NSE: SUBROS | BSE: 517168 | ASM

Strong Performer, Getting Expensive

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920.55 7.40 (0.81%)

High vol.+gain this week

NSE 20 Jun, 2025 3:31 PM (IST)

6,005.3

Market Cap

Above industry Median

1.3

Beta 1Year

Very High Volatility

Subros Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for SUBROS, BSE:517168 Subros Ltd.

Subros Ltd.

30 Jan 2020

920.55

0.81%

Subros Limited (Subros), Q3FY20 results were above our estimates at operating level. EBITDA margin stood at 10.4% vs our estimates of 8.5% on account of lower RM cost and lower operating expenses. Adj. PAT for the quarter stood at Rs135mn above our estimates of Rs113mn. We maintain our revenue/earnings CAGR of 4%/15% over FY19-22E with EBITDA margin of ~8% and average free cash flow of ~Rs1bn. We change our rating to ACCUMLATE (earlier BUY) due to recent increase in share price and...

Subros Ltd. has gained 31.04% in the last 1 Month

Subros Ltd.

24 Oct 2019

920.55

0.81%

Subros (2QFY20): Market share gains continue. Maintain BUY

Buy: Subros Ltd.

Target

HDFC Securities

Reiterate BUY on Subros given (1) Consistent increase in market share in PV-ACs (46%, +4% from FY19) despite a sluggish environment (2) Diversification into newer segments including home AC components (3) Deleveraging of balance sheet (Gross debt of Rs 1.9bn in 1HFY20 vs. Rs 3.2bn in FY18) and (4) Its strategic partnership with Denso will enable the transition to next generation products. 2QFY20 revenues (-12% YoY) were impacted by weak demand environment. Subros continues to gain market share in pass car ACs (currently at 46%) and is well positioned for any pick up in industry demand over FY21/22. We are lowering our estimates by ~5% to factor in the 2Q results. Maintain BUY with a revised TP of Rs 270 (at 17x Sep-21 EPS).

Subros Ltd. has gained 56.76% in the last 3 Months

Subros Ltd.

24 Oct 2019

920.55

0.81%

Subros: Result Review

Buy: Subros Ltd.

Target

Karvy

Market Share Gain Continues: During Q2FY20, Subros sales declined by 12 percent YoY to Rs5bn (below our estimates of Rs 5.1 BN).

Subros Ltd. high volume past week with price gain of 10.71.

Subros Ltd.

24 Sep 2019

920.55

0.81%

Subros Ltd. - Best proxy to PV and CV recovery

Buy: Subros Ltd.

LKP Securities

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...

Subros Ltd. has gained 37.28% in the last 1 Year

Subros Ltd.

14 Aug 2019

920.55

0.81%

Subros (1QFY20): Diversifying the revenue mix. Maintain BUY

Buy: Subros Ltd.

Target

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. is trading above all available SMAs

Subros Ltd.

14 Aug 2019

920.55

0.81%

Subros: Commendable Performance in Challenging Environment - BUY

Buy: Subros Ltd.

Target

Karvy

During Q1FY20, Subros sales grew by 7.6 percent YoY to Rs5.7bn (above our estimates of Rs5.4bn). Decline in sales was driven primarily by subdued volume growth in Car and Non-Car segment.

Subros Ltd. has gained 10.71% in the last 1 Week

Subros Ltd.

13 Aug 2019

920.55

0.81%

Subros

Buy: Subros Ltd.

Target

Dolat Capital

Decent show amid tough environment, growth levers intact Subros 1QFY20, revenue beat estimate to ` 5.7bn (+7% YoY) led by wining new business (HVAC for new Wagon R and AC kit for Renault Nissan for Brazil facility) and incremental revenue from Home AC business (` 620mn). EBIDTA margin contracted by 111bpsYoY to 9.6 % on account of weaker product mix (low margin in home AC). Despite the slowdown in PVs segment Subros' core PV AC business managed to grew in single digit in 1Q led by shift in demand towards petrol variants plus rising wallet share...

Subros Ltd. has an average target of 799.00 from 1 broker.

Subros Ltd.

11 Jun 2019

920.55

0.81%

Weak quarter given auto industry headwinds

Buy: Subros Ltd.

Target

Motilal Oswal

Higher tax marred the Q4 PAT: For Q4FY19, Subros reported decline in Revenue/EBITDA by 6%/14%, YoY, impacted by auto industry slowdown. EBITDA margins declined by 92bps YoY due to higher raw material cost (due to change in product mix and currency appreciation) and other expenses. However lower depreciation and interest cost (due to debt repayment) and higher other income led to PBT growth of 7% YoY which got pulled down due to higher tax rate of 45%. Thus PAT declined by 13% YoY, due to absorption of carry forward of unabsorbed depreciation....

Subros Ltd. has gained 10.71% in the last 1 Week

Subros Ltd.

06 Jun 2019

920.55

0.81%

Subros Ltd. - Result Update - 06 June 2019

Results Update: Subros Ltd.

Way2Wealth

Improved market share in FY19 Despite the ongoing pain in the PV sales, Subros was able to increase its market share from 40% to 42% in the PV segment. The increased share was on account of new business from Maruti and M&M.; Client wise Subros market share stood at Maruti (74%), Tata motors (35%), M&M; 30%, Renualt 25% and Nissan 25%. The company expects its market share to improve further on...