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Swing Capital

Subros Ltd

NSE: SUBROS BSE: 517168Auto

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]

₹728
52W: ₹621 — ₹1214
PE 28.3 · Book ₹178 · +309% vs book
Market Cap₹4,749 Cr
Stock P/E28.3Price to Earnings
ROCE19.9%Return on Capital
ROE14.5%Return on Equity
Div. Yield0.35%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 21.4% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 4.11 times its book value
  • −The company has delivered a poor sales growth of 11.1% over past five years.
  • −Company has a low return on equity of 10.5% over last 3 years.
  • −Debtor days have increased from 36.6 to 48.9 days.

Shareholding Pattern

Promoters36.79%
FIIs32.79%
DIIs10.76%
Public19.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.79%36.79%36.79%36.79%36.79%36.79%36.79%36.79%
FIIs33.22%33.05%▼0.232.81%▼0.232.8%▼0.032.93%▲0.133.14%▲0.232.78%▼0.432.79%▲0.0
DIIs10.4%10.67%▲0.310.72%▲0.111.18%▲0.511.32%▲0.111.3%▼0.011.05%▼0.310.76%▼0.3
Public19.6%19.5%▼0.119.68%▲0.219.22%▼0.518.95%▼0.318.79%▼0.219.38%▲0.619.65%▲0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales813732832810828821908878880948
Expenses743673754733752745816796811866
Operating Profit70607777767693826881
OPM %9%8%9%10%9%9%10%9%8%9%
Net Profit27273135363346414135
EPS ₹4.14.114.75.355.595.037.086.236.225.34

AI Insights

Revenue Trend

TTM revenue at ₹3,614Cr, up 7.3% YoY. OPM at 9%.

Debt Position

Borrowings at ₹24Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹31Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.76% (-1.70pp change). FIIs: 32.79% (+0.20pp change). Promoters hold 36.79%.

Margin & Efficiency

ROCE improving from 8% (Mar 2014) to 20% (Mar 2025). Working capital days: 17.

Valuation

PE 28.3x with 19.9% ROCE. Price is 309% above book value of ₹178. Dividend yield: 0.35%.

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