Subros financials and balance sheet

NSE: SUBROSBSE: 517168Industrial ProductsSmall Cap

₹588.10₹26.85 (4.37%)BSE ₹588.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹614.95.

52-week range of traded prices to 23 Oct 2026

₹576.15Low, 23 Oct 2026₹1,161.00High, 27 Oct 2025

Next results date: the board meets on 3 Nov 2026 to consider: financial results.

Market cap: ₹3,837 Cr786th largest listed
P/E: 23.1
P/B: 3.1
Dividend yield: 0.51%
ROE: 14.2%
ROCE: 15.7%
Debt to equity: 0.02
Volume, NSE: 77,59753.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Subros annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,756 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,756
Materials and goods−2,736
Employee costs−364
Other expenses−331
Operating profit324
Depreciation−125
Other income+38
One-off items−8.1
Finance costs−9.6
Profit before tax220
Tax−55
Joint ventures+0.1
Net profit166

What the company owns

Plant, investments and other assets₹967 Cr
Receivables₹576 Cr
Inventory₹451 Cr
Current investments₹102 Cr
Cash and bank₹38 Cr

What pays for it: net worth and liabilities

Net worth₹1,244 Cr
Owed to suppliers₹618 Cr
Other liabilities₹242 Cr
Borrowings₹30 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Subros quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 2 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Oct	Mar 2026Filed 18 May
Revenue from operations	1,554	1,970	2,124	1,993	1,796	2,239	2,806	3,071	3,368	3,756
	1,318	1,760	1,896	1,804	1,642	2,090	2,639	2,816	3,045	3,431
Materials and goods bought	1,067	1,335	1,484	1,408	1,290	1,661	2,150	2,267	2,432	2,736
Employee costs	88	–	207	207	188	227	248	284	322	364
Other expenses	163	–	206	189	164	202	241	265	291	331
Operating profit before depreciation	236	210	228	189	154	149	168	254	322	324
Operating margin	15.2%	10.7%	10.7%	9.5%	8.6%	6.6%	6.0%	8.3%	9.6%	8.6%
Materials, % of revenue	68.7%	–	69.9%	70.6%	71.8%	74.2%	76.6%	73.8%	72.2%	72.9%
Employee costs, % of revenue	5.7%	–	9.7%	10.4%	10.4%	10.1%	8.8%	9.3%	9.6%	9.7%
Other expenses, % of revenue	10.5%	–	9.7%	9.5%	9.1%	9.0%	8.6%	8.6%	8.6%	8.8%
Depreciation and amortisation	157	92	79	90	92	102	110	117	128	125
Operating profit after depreciation	79	118	149	99	62	46	57	138	194	199
Other income	3	7	10	20	10	10	20	15	21	38
Finance costs	42	41	42	36	16	11	7	12	11	10
Profit before one-off items and tax	40	84	117	83	56	45	71	141	203	228
One-off items	−31	−2	−3	41	0	0	0	0	0	−8
Profit before tax	9	82	114	124	56	45	71	141	203	220
	−5	22	38	39	9	13	23	43	53	55
Current tax	–	18	24	23	8	8	12	25	63	62
Deferred tax	–	4	14	16	1	5	11	18	−10	−8
Share of profit of joint ventures and associates	–	0	0	0	1	0	0	0	0	0
Net profit	14	61	76	85	47	33	48	98	151	166
Other comprehensive income	–	–	−2	−2	1	1	0	−2	−1	1
Total comprehensive income	–	–	74	83	48	33	48	95	150	167
Net margin	0.9%	3.1%	3.6%	4.3%	2.6%	1.5%	1.7%	3.2%	4.5%	4.4%
Net margin without joint ventures and associates	–	3.1%	3.6%	4.3%	2.6%	1.4%	1.7%	3.2%	4.5%	4.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 22 May	Mar 2020Filed 2 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Oct	Mar 2026Filed 18 May
	680	752	795	824	867	956	1,094	1,244
Share capital	13	13	13	13	13	13	13	13
Reserves	667	739	782	811	854	943	1,081	1,231
	188	113	25	25	13	0	0	30
Repayable after a year	57	23	25	13	5	0	0	24
Repayable within a year	130	90	0	12	9	0	0	6
	635	577	593	627	620	626	697	762
Trade payables	390	385	515	489	489	504	560	618
Other financial liabilities	84	72	46	71	85	77	80	92
Other liabilities	21	17	25	50	30	37	42	36
Provisions	8	10	7	6	6	7	8	10
Tax owed	2	3	0	0	2	1	6	0
	65	59	62	54	56	69	67	128
Other financial liabilities	0	9	0	6	4	4	0	0
Other liabilities	6	0	8	1	2	0	9	47
Provisions	0	11	11	10	11	14	17	23
Deferred tax	1	16	18	23	34	51	41	34
Total assets	1,380	1,388	1,449	1,505	1,543	1,651	1,859	2,134
	823	847	818	815	858	844	846	904
Plant in use, after depreciation	532	614	595	576	552	587	556	568
Plant being built	63	40	13	22	56	41	50	53
Intangible assets	158	152	129	132	134	122	131	130
Intangible assets being developed	23	26	40	39	30	40	29	26
Investments	0	0	0	3	3	3	29	39
Stakes in joint ventures and associates	2	1	2	2	2	2	2	2
Loans given	10	9	9	9	35	10	0	0
Other financial assets	1	0	3	19	37	36	12	31
Other assets	35	4	26	13	9	4	38	55
	557	541	631	690	685	807	1,013	1,230
Inventories	249	234	281	318	339	375	374	451
Trade receivables	167	189	204	226	208	283	451	576
Cash and cash equivalents	7	4	33	31	31	39	36	12
Other bank balances	83	87	86	87	58	83	40	26
Current investments	0	0	0	0	20	0	85	102
Loans given	1	1	1	1	1	1	1	1
Other financial assets	27	10	3	1	2	3	7	38
Other assets	22	16	23	25	27	23	18	25
Net debt	97	22	−94	−94	−95	−122	−162	−110

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 30 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Oct	Mar 2026Filed 18 May
	208	151	141	165	175	105
	220	160	151	191	231	178
	57	4	−30	−69	−97	−144
Receivables	−17	−22	18	−75	−169	−125
Inventories	−47	−35	−23	−35	1	−77
Payables	137	23	−1	17	57	57
Other working capital	−16	37	−24	25	14	1
Tax paid	−12	−9	−10	−26	−57	−73
Capital spending	64	106	132	120	118	150
Free cash flow	145	45	8	45	57	−44
	−58	−100	−145	−91	−165	−137
Plant and property sold	1	0	1	1	2	2
Interest received	7	6	5	5	8	8
Dividends received	0	0	0	0	0	0
	−122	−53	4	−65	−13	7
Borrowings raised	15	0	0	0	0	30
Borrowings repaid	−116	−17	−12	−13	0	0
Interest paid	−14	−11	−7	−12	−11	−10
Lease payments	0	−1	0	0	0	0
Dividends paid	5	5	5	7	12	17
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	28	−1	−1	8	−3	−25

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Subros dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 2 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Oct	Mar 2026Filed 18 May
Earnings per share	₹2.33	₹10.09	₹12.37	₹13.00	₹7.26	₹4.98	₹7.35	₹14.96	₹23.07	₹25.39
Diluted earnings per share	₹2.33	₹10.09	₹12.37	₹13.00	₹7.26	₹4.98	₹7.35	₹14.96	₹23.07	₹25.39
Dividend per share	₹0.50	₹1.10	₹1.30	₹0.80	₹0.70	₹0.70	₹1.00	₹1.80	₹2.60	₹3.00
Book value per share	–	–	₹104.21	₹115.25	₹121.86	₹126.25	₹132.91	₹146.50	₹167.68	₹190.67
Dividend payout	21.5%	10.9%	11.1%	6.2%	9.6%	14.1%	13.6%	12.0%	11.3%	11.8%
Shareholder yield	–	–	–	–	0.3%	0.2%	0.2%	0.2%	0.3%	0.4%
Market cap at the year end (₹ crore)	1,273	1,747	1,747	853	2,016	2,138	1,957	3,363	3,656	4,144

Ratios

Consolidated, years to March.Subros PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 2 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 7 Jun	Mar 2025Filed 18 Oct	Mar 2026Filed 18 May
Revenue growth	18.5%	26.8%	7.9%	−6.2%	−9.9%	24.7%	25.4%	9.4%	9.7%	11.5%
Operating profit growth	54.9%	−11.0%	8.7%	−17.1%	−18.7%	−3.3%	12.6%	51.8%	26.8%	0.6%
Net profit growth	−41.8%	334.1%	25.9%	11.3%	−44.2%	−31.4%	47.4%	103.7%	54.2%	10.0%
Earnings per share growth	–	333.0%	22.6%	5.1%	−44.2%	−31.4%	47.6%	103.5%	54.2%	10.1%
	–	–	11.2%	11.9%	6.1%	4.0%	5.7%	10.7%	14.7%	14.2%
	–	–	–	0.6 pts	−5.7 pts	−2.1 pts	1.7 pts	5.0 pts	4.0 pts	−0.5 pts
From the net margin	–	–	–	2.1 pts	−4.5 pts	−2.8 pts	0.7 pts	4.9 pts	4.3 pts	−0.2 pts
From asset turnover	–	–	–	−0.9 pts	−0.9 pts	0.7 pts	1.0 pts	0.5 pts	0.0 pts	−0.3 pts
From borrowing	–	–	–	−0.6 pts	−0.3 pts	0.0 pts	−0.1 pts	−0.3 pts	−0.3 pts	0.0 pts
Return on capital employed	–	–	17.2%	11.4%	7.5%	5.5%	6.5%	14.4%	17.7%	15.6%
Cash conversion	–	–	–	–	439.7%	464.1%	293.4%	169.0%	116.1%	63.6%
Interest cover	1.9	2.9	3.5	2.7	3.8	4.3	8.4	11.8	16.9	20.7
Debt to equity	–	–	0.28	0.15	0.03	0.03	0.02	0.00	0.00	0.02
Receivable days	–	–	29	35	42	37	27	34	49	56
Inventory days	–	–	61	61	80	70	57	60	56	60
Payable days	–	–	96	100	146	107	83	81	84	82
Cash conversion cycle, days	–	–	−6	−4	−24	−1	2	13	21	34
Working capital days	–	–	−7	−7	−16	−7	−5	7	17	32
Asset turnover	–	–	1.54	1.44	1.27	1.52	1.84	1.92	1.92	1.88
Assets per rupee of net worth	–	–	2.03	1.93	1.83	1.82	1.80	1.75	1.71	1.71
Sales per rupee of plant	–	–	3.99	3.25	3.02	3.89	5.08	5.24	6.06	6.61
Capital spending to depreciation	–	–	–	–	0.69	1.04	1.20	1.03	0.92	1.20
Plant being built, % of plant in use	–	–	11.9%	6.5%	2.3%	3.9%	10.1%	6.9%	9.0%	9.3%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.3%
Cash from operations against operating profit: 32.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.1%	15.9%	10.2%
Profit growth, yearly rate	21.3%	28.4%	51.2%
Return on equity, average	–	9.8%	13.2%
Return on capital employed, average	–	12.0%	15.9%
Operating margin, average	9.4%	7.8%	8.8%
Net margin, average	3.0%	3.0%	4.0%
Asset turnover, average	–	1.82	1.91
Cash conversion cycle, days, average	–	14	22
Interest cover, average	7.7	12.4	16.5
Debt to equity, average	–	0.01	0.01

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	737	445	105
Cash from investing	−637	−393	−137
Cash from financing	−120	−71	7
Capital spending	626	387	150
Dividends paid	44	35	17
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	30	30	30
Borrowings repaid	42	13	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	7	8	9	8	4
Altman Z-scorePublished threshold 1.81	–	–	4.02	3.34	4.04	4.30	4.55	6.00	6.08	5.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.88	−2.69	−2.60	−2.49	−2.12	−2.10
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−7.23	−1.27	3.43	1.51	7.99	9.88
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.91	2.56	1.62	1.08
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	19.33	17.81	−13.86	−33.45	26.69	49.70	16.01
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.88	28.51	−15.93	−22.80	5.32	−7.60	8.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.18	−0.01	0.04	0.08	−0.10	−0.03	0.99
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.23	0.18	0.27	0.64	0.27	0.51	0.38
Effective tax ratePublished threshold 17.16 per cent	−53.30	26.47	33.17	31.53	16.19	28.44	32.42	30.62	26.09	24.76
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	7.80	17.84	11.94	−1.71	−8.43

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
27 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AANew, New	Stable	40
27 Mar 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A1+Review, Re-affirm		50
27 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	80
27 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	100
27 Mar 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	35

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.