925.6500 -4.85 (-0.52%)
NSE Jul 11, 2025 15:31 PM
Volume: 112.4K
 

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Subros Ltd.
14 Aug 2019
925.65
-0.52%
HDFC Securities
Maintain BUY as (1) Subros has gained market share in the PV segment in a slowing market (up by 3%) (2) The co is diversifying into newer segments including home AC component supplies and expects the share of other segments to double to 40% in the medium term. (3) With Denso as its strategic partner, the co has relevant technology for next generation products In a sluggish market environment, Subros delivered ~8% YoY revenue growth driven by the ramp up in the home AC segment (post acquisition of Zamil in 4QFY19). Reiterate BUY with a revised TP of Rs 230 (at 15x FY21 EPS, 17x earlier). We are lowering earnings by 11% / 7% over FY20/21E to factor in lower margins. We reduce our multiple due to the slowdown in the pass car industry, which accounts for over 80% of its revenues.
Subros Ltd. has gained 32.78% in the last 1 Year
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