Subros Ltd is the leading manufacturer of air conditioning systems (ACs) for the passenger vehicles (PV) in India with Maruti Suzuki India Ltd. It also supplies its products to the Commercial Vehicles (CVs) segment i.e. Trucks, Buses, Reefer transports and Off- roaders. We believe MSIL would be the biggest beneficiary (expect 13% CAGR), thus benefitting Subros which supplies ~70% of the MSILs total AC requirement. Further, improving share of business (SoB) with other OEMs (Tata Motors, Renault Nissan, Mahindra & Mahindra) and entry into radiators segment would aid revenue growth. We expect Subros PV segment revenue to grow at 14% CAGR to INR22.7bn over FY18-20E. mandatory AC/blower in trucks from Jan18 opens up a new revenue stream for the company. Its entry into CV ACs, railways and home AC offers incremental opportunities over the next 3-5 years. We expect non PV segment to report revenue CAGR of 40% to INR2.