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Auto component manufacturer Subros has said that thermal systems used in electric vehicles (EVs), hybrids, and CNG-powered vehicles now account for nearly 25% of its total revenue, highlighting the growing importance of next-generation mobility technologies in its business mix.
The company reported an operating revenue of 3,755 crore in FY26, up 11.52% year-on-year, while net profit rose 10.22% to ₹165 crore. In the March quarter, revenue increased 15.55% year-on-year to 1,049.76 crore, with PAT at 49.69 crore.
During its post-results analyst call, the management said the shift toward hybrid and electric mobility is significantly boosting demand for advanced thermal management systems. It noted that EVs and hybrids require more complex thermal architectures than internal combustion engine (ICE) vehicles, particularly due to battery cooling and advanced energy management needs.
Subros added that thermal content per vehicle in EVs could be 2.5 to 3 times higher compared to conventional vehicles, while electric compressor systems could be valued up to four times higher than traditional systems.
The company also emphasized that ICE vehicles will continue to remain relevant in India over the medium term, and it will continue investing in improving thermal efficiency for conventional powertrains alongside EV-focused solutions.
As part of its future strategy, Subros is investing around ₹175 crore in an electric compressor project, which is expected to be operational by FY28, with a target of around 70% localization. The company expects peak annual revenue potential of around ₹250 crore from the e-compressor business.
Subros also reported strong growth in truck AC sales, which rose 168% in the March quarter and 111% for FY26, driven by regulatory mandates for air-conditioning in certain commercial vehicle segments.
Looking ahead, the company said it will focus on localization, technology-led growth, and operational efficiency, while navigating challenges such as commodity price volatility, forex fluctuations, and global geopolitical uncertainties.
