we see

Positives
  • ✓Debt-to-equity of 0.02x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 49% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales813 Cr732 Cr832 Cr810 Cr828 Cr821 Cr908 Cr878 Cr880 Cr948 Cr1,050 Cr1,032 Cr
Operating expenses (approx.)743 Cr673 Cr754 Cr733 Cr752 Cr745 Cr816 Cr796 Cr811 Cr866 Cr957 Cr951 Cr
EBITDA70 Cr60 Cr77 Cr77 Cr76 Cr76 Cr93 Cr82 Cr68 Cr81 Cr92 Cr81 Cr
OPM %8.6%8.1%9.3%9.5%9.2%9.2%10.2%9.3%7.8%8.6%8.8%7.8%
Other income3 Cr7 Cr4 Cr3 Cr6 Cr5 Cr6 Cr6 Cr20 Cr6 Cr8 Cr6 Cr
Interest3 Cr4 Cr4 Cr3 Cr2 Cr3 Cr3 Cr2 Cr2 Cr3 Cr2 Cr3 Cr
Depreciation29 Cr28 Cr32 Cr31 Cr32 Cr32 Cr34 Cr31 Cr31 Cr32 Cr31 Cr29 Cr
Profit before tax42 Cr34 Cr45 Cr47 Cr49 Cr46 Cr62 Cr55 Cr55 Cr45 Cr66 Cr56 Cr
Tax %35.8%21.1%32.5%25.9%25.1%28.2%25.3%25.2%25.4%22.1%25.6%25.5%
Net profit27 Cr27 Cr30 Cr35 Cr36 Cr33 Cr46 Cr41 Cr41 Cr35 Cr49 Cr42 Cr
EPS (₹)₹4.10₹4.12₹4.66₹5.36₹5.58₹5.05₹7.08₹6.26₹6.24₹5.33₹7.56₹6.36

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,741 Cr1,970 Cr2,124 Cr1,993 Cr1,796 Cr2,239 Cr2,806 Cr3,071 Cr3,368 Cr3,756 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,574 Cr1,760 Cr1,896 Cr1,804 Cr1,642 Cr2,090 Cr2,639 Cr2,816 Cr3,045 Cr3,431 CrSign in free for the trailing twelve months
EBITDA168 Cr210 Cr228 Cr189 Cr154 Cr149 Cr168 Cr254 Cr322 Cr324 CrSign in free for the trailing twelve months
OPM %9.6%10.7%10.7%9.5%8.6%6.6%6.0%8.3%9.6%8.6%Sign in free for the trailing twelve months
Other income7 Cr7 Cr10 Cr20 Cr10 Cr10 Cr20 Cr15 Cr21 Cr38 CrSign in free for the trailing twelve months
Interest48 Cr41 Cr42 Cr36 Cr16 Cr11 Cr7 Cr12 Cr11 Cr10 CrSign in free for the trailing twelve months
Depreciation88 Cr92 Cr79 Cr90 Cr92 Cr102 Cr110 Cr117 Cr128 Cr125 CrSign in free for the trailing twelve months
Profit before tax8 Cr82 Cr114 Cr124 Cr56 Cr45 Cr71 Cr141 Cr204 Cr220 CrSign in free for the trailing twelve months
Tax %-63.1%26.4%33.2%31.6%16.0%28.3%32.4%30.6%26.1%24.8%Sign in free for the trailing twelve months
Net profit13 Cr61 Cr76 Cr85 Cr47 Cr33 Cr48 Cr98 Cr151 Cr166 CrSign in free for the trailing twelve months
EPS (₹)₹2.20₹10.09₹12.37₹13.00₹7.26₹4.98₹7.35₹14.96₹23.07₹25.39Sign in free for the trailing twelve months
Dividend payout %————11.0%14.1%9.5%6.7%7.8%10.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital12 Cr12 Cr13 Cr13 Cr13 Cr13 Cr13 Cr13 Cr13 Cr13 Cr
Reserves335 Cr392 Cr667 Cr739 Cr782 Cr811 Cr854 Cr943 Cr1,081 Cr1,231 Cr
Borrowings327 Cr315 Cr188 Cr113 Cr25 Cr25 Cr13 Cr——30 Cr
Other liabilities450 Cr577 Cr513 Cr524 Cr629 Cr656 Cr662 Cr695 Cr764 Cr860 Cr
Total liabilities1,125 Cr1,297 Cr1,380 Cr1,388 Cr1,449 Cr1,505 Cr1,543 Cr1,651 Cr1,859 Cr2,134 Cr
Fixed assets (net)334 Cr529 Cr532 Cr614 Cr595 Cr576 Cr552 Cr587 Cr556 Cr568 Cr
CWIP124 Cr47 Cr63 Cr40 Cr13 Cr22 Cr56 Cr41 Cr50 Cr53 Cr
Investments1 Cr2 Cr2 Cr1 Cr2 Cr5 Cr25 Cr5 Cr116 Cr143 Cr
Loans & advances——1 Cr0.95 Cr0.79 Cr0.56 Cr0.66 Cr0.65 Cr0.77 Cr0.71 Cr
Inventories205 Cr240 Cr249 Cr234 Cr281 Cr318 Cr339 Cr375 Cr374 Cr451 Cr
Trade receivables130 Cr161 Cr167 Cr189 Cr204 Cr226 Cr208 Cr283 Cr451 Cr576 Cr
Cash & bank2 Cr15 Cr7 Cr4 Cr33 Cr31 Cr31 Cr39 Cr36 Cr12 Cr
Other assets328 Cr304 Cr359 Cr305 Cr319 Cr326 Cr332 Cr321 Cr274 Cr331 Cr
Total assets1,125 Cr1,297 Cr1,380 Cr1,388 Cr1,449 Cr1,505 Cr1,543 Cr1,651 Cr1,859 Cr2,134 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity111 Cr315 Cr100 Cr239 Cr208 Cr151 Cr141 Cr165 Cr175 Cr105 Cr
Cash from investing-75 Cr-231 Cr-126 Cr-93 Cr-58 Cr-100 Cr-145 Cr-91 Cr-165 Cr-137 Cr
Cash from financing-35 Cr-72 Cr17 Cr-148 Cr-122 Cr-53 Cr4 Cr-65 Cr-13 Cr7 Cr
Net cash flow0.95 Cr13 Cr-8 Cr-3 Cr28 Cr-1 Cr-0.64 Cr8 Cr-3 Cr-25 Cr
Free cash flow (OCF − Capex)-44 Cr84 Cr-27 Cr141 Cr145 Cr45 Cr8 Cr45 Cr57 Cr-44 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %8.3%17.2%18.0%18.5%8.9%6.6%8.8%15.9%19.7%18.0%
ROE %3.8%15.0%11.2%11.3%6.0%3.9%5.5%10.2%13.8%13.3%
Debtor days27302935413727344956
Inventory days70656161796958605660
Days payable811129610014410683818482
Cash conversion cycle16-17-6-4-24-01132134
OCF / EBITDA %66.0%150.3%44.0%126.3%135.5%101.4%84.0%64.9%54.2%32.5%
OCF / EBITDA % (3 years)——86.9%104.4%95.9%121.6%106.3%80.0%64.6%49.4%
Debt / equity0.940.780.280.150.030.030.02——0.02
Current ratio0.690.660.880.941.071.101.101.291.451.61
Net debt / EBITDA1.94—0.790.57-0.05-0.04-0.10-0.15-0.110.06