1. E-compressor Maruti award - Won a ₹1,280 cr order from Maruti for three e-compressor variants, with SOP from November 2027; localization will be executed in phases, starting with 80-85% import content (CKD assembly), reducing to \~55% import content, and reaching \~70% localization in the final phase. Management expects investment recovery in 3-4 years and company-level margins by FY28-29.
2. Kharkhoda greenfield plant - Phase 1 of 4.75 lakh units is in machine readiness, with SOP expected in Q3 FY27; total capacity of \~9.5 lakh units matches Maruti's North India requirement. This removes the capacity bottleneck for the company's largest customer as Maruti scales.
3. Truck AC regulatory mandate - Mandatory AC for N2/N3 trucks took effect June 2025, and Subros holds 41% share of a ₹600-700 cr market; truck AC revenue targets ₹300 cr this year, up from ₹260 cr, then ₹400-450 cr in 2-3 years. The mandate converts a discretionary product into a compulsory fitment.
4. Railway order book - Cumulative FY27 railway orders stand at ₹86.35 cr, including a ₹52.18 cr three-year AMC contract and a ₹27 cr locomotive cab AC order; guidance is to cross ₹100 cr in three years. This adds a service-revenue stream to what was purely product supply.
5. Karsanpura compressor expansion - Greenfield compressor plant in Gujarat targets SOP for electric and FDC compressors in 2027-28, with long-term funding approved. It localizes the e-compressor supply chain ahead of the Maruti award ramp-up.
6. Green mobility portfolio - Hybrid, electric and CNG thermal systems contribute \~25% of revenue, up 9% YoY; product development continues for BEV and strong-hybrid platforms. This mix shifts the product line toward faster-growing segments as ICE volumes mature.