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Subros zooms 18%, sharpest intra-day rally in 1 year; up 26% in 3 days
Shares of Subros hit an all-time high of ₹982.35, zooming 18 per cent thus also recording its sharpest intra-day rally in the past one year, on the BSE in Monday's intra-day deals. Earlier, on July 1, 2024, the stock price of the smallcap company had zoomed 20 per cent in intra-day trades, BSE data shows.
In the past three days, the market price of Subros has appreciated by 26 per cent, while, thus far in the month of June, it has gained 35 per cent. It has nearly-doubled or zoomed 96 per cent from its March 2025 low of ₹501.55 on the BSE.
At 02:42 PM; Subros was quoting 17 per cent higher at ₹970.70, as compared to 0.84 per cent rise in the BSE Sensex. The average trading volumes at the counter jumped over six-fold. A combined 4.5 million shares representing nearly 7 per cent of total equity of Subros changed hands on the NSE and BSE.
Subros clarifies on increase in volume
Subros on June 10, 2025, said that the company has made all the necessary disclosures (including unpublished price sensitive information) to the Stock Exchange(s). The significant increase in volume of company's equity shares is purely market driven.
'There is no information/announcement (including impending announcement) which in our opinion may have a bearing on the price/volume behaviour in the scrip and which is due to be disseminated to the Stock Exchange(s),' Subros said.
Subros Q4 results
For the January to March 2025 quarter (Q4FY25), Subros' revenue was higher by 9.25 per cent year-on-year (YoY) at ₹908.46 crore from corresponding quarter of last year due to increase in volume and Start of Production (SOP) of new business awards.
EBIDTA was higher by 22.72 per cent in Q4 from corresponding quarter of last year due to Cost cutting initiatives and process cost optimization. MSR was lower due to softening in commodity prices, cost down initiatives and product mix. Finance cost was lower due to use of low-cost debt instrument and working capital optimization.
Growth outlook for Subros
Subors medium-term growth prospects remains healthy, given its strong market position in the passenger vehicle (PV) industry and continued demand in the industry. Further, the notification from the Government of India mandating air-conditioned (AC) fitted cabins in N2 and N3 trucks (both segments combined cover trucks having gross vehicle weight exceeding 3.5 tonnes), manufactured after October 2025, is expected to generate incremental revenue prospects for the company.
While the company has significantly muted its sales in the home AC segment due to low segment margins amid inflationary pressure in the fixed price nature of contracts, an increase in the contribution from the other business segments, such as commercial vehicle (CVs) and Indian Railways is expected to support its earnings growth prospects, according to ICRA.
The ratings for Subros continue to factor in its strong market position in the thermal products segment of the PV industry, benefitting from its integrated manufacturing operations and strong product development capabilities, which is supported by technical support from Denso Corporation, Japan. The company is expected to continue its growth momentum on account of new product development for various models of PVs, buses, trucks and the railways segment, the rating agency said in its rationale.
The operating margins and return indicators are expected to improve over the medium term, aided by operational efficiencies, cost efficiency measures as well as increased localisation.
About Subros
Subros is the leading manufacturer of thermal products for automotive applications in India, in technical collaboration with Denso Corporation, Japan. The company is engaged primarily in the business of manufacturing and sale of thermal products for automotive and home air-conditioning original equipment manufacturers. The company is a joint venture with 36.79 per cent ownership by the Suri family of India, 20 per cent ownership by Denso Corporation, Japan & 11.96 per cent ownership by Suzuki Motor Corporation, Japan.
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