NRBBEARING - NRB Bearings

📊 NSE: NRBBEARING 🏢 Bearings 📅 Last Updated: 12/14/2025 10:37

💰 Financial Performance

Revenue Growth by Segment

Revenue for FY25 grew 5.36% to INR 1,077.52 Cr. Segment split: Two/Three-wheelers (31%), Commercial Vehicles (26-29%), Passenger Vehicles (17%), Industrial (15%), and Aftermarket (12%). H1FY26 revenue reached INR 635.3 Cr, up 7.5% YoY.

Geographic Revenue Split

Domestic sales contributed 76.4% (INR 823.62 Cr, up 6.19% YoY) and Exports contributed 23.6% (INR 253.90 Cr, up 2.74% YoY) in FY25.

Profitability Margins

Gross margins sustained at 54-55%. Operating margin for FY25 was 16.73% (vs 16.23% in FY24). PAT margin for H1FY26 improved to 11.3% from 10.2% YoY.

EBITDA Margin

EBITDA margin for H1FY26 was 20.3%, up from 18.6% YoY. EBITDA for H1FY26 stood at INR 128.7 Cr, representing a 17.4% YoY increase.

Capital Expenditure

Planned total capex of INR 300-325 Cr over the medium term, including INR 200 Cr for new capacities expected to drive growth by FY28.

Credit Rating & Borrowing

CRISIL A1+ rating for commercial paper. Borrowing costs are supported by a healthy interest cover expected to remain above 10 times over the medium term.

⚙️ Operational Drivers

Raw Materials

Steel and bearing components represent the primary material cost, which accounted for 45.82% of turnover in FY25 (INR 493.77 Cr).

Import Sources

Forex exposure indicates imports from Europe (Euro) and USA (USD). Specific state/country sourcing not explicitly detailed.

Capacity Expansion

Waluj plant returned to full capacity in Q4FY25 following a fire. New capacity expansion of INR 200 Cr is underway for completion by FY28.

Raw Material Costs

Material costs were 45.82% of revenue in FY25, a slight decrease from 46.92% in FY24, reflecting cost-optimization and price pass-through abilities.

Manufacturing Efficiency

Utilizes automated production and assembly machinery designed in-house. Waluj plant fire recovery restored full capacity by Q4FY25.

Logistics & Distribution

Not disclosed as a specific percentage of revenue, but identified as a focus area for cost optimization.

📈 Strategic Growth

Expected Growth Rate

10-15%

Growth Strategy

Achieving growth through a shift from bearing products to friction solutions, expansion into aerospace (spherical bearings), defense, and EV segments, and a INR 200 Cr capacity expansion for FY28.

Products & Services

Ball and roller bearings, needle bearings, cylindrical roller bearings, spherical bearings, and friction solutions.

Brand Portfolio

NRB Bearings.

New Products/Services

New products in the electric vehicle (EV) segment and spherical bearings for the aerospace industry designed in the engineering center.

Market Expansion

Expanding global footprint and increasing penetration in unaddressed industrial segments, aftermarket, and defense.

Market Share & Ranking

Market leader in needle and cylindrical roller bearing segments in India.

Strategic Alliances

Collaboration with Europe’s largest application-oriented research organization for laser and additive technologies.

🌍 External Factors

Industry Trends

The industry is shifting toward EV-agnostic products and industrial mobility. NRB is positioning itself as a friction solutions provider to adapt to these shifts.