Subros wins ₹1,225 crore HVAC order from Maruti Suzuki

The award in numbers

Order size and scope

The award is for the supply of HVAC assemblies for the YM3 and YU0 models of Maruti Suzuki. The company puts its approximate value at ₹1,225 crore, spread over the life cycle of the model for about seven years.

Against the company's market value of ₹4,018 crore on 27 Oct 2026, the stated value is about 30% of that figure, a comparison of size rather than a measure of profit. The company's latest reported quarter, Q1 FY27, showed consolidated total income of ₹1,038.30 crore.

Relationship and location

The company says the award strengthens its long-standing relationship with MSIL and enhances its presence and business growth in the western region. It describes itself as a leading automotive thermal systems manufacturer in India.

The order falls under the existing Basic Purchase Agreement with MSIL, which the filing says is at arm's length. The filing states that no promoter or group company has an interest in MSIL.

What the award means for Subros's shareholders

The award adds a seven-year supply order from an existing customer for HVAC assemblies. The filing gives no revenue or profit impact, no annual split of the ₹1,225 crore value, and no margin on the business.

Not stated: the start date of production, the vehicle volumes covered, and whether the award is a fixed commitment or depends on MSIL's vehicle volumes. The next dated step the filing gives is the start of production, which it ties to the customer's milestones rather than to a date.

Reference: Original filing (PDF)