About Subros Limited

Subros Limited, incorporated in 1985 and domiciled in India, is a leading manufacturer of thermal products for automotive and home air-conditioning OEMs, operating under technical collaboration with DENSO Corporation, Japan, with registered office at LGF, World Trade Centre, Barakhamba Lane, New Delhi 110 001. The company is structured as a joint venture with 36.79% owned by the Suri family, 20.00% by DENSO Corporation, and 11.96% by Suzuki Motor Corporation, reflecting deep ties with global automotive leaders and long-standing technology assistance agreements since 1986 for HVACs, compressors, radiators, and other thermal products. As of the year ended March 31, 2025, Subros reported standalone revenue from operations of Rs 3,367.57 crore and profit after tax of Rs 150.40 crore, driven by robust domestic automotive demand and efficiency initiatives across operations. The company has no subsidiaries and holds a 26% interest in DENSO Subros Thermal Engineering Centre India Private Limited (JV) focused on engineering and technology services, which achieved revenue of Rs 17.95 crore and profit of Rs 0.75 crore in FY 2024–25. Manufacturing capacity has been augmented at existing locations, with a sanctioned greenfield project at Kharkhoda, Haryana, supporting growth across passenger vehicles, trucks, buses, railways, and EV thermal solutions.

Subros Limited Business segments

• Core activities: design, manufacture, and sale of thermal systems and components including HVAC systems, compressors, condensers, heat exchangers, blowers, hoses and tubes, as well as integrated thermal management for EVs, buses, trucks, tractors, and railway coach AC systems.

• Markets and customers: key OEM relationships include Maruti Suzuki India Limited, Tata Motors Limited, Mahindra & Mahindra Limited, Ashok Leyland Limited, Force Motors Limited, and Renault Nissan Automotive India Private Limited, with export growth as a strategic focus area alongside localisation and Make in India.

• Revenue mix disclosure: The report presents consolidated and standalone totals but does not disclose percentage contribution to revenue by product vertical or by domestic vs. international; therefore, segment percentages are not presented here per instruction.

Subros Limited Key Management

• Shradha Suri — Chairperson & Managing Director; re-appointed for 3 years with effect from May 12, 2025.

• Parmod Kumar Duggal — Executive Director & Chief Executive Officer; re-appointed for 3 years with effect from August 5, 2024.

• Hemant K. Agarwal — Chief Financial Officer & Senior Vice President Finance.

• Kamal Samtani — Company Secretary & Senior Vice President Finance.

• Hisashi Takeuchi — Non-Executive, Nominee Director (represents Suzuki Motor Corporation); retires by rotation and offers for re-appointment.

• Yusuke Hara — Non-Executive, Nominee Director (appointed March 28, 2025, represents DENSO Corporation).

• Yasuhiro Iida — Alternate Director to Mr. Yusuke Hara (appointed March 28, 2025).

• Tomoaki Yoshimori — Non-Executive, Nominee Director.

• Independent Directors include Arvind Kapur; Justice Arjan Kumar Sikri (Retd); Ashok Lavasa (IAS Retd); Vanaja N. Sarna (IRS Retd); Smita Piyush Mankad; Ambassador Deepa Gopalan Wadhwa (IFS Retd).

Latest updates on Subros Limited

• Capacity expansion completed at existing plants to meet rising OEM demand; sanction obtained for a greenfield project at Kharkhoda, Haryana to support long-term growth.

• New product introductions in FY 2024–25 for Railway LHB coach AC, goods carrier truck AC (aligned with AC mandate for N2/N3), and hybrid electric vehicle thermal solutions; plans to broaden Bus AC and EV AC kits.

• Strategy anchored on a five-year roadmap focused on growth, sustainability, technology, and digital transformation using automation, advanced analytics, and cloud to improve efficiency and collaboration.

• Strong order book in Railway Business expected to drive both top line and bottom line; export expansion and localisation remain core levers to mitigate global volatility and enhance competitiveness.

• Credit rating reaffirmed by ICRA at Long Term: ICRA AA (Stable) and Short Term: ICRA A1+ (Positive) during the year.