Subros Limited – Q4 FY26 Results

key financial highlights

• Revenue from Operations:
  • Revenue (Q4 FY26): ₹1,04,976 Lakhs
    • QoQ Change: +10.77%
    • YoY Change: +15.55%
  • Previous Quarter (Q3 FY26): ₹94,768 Lakhs
  • Previous Year (Q4 FY25): ₹90,846 Lakhs
• Profit After Tax (PAT):
  • PAT (Q4 FY26): ₹4,933 Lakhs
    • QoQ Change: +41.96%
    • YoY Change: +6.77%
  • Previous Quarter (Q3 FY26): ₹3,475 Lakhs
  • Previous Year (Q4 FY25): ₹4,620 Lakhs
• QoQ Performance:
  • Revenue Trend: Strong sequential growth driven by higher sales momentum.
    
  • Profit Trend: Profitability improved sharply QoQ despite elevated operating expenses.

Margin Analysis

Drivers:

• Higher operating scale improved fixed-cost absorption.
• Raw material consumption increased in line with production growth.
• Employee expenses remained elevated due to operational expansion.
• Finance costs reduced sequentially.
• Depreciation remained stable, supporting margin consistency.

Insight:

• The company maintained healthy profitability despite cost inflation, indicating operational discipline and strong execution.

Earning quality check

Key Drivers:

• Operating cash inflow remained positive at ₹10,533 lakhs.
• Revenue growth translated into earnings expansion.
• Working capital pressure increased due to higher inventories and receivables.
• Strong equity growth strengthened financial position.
• Stable depreciation profile indicates controlled capex execution.

Interpretations:

• Earnings quality remains healthy, although higher inventory and receivable buildup requires monitoring.

balance sheet Analysis

• Total Assets: ₹2,13,411 lakhs
• Total Liabilities: ₹89,001 lakhs

Insight:

• The balance sheet strengthened with higher equity, controlled leverage, and improved scale of current assets supporting operational expansion.

key risks

• Inventory levels increased materially year-on-year.
• Trade receivables expanded significantly.
• Automotive sector demand remains cyclical.
• Raw material cost volatility could pressure margins.
• Working capital intensity remains elevated.

management strategy signals

Focus Area:

• Expanding OEM automotive relationships.
• Enhancing manufacturing efficiency.
• Managing cost structures amid input inflation.
• Scaling thermal management product portfolio.
• Strengthening operational capacity.

Financial metrics table

Quarterly Performance Context