Subros Limited has scheduled its 41st Annual General Meeting for September 18, 2026. The gathering will address the financial performance and dividend declaration for FY25-26.

The company confirmed the date in a filing with the National Stock Exchange and BSE on August 25, 2026. The notice states the meeting will be held through Video Conferencing or Other Audio Visual Means (VC/OAVM) at 11:30 am. This format complies with Ministry of Corporate Affairs circulars and SEBI listing regulations.

Meeting Logistics

Shareholders can participate remotely without physical presence. The company will consider members attending via VC/OAVM toward the quorum requirement under Section 103 of the Companies Act, 2013.

The register of members and share transfer books will remain closed from September 12, 2026, to September 18, 2026. This closure determines eligibility for voting and dividend rights.

E-Voting Process

Eligible shareholders may cast votes electronically via the NSDL platform. Remote e-voting begins on September 19, 2026, at 9:00 am and ends on September 21, 2026, at 5:00 pm.

Voting during the AGM itself will occur on September 22, 2026, at 11:00 am. Shareholders who vote remotely cannot vote again during the live session. Once cast, votes cannot be changed.

Shareholder Updates

The company extended a special window for re-lodging transfer deeds of physical shares. This facility runs from February 5, 2026, to February 4, 2027. It applies to shareholders who missed the previous January 6, 2026, deadline.

Transfers registered under this scheme carry a one-year lock-in period from the date of registration. Shareholders must submit necessary documents to the registrar or company office.

Subros has issued a cautionary note on its revenue guidance, flagging potential adjustments in light of ongoing geopolitical concerns. The company now anticipates single-digit growth in the near term, while acknowledging that its double-digit margin ambitions will not be achievable within the next six months due to persistent supply chain disruptions.

Revenue Guidance and Margin Outlook

The company has explicitly stated that double-digit margins are not expected in the short term, citing current operational and supply chain issues as the primary constraints. This marks a notable shift in near-term expectations, with management indicating that the path to improved profitability remains contingent on resolving these headwinds. The geopolitical environment has added further uncertainty to the revenue trajectory, prompting the company to recalibrate its guidance.

Truck AC and Railway Segment Targets

Despite the cautious near-term outlook, Subros has outlined ambitious medium-term growth targets across its diversified business segments. The following table summarises the key revenue targets across segments:

In the Truck AC segment, Subros is targeting INR 300 crore in revenue for the current year, with a medium-term goal of scaling this to INR 400-450 crore over the next two to three years. The railway segment presents another growth avenue, with the company targeting revenue exceeding INR 100 crore over a three-year horizon. Current railway orders stand at INR 31 crore, complemented by an Annual Maintenance Contract (AMC) business of INR 50 crore to be realised over three to four years.

Kharkhoda Project: Capacity Expansion on Track

On the manufacturing front, Subros has provided an update on its Kharkhoda project, a key capacity expansion initiative. Production at the facility is expected to commence in Q3, with an initial installed capacity of 4.75 lakh units. The company has outlined plans to subsequently scale this capacity to 9.5 lakh units, effectively doubling the facility's output potential.

Key Takeaways

• Revenue guidance is under review due to geopolitical concerns, with single-digit growth anticipated
• Double-digit margin targets delayed beyond six months amid supply chain challenges
• Truck AC revenue target of INR 300 crore for the current year, scaling to INR 400-450 crore over 2-3 years
• Railway segment orders at INR 31 crore, with a target to exceed INR 100 crore in three years
• AMC business valued at INR 50 crore over three to four years
• Kharkhoda plant production to begin in Q3 with initial capacity of 4.75 lakh units, expandable to 9.5 lakh units

Overall, while Subros faces near-term headwinds from geopolitical uncertainties and supply chain disruptions that have tempered its growth and margin outlook, the company's segment-specific targets and the Kharkhoda capacity expansion reflect a structured medium-term growth strategy across Truck AC, railway, and AMC businesses.