Subros Ltd. — Investor Presentation 2026

May 18, 2026

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SL/BSE/NSE/2026-27/ May 18, 2026

The Manager, Listing Department, National Stock Exchange of India Ltd., ‘Exchange Plaza’ C-1 , Block G, Bandra-Kurla Complex, Bandra (E), Mumbai-400 051. Security ID: SUBROS

Dy. General Manager, Department of Corporate Services, BSE LIMITED, First Floor, P.J. Towers, Dalal Street, Fort, Mumbai – 400001. Security ID: 517168

Dear Sir/Madam,

Sub: Investor Presentation on the audited financial results for the year ended 31st March, 2026

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the investor presentation on the audited financial results for the year ended 31st March, 2026

Kindly take the same on your record.

Thanking you,

Yours faithfully, For SUBROS LIMITED

KAMAL Digitally signed by KAMAL SAMTANI SAMTANI Date: 2026.05.18 19:17:04 +05'30'

Kamal Samtani Company Secretary

SUBROS LIMITED Corporate & Registered Office: LGF, World Trade Centre, Barakhamba Lane, New Delhi 110001 (India). Tel: 23414946-49I Fax: 01123414945Website: www.subros.com I CIN: L74899DL1985PLC020134

Financial Results Quarter 4, FY 2025-26 Investor Presentation

SAFE HARBOUR

This presentation might contain forward looking statements which involve a number of risks, uncertainties and other factors that could cause the actual results to differ materially from those in the forward looking statements. The Company undertakes no obligation to update these to reflect the events or circumstances thereof. Secondly, these statements should be understood in conjunction with the risks the company faces.

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Company Profile

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Company Profile	Company Profile
Established in 1985, Subros is the Largest Air Conditioning &
Thermal Products company in India. A Joint Venture company between				OUR PRESENCE
Equity Distribution	Indian Promoters -36.79%, Denso-20%, Suzuki-11.96%, Public-31.25%
Business	Integrated Thermal Products manufacturer for auto and non auto products
Segments for Thermal products	Car, Bus, Truck, Tractor, Reefer, Railways and Home AC.
Plants Technical Centre Tool Engineering Centre	8 Locations (Pan India Presence) 2 Location (Noida) 1 Location (Noida)
Certifications	IATF 16949:2016; ERM ISO 31000:2018 ESH ISO 14001:2015, 45001:2018
Market Shares	41% (Passenger Car AC) 41% (Truck Aircon/Blower)
Revenue from Operation	Rs. 3756 Cr. (2025-26) US$ 425 Mn

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Our Board

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Ms. Shradha Suri Dr. Jyotsna Suri Mr. Parmod K. Duggal Mr. Hisashi Takeuchi Mr. Naohisa Kuriyama Mr. Tomoaki Yoshimori Mr. Tsunenobu Hori
Chairperson & Managing Director Executive Director & CEO Representative of Suzuki Representative of Representative of Alternate Director
Director Motor Corporation, Japan DENSO Corporation, Japan DENSO Corporation, Japan
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Independent Directors

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Ambassador Deepa Gopalan
Ms. Smita Piyush Mankad Mr. Ashok Lavasa (IAS-Retd) Justice Arjan Kumar Sikri ( Retd) Mr. Arvind Kapur Mrs. Vanaja N. Sarna (IRS-Retd)
Wadhwa (IFS-Retd.)
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Total 12 members  3 from Promoter, 3 from Collaborators and 6 Independent

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SEC Team
Ms. Shradha Suri Mr. Parmod K. Duggal Mr. A.K. Parashar EVP &
Marwah ED & CEO COO
CMD Operations
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OEC Team
Mr. Hemant Agarwal Mr. Ajay Agarwal Mr. S.S. Gill Mr. Surender Mr. Harish Mr. Rahul Shalya Mr. Kuldeep
Kumar AVP CQF & Service Sharma
CFO & SVP Finance VP SCM VP Finance Narula
AVP Operations AVP Operations
SVP Operations
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Core Competencies

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Strong manufacturing & process Backward integrated to enable builttechnology infrastructure in quality India’s leading automotive AC company Proven capabilities In full-system design, validation, manufacturing & supplies Highly reliable & energyefficient products Pan-India presence Cost-effective and highquality durable solutions Availability of cutting-edge technology through in-house technology development & technical Diversified business into multiple collaboration with Denso Japan segments

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Financial Results & Highlights

Results Analysis - Revenue

Results Analysis - EBITDA

Results Analysis - PBT/ PAT

Financial key Indicators

Way Forward

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Highlights- Financial Performance

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Q4 2025-26 v/s Q4 2024-25 (Rs. in Cr.)
15.55%
REVENUES 1049.76
EBITDA 0.84%
100.07
PBT * 66.69 7.86%
PAT 49.69 7.56%
Q4 2025-26 v/s Q3 2025-26
REVENUES 1049.76 10.77%
EBITDA 100.07 14.77%
PBT 26.43%
66.69
PAT 42.66%
49.69
FY 2025-26 v/s FY 2024-25
11.52%
3755.52
REVENUES
EBITDA 362.93 5.77%
12.24%
PBT 228.37
PAT 10.23%
165.78
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Revenue
EBITDA
PBT
PAT
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Business Highlights (Q4 2025-26)

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Q4 25-26 vs Q4 24-25

Q4 2025-26 Highlights

PV Segment Thermal business growth Revenue growth is 15.55%

EBIDTA growth is 0.84% Revenue growth is 10%

PBT growth is 7.86% EBIDTA growth is 14%

PAT growth is 7.56% PBT growth is 26%

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Highest ever Revenue reported for Rs. Highest ever Revenue reported for Rs. 1049.76 Cr. in quarter 4 of FY26 due to market demand. 748 Cr. in quarter 4

New business award for future program from variousSOP of Fronx started from Karsanpura plant customers including electric compressor, HVACin Q4 & HX for forthcoming platforms and railway segment

Kharkhoda plant (Greenfield project) & SOP of 1 New project is in pipeline for Karsanpura plant (expansion) for new capacities Q1 2023-24and product of electric Compressor & FDC Capacity Expansion.

Product Development for new technologies, product for EV & Hybrid Vehicles.Development in progress of new EV

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Financial Statement for the period ended 31.03.2026

Rs. in Lakhs

PARTICULARS		Quarter Ended	Quarter Ended	Quarter Ended	Year Ended	Year Ended
		31.03.2026	31.12.2025	31.03.2025	31.03.2026	31.03.2025
Net Sales Other Operating Income Net Income from Operation Other Income		104,590 386 104,976 770	94,443 325 94,768 575	90,568 279 90,846 646	374,205 1,347 375,552 3,865	335,700 1,057 336,757 2,078
Net Revenue		105,746	95,343	91,492	379,417	338,835
Raw Material Consumed Total Material cost % to Net Sales Staff Cost Staff cost % to Net Sales Other Exp. Other Exps. % to Net Sales		77,539 74.14% 9,396 8.98% 8,804 8.42%	69,185 73.26% 8,981 9.51% 8,459 8.96%	66,029 72.90% 8,032 8.87% 7,509 8.29%	273,618 73.12% 36,411 9.73% 33,095 8.84%	243,218 72.45% 32,245 9.61% 29,061 8.66%
EBIDTA		**10,007 **	8,719	9,923	36,293	34,312
% to Net Sales		9.57%	9.23%	10.96%	9.70%	10.22%
Depreciation and Amortisation exp Depreciation % to Net Sales Interest Interest cost % toNet Sales		3,111 2.97% 227 0.22%	3,160 3.35% 283 0.30%	3,424 3.78% 315 0.35%	12,493 3.34% 963 0.26%	12,817 3.82% 1,148 0.34%
Net Profit/(Loss)		6,669	5,275	6,183	22,837	20,346
% to Net Sales		6.38%	5.58%	6.83%	6.10%	6.06%
Exceptional Items Profit from Ordinary Activities % to Net Sales (a) Current Tax (b) Deferred Tax Total Tax Taxas % toPBT		- 6,669 6.38% 1,856 (156) 1,700 25.50%	808 4,467 4.73% 1,394 (411) 983 22.01%	- 6,183 6.83% 1,812 (249) 1,563 25.27%	808 22,029 5.89% 6,221 (770) 5,451 24.75%	- 20,346 6.06% 6,276 (970) 5,306 26.08%
Net Profit after Tax/(Loss)		4,969	3,484	4,620	16,578	15,040
% to Net Sales		4.75%	3.69%	5.10%	4.43%	4.48%
Other Comprehensive Income (net of tax) Total Comprehensive Income % to Net Sales EPS		120 5,089 4.87% 7.60	36 3,520 3.73% 5.35	71 4,691 5.18% 7.08	125 16,703 4.46% 25.40	(58) 14,982 4.46% 23.05

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Financial Performance Summary

Rs. in Cr.

Revenue

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FY 2024-25 vs FY 2025-26
11.52%
3,755.52
3,367.57
Q4 FY25 vs Q4 FY26
15.55%
Q3 FY26 vs Q4 FY26
10.77%
1,049.76
908.46 947.68
FY 2024-25 FY 2025-26 Q4 FY 2024-25 Q3 FY 2025-26 Q4 FY 2025-26
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Key Aspects (YoY):

• Revenue is higher by 11.52% during the current financial year due to increase in volume and Start of Production (SOP) of new business award

Key Aspects (QoQ):

• Revenue is higher by 15.55% in Q4 from corresponding quarter of last year due to increase in volume and Start of Production (SOP) of new business award

Key Aspects (PQ):

• Revenue is higher by 10.77% in Q4 from previous quarter due to increase in volume

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Financial Performance Summary

Rs. in Cr.

EBIDTA

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FY 2024-25 vs FY 2025-26
5.77%
362.93
343.12
Q4 FY25 vs Q4 FY26
0.84%
Q3 FY26 vs Q4 FY26
14.77%
99.23 100.07
87.19
10.22% 9.70% 10.96% 9.23% 9.57%
FY 2024-25 FY 2025-26 Q4 FY 2024-25 Q3 FY 2025-26 Q4 FY 2025-26
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Key Aspects (YoY):

• EBIDTA is higher by 5.77% during FY 25-26 due to

• • Accrued incentive income of Rs 15.48 Cr.

• -High material cost-Adverse commodity/ Currency - movement, Product Mix change compensated by cost optimization initiative.

Key Aspects (QoQ):

• EBIDTA is higher by 0.84% during Q4 in spite of revenue growthHigh material cost due to adverse commodity & Currency, Product Mix change compensated with contribution of Higher revenue

Key Aspects (PQ):

• EBIDTA is higher by 14.77% in Q4 due to higher revenue in spite of high material as explained above.

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Rs. in Cr.

Financial Performance Summary

PBT (Before Exceptional)

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FY 2024-25 vs FY 2025-26
12.24%
228.37
203.46 Q4 FY25 vs Q4 FY26
7.86%
Q4 FY26 vs Q4 FY26Q3 FY26 vs Q4 FY26
26.43%
66.69
61.83
52.75
6.06% 6.10%6.10% 6.83% 5.58% 6.38%
FY 2024-25 FY 2025-26 Q4 FY 2024-25 Q3 FY 2025-26 Q4 FY 2025-26
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Key Aspects (YoY):

• PBT is higher by 12.24% due to Cost down initiatives in spite of higher material cost and other expenses with lower depreciation and Finance cost. Accrued incentive income of Rs 15.48 Cr.

Key Aspects (QoQ):

• PBT is higher by 7.86 % in due to Cost down initiatives in spite of higher material cost and other expenses with lower depreciation and Finance cost

Key Aspects (PQ):

• PBT is higher by 26.43% in Q4 from previous quarter due to increased volume

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Key Indicators FY 2025-26 v/s FY 2024-25

Rs. in Cr.

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Indicators	FY 2024-25	FY 2025-26	Change	Status	Key Aspects: • Revenue is higher by 11.52% due to increase in volume and Start of Production (SOP) of new business award • Other income is higher due to accrued incentive income of Rs 15.48 Cr. • Material cost is hiher due to adverse
Revenue From Operation Other Income Material Cost Employee Cost Other Expenses Op. EBIDTA Fi Ct	3367.57 20.78 72.45% 9.61% 8.66% 10.22% 034%	3755.52 38.65 73.12% 9.73% 8.84% 9.70% 026%	387.95 17.87 0.67 0.12 0.18 -0.52 008	      

• Employee Cost is higher due to annual salary/wage revision.

 Positive  Moderate – variation upto 5%  Negative – variation exceeding 5%

• One time impact of Rs. 8.08 Cr on account of gratuity & leave encashment under new labour code.

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Key Indicators Q4 FY 2025-26 v/s Q4 FY 2024-25

Rs. in Cr.

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Indicators	Q4 FY 2024-25	Q4 FY 2025-26	Change	Status
Revenue From Operation Other Income Material Cost Employee Cost Other Expenses Op. EBIDTA Finance Cost	908.46 6.46 72.90% 8.87% 8.29% 10.96% 0.35%	1049.76 7.70 74.14% 8.98% 8.42% 9.57% 0.22%	141.30 1.24 1.24 0.11 0.13 -1.39 -0.13	      

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•
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Key Aspects:

• Revenue is higher by 15.55% in Q4 due to increase in volume and Start of Production (SOP) of new business award.

• Other Income is higher due to positive MTM on currency reinstatement.

• Material cost is higher due to adverse commodity/ Currency movement, Product Mix change compensated by cost optimization initiative.

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 Positive  Moderate – variation upto 5%  Negative – variation exceeding 5%

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Rs. in Cr.

Key Indicators Q3 FY 2025-26 v/s Q4 FY 2025-26

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Indicators Revenue From Operation			Q3 FY 2025-26 947.68		Q4	FY 2025-26 1049.76	Change 102.08	Status 		•	Key Aspects: Revenue is higher by 10.77% in	Q4
Other Income			5.75			7.70	1.94				from previous quarter.
Material Cost			73.26%			74.14%	0.88			•	Other Income is higher due to
Employee Cost Other Expenses			9.51% 8.96%			8.98% 8.42%	-0.53 -0.54	 			positive MTM on currency reinstatement at the year end.
Op. EBIDTA Finance Cost			9.23% 0.30%			9.57% 0.22%	0.34 -0.08	 		•	Material cost is higher due to adverse commodity/ Currency movement, Product Mix change
Depreciation			3.35%			2.97%	-0.37				compensated by cost optimization
PBT(before exceptional)			5.58%			6.38%	0.79				initiative.
PBT(after exceptional)			4.73%			6.38%	1.65	
PAT			3.69%			4.75%	1.06	
Positive 		Moderate – variation upto			5%	Negative – variation exceeding 5% 

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WAY FORWARD

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Market and Revenue	Company Growth aligned to Industry Growth in all segments		Business Expansion in CV Segment (Bus, rail, Truck, Tractor)		To Realize business opportunities Green Mobility i.e. ( EV, SHEV,
Potential					CNG etc.)
	Karsanpura Plant Expansion for localisation of Electric Compressor and New capacity of FDC
Business &	Compressor, target SOP in 2027-28
Operation	Product expansion in BEV and	SHEV space.
	Technology upgrade to meet		Mitigating Impact of Foreign		Capacity thru Internal
	regulatory changes (BSVI,		Exchange thru Hedging and		efficiency optimization and
Operational Aspects	RDE, CAFÉ etc) Cost Optimization by		Aggressive Localization Human Skill development		ESG goals to meet future Expansion plans
	improvement in Operational		and Organization structure		sustainability and social
	Efficiencies.		to meet Future requirement.		requirements.

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Thank You

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Cooling the Planet

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