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Subros Limited
(SUBROS)
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Rating:62Neutral
Price Target:
₹669.00
▼(-14.73% Downside)
Action:Downgraded
Date:09/23/26
The score is primarily supported by strong balance-sheet quality and improved profitability trends, but is held back by volatile cash generation (negative free cash flow in 2026) and inconsistent margins. Technicals are mixed with negative MACD and price below key longer-term averages, while valuation offers limited support due to a ~28 P/E and low dividend yield.
Positive Factors
Specialized HVAC and Thermal Products
Subros operates in a specialized automotive component category, supplying HVAC and thermal systems that are integrated into vehicles. This technical focus can support durable customer relevance as automakers require climate-control and thermal-management content across multiple vehicle platforms and mobility applications.
Negative Factors
Volatile Cash Generation
Negative recent free cash flow and lower operating cash flow weaken earnings conversion and can limit internally funded investment. The swing from positive to negative generation indicates that working capital or investment requirements may materially affect liquidity, making cash performance less dependable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized HVAC and Thermal Products
Subros operates in a specialized automotive component category, supplying HVAC and thermal systems that are integrated into vehicles. This technical focus can support durable customer relevance as automakers require climate-control and thermal-management content across multiple vehicle platforms and mobility applications.
Read all positive factors
Subros Limited (SUBROS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹41.20B
Dividend Yield0.48%
Average Volume (3M)2.71K
Price to Earnings (P/E)24.8
Beta (1Y)1.35
Revenue Growth13.78%
EPS Growth6.49%
CountryIN
Employees3,688
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)25.49
Shares Outstanding65,235,750
10 Day Avg. Volume2,524
30 Day Avg. Volume2,713
Financial Highlights & Ratios
PEG Ratio2.49
Price to Book (P/B)3.33
Price to Sales (P/S)1.10
P/FCF Ratio-90.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)28.1
Revenue Forecast (FY)₹42.46B
Subros Limited Business Overview & Revenue Model
Company Description
Subros Limited is an Indian enterprise specializing in the production and distribution of thermal management solutions, predominantly for automotive uses within the country. Their extensive product catalog encompasses essential components such as ...
How the Company Makes Money
Subros makes money primarily by supplying automotive air-conditioning and thermal management products to vehicle manufacturers (OEMs). Its core revenue stream comes from the sale of complete HVAC/air-conditioning systems and associated components ...
Subros Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
88
Very Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 39.09B | 37.56B | 33.57B | 30.61B | 28.06B | 22.35B |
| Gross Profit | 6.65B | 5.30B | 9.56B | 2.71B | 6.56B | 5.06B |
| EBITDA | 3.48B | 3.55B | 3.43B | 2.66B | 1.85B | 1.55B |
| Net Income | 1.66B | 1.66B | 1.51B | 976.19M | 479.20M | 324.92M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 21.34B | 18.59B | 16.51B | 15.43B | 15.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.40B | 1.40B | 1.62B | 1.22B | 1.08B | 1.18B |
| Total Debt | 0.00 | 747.60M | 409.30M | 345.77M | 814.20M | 683.78M |
| Total Liabilities | -12.44B | 8.90B | 7.64B | 6.95B | 6.76B | 6.81B |
| Stockholders Equity | 12.44B | 12.44B | 10.94B | 9.56B | 8.67B | 8.24B |
Cash Flow | ||||||
| Free Cash Flow | -587.70M | -459.20M | 569.00M | 452.80M | 82.90M | 448.51M |
| Operating Cash Flow | -110.00M | 1.04B | 1.75B | 1.65B | 1.41B | 1.51B |
| Investing Cash Flow | -259.40M | -1.45B | -1.65B | -914.78M | -1.45B | -996.47M |
| Financing Cash Flow | 182.90M | 167.20M | -130.80M | -650.29M | 37.00M | -526.35M |
Subros Limited Technical Analysis
Negative
784.60
Price Trends
704.75
Negative
744.90
Negative
754.00
Negative
Market Momentum
-19.87
Positive
25.93
Positive
4.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SUBROS, the sentiment is Negative. The current price of 784.6 is above the 20-day moving average (MA) of 680.13, above the 50-day MA of 704.75, and above the 200-day MA of 754.00, indicating a bearish trend. The MACD of -19.87 indicates Positive momentum. The RSI at 25.93 is Positive, neither overbought nor oversold. The STOCH value of 4.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SUBROS.
Subros Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹140.36B | 15.53 | ― | 1.89% | 12.50% | 14.31% | |
70 Outperform | ₹333.17B | 33.95 | ― | 0.49% | 29.35% | 12.93% | |
66 Neutral | ₹80.72B | 30.02 | ― | 0.30% | 43.26% | 56.35% | |
63 Neutral | ₹1.67T | 37.90 | ― | 0.38% | 14.02% | 32.06% | |
62 Neutral | ₹41.20B | 24.76 | ― | 0.48% | 13.78% | 6.49% | |
60 Neutral | ₹125.03B | 38.56 | ― | 0.30% | 33.28% | 72.85% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:SUBROS
Subros Limited
615.80
-455.47
-42.52%
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Subros Limited Corporate Events
Subros Clears Q1 Results, Reshuffles DENSO Nominee and Deepens Electric Compressor Tie-Up
Aug 7, 2026
Subros Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, following a limited review that found no material misstatements. The board also recorded the resignation of ...
Subros Clears June-Quarter Results, Deepens EV Push With New Technical Pact
Aug 7, 2026
Subros Limited’s board has approved its unaudited standalone and consolidated financial results for the quarter ended 30 June 2026, along with the accompanying limited review report, in line with securities listing requirements. The meeting ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.