NRB Bearings Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript NRB Bearings Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
NRB Bearings reported consolidated revenue of INR370 crores in Q1 FY27, up 19.2% year-on-year, with profit after tax rising 15% to INR38 crores. Management described a strategic pivot into six new growth verticals including aerospace, automotive adjacencies, electrification, mobility, and mission-critical friction solutions, alongside a new production order from General Motors for the Corvette program through NRB's US facility. Standalone sales grew 14.7% and standalone PAT grew 31.7% year-on-year, with EBITDA up 21.7%.
Numbers mentioned
Revenue from operations (consolidated): INR370 crores (Q1 FY27)
p. 4
“revenue from operations which stood at INR370 crores in Q1 compared to INR310 crores the year before, reflecting a growth of 19.2% on a consolidated basis”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Profit after tax (consolidated): INR38 crores (Q1 FY27)
p. 4
“Profit after tax increased to INR38 crores in Q1 FY27 as against INR33 crores registering an increase of 15% on a consolidated basis”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Standalone sales growth: 14.7% (Q1 FY27 Y-o-Y)
p. 4
“Standalone results showed extremely healthy growth with sales rising 14.7% Y-o-Y and PAT rising 31.7% year-on-year”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Standalone EBITDA growth: 21.7% (Q1 FY27 Y-o-Y)
p. 4
“Similarly, standalone EBITDA showed a growth of 21.7% Y-o-Y”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Industrial business share of total revenue: 14%
p. 7
“Our industrial business is 14% of our total now. It's grown steadily from 11% to 14%. Our growth was 34% in industrial.”
Harshbeena Zaveri, page 7 of the filed PDF · View the filing
MTR (aerospace defense) order book: INR25 crores
p. 8
“So the current order book is INR25 crores, not taking into account, a few more orders that we've received on the spherical bearings.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Total defense order book (MTR plus regular defense): around INR50 crores
p. 8
“Yes, total will be around INR50 crores.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Capex program: INR270 crores
p. 10
“So basically it's a total of INR270 crores. INR60 crores has already happened, another INR100 crores is either already ordered or in the process of being ordered.”
Harshbeena Zaveri, page 10 of the filed PDF · View the filing
Lifetime nominated business: INR1,100 crores
p. 13
“So that alone has taken the INR800 crores to INR1,100 crores, and then there are going to be a lot more, and there are a lot more other nominations which have been converted.”
Harshbeena Zaveri, page 13 of the filed PDF · View the filing
Past 12-months revenue growth rate: 14.38% (trailing 12 months)
p. 6
“if you look at our past 12-months revenue growth of exactly 14.38%, we would hit INR2,730 crores by 2031”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Unitec JV plant commissioning — April '27
stated firmly by Harshbeena Zaveri
p. 6
“So we will commission the plant by April '27.”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
FY31 revenue — INR2,730 crores · by 2031
stated conditionally by Harshbeena Zaveri
p. 6
“we would hit INR2,730 crores by 2031”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
FY31 revenue vision — 3,000
stated as an aspiration by Harshbeena Zaveri
p. 9
“Is the aspirational vision INR3,000 crores, yes.”
Harshbeena Zaveri, page 9 of the filed PDF · View the filing
MTR aerospace/defense revenue and profitability by 2031 — INR300 crores revenue and INR90 crores profitability contribution · by 2031
stated firmly by Harshbeena Zaveri
p. 8
“There we have projected INR300 crores, but with a revenue of INR300 crores and profitability contribution of INR90 crores by 2031.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
EBITDA margin range — 18% to 20% · annual period
stated as an aspiration by Harshbeena Zaveri
p. 11
“So you'll see this trajectory moving between 18% and 20% over a kind of annual period and it depends on which quarter hits what.”
Harshbeena Zaveri, page 11 of the filed PDF · View the filing
Mahant Tool Room revenue conversion in FY27 — FY27
stated firmly by Harshbeena Zaveri
p. 12
“Yes, of course we will.”
Harshbeena Zaveri, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said it prefers to use the trailing 12-month growth rate as a conservative baseline, implying a higher figure than the prior guidance.
Answered by Harshbeena Zaveri
Asked by Varun Jain: Will FY27 growth continue at 15-20% and will the FY31 guidance be revised from INR2,500 crores to INR3,000 crores?
p. 6
“we would hit INR2,730 crores by 2031. So, I think I really leave it to all of you to do the calculation of whether it's INR2,700 crores or whether it's INR3,000 crores”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
Management confirmed the location moved to Aurangabad and commissioning is planned for April 2027.
Answered by Harshbeena Zaveri
Asked by Varun Jain: Will the Unitec JV be located near Aurangabad or Hyderabad, and will the full INR110 crores capex be completed with commissioning by year end?
p. 6
“Now the location, we did decide to move the location from Hyderabad to Aurangabad.”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
Industrial is 14% of total revenue, up from 11%, growing 34%; management described an EV-agnostic strategy focused on applications common across ICE, EV and hybrid.
Answered by Harshbeena Zaveri
Asked by Rajveer Singh: What percentage of revenue comes from industrial bearings and how does the EV content compare to ICE vehicles?
p. 7
“Our industrial business is 14% of our total now. It's grown steadily from 11% to 14%. Our growth was 34% in industrial.”
Harshbeena Zaveri, page 7 of the filed PDF · View the filing
Management gave separate figures for aerospace/defense (MTR) and general defense supply, projecting INR300 crores revenue by 2031 for MTR.
Answered by Harshbeena Zaveri
Asked by Shreya: What is the defense business outlook, order book, and RFQ pipeline, and expected revenue contribution in FY27 and FY31?
p. 8
“So we are really looking at very high-end applications. The current order book, as I mentioned, because this was just closed literally about a month back, so the current order book is INR25 crores”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Management clarified MTR has approximately INR30 crores and regular NRB defense adds another INR20 crores, totaling around INR50 crores.
Answered by Harshbeena Zaveri
Asked by Saloni: Order book figures for defense/MTR were inconsistent across calls (INR25 crores vs INR50 crores vs INR70 crores) — please clarify.
p. 8
“So that's why I specified. Even that time the question was more linked to defense and now that we've unveiled our different verticals, I wanted to separate what MTR has in hand which is, as I said, approximately INR30 crores, and then the additional INR20 crores that NRB has in the regular defense”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Management said the company is still in the product development stage for data centers and has nothing concrete to announce yet.
Answered by Harshbeena Zaveri
Asked by Saloni: Is there a concrete strategy for entering the data center bearings market?
p. 9
“Data centers is a whole new line of bearings and we are in the product development stage, so I don't think that we have anything concrete that we are ready to announce.”
Harshbeena Zaveri, page 9 of the filed PDF · View the filing
Management said there is no concrete plan to merge, citing strategic benefits of keeping SNL as a smaller, separately branded subsidiary.
Answered by Harshbeena Zaveri
Asked by Sunil: Is there any plan to merge SNL Bearings with NRB given its smaller size?
p. 9
“So we do not have a concrete plan to merge it at this moment.”
Harshbeena Zaveri, page 9 of the filed PDF · View the filing
Management attributed the increase to cost escalation in electricity, logistics, and petroleum products, partly offset by value engineering and price increases.
Answered by Harshbeena Zaveri
Asked by Shreyans: What drove the increase in other expenses this quarter compared to the usual INR90-92 crores range?
p. 10
“it basically constitutes cost escalation in terms of electricity, cost escalation in terms of logistics, all that the newspapers are full of, right?”
Harshbeena Zaveri, page 10 of the filed PDF · View the filing
Management said total planned capex is INR270 crores, with INR60 crores already spent and another INR100 crores ordered or being ordered.
Answered by Harshbeena Zaveri
Asked by Apoorv: How much of the planned INR250 crores capex has been invested so far and how much is planned for this year?
p. 10
“So basically it's a total of INR270 crores. INR60 crores has already happened, another INR100 crores is either already ordered or in the process of being ordered.”
Harshbeena Zaveri, page 10 of the filed PDF · View the filing
Management said margins are expected to remain in the 18-20% range over an annual period rather than on a quarterly basis.
Answered by Harshbeena Zaveri
Asked by Samarth: Can the company return to the more-than-20% margins it achieved historically?
p. 11
“I have repeatedly said that our margins are between 18% to 20%.”
Harshbeena Zaveri, page 11 of the filed PDF · View the filing
Management confirmed the team was retained, with Mr. Mallappa now leading the aerospace defense segment.
Answered by Harshbeena Zaveri
Asked by Samarth: Has the core team from the Mahant Tool acquisition, including top talent, been retained?
p. 11
“Very much so. In fact, that was one of the reasons for the acquisition.”
Harshbeena Zaveri, page 11 of the filed PDF · View the filing
Management confirmed the nominated business rose to INR1,100 crores partly due to the new Corvette program win.
Answered by Harshbeena Zaveri
Asked by Varun Jain: Has the lifetime nominated business increased from INR800 crores, and what new platforms were won?
p. 13
“So that alone has taken the INR800 crores to INR1,100 crores, and then there are going to be a lot more, and there are a lot more other nominations which have been converted.”
Harshbeena Zaveri, page 13 of the filed PDF · View the filing
Risks flagged
Cost escalation in electricity, logistics and petroleum products increasing other expenses
p. 10
“it basically constitutes cost escalation in terms of electricity, cost escalation in terms of logistics, all that the newspapers are full of, right?”
Harshbeena Zaveri, page 10 of the filed PDF · View the filing
Global geopolitical situation (war) causing logistics cost risk and slowing timelines
p. 6
“We were finalizing the start of our building just when the war situation arose, and we just felt looking at the entire sort of logistic situation and the potential rise in costs in the future for logistics.”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
Difficulty predicting order timing and conversion in the aerospace business
p. 12
“It's very hard to predict in the aerospace field.”
Harshbeena Zaveri, page 12 of the filed PDF · View the filing
General global slowdown affecting commissioning lead times
p. 6
“as you know in the current global scenario, everything has gotten slowed down and we did not want to move away from our timeline of April '27”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.