@Sudhakar_Subramanian Thanks for clarifying.

I think I have understood what you are suggesting. Let me clarify.

1. You have added one more look back period (1 week) in addition to 1y and 6m.
2. You are not quantifying the rate of change, but looking at positional change only.
3. It could happen that a stock changes by 5% in one week and moves from 50 to 40 while another moves by 10% and moves from 30 to 20. Which is more important? Clearly, the one moving 10%.

Typically, we do not consider short look back periods like 1week or 1 month or even 3 months as you might get spikes in data that lead you to wrong conclusion. 6m and 1y are normally considered balanced periods where we do not miss out the momentum, but at the same time do not get swayed by spikes in price. Our volatility factor will protect us from considering stocks with sudden spurts.

From what I have read that, the issuance of preferential share requires very less paperwork. I think it is more convenient for the management to raise money this way. I have also seen other SME and microcap stock doing same thing to raise money.

In the below tracker, I have started tracking important company goals for Senco Gold.These goals are referred to as ‘monitorables’ in the tracker.I will update this document regularly to reflect the current status of these goals.

Here’s a snapshot of what the tracker includes:

• Company Ticker: For identifying the company
• Monitorable Description: Description of the goal or metric being tracked
• Date of Announcement: When the monitorable was announced
• Deadline: Target date for achieving the monitorable
• Status: Current progress (e.g., Not Fulfilled, Pending)
• Verification Link: A link to see where we got the information about the goal.

I hope this information makes it easier to observe how well companies are progressing towards their stated goals.

Screenshot of the tracker below:

Full tracker attached below:
Tracking Company Monitorables-12.xlsx (128.5 KB)

Company History

Subros Ltd formerly incorporated as ‘Subros Pvt Ltd.’ in Feb.’85 was promoted by Ramesh Suri Lalit Suri and Jayant Nanda. It turned into a public limited company in Oct.’85 in name of Subros Limited, as a joint venture with 36.79% ownership by the Indian promoters and 20% ownership by Denso Corporation, Japan & 11.96% ownership by Suzuki Motor Corporation, Japan.

It is the leading manufacturer of AC for automotive applications in India, in technical collaboration with Denso.

The company has grown from a capacity of 15,000 AC units in 1985 comprising of largely an assembly operation, into the largest and only integrated manufacturing unit in India for Auto Air conditioning systems. Subros manufactures compressors, condensers, heat exchangers, HVAC system and all connecting elements required to complete AC loop and caters to all segments viz. passenger vehicles, buses, trucks, refrigeration transport, off- roaders, residential air conditioners & recently forayed in to AC for Railways.

Market leader in Automotive AC

It is the market leader and its market share in Automotive AC is increasing, which currently stands at 50% market share in Car AC, 54% in Truck AC & 17% in Bus AC.
Being a new entrant to residential AC components , it faces tough competition with existing well established players.
It has also recently entered in to Railway AC and has got orders from railways.

During 2023-24, It’s 94% revenue is from Car AC segment. However , the growing segments are Truck AC , Railways , Bus AC.

Govt mandate for 100% truck cabin AC from next year

The Govt has mandated to switch to 100% truck cabin AC to ensure driver comfort, Road safety and all truck manufacturers such as Tata motors , Ashok Leyland , Mahindra , Volvo eicher are supposed to switch over to 100% AC fitments in Trucks.

Auto technology agnostic

EV , Hydrogen , CNG , Ethanol or any alternative fuel technology can not disrupt Automotive AC business. Subros is already supplying AC to this class of vehicles and currently this forms 20% of their revenues.

Foray in to railways

No of AC trains are expected to increase in the coming days and Subros would eat up a piece of this segment too.

Residential / commercial AC

Subros supplies all its AC components like compressors , condensers, Hoses, pipes for window AC , split AC to Room AC OEM,’s

OEM’s

All Auto 4 wheelers OEM Maruti Suzuki , Tata Motors , Ashok Leyland , Mahindra & Mahindra, Volvo eicher, Daimler & many others.
Indian railway,
Voltas, Haier, Havells,

After sales service / spare parts sales post warranty

The company has opportunity to sale and service its product post warranty and earn revenue across the life cycle of the product

Cooling the planet

Overall , as Global warming rise, planet becomes warmer. Human beings wherever they are would need AC comfort.
Subros with 40 yrs of experience in providing cooling comfort in Transportation would reap the benefits.

Multi location manufacturing plants

Subros has manufacturing at Noida , Manesar, Pune, Chennai , Nalagarh and Karsanpura with an annual capacity of 1.5 Million AC Kits per annum beside a well equipped R&D Center and Tool Room at Noida.

Quarterly/ Annual performance 2023-24

profit before tax in quarter four, it is 45.30 crores, which is 5.47% of the net sale.
PBT margin with the corresponding quarter of the last year has improved by 70%. Profit after tax in Quarter 4 is 30.68, which is 3.70% of the net sale. And the PAT margin has improved by 65%.
The result summary for the year 2023-24, the revenue from operation is 3,070 crores, which is with a growth of 9%. EBITDA is 268 crores with a growth of 43% and PBT is 140.70 crores with a growth of 98%. PAT is 97.66 crores with a growth of 103%.

Risks &Threats

(1) The stock has almost doubled since the announcement of 100% factory fitment of AC in trucks. If the Govt takes “U” turn” in its decision of 100% Truck AC fitments, the stock may crash

(2) Maruti has a stake in Subros and so Maruti sources 100% of its requirements from Subros. If there is any change in this arrangement or Maruti withdraws it’s support by selling its stake in Subros

(3)The Auto industry is cyclical. So if the auto industry does not grow , then subros business would get affected.

However , since the company has diversified into railways , residential , commercial buildings and so the impact of any recession in auto can be countered to a great extent. Revenues from after sales service , spare parts during the life cycle of the product will help.

More details can be found from the following links :
Subros website
Q4 performance 2023-24
Investor ppt transcript for 2023-24
HDFC securities stock analysis
Govt mandate for Truck AC

Discl: Invested from lower level may be biased.
The stock has run up quite a bit. It is not a buy sell recommendation.Please do your own assessment before investing.