Subros is the largest automotive air conditioning systems company in India with >40% market share in the domestic passenger vehicle industry, supplying mainly to MSIL and other players like M&M;, TAMO and Renault Nissan. It also supplies air conditioning systems to commercial vehicles (MS -70%), railways (MS 77%), home AC, Engine Cooling Modules (ECM), buses and reefers. With strong demand in non PVs segment, Subros has been de-risking its business model by reducing its dependence on subdued PV segment as witnessed in Q1 FY20, where the...