Subros Limited (NSE: SUBROS) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Parmod Kumar Duggal — Chief Executive Officer
Hemant Agarwal — Chief Financiel Officer
Analysts:
Unidentified Participant
Annamalai Jayaraj — Analyst
Vijay — Analyst
Arjun Khanna — Analyst
Mayur Parkeria — Analyst
Sanket Kelaskar — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Subarus Limited Q1FY26 earnings conference call hosted by Bartleywala and Karani securities Private Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is been recorded. I now hand the conference over to Mr. Annamalai Jayaraj from Batliwala and Karani securities. Thank you. And over to you sir.
Annamalai Jayaraj — Analyst
Thanks. Welcome to Subros Limited 1 QFP 26. Process Health Conference Call from Subros Limited Management. We have with us today Mr. Pramod Kumar Dugal Chief Executive Officer, Mr. Hemant. Kumar Agarwar Chief Financial Officer and Senior. Vice President Finance and Mr. Sail, AVP Finance. I now hand over the call to Mr. Promod Kumar Duan for the opening. Remarks to be followed by question and answer session.
Parmod Kumar Duggal — Chief Executive Officer
Over to you Sir. Thank you Mr. Jaraj. Good morning ladies and gentlemen. Welcome to Subro’s Investor call for Quarter 1 FY26. The Indian auto industry is experiencing a mixed performance in April to June 25 with some segments seeing the growth and other face the slowdown. Overall passenger vehicle domestic sales were slightly down with 1.4% negative year on year while two wheeler domestic sale has saw a dip of 6%. This is partly in line with the seasonal pattern as manufacturing typically offer discount in the final month of the fiscal year to push inventory followed by the natural slowdown in the new quarter.
However, there are positive trends in certain areas such as export for passenger vehicle grew by 13% and two wheeler exports grew by 23%. Overall export reached to the record high in quarter one which is testimony for our global competitiveness. The transformation towards electrification and high value segments such as UVs and hybrids continue to accelerate the growth prospect. Subroz has stayed committed for driving innovation and growth which was crucial for challenging these industries shift. Subroz has registered a growth of 8.4% in quarter one FY26 in this growth journey. CV segment trucks which has again played an important role with a growth of 34% in quarter one due to the new emerging notification implementation for aircon in the last mile connectivity as well as N2 N3 category CV segment bus has also played an important role in the growth which has registered 21% sales growth in Quarter 1 FY26 as compared to the corresponding quarter of last year, there is 15.43% improvement in quarter one profitability as against corresponding quarter.
This is because of our aggressive push on improving internal efficiencies and localization which are constantly resulting into our results. The results for Quarter 1 FY26 have been shared with the Stock Exchange yesterday and posted on our website also. Let me elaborate the summary of the result one by one. Subros has performed better than the industry in quarter one. The revenue growth of 8.45%. The company has achieved a revenue of 878 crores during the quarter one FY26. The share of business in passenger vehicle air conditioning market is 42% in this quarter and share of business truck AC is improved to 44% and bus AC segment is now improved to 16%.
Related to operational performance, the company has realized EBITDA of 87.70 crore in quarter one which is 10.02% of the net sale as against the EBITDA of 80.42% which was 9.96% of the net sale in corresponding quarter of last year there is an improvement of EBITDA by 9.05% as compared to the corresponding quarter. Profit before tax in quarter one is 54.44 crore which is 6.22% of the net sale. EBIT margin with the corresponding quarter has improved by 15.43% PAT in quarter one is 40.66 which is 4.65% of the net sales pat Margin with the corresponding quarter of the last year has improved by 16.48%.
Now on the Business Update over the past few quarters we have demonstrated a strong and consistent performance trajectory driven by the robust financial indicators including the growth in ebitda, PBT and FAT due to our sustained top line expansion. This momentum reflects the disciplined execution and sharp market alignment and we are confident that we will carry this momentum further in the EV space. We have started aligning to the customer SOPs last quarter we have done SOP for Maruti Suzuki EV model also and before that quarter we have done for Mahindra and Mahindra so both the projects now at a ramp up stage and we are expecting the results coming quarter from the Green Mobility for CNG hybrid and EV component.
Our contribution to total sale is right now around 20% and we are expecting this to grow further during the quarter we have started production for Y17 that is the new project coming in from Karkota Maruti Suzuki supplied from our Manisa plant so that SOP has also started. It is at a ramp up phase in anticipation of the government of India’s mandate for air conditioning cabin in all truck starting from June. All our preparation is complete and we have started the production from the 8th of June. So the impact will come for full quarter in quarter two this year.
On the railway side we are becoming stronger. We are now participating in large tenders. So once these tender results will be released we will update to all of you. Our project at Tharkoda is progressing well. We have taken all regulatory approvals now to start the full swing construction activities. This project will start with half million of capacity which will be scalable to 1 million as per the customer requirement. This project will be operational between April to June quarter 26. And this will be a substantial investment for us in green mobility as well as in green factory.
Before I conclude let me summarize the overall result. Revenue from operation 878crores with a growth of 8.45%. Beta of 87.7 crores with a growth of 9%. Pvt. Of 54.44 crores with a growth of 15.43% and PAT of 40.66 in the quarter with a growth of 16.48%. Thank you very much. Now we can take the questions.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone phone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Vijay from Nuvama. Please go ahead.
Vijay
Hi sir. Thank you for taking my question and good morning. So I wanted to check with you. Can you share what will be our revenue share segment wise? So basically for passenger vehicle, commercial vehicle, railways etc. You can just give us a broad highlight. How should we look into it and what is your expectation? Probably in two years, three years down the line, how should it shape up?
Parmod Kumar Duggal
Okay, so two question you have. So first on the revenue wise segment. So passenger vehicle segment has contributed around 700 crore out of 875. Engine cooling module has contributed around 106 crores. Bus segment in quarter is 12 and truck is around 45. Railway is 9 and the rest is contributed by other segments. Now on the second part on expectations. So right now a lot of disruption geopolitical are happening in supply chain disruptions as well. So we are watchful for the industry, how it moves including the real earth availability and the model level plans of all the OEMs.
So this quarter would be very crucial now to observe the market trend. And based on that we will align our production plan plans also. But overall I think throughout the year we’ll have a very moderate progress on automotive sector.
Vijay
Okay. Okay. Have you also seen any impact because of the production cut by on Evitara from Maruti? She was written because of Magnet.
Parmod Kumar Duggal
We don’t have any direct reflection of any production cut. But there are volume fluctuations. We don’t know what are the exact reason for that. Because this weird is not directly impacting to our products. So if OEM is changing schedules, that may be because of the availability of component or maybe because of the market fluctuation. So we are just following their schedule.
Vijay
Okay. And so generally these types of fluctuation, do they result into increased operational inefficiency like in terms of starting, starting and stopping the production or delay, the scheduling of the delay in flight scheduling or anything like that? Or is it just a normal course of business?
Parmod Kumar Duggal
I’ll say it is normal course, yes. Due to frequent model change there would be some impact on the operational efficiencies. But it is not very significant. So it is part of our normal business transition.
Vijay
Okay. Okay sir, thank you and have a good day. I’ll back to the team.
operator
Thank you. Before we take the next question, we would like to remind participants. You may press star and one to ask a question. The next question comes from the line of Arjun Khanna from Kotak Mutual fund. Please go ahead sir.
Arjun Khanna
Thank you for taking my question. The first question is now that N2 N3AC cabins have been made regulatory compulsory, what would our market share be? Because earlier they would just be SOPs. Now we would have a complete sense. So what would you believe our market share to be?
Parmod Kumar Duggal
So in N2 truck segment, N2, N3 and also in some cases N1 which is having a tonnage of 3.5 also require aircon. So our market share would be in the range of 44, 45%.
Arjun Khanna
Sure. And in terms of key customers, we can mention who are the OEMs you work with or do we work with all OEMs? And our share of business is slightly lower.
Parmod Kumar Duggal
So we have taken businesses from Ashok Leyland, Tata Motor, sml, Isuzu Mahindra Trucks and buses and also Daimler.
Arjun Khanna
So effectively we work with most players in that sense. So is it generally 100% of a model or is it that There are certain models assigned to us and certain to competitors.
Parmod Kumar Duggal
So in thermal business, normally one model is dedicated to one body or one engine model is dedicated to one thermal supplier. So it is bimodel.
Arjun Khanna
Okay, sure, sure. Thank you, that helps. And essentially, do you believe this to be the stabilized market share or is there a scope for winning further orders? Because we seem to be supplying all the OEMs. So given their diversity targets in terms of number of suppliers, do you believe this to be closer to peak market share for us?
Parmod Kumar Duggal
Yes, there is opportunity available. Because this transition was from where as these cabins, we need to introduce something as part of aircon. So as the model change will happen, as the cabin quality will improve from the oem, then there is a possibility that we can introduce better technology, product, more feature. So that opportunity always available.
Arjun Khanna
Sure. So that would be once the platforms change, etc. We could look at gaining share, Correct? Okay, sir, on the second question in terms of margins, just want to understand. So we have seen an inflation in the cost of refcas prices. I understand that charging will be a very small number of it in the overall price of the overall ac blower, condenser, etc. Compressor, etc. But is that a factor also in margins coming off?
Parmod Kumar Duggal
What is the reference of inflation?
Arjun Khanna
You said so refrigerant gases. So I understand 134A prices have moved up of late in the past one year. If I look at inflation in key raw materials. So is that a factor or what would you believe to be the key factor for EBITDA margins sequentially falling off, sir.
Parmod Kumar Duggal
So normally our commodities and critical alloys are compensated by customer in a quarter lag time. So whatever inflationary rates are there, they are compensated in subsequent quarter. But if it continues to increase that the impact will be there on the bottom. But overall, if you see as compared to the previous quarter, our EBITDA margin has improved not previous but corresponding quarter, but previous quarter because of the revenue number that operational cost apportionment, that will have some impact. But from the previous quarter the revenue is different because quarter four is always a peak quarter.
Arjun Khanna
Sure, sure. So that operating deleverage. I get that, sir. And going forward we were on a trajectory where we believed that double digit margins would be sustainable. And eventually we would like to go to 12%. Does that target yet remain? Given this volatile environment?
Parmod Kumar Duggal
Our hopes have to be always positive. So we are still maintaining that and we have to strive for that because these disruptions sometime will become a new normal. So we have to deal with that.
Arjun Khanna
Right. And Are we being able to price on these disruptions?
Parmod Kumar Duggal
So this is all part of the negotiation with oem. Some cases they are willing to, but some cases they are trying to wait for the stabilization because right now disruptions are too many.
Arjun Khanna
Sure, fair enough. And lastly, just if you could touch upon CAPEX for this year. How do you see this year pan out in terms of CapEx that we are anticipating?
Parmod Kumar Duggal
So our regular CAPEX for new product development and maintenance would be in the range of 121 30. That is as is. And we are consistent every year to spend these kind of money.
Arjun Khanna
Right.
Parmod Kumar Duggal
To replace maintenance capexes or. So this is other than the new greenfield project which we are coming up with for that 150 crore is allocated for greenfield project.
Arjun Khanna
Sure. And a decision has not yet been made on electric compressors.
Parmod Kumar Duggal
Not yet.
Arjun Khanna
Right. Thank you very much and wishing you all the best in the future, sir. Thank you.
operator
Thank you. The next question comes from the line of Mayur Parkeria from Wealth Managers Private Limited. Please go ahead.
Mayur Parkeria
Good morning sir and thank you for taking my questions. Am I audible?
Parmod Kumar Duggal
Yes, please.
Mayur Parkeria
Yes, yes. So decent set of numbers but on the margin side slightly lower than what we were hoping for in terms of based on the commentary and we were looking for double digits and finally 12% so slightly lower and the kind of growth. So you partially mentioned that you know, March quarter was normally high, normally better than other start of the quarters. But from that perspective just some more color. Is it also a function of kind of product mix. And we believe we’ll be back to the incremental improvement in EBITDA margins again what we were hoping for or do you believe it is on track based on the seasonality and we’ll be able to recover as we go ahead during the year.
Parmod Kumar Duggal
So that is what this industry is always first quarter, third quarter is lower than second and fourth. So this is how the trend is in past maybe 10, 15 years. So margin improvement, of course one major element is the material cost and any fluctuation in our material cost because because of any commodity and economic indicator. But the other part is on the operational efficiency. As the revenue will grow, operational efficiencies will result better into the overall contribution. So we are hopeful as our quarter will be comparable to quarter four, we’ll be able to achieve that level of EBITDA margin.
Mayur Parkeria
Okay sir, I’m trying to just understand a little more timeline specific. We have been maintaining 12% as our level for some time. Do we think from a modeling perspective Fairly that by FY27 we can look at that kind of number or is it going to be earlier or later? Just qualitatively your understanding because it’s been a while since we have that expiration and given the disruption how do we see that number timeline? Is it fair to look at that timeline?
Parmod Kumar Duggal
So from 8% to around last quarter we did around 10.9% or so. That’s how our last three year journey was. And our aim for 12% within next two years is still intact provided any discussion is not negative for us. But so far our plans are aligned to that target. That’s great to hear.
Mayur Parkeria
So final question from my side on railways. What kind of order sizes and some qualitative if you can, you mentioned that you know we have, we are participating and we’ll see some positive news from there or development from there. What kind of order sizes do we normally work with there and the execution cycle there. What some understanding from there.
Parmod Kumar Duggal
So normally railway is a tender business. So there is no regular month on month businesses available. Once tender is received there is always a timeline between six months to nine months to execute that. So that large tender which we received, received last year which was to the tune of around 28 to 30 crore rupees. That is within next two months we’ll be completing the execution of that. So next two or three tenders which are again similar or larger than the last tender are in pipeline. So we are just waiting for the tender release time and the completion time.
Maybe between quarter two to quarter three they will be confused.
Mayur Parkeria
And post that within two to three months we have to deliver.
Parmod Kumar Duggal
So normally time is if tender is large then six to nine months is the delivery time normally allocated. If tender is small then it is within 1/4.
Mayur Parkeria
Thank you sir. I’ll come back with the question. Next line. Thank you so much.
operator
Thank you. The next question comes from the line of Mihir Vora from Aquarius. Please go ahead.
Unidentified Participant
Yeah, thanks for taking my question. So my question was basically on the passenger vehicle side wherein yes we are strong with Maruti but in terms of other companies like say Mahindra and Tata Motors how are we gaining more traction there? Like we are already there into the waves for Mahindra. But is there some more RFQ process where you see Mahindra as part of business share increasing for us?
Parmod Kumar Duggal
Yes, of course. Engagement with Mahindra is now going multifold. We are in the process of handling few RFQs with them. Maybe quarter two we’ll be able to conclude that. And next conference call or maybe before that we’ll be able to release the new snippet on that. In addition to that, our engagement with other passenger vehicle manufacturer also is ongoing. So maybe next two quarters we’ll be able to conclude a passenger vehicle segment definitely is very important especially when the transition is happening in hybrid as well as on the EV space. So that’s why we need to tap on new businesses so that there is a consistency and we can grow along with the market opportunity.
Unidentified Participant
Sir, and in terms of like in terms of ICE vehicles with Mahindra, were we there, you know, we had a presence there or we were negligible into the Mahindra ICE products. Like what would be our share of business?
Parmod Kumar Duggal
So in Mahindra Ice we had a share of business of around 22, 23% and still we are maintaining that. Now our next drive is to increase that share of business in ICE beyond 20%.
Unidentified Participant
All right sir, in the last few calls we had mentioned that you know Maruti will be doing the hybrid production in Kharkoda. So with and we were on a view that you know supplies were going to start from Q1. So are we on track on that or has there been a delay on that front?
Parmod Kumar Duggal
Maruti Kharkoda has already started production during this month, that is end of June or July. July is I think official. So we started supplying for two models which are getting produced there from our currently Manisa plant where we have some surplus capacity available. But going forward when the peak volume at Karcoda will happen for two or three models further our new plant Karcoda will be ready by next quarter one of FY27. So we’ll start our ship production to that location.
Unidentified Participant
All right. Okay sir, so entire 150 crore for the car Coda Capex will be deployed in this year or it would be in a failure.
Parmod Kumar Duggal
So it would be partially in this year, partially go to the first quarter of next year.
Unidentified Participant
Okay. Okay sir, that’s all from myself. Thank you.
operator
Thank you. A reminder to all participants, if you wish to ask a question you may press star and 1. The next question comes from the line of Kusha. Please go ahead.
Unidentified Participant
Yeah, Am I audible?
Parmod Kumar Duggal
Yes, yes please.
Unidentified Participant
Yeah, yeah. So thanks for the opportunity. I just had a couple of questions so I wanted to ask you about the content vehicle with regards to our EV hybrid. So if we consider our ICE vehicles as a base of hundreds, what would be our increase in content for hybrid and EVs?
Parmod Kumar Duggal
So I think we had discussed this subject in couple of calls before. Also we need to see ICE versus EV without Compressor. Because that would be more comparable if the base for other than compressor of Ice Hundred. So in EV it would be between 120 to 130 based on the different models. Compression is completely a different product because the application is not through the engine, it is through the battery. So that would be between 3x or 4x of the compressor of ice.
Unidentified Participant
Understood. All right. And what would be a current localization.
Parmod Kumar Duggal
In EV space other than compression? I think we are comparable to the ice. Maybe the localization percentage would be between 60 to 65%.
Unidentified Participant
Okay. All right. And any target to increase our localization.
Parmod Kumar Duggal
That all depends upon how the volume of EV will grow, how rapidly it would be. Because right now the base is very small. Investments will not be viable to go for localization at this point scale.
Unidentified Participant
Understood? Understood. All right. And coming to our exposure to the yen currency, what would be any impact if there would be an depreciation in the end?
Parmod Kumar Duggal
So since the currency is back to back numbers by the customer with the quarter layer, so we do not see any impact of the currency fluctuation. However, we have a very prudent hedging policy which we book through the forward covers.
Unidentified Participant
Understood. All right. And so one last question regarding the home ACs. What would be our expectation for the home AC is going forward?
Parmod Kumar Duggal
So home AC, as I mentioned before also we were muted on very aggressive push to the market because of the volatility of commodities and the pricing was not supported by the customer. We went slow on that. And this, I think this time the season was spoiled because of excessive monsoon or flood situation in some part of the country. We are now preparing for the next season. And still we have another 2/4 to conclude our business engagement with the customers. So next meeting I think we’ll be able to to clarify better.
Unidentified Participant
All right. Sure, sir. Thanks for the info.
operator
Thank you. The next question comes from the line of Puneet Javeri from Javeri and company. Please go ahead.
Unidentified Participant
Hello sir. Thanks much for the opportunity and congrats and a decent set of numbers. Just one couple of questions. You mentioned bus revenues 12 crores in quarter one, is that correct?
Parmod Kumar Duggal
Can you repeat your question in the last part?
Unidentified Participant
Just want to understand. The bus revenue you mentioned for this quarter is 12 crore, is that correct?
Parmod Kumar Duggal
Yes, bus is 12 crore.
Unidentified Participant
And. And so you mentioned the previous quarter that roughly about 2700 crores from passenger, vehicle and truck revenue you had given as 125 crore. So is the bus part included in that? And if not, could you give the last year’s number for the bus revenue.
Parmod Kumar Duggal
Last year bus was around 44 crores.
Unidentified Participant
And so do you expect that this is going to increase substantially this year or is it that we go in a normal course of business? And where do you see the truck revenue as well this year? If not a number, any kind of range that you can provide given that you know, for trucks with the new regulations for in cabin ac, do you see a substantial increase in the truck revenue business as well? I think last quarter you mentioned that the truck revenue was roughly about for last year about 125 crores.
Parmod Kumar Duggal
Correct. So two aspects. One is on the bus side since there is no regulation driving the thermal product in buses but it is mainly because of the AC penetration in bus. So last year we did around 44. This year we will be very hopefully crossing around 50 crore plus. On the truck side last year we did around 125 crore and with the regulations starting from the 8th of June or the middle of June we are hopeful that we will be crossing I’m just giving a guesswork of 150 to 165 crores or so.
Unidentified Participant
And so is it any kind of, and pardon me for this, is there any kind of difference that you have in realizations and margin compared to passenger vehicles? I’m sure that there will be some if not a number if you can provide any kind of quantification or any kind of output on that aspect.
Parmod Kumar Duggal
So margins will be comparable. We have not compromised while growing in this segment on the margin side it would be comparable through PV segment to the truck segment. So there is no differentiation for us.
Unidentified Participant
And in terms of, you know, in terms of buses you did mention that largely since there’s no regulation it’s more AC led. But for are you already a key customer for all the other EV makers? Specifically because we’re seeing that also increasing and for the bus makers within the new the PM’s ECWA schemes amongst others, it’s become a little easier for them to participate in their bus tenders as well. So are you already a customer for you know the likes of the startups like JBM as well as Switch mobility amongst others.
Parmod Kumar Duggal
So we are in the process of. Because each EV product requires a formal approval from the OEM aligning to the ECU and other alignment to the other components. So we are participating in the tenders coming in next two years time which is majorly for EV 9 meter and 12 meter and our engagement with our existing customers to penetrate into EV also is ongoing.
Unidentified Participant
And so just one final question you mentioned About Mahindra. And Mahindra, you’re already present in the EVs so congratulations for that. And you mentioned 22 to 23% share in their ICE portfolio. Is there anything that you can give for Tata Motors as well? Or is it that you’re developing that business in this particular year and going forward as well?
Parmod Kumar Duggal
Tata Motor, we are engaging with them for their forthcoming model transition. So still it is at an initial stage at RFQ and a technical specification being included in the RFQs.
Unidentified Participant
And will that be largely similar for Hyundai as well? Because they also have their own supply chain coming from outside. So is that similar for the likes of Hyundai and Kia models in India as well?
Parmod Kumar Duggal
Not be able to comment as of now because it is highly competitive scenario. Right now we are in participation of rfq. How the business decision will happen, we will leave it to the customer.
Unidentified Participant
Got it? Understood sir. Thanks so much for the opportunity and all the best for FY26.
operator
Thank you. The next question comes from the line of Sanket from ashika Stock Broking Ltd. Please go ahead.
Sanket Kelaskar
Thank you for the opportunity sir. So my first question is on AC bandit. As government has already started this AC mandate from June itself. So what is our contribution in on N2 and N3 truck in Q1 out of this 45 crores revenue which we are having from commercial vehicle segment.
Parmod Kumar Duggal
So we don’t differentiate revenue by the notification. Because this notification started on just middle of June. So it has impact of only 15 days as of now. So next quarter we’ll see a large impact of this. But as I mentioned before that of this incremental opportunities we have already secured a business share of around 44, 45%. So I think next quarter you will have a better clarity on this.
Sanket Kelaskar
Okay sir. And how confident are we in achieving market share above 50% in segment AS and I want to understand like how are we differentiating with with respect to our competitors in this particular segment.
Parmod Kumar Duggal
So when this notification came, the time available was very tight for the OEM to transition into AC cabin. Because we got hardly eight to nine months only. So based on the workload distribution the OEM has decided different suppliers. So it is not by the competitiveness, it is mainly by the resources and the timeline available. So as I mentioned before, right now our focus is whatever models are allocated to us we need to service them when the transition of any model change or the cabin change happen at the oem. And that time we will have more opportunity to increase our share of business.
Sanket Kelaskar
So my third question is on our Capacity utilization. So as of quarter four our utilization was somewhere around 80 85%. So how are we planning to fulfill our near term demand backed by this tailwind as well?
Parmod Kumar Duggal
So capacity utilization force is around 85 and it has now reached to 90% also. That’s why I did mention before that new project which is at Karkota. We are setting up half a million of new capacity and also debottlenecking the capacity at our existing plant also. So we are able, we would be able to increase the capacity in line with the customer demand by next year and subsequent to that whenever there would be further delta required. The projects means the plant size are enough to take care of the additional capacity expansion in next three to five years.
Sanket Kelaskar
Sure. So that’s great. So my last question is on our long term goals. So I want to understand like what is the long term goal with respect to outperforming the industry. So do we look to add any further products in our existing portfolio or we are looking for any further JVs or acquisition in order to sustain this kind of growth.
Parmod Kumar Duggal
So market is good enough for us to realize the opportunities. And I believe market this year will be moderate. But the next three to four years much more opportunities are available. Existing product expansion, adding to the new features, aligning to the new platform of the OEMs definitely would be add on opportunity for us. We are also working on increasing the content per vehicle by adding few more products. We’ll let you know as and when we finalize our arrangement for the new products to be introduced. Right now there is no plan for further JV or acquisition.
But we will update you as and when there is any progress.
Sanket Kelaskar
Sure sir. Thank you sir. Wishing you all the best.
operator
Thank you. As there are no further questions I now hand the conference over to the management for closing comments. Thank you. And over to you sir.
Parmod Kumar Duggal
Thank you. I think we are in the middle of very disruptive era and we need to be watchful of how this geopolitical and economic scenarios happen across the globe. Definitely any disruption in any part of the world will have impact on India. But it will not be very severe. Because India domestic consumption is very high. So that is a point of insulation for us. But we need to be watchful on that. But on subro side our efforts on improving our operational efforts, efficiencies, margin growth are intact and we are confident that we’ll be able to sell it through.
Thank you so much. Thank you to all.
operator
Thank you on behalf of Batliwala and Karami securities Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect alliance. Thank you.