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Dolat Capital Report
Subros Ltd. displayed a weak performance in Q3 due to several headwinds like sharp increase in fabrication cost and an increase in logistics cost (high container and diesel cost).
Subros' Ebitda margin stood at 5.2% in Q3. Management is in discussion with management to pass on the increase in fabrication cost from retrospective effect and expects margin to revive on the back of softening commodity prices, operating leverage, and localisation.
Despite weak performance in last many quarters, we maintain positive stance on the stock led by-
Premiumisation and upbeat outlook for in passenger vehicles segment,
increase in content per vehicle due to electrification,
rapid acceleration of E-buses and new verticals (especially from Home AC, E-buses and railway) and
sharp margin expansion due to fall in raw material and logistics cost.
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