Subros LimitedQ1 FY27 Results & Financial Update
Subros Limited: Q1 FY27 consolidated results and company financials – revenue ₹1,032.11 Cr, PAT ₹41.52 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Subros Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Subros Limited reported consolidated revenue from operations of INR 1,032.11 crore for the first quarter of fiscal year 2027, accompanied by total income of INR 1,038.30 crore. The top-line performance reflects sustained market demand and full volume realization from previous year's start of production (SOP) programs.
Profit before tax (PBT) for the quarter stood at INR 55.59 crore, while consolidated profit after tax (PAT) reached INR 41.52 crore (reported as INR 41.38 crore standalone). Basic and diluted earnings per share (EPS) for the period were both recorded at INR 6.36.
Operating EBITDA was recorded at INR 86.99 crore, representing an operating EBITDA margin of 8.47% on net sales. Margin levels experienced pressure during the quarter owing to adverse commodity and currency movements, product mix variations, and annual salary and minimum wage revisions.
Finance costs for the quarter were contained at INR 2.62 crore, while depreciation and amortization expenses totaled INR 28.78 crore. Tax expenses for the period aggregated to INR 14.21 crore, reflecting an effective tax rate of approximately 25.55% of PBT.
During the quarter, the company executed a technical assistance agreement with Denso Corporation and Toyota Industries Corporation to localize electric compressors at its Karsanpura facility in Gujarat. This strategic initiative is designed to support electric and hybrid vehicle mobility segments.
Profit after tax was ₹41.52 Cr for the reported quarter. EPS was ₹6.36 for the reported quarter.
01 · Business model
What does Subros do?
Subros Limited, established in 1985, operates as an integrated thermal products manufacturer serving automotive and non-automotive sectors in India. The company holds a prominent market position in passenger car air conditioning systems and truck aircon/blower units.
The product portfolio spans thermal solutions across passenger cars, buses, trucks, tractors, reefer transport, railways, and home air conditioning. Manufacturing operations are distributed across multiple pan-India plant locations backed by in-house tool engineering and technical centers.
The operational model combines backward integration for built-in quality with technical collaborations from global industry partners, including Denso Corporation and Suzuki Motor Corporation.
02 · Historical context
What shaped the business before this quarter
Established in 1985, Subros grew into an integrated thermal products manufacturer backed by equity participation from Indian promoters, Denso Corporation, and Suzuki Motor Corporation.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹1,032.11 Cr |
| Total income | ₹1,038.30 Cr |
| Profit before tax | ₹55.59 Cr |
| Profit after tax | ₹41.52 Cr |
| EPS | ₹6.36 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 4.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 5.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹6.19 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue expansion was supported by higher sales volumes across core automotive segments and the full-volume realization of start-of-production programs rolled out in preceding periods.
The passenger car thermal business maintained demand momentum aligned with broader industry trends in domestic automotive manufacturing.
What drove margins
Operating margins were constrained by adverse commodity price movements and foreign exchange currency fluctuations, which were partially mitigated through ongoing cost optimization efforts.
Staff costs reflected increases attributable to annual salary reviews and statutory minimum wage revisions implemented during the period.
Other income of INR 6.19 crore included government grants accrued under the Gujarat Incentive to Industries Scheme.
05 · Demand, customers & order book
Where demand is coming from
The company secured new business awards for future vehicle programs covering HVAC systems, compressors, heat exchangers, and railway applications across multiple customer accounts.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's operations are classified under a single primary business segment comprising thermal products for automotive and non-automotive applications.
Geography and market mix
Production activities are executed across eight plant locations spanning northern, western, and southern regions of India, supported by dedicated technical and tool engineering centers in Noida.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Capacity expansion and greenfield development projects progressed at the Kharkhoda and Karsanpura facilities to support upcoming volume requirements and specialized electric compressor production.
Projects, capex and execution
Capital expenditure and engineering efforts were directed toward establishing manufacturing lines for electric compressors and fluid-discharge compressors (FDC) to cater to electric and hybrid mobility.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Execution of a technical assistance agreement with Denso Corporation and Toyota Industries Corporation established the framework for localizing electric compressors for electric and hybrid vehicles in India.
09 · Pressure points & risks
What is not going smoothly
Operating EBITDA margin contracted to 8.47% due to adverse commodity and currency movements alongside wage revisions.
10 · Items worth noticing
The line items that can distort a quick read
Other income includes INR 64 lakhs for the quarter received as government grant under the Gujarat Incentive to Industries Scheme.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Boardroom Changes
Mr. Tomoaki Yoshimori resigned as Nominee Director representing Denso Corporation, effective August 7, 2026, and Mr. Akihiro Deguchi was appointed as Nominee Director in his place.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations adjusted slightly by 1.68% compared to INR 1,049.76 crore reported in the immediately preceding quarter ended March 31, 2026.
13 · Key Q&A
The quarter, answered directly
What does Subros do?
Subros Limited, established in 1985, operates as an integrated thermal products manufacturer serving automotive and non-automotive sectors in India. The company holds a prominent market position in passenger car air conditioning systems and truck aircon/blower units.
What is the clearest takeaway from Q1 FY27?
Subros Limited reported consolidated revenue from operations of INR 1,032.11 crore for the first quarter of fiscal year 2027, accompanied by total income of INR 1,038.30 crore. The top-line performance reflects sustained market demand and full volume realization from previous year's start of production (SOP) programs.
What drove revenue or demand?
Revenue expansion was supported by higher sales volumes across core automotive segments and the full-volume realization of start-of-production programs rolled out in preceding periods.
What mattered most for margins or profitability?
Operating margins were constrained by adverse commodity price movements and foreign exchange currency fluctuations, which were partially mitigated through ongoing cost optimization efforts.
What changed operationally beyond the headline numbers?
Capacity expansion and greenfield development projects progressed at the Kharkhoda and Karsanpura facilities to support upcoming volume requirements and specialized electric compressor production.
What are the main pressure points disclosed for the quarter?
Operating EBITDA margin contracted to 8.47% due to adverse commodity and currency movements alongside wage revisions.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Karsanpura Plant Expansion: Monitor the execution and commissioning milestones of the Karsanpura plant expansion dedicated to electric compressor localization.
- 02
EV Product Development Progress: Track commercialization timelines and customer program rollouts for battery electric vehicle (BEV) and strong hybrid electric vehicle (SHEV) thermal solutions.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.