What we do Subros Ltd is India's leading manufacturer of automotive thermal products, including air conditioning systems, compressors, and heat exchangers for OEMs across passenger vehicles, commercial vehicles, and railways. |
Founded in 1,985 |
Market share Holds 41% market share in passenger car AC and 42% in truck aircon/blower segments in India. |
Problem solved Provides efficient thermal management solutions ensuring vehicle comfort and eco-friendly operation, adapting to evolving regulations and EV requirements. |
Top clients or who we serve Serves major OEMs including Maruti Suzuki, Tata Motors, Mahindra & Mahindra, Ashok Leyland, Force Motors, and Renault Nissan; B2B focus. |
Key management - |
Our journey and innovations Founded in 1985, technical collaboration with Japan’s Denso; expanded with multiple plants, launched EV thermal products, and set up R&D centers for innovation. |
Where we operate Operates pan-India with eight manufacturing plants and technical centers; export revenue currently minimal but focused on growth. |
Top products or what we offer Automotive HVAC systems, compressors, heat exchangers, blower motors, and new generation electric vehicle thermal management products. |
Top brands Known for reliable and energy-efficient automotive AC systems and compressors, including the 10SL09 compressor and Vane Rotary Compressor. |
Raw materials needed Steel, aluminum, refrigerants (R-134a, electric components), and plastics for thermal product manufacturing. |
Raw materials supplier Sourced locally and internationally; close collaboration with Japanese partners for critical components and technology. |
Recurring vs cyclical contribution Revenue largely recurring through long-term OEM contracts; however, subject to automotive industry cyclical demand shifts. |
Our industry position Market leader in automotive thermal solutions in India with strong technical collaboration and comprehensive product portfolio. |
Financial highlights FY2024-25 revenue Rs. 3367.57 Cr; net profit Rs. 150.54 Cr; steady growth driven by volume increases and new product launches. |
Geographical revenue split Over 99% domestic revenue; minimal overseas revenue while focusing on expanding export footprint. |
Order book Strong order book including new contracts for EV compressors and railway HVAC systems totaling over Rs. 1280 Cr lifetime for EV products. |
Whats driving growth Robust Indian automotive growth, EV adoption, regulatory mandates, new product introductions, and capacity expansions driving revenue and margin improvement. |
Our future plans Expand Gujarat greenfield plant, develop EV thermal products, increase localization, and enhance R&D capabilities with Denso collaboration. |
Our green promise Focus on eco-friendly refrigerants, energy-efficient products, and compliance with environmental regulations; implementing sustainability initiatives. |
Our people and values Emphasizes skilled workforce of nearly 4000 employees, ethical governance, safety, and continuous learning culture. |
Key challenges ahead Managing commodity price volatility, supply chain disruptions, and adapting rapidly to EV and emission regulation changes. |
Interesting facts First in India to convert traditional ACs to eco-friendly refrigerants; ongoing development of thermal systems for hydrogen fuel cell buses. |
Risks and strategy Mitigates foreign exchange and raw material risks via hedging and localization; strategic R&D investments to remain tech leader. |
