Subros said thermal systems linked to electric vehicles, hybrids and CNG-powered vehicles now contribute around 25% of its overall revenue, underlining the increasing role of next-generation mobility technologies in the company’s business mix.
The company reported revenue from operations of Rs 3,755 crore for FY26, up 11.52% year-on-year, while profit after tax rose 10.22% to Rs 165 crore. In the March quarter, revenue increased 15.55% year-on-year to Rs 1,049.76 crore, with quarterly profit after tax at Rs 49.69 crore.
Speaking during the company’s post-results analyst call, the management said the transition towards hybrid and electric mobility is significantly increasing the scope of thermal management systems in vehicles.
“Business from hybrid, electric and CNG vehicle thermal systems has contributed 25% of the total revenue,” the company said.
Subros added that electric and hybrid vehicles require far more complex thermal architectures compared to conventional internal combustion engine vehicles, particularly due to battery cooling and advanced energy management requirements.
“In electric cars or hybrid cars, penetration is going to increase rapidly. Our product alignment is to provide thermal solutions for these cars, which will increase the scope of thermal supply per car because the system is much more elaborated, including battery cooling as well,” the management said.
The company indicated that thermal management content per vehicle in EVs could rise substantially compared to conventional ICE vehicles.
According to the management, content per vehicle in electric vehicles could be around 2.5 to 3 times higher than in conventional applications, while electric compressors alone could see value multiplication of up to four times compared to traditional compressor systems.
At the same time, the company maintained that internal combustion engine vehicles will continue to remain relevant in the Indian market over the medium term, with Subros continuing investments in ICE-focused thermal efficiency improvements alongside EV technologies.
“The ICE engine will remain. It is not going to be wiped off completely,” the company said.
It added that the company is investing in lighter-weight and more energy-efficient thermal systems aimed at improving fuel efficiency in conventional vehicles.
Subros also said the thermal technologies currently under development are intended to remain adaptable across multiple propulsion formats, including hybrids, plug-in hybrids and range-extender electric vehicles.
“These technologies, whatever we are going to launch or that are right now in the pipeline, will be agnostic to any powertrain,” the management noted.
As part of its future mobility strategy, the company is expanding investments in electric compressor manufacturing and localisation. Subros said its upcoming e-compressor project is expected to support future EV and hybrid programmes, with localisation targets eventually reaching around 70%.
The company has earmarked around Rs 175 crore towards the e-compressor initiative and said the facility is expected to become operational during FY28, aligned with customer vehicle programme timelines.
Subros also said it sees annual revenue visibility of around Rs 250 crore from the e-compressor business at peak scale, while the total programme life linked to one of its recently secured orders is estimated at around seven years.
Alongside electrification-linked opportunities, the company continues to benefit from regulatory and premiumisation trends in conventional mobility segments as well. It said truck AC sales grew 168% during the March quarter and 111% during FY26 following the implementation of mandatory air-conditioning norms in certain commercial vehicle categories.
Looking ahead, the company said it remains focused on localisation, technology-led growth and operational efficiency improvements despite continuing uncertainties linked to commodity prices, forex movements and geopolitical tensions affecting global supply chains.