We attended the analyst meet of Subros Ltd (Subros) and also visited their facility in Noida (Delhi). Subros is one of the leading manufacturers of compressors, condensers, heat exchangers and all connecting elements required to complete AC loop and caters to all segments viz. Passenger Vehicles, Buses, Trucks, Refrigeration Transport, offroaders & Railways. It also competes with companies like Hanon, Mahle Behr and Sanden in India. Currently, Subros has a capacity of 1.5mn pieces p.a. and is running at ~90% of capacity utilization. It holds ~70%/40%/40%/20% share of business with Maruti Suzuki (MSIL), Mahindra & Mahindra (M&M;), Tata motors (TTMT) and Renault Nissan respectively in passenger vehicle business. In CV segment, Subros tied up business with...