NRB Bearings Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript NRB Bearings Ltd filed with BSE on 14 May 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 Q4 FY26 revenue growth of 13% year-on-year to Rs 372 crore, with EBITDA up 17% to Rs 74 crore and a 19.5% margin. For the full year, revenue grew 11% to Rs 1,335 crore, EBITDA rose 19% to Rs 267 crore, and profit after tax increased 77% to Rs 146 crore. Management attributed margin improvement to solar energy adoption, automation, yield gains, and renegotiated vendor costs, while also discussing capacity expansion plans and the Mahant Toolroom aerospace acquisition.
Numbers mentioned
Revenue from operations: INR372 crores (Q4 FY26)
p. 3
“At a consolidated level for quarter four, revenues from operations grew 13% year-on-year to INR372 crores.”
Harshbeena Zaveri, page 3 of the filed PDF · View the filing
EBITDA: INR74 crores (Q4 FY26)
p. 3
“EBITDA increased by 17% year-on-year to INR74 crores, delivering a healthy EBITDA margin of 19.5%.”
Harshbeena Zaveri, page 3 of the filed PDF · View the filing
Profit after tax: INR42 crores (Q4 FY26)
p. 3
“Profit after tax for the quarter stood at INR42 crores.”
Harshbeena Zaveri, page 3 of the filed PDF · View the filing
Revenue from operations: INR1,335 crores (FY26)
p. 3
“For the full year, revenue from operations grew 11% to INR1,335 crores.”
Harshbeena Zaveri, page 3 of the filed PDF · View the filing
EBITDA: INR267 crores (FY26)
p. 3
“EBITDA increased by 19% year-on-year to INR267 crores and margins expanded to 19.5% from 18.3% in this financial year.”
Harshbeena Zaveri, page 3 of the filed PDF · View the filing
Profit after tax: INR146 crores (FY26)
p. 4
“Profit after tax increased by 77%. That's basically the entire profit after tax and it is now INR146 crores.”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
International business growth: a little over 4% (FY26)
p. 4
“Our international business did grow over the previous year to a little over 4%.”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Capacity utilization: roughly 85%
p. 5
“On capacity, there is the question around utilization. While reported utilization is roughly 85%, in reality effective utilization at several of our plants is much closer to full, when you take into account the demand variations, once you adjust also for maintenance, shift patterns, changeovers, and generally the demand pattern from different segments.”
Harshbeena Zaveri, page 5 of the filed PDF · View the filing
Mahant Toolroom order book: close to INR50 crores
p. 6
“They have an order book close to INR50 crores now, and we expect full operational control between mid-April and May.”
Harshbeena Zaveri, page 6 of the filed PDF · View the filing
Replacement market growth: 4% (FY26)
p. 8
“I would like to focus on is fundamentally that, okay, the replacement market grew by 4%.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Inventory reduction: over INR20 crores (FY26)
p. 5
“our inventories at the end of the year were in fact lower by over INR20 crores, even though our sales rose significantly.”
Harshbeena Zaveri, page 5 of the filed PDF · View the filing
Industrial business share of revenue: approximately 14% to 15%
p. 14
“Our industrial business is already approximately 14% to 15%.”
Harshbeena Zaveri, page 14 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.
International business growth — 10 to 14%, maybe even 15% · FY27
stated firmly by Harshbeena Zaveri
p. 8
“Yes, we expect 10 to 14% growth in our international business this year, as per our current business plan. Last year there was 4% growth, this year we expect 10 to 14%. Maybe even 15%.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Capex — closer INR 120 crores · FY27
stated firmly by Harshbeena Zaveri
p. 8
“No, it'll be closer INR 120 crores and the reason for that is we're also looking at land.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Total capex programme — 240 crores total, including 200 crore capex and up to INR40 crores on land · next 18 months
stated firmly by Harshbeena Zaveri
p. 13
“if you see in the public domain we have already explained the 200 crore capex which will happen over next 18 months and the various projects that it's to, and in that last meeting outcome, we also announced that we would spend up to INR40 crores on land.”
Harshbeena Zaveri, page 13 of the filed PDF · View the filing
Commissioning of capacity enhancement projects — starting June-July, continuing through FY27 and up to Q1 2028
stated firmly by Harshbeena Zaveri
p. 5
“We expect commissioning of major enhancement projects starting from June-July and continuing through this financial year and beyond up to the first quarter of 2028.”
Harshbeena Zaveri, page 5 of the filed PDF · View the filing
EBITDA margin — between 18% and 21% · next five years
stated as an aspiration by Harshbeena Zaveri
p. 12
“Will it pan out and be in line with our aspirational goal of maintaining profitability consistently between 18% and 21%? Yes.”
Harshbeena Zaveri, page 12 of the filed PDF · View the filing
Revenue — around 2,500 crores · five-year timeframe
stated as an aspiration by Harshbeena Zaveri
p. 15
“So, as I mentioned in a five-year timeframe we would be around 2,500 crores. I did mention it as an aspirational goal but to be honest more and more as we do our homework and we are seeing the business come in, it is more and more becoming our concrete goal.”
Harshbeena Zaveri, page 15 of the filed PDF · View the filing
Industrial business share of revenue — 20% to 25% of our business · ballpark three years
stated as an aspiration by Harshbeena Zaveri
p. 14
“But our aim is to have it as 20% to 25% of our business, if that's your question.”
Harshbeena Zaveri, page 14 of the filed PDF · View the filing
Mahant certification — certification for commercial aerospace products · next six months
stated firmly by Harshbeena Zaveri
p. 9
“That means in the next six months they'll be getting the certification, and our products will also be included into that.”
Harshbeena Zaveri, page 9 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 clarified they report on a consolidated basis rather than standalone exports to avoid confusion from inter-company sales.
Answered by Harshbeena Zaveri
Asked by Raghunandhan N L: Clarification on whether the 4% international business growth referred to standalone exports only.
p. 7
“No, we always look at consolidated. Because it's, you know, inter-company sale, its inter-subsidiary sale, and if we give you those figures you'll get very confused.”
Harshbeena Zaveri, page 7 of the filed PDF · View the filing
Management declined to give separate export figures due to complexity, and said the replacement market grew 4% while focus shifted more to OEMs.
Answered by Harshbeena Zaveri
Asked by Raghunandhan N L: What was the growth in exports and aftermarket for standalone business in FY26?
p. 8
“I think the last quarter has been extremely challenging for most companies in the replacement and distribution space and we to be honest, revised our plan and decided that we would focus more on OEMs.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Management said capex would be closer to INR120 crores due to land purchases.
Answered by Harshbeena Zaveri
Asked by Raghunandhan N L: What is the capex guidance for FY27 and would INR80 crores be a good estimate?
p. 8
“No, it'll be closer INR 120 crores and the reason for that is we're also looking at land.”
Harshbeena Zaveri, page 8 of the filed PDF · View the filing
Management described Mahant as manufacturing mission-critical aerospace components for defense aircraft, including landing gear and fuel injection parts, and noted it is in the process of certification.
Answered by Harshbeena Zaveri
Asked by Vileh Rai: What are the capabilities of Mahant Toolroom and its aerospace certifications?
p. 9
“They're already in the process of certification. That means they already are in the process of the certification, and our products will also be covered in the certification what we've developed.”
Harshbeena Zaveri, page 9 of the filed PDF · View the filing
Management said the pace of execution depends on aerospace program rollouts and cannot be predicted precisely, but defence rollout is speeding up.
Answered by Harshbeena Zaveri
Asked by Nitish Rege: Is the Mahant order book of 50 crores executable over the next 12-18 months?
p. 10
“But these are concrete orders, the exact pace is not something that we can predict.”
Harshbeena Zaveri, page 10 of the filed PDF · View the filing
Management attributed it to a foreign exchange anomaly related to product mix and last-day currency conversion effects, not a change in accounting practice.
Answered by Harshbeena Zaveri
Asked by Shreyans Gathani: What caused the dip in gross margin last quarter below the usual 60% level?
p. 13
“Fundamentally only one reason, foreign exchange.”
Harshbeena Zaveri, page 13 of the filed PDF · View the filing
Management said the capex is roughly 90% for machinery and 10% for infrastructure and buildings, part of a larger 240 crore programme.
Answered by Harshbeena Zaveri
Asked by Dev Gulwani: What is the breakup of the 120 crore capex for the year?
p. 14
“Fundamentally it is 90% for machines and 10% for infrastructure and building and plant.”
Harshbeena Zaveri, page 14 of the filed PDF · View the filing
Management said the timeline is hard to predict since it depends on relative growth rates of automotive versus industrial segments, but the aim is 20-25% of business.
Answered by Harshbeena Zaveri
Asked by Pavan Kumar: When can the industrial business scale to a meaningful proportion, such as 20% of revenue?
p. 14
“So 20%, I mean I can just give you a ballpark and say I'll do it in three years, but what if the automotive industry just springs back?”
Harshbeena Zaveri, page 14 of the filed PDF · View the filing
Management said there was no internal risk and the company was well-positioned to navigate global challenges given ownership structure and management team.
Answered by Harshbeena Zaveri
Asked by Samarth Nagpal: Are there risks that could derail the company's plans over the next three to four years?
p. 16
“I mean, nothing beyond what other companies or the environment faces, as we don't have any internal risk whatsoever.”
Harshbeena Zaveri, page 16 of the filed PDF · View the filing
Risks flagged
Export demand impacted by geopolitical and logistical disruptions and Middle East situation
p. 4
“This quarter, like others, we were impacted by sudden challenges that emerged unexpectedly during due to the Middle East situation.”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Gas shortage in India causing product mix changes among customers
p. 4
“However, India was particularly affected by the gas shortage.”
Harshbeena Zaveri, page 4 of the filed PDF · View the filing
Foreign exchange volatility affecting gross margins
p. 13
“It's one is the product mix, okay, the impact on forex on certain products had one high import component, and secondly, the COGS also gets converted into a rupee value.”
Harshbeena Zaveri, page 13 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.