Subros Limited (SUBROS) · mywealthgrid

Loading page…

About

Subros Limited is an industrial products manufacturer with quarterly revenue around ₹900–1,050 crore and a market capitalization of ₹4,943.79 crore. The company maintains consistent profitability with an operating margin of 8.63%, positioning it as a mid-cap player in the broader Industrials sector. Its balance sheet is fortress-like, with minimal debt (D/E 0.02).

Face value: ₹2

Market cap

₹4,466 Cr

P/E

26.8×

P/B

3.6×

Dividend yield

0.4%

ROE

14.2%

ROCE

18.8%

Debt / equity

0.02

OPM

8.6%

EPS (TTM)

₹25.5

Book value

₹190.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE of 29.72 appears stretched given flat revenue trajectory (₹900–1,050 Cr across recent quarters) and thin 8.63% OPM with no evident growth tailwind

Revenue stagnation: topline has remained largely flat in recent quarters; verify whether this reflects market saturation, demand weakness, or capacity constraints

Margin vulnerability: OPM varied from 7.78% to 8.8% across quarters—verify whether cost pressures are temporary cyclical headwinds or structural

Market skepticism: stock down 12.87% YoY despite consistent dividend payments; underlying drivers not evident in quarterly results

Generated analysis · source review pending

Growth drivers

D/E of 0.02 provides balance-sheet capacity to fund growth investments or M&A if management identifies opportunities

Revenue flat at ₹900–1,050 Cr in recent quarters; verify whether this reflects full capacity utilization or available margin for demand absorption

Consistent OPM of 8.63% (range 7.78%–8.8%) demonstrates cost discipline; verify pricing power and margin defensibility if input costs pressurize

Industrial sector cyclicality suggests upside if capital-goods spending recovers; verify company's market positioning, export footprint, and readiness to scale

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹684.9-2.5%1Y

Quick read

rule-based

Pros

+Profit CAGR of 28.4% over the last 5 years
+Revenue CAGR of 15.9% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 24.7×

Cons

−Low dividend payout of 11.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

59/100

Business quality: 59
Growth: 59
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hbl Engineering LimitedHBLENGINEHBLENGINE	₹21,604 Cr	₹21,648 Cr	₹2,718 Cr	₹716 Cr	33.7%	₹537 Cr	24.7%	57.1%	44.1%	171
Inox India LimitedINOXINDIAINOXINDIA	₹19,688 Cr	₹19,758 Cr	₹1,618 Cr	₹343 Cr	21.6%	₹255 Cr	16.3%	34.7%	25.9%	241
Krn Heat Exchanger And Refrigeration LimitedKRNKRN	₹9,266 Cr	₹9,454 Cr	₹737 Cr	₹144 Cr	18.7%	₹97 Cr	12.7%	19.2%	14.3%	208
Esab India LimitedESABINDIAESABINDIA	₹8,471 Cr	₹8,471 Cr	₹1,577 Cr	₹290 Cr	17.9%	₹222 Cr	13.7%	62.6%	52.3%	34
Subros LimitedSUBROSSUBROS	₹4,466 Cr	₹4,495 Cr	₹3,909 Cr	₹323 Cr	8.6%	₹166 Cr	4.4%	18.8%	14.2%	34
Harsha Engineers International LimitedHARSHAHARSHA	₹4,318 Cr	₹4,689 Cr	₹1,719 Cr	₹252 Cr	14.7%	₹155 Cr	9.5%	15.4%	11.7%	171
Ador Welding LimitedADORADOR	₹2,732 Cr	₹2,733 Cr	₹1,198 Cr	₹153 Cr	10.6%	₹114 Cr	7.2%	21.8%	15.4%	53
Diffusion Engineers LimitedDIFFNKGDIFFNKG	₹1,737 Cr	₹1,765 Cr	₹436 Cr	₹61 Cr	14.1%	₹55 Cr	12.4%	16.6%	13%	159
Mic Electronics LimitedMICELMICEL	₹868 Cr	₹912 Cr	₹223 Cr	₹25 Cr	13.3%	₹-12 Cr	-6.6%	9.8%	-5.8%	278
Technocrats Plasma Systems LtdTECHNOCRATTECHNOCRAT	₹716 Cr	—	—	—	—	—	—	—	—	—
Hy-Tech Engineers LimitedHTELHTEL	₹692 Cr	₹721 Cr	₹189 Cr	₹42 Cr	22%	₹23 Cr	11.9%	23.1%	20.2%	—
Mallcom (India) LimitedMALLCOMMALLCOM	₹580 Cr	₹700 Cr	₹527 Cr	₹56 Cr	11.2%	₹27 Cr	5.6%	15.4%	9.7%	159

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,993	1,796	2,239	2,806	3,071	3,368	3,756
COGS	1,408	1,290	1,661	2,150	2,267	2,432	2,736
Gross profit	585	506	578	656	803	935	1,019
	396	351	429	488	549	613	695
	189	154	149	168	254	323	324
OPM %	9.5%	8.6%	6.7%	6%	8.3%	9.6%	8.6%
Depreciation	90	92	102	110	117	128	125
Interest	36	16	11	7	12	11	10
	62	10	10	20	15	21	30
Profit before tax	124	56	45	71	141	204	220
Tax	39	9	13	23	43	53	55
Tax %	31.6%	16%	28.3%	32.4%	30.6%	26.1%	24.8%
	85	47	33	48	98	151	166
PAT margin %	4.3%	2.6%	1.5%	1.7%	3.2%	4.5%	4.4%
EPS (₹)	13	7.3	5	7.4	15	23.1	25.4
EPS adjusted (₹)	13	7.3	5	7.3	15	23.1	25.4
	6.2%	9.6%	14.1%	13.6%	12%	11.3%	11.8%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	13	13	13	13	13	13
Reserves	739	782	811	854	943	1,081	1,231
	113	25	25	13	0	0	30
	524	629	656	662	695	764	860
Total equity & liabilities	1,388	1,449	1,505	1,543	1,651	1,859	2,134
	744	725	707	686	709	686	698
CWIP	40	13	22	56	41	50	53
Investments	1	5	5	25	5	116	143
	604	706	770	776	897	1,006	1,240
Total assets	1,388	1,449	1,505	1,543	1,651	1,859	2,134

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.4%	28.2%	25.8%	23.4%	26.2%	27.8%	27.1%
EBITDA margin %	9.5%	8.6%	6.6%	6%	8.3%	9.6%	8.6%
EBIT margin %	5%	3.4%	2.1%	2%	4.5%	5.8%	5.3%
PAT margin %	4.3%	2.6%	1.5%	1.7%	3.2%	4.5%	4.4%
Working capital
Receivable days	35	42	37	27	34	49	56
Inventory days	61	80	70	57	60	56	60
Payable days	100	146	107	83	81	84	82
NWC days	-4	-24	-1	2	13	21	34
Leverage
Current ratio	0.94	1.07	1.1	1.1	1.29	1.45	1.61
Debt to EBITDA	0.6	0.16	0.17	0.08	0	0	0.09
Debt to equity	0.15	0.03	0.03	0.02	0	0	0.02
Interest coverage	3.3	4.4	5.1	11.4	13	18.7	24.7
Asset turnover	1.44	1.24	1.49	1.82	1.86	1.81	1.76
Return ratios
Return on assets %	6.1%	3.3%	2.2%	3.1%	5.9%	8.1%	7.8%
Return on capital employed %	14.7%	8.6%	6.4%	8.6%	15.6%	19.7%	18.8%
Return on equity %	11.3%	6%	3.9%	5.5%	10.2%	13.8%	13.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%	36.79%
	32.73%	33.35%	32.83%	33.22%	33.05%	32.81%	32.8%	32.93%	33.13%	32.78%	32.79%	32.69%
	10.96%	9.48%	9.96%	10.4%	10.67%	10.72%	11.18%	11.32%	11.3%	11.05%	10.77%	10.7%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	19.52%	20.38%	20.42%	19.59%	19.49%	19.68%	19.23%	18.96%	18.78%	19.38%	19.65%	19.82%
No. of shareholders	—	—	—	—	—	—	—	—	48,427	52,758	54,708	56,225

Promoter holding up 0 percentage points since Sep 2023.

14 deals · 21 Jun 2023 – 22 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
22 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	4,65,638	₹853.44	₹39.74 Cr
22 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	4,65,638	₹852.92	₹39.72 Cr
22 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Sell	3,43,075	₹846.60	₹29.04 Cr
22 Jun 2026	QE SECURITIES LLP	Bulk	NSE	Buy	3,41,188	₹855.85	₹29.20 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,83,033	₹1,135.54	₹43.49 Cr
23 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,83,033	₹1,134.48	₹43.45 Cr
17 Jun 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,28,976	₹1,036.02	₹34.08 Cr
17 Jun 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,28,976	₹1,036.51	₹34.10 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,82,396	₹614.37	₹23.49 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,82,396	₹613.78	₹23.47 Cr

1–10 of 14

1 / 2

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Ms. Shradha SuriExecutive Director-Chairperson related to Promoter-MD
Ms. Jyotsna SuriNon-Executive - Non Independent Director
Mr. Hisashi TakeuchiNon-Executive - Nominee Director
Mr. Naohisa KuriyamaNon-Executive - Nominee Director
Mr. Tsunenobu HoriAlternate Director
Mr. Tomoaki YoshimoriNon-Executive - Nominee Director
Mr. Parmod Kumar DuggalExecutive Director-CEO
Mr. Arvind KapurNon-Executive - Independent Director
Mr. Arjan Kumar SikriNon-Executive - Independent Director
Mrs. Deepa Gopalan WadhwaNon-Executive - Independent Director
Mr. Ashok LavasaNon-Executive - Independent Director

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

6.6%

of the company's equity

All mutual funds

10.7%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

8 schemes · 4 fund houses

		Shares
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	24.3 L	174.39	0.57%	3.728%	—
SMALL CAP FUND	Nippon India Mutual Fund	9.68 L	69.47	0.08%	1.485%	-0
Portfolio of Kotak Multi Asset Allocation Fund	Kotak Mahindra Mutual Fund	5.02 L	36.02	0.24%	0.77%	-0
Portfolio of Kotak Consumption Fund	Kotak Mahindra Mutual Fund	2.51 L	18	1.04%	0.385%	-0
Portfolio of Kotak Transportation & Logistics Fund	Kotak Mahindra Mutual Fund	99,000	7.1	1.32%	0.152%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	49,762	3.57	0.14%	0.076%	-1,089
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	340	0.02	0.01%	0.001%	+1
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	60	0	0.01%	0%	-0

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

2 announcementsExport CSV

21 Sept 2026, 7:40 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	29.4%	28.2%	25.8%	23.4%	26.2%	27.8%	27.1%
EBITDA margin %	9.5%	8.6%	6.6%	6%	8.3%	9.6%	8.6%
EBIT margin %	5%	3.4%	2.1%	2%	4.5%	5.8%	5.3%
PAT margin %	4.3%	2.6%	1.5%	1.7%	3.2%	4.5%	4.4%
Working capital
Receivable days	35	42	37	27	34	49	56
Inventory days	61	80	70	57	60	56	60
Payable days	100	146	107	83	81	84	82
NWC days	-4	-24	-1	2	13	21	34
Leverage
Current ratio	0.94	1.07	1.1	1.1	1.29	1.45	1.61
Debt to EBITDA	0.6	0.16	0.17	0.08	0	0	0.09
Debt to equity	0.15	0.03	0.03	0.02	0	0	0.02
Interest coverage	3.3	4.4	5.1	11.4	13	18.7	24.7
Asset turnover	1.44	1.24	1.49	1.82	1.86	1.81	1.76
Return ratios
Return on assets %	6.1%	3.3%	2.2%	3.1%	5.9%	8.1%	7.8%
Return on capital employed %	14.7%	8.6%	6.4%	8.6%	15.6%	19.7%	18.8%
Return on equity %	11.3%	6%	3.9%	5.5%	10.2%	13.8%	13.3%

Date	Category	Subject	Filing
21 Sept 2026, 7:40 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
18 Sept 2026, 5:53 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	239	208	151	141	165	175	105
	-93	-58	-100	-145	-91	-165	-137
	-148	-122	-53	4	-65	-13	7
Net cash flow	-3	28	-1	-1	8	-3	-25
Free cash flow	141	145	45	8	45	57	-44
CFO / Operating profit %	126.3%	135.5%	101.4%	84%	64.9%	54.2%	32.5%

Subros Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

Compounded sales growth

Compounded profit growth

Return on equity

Subros Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1