Subros Ltd Rs 800
Subros is a joint venture between the Suri Group (37%), Denso (20%), and Suzuki (12%), and has long been the dominant supplier of thermal products—ACs and heaters—to the Indian passenger vehicle (PV) market. Its deep collaboration with Denso ensures access to global tech, but its fate is largely tied to India’s auto industry, especially Maruti Suzuki, which contributes over 70% of Subros’ revenues.
As of FY25, Subros commands a ~42% share of the PV thermal market and a similar share in the commercial vehicle (CV) blower & AC space. That’s a high base, and incremental market share gains here seem unlikely. Growth will mostly mirror underlying PV industry growth, pegged at 6–8% going forward.
