Subros earnings calls.

Subros delivered 15.4% YoY revenue growthCurrent reported value: 15.4% YoY revenue growth. No comparable prior figure is available in the source record. to ₹948Current reported value: 948. No comparable prior figure is available in the source record. crore in Q3 FY26, outperforming the broader industry despite a challenging commodity and forex environment. EBITDA grew 8.1%Current reported value: EBITDA grew 8.1%. No comparable prior figure is available in the source record. to ₹87.19Current reported value: 87.19. No comparable prior figure is available in the source record. crore, though margin contracted 62bps YoY to 9.23Current reported value: 9.23. No comparable prior figure is available in the source record.% due to raw material price inflation and a lag in customer reimbursement mechanisms. PAT improved 6.1%Current reported value: PAT improved 6.1%. No comparable prior figure is available in the source record. to ₹34.84Current reported value: 34.84. No comparable prior figure is available in the source record. crore, including an exceptional ₹8.08 crore provision for new wage code gratuity. The commercial vehicle segment was a standout, with 136% YoY growthCurrent 136% YoY growth. Reported change: +136pp YoY. driven by mandatory N2N3 AC truck regulations implemented from June 2025. A major new growth vector emerged: localization of e-compressors for EV and hybrid vehicles with Maruti-Toyota and Suzuki Motor Corporation, with peak annual revenue potential of ₹600-700 crore at full capacity. The ₹175 crore capex for a new e-compressor plant at Kasanpura will begin construction with SOP targeted December 2027. Management maintained its long-term 12% EBITDA margin targetCurrent reported value: 12% EBITDA margin target. No comparable prior figure is available in the source record. but acknowledged a 1-2 year timeline extension due to commodity volatility and new project ramp-up costs. Railway business is gaining scale with a ₹52 crore AMC and new product development underway. Geopolitical risks and commodity/FX volatility remain key watch items.