Subros vs Sandhar Technologies: Share Price, PE, ROE Compared
- August 12, 2026
- Posted by: Ankit Jaiswal
- Category: Market
Subros MCap Rs 5,077 Cr, PE 30.52x, ROE 13.31%, D/E 0.02 (near zero!). Sandhar Technologies MCap Rs 3,937 Cr, PE 19.82x (cheaper!), ROE 14.90%, D/E 0.86.
Subros vs Sandhar Technologies is a comparison auto ancillary investors look up when evaluating two listed Indian automotive component companies. Subros, a Delhi-based company (JV between Indian promoters and Denso Corporation Japan + Suzuki Motor Corporation), is India’s leading manufacturer of automotive AC (air conditioning) compressors and systems for Maruti Suzuki vehicles. Sandhar Technologies, a Delhi-based company, manufactures automotive locking systems, fuel caps, mirrors and die-cast components for Indian OEMs. The Subros versus Sandhar comparison covers thermal systems versus body hardware components.
This Subros vs Sandhar Technologies article covers reach and market position, key products, latest declared results and stock valuation. All data is sourced from Groww and public company filings.
Reach and Market Position
In this Subros vs Sandhar Technologies comparison, Subros supplies automotive AC compressors and systems to Maruti Suzuki as its primary customer, with over 90% revenue dependency on Maruti vehicles. Market capitalisation is Rs 5,077 Cr.
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Sandhar Technologies supplies locking systems, steering locks, fuel caps, side mirrors, windshield wipers and die-cast components to Maruti Suzuki, Honda, TVS, Bajaj and other OEMs. Market capitalisation is Rs 3,937 Cr.
Key Products and Business Mix
For the Subros vs Sandhar Technologies product breakdown, Subros: Subros earns from automotive AC compressors and thermal systems for cars. EPS is Rs 25.50. PE is 30.52x, ROE 13.31 percent, D/E 0.02 (near zero!), Div 0.39 percent.
Sandhar Technologies: Sandhar earns from locking systems, die-casts, fuel caps and mirrors. EPS is Rs 33.00. PE is 19.82x (cheap!), ROE 14.90 percent, D/E 0.86.
Latest Results and Financial Data
On the Subros vs Sandhar Technologies results front: Subros has a market cap of Rs 5,077 Cr and PE of 30.52x. ROE is 13.31 percent. Subros has near-zero debt. Subros is 1.3 times larger than Sandhar.
Sandhar Technologies has a market cap of Rs 3,937 Cr and PE of 19.82x. ROE is 14.90 percent – slightly higher than Subros. Sandhar is cheaper on PE but carries more debt (D/E 0.86).
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Stock Performance and Valuation
Investors tracking the Subros vs Sandhar Technologies comparison should verify current prices on NSE or BSE before trading. The Subros vs Sandhar Technologies stock data below reflects the latest available figures from Groww and public company filings.
Subros versus Sandhar Technologies: Subros (PE 30.52x, ROE 13.31%, near-zero debt) vs Sandhar (PE 19.82x, ROE 14.90%, D/E 0.86). Comparing Subros and Sandhar, Sandhar is cheaper on PE with a slightly higher ROE but Subros has the much cleaner balance sheet.
Subros vs Sandhar Technologies: Quick Comparison Table
The comparison table below summarises the key metrics side by side.
| Parameter | Subros | Sandhar Technologies |
|---|---|---|
| Sector | Automotive AC compressors + thermal systems (Maruti Suzuki primary OEM) | Locking systems + fuel caps + mirrors + die-cast: Maruti, Honda, TVS (diversified) |
| Market Cap | Rs 5,077 Cr | Rs 3,937 Cr |
| P/E Ratio | 30.52x | 19.82x (cheaper!) |
| ROE | 13.31% | 14.90% (slightly higher) |
| Debt to Equity | 0.02 (near zero!) | 0.86 |
| OEM Concentration | Maruti Suzuki dominant (90%+ dependence) | Diversified: Maruti, Honda, TVS, Bajaj |
| Dividend Yield | 0.39% | 0.61% |
Conclusion
The Subros vs Sandhar Technologies comparison above covers reach, products, results and valuation. Subros versus Sandhar Technologies covers automotive AC systems versus body hardware components. Subros has near-zero debt but very high dependence on Maruti Suzuki. Sandhar has a more diversified OEM base but higher debt. The Subros and Sandhar comparison shows a focused high-quality supplier versus a diversified one. Consult a SEBI-registered advisor for personalised guidance.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What does Subros make?
Ans. Subros makes automotive air conditioning compressors and complete thermal systems (AC+heat pump) for passenger cars, primarily for Maruti Suzuki vehicles.
What does Sandhar Technologies make?
Ans. Sandhar Technologies makes automotive locking systems (steering locks, door locks, ignition locks), fuel caps, die-cast aluminium components, rear-view mirrors and windshield wipers for OEMs.
Is Subros a Denso JV?
Ans. Subros is a joint venture between Indian promoters (the Bharat Group), Denso Corporation (Japan, one of the world’s largest auto component makers) and Suzuki Motor Corporation.
Which is larger, Subros or Sandhar?
Ans. Subros at Rs 5,077 Cr is approximately 1.3 times larger than Sandhar Technologies at Rs 3,937 Cr.
Does Subros have debt?
Ans. Subros has near-zero debt (D/E 0.02) – an exceptionally clean balance sheet for an auto component manufacturer.
Are Subros and Sandhar in Nifty 50?
Ans. Neither is in Nifty 50.
What is OEM in auto components?
Ans. OEM (Original Equipment Manufacturer) in auto components refers to a company like Maruti Suzuki or Honda that buys components for assembly into new vehicles. Subros and Sandhar are OEM suppliers.
