Subros Ltd (NSE:SUBROS)

Q3 2026 Subros Ltd Earnings Call Transcript

Feb 02, 2026 / 04:30AM GMT

Release Date Price: ₹762.5 (-1.35%)

Transcript

Key Points

Positve

Subros Ltd (BOM:517168) achieved a revenue growth of 15.43% in Q3 FY26, outperforming the industry average.
The company recorded a significant 136% growth in the commercial vehicle segment in Q3, driven by the implementation of mandatory AC in N2 and N3 categories.
Subros Ltd's market share in the passenger vehicle thermal market is 41% and 42% in the truck AC market.
The company has secured a large tender worth INR52 crore for railway AC installations, indicating strong growth potential in the railway segment.
Subros Ltd is expanding its product profile by localizing electric compressors for EV and hybrid vehicles, in collaboration with Denso and Toyota Industries.

Negative

Geopolitical tensions pose risks to the Indian automotive industry, potentially affecting supply chain stability and cost pressures.
Freight costs, shipping routes, and delivery timelines may face challenges, impacting operational efficiency.
There was a provisioning of INR8.08 crore for new wage code liability, affecting the company's financials.
Gross margins have been compressed due to volatility in raw material prices and foreign exchange rates.
The company's aspiration to achieve a 12% EBITDA margin may be delayed due to current market conditions and new project ramp-up timelines.

Operator

Ladies and gentlemen, good day, and welcome to Subros Limited Q3 FY26 Post results earnings conference call hosted by Batlivala & Karani Securities. (Operator Instructions) Please note that this conference is being recorded.

I now hand over the conference to Mr. Annamalai Jayaraj from Batlivala & Karani Securities. Thank you, and over to you, sir.

Annamalai Jayaraj Batlivala;Karani Securities;Analyst

&-

Thanks. Good morning, all participants. Welcome to Subros Limited 3Q FY26 post results conference call. From Subros Limited management, we have with us today Mr. Parmod Kumar Duggal, Executive Director and Chief Executive Officer; Mr. Hemant Kumar Agarwal, Chief Financial Officer and Senior Vice President, Finance; and Mr. Sukhbinder Singh Gill, Vice President, Finance.

I'll now hand over the call to Mr. Duggal for the opening remarks to be followed by question-and-answer session. Over to you, sir.

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