NRBBEARINGS Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹328 Cr
verification pending
Revenue YoY
18%
reported change
EBITDA
₹64 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
NRB Bearings delivered a strong Q3 FY26 with 18% YoY revenue growth to ₹328 crore and 26% EBITDA growth to ₹64 crore, driven by improved product mix and operational efficiency. EBITDA margin expanded to 19.3% from ~17-18% a year ago. The 9-month performance shows revenue of ₹963 crore (+11% YoY) and EBITDA of ₹193 crore (+20% YoY). Management highlighted two strategic initiatives: a JV with Italy's Unitech (75% NRB stake, ₹110 crore investment) for industrial cylindrical roller bearings targeting European OEMs, and acquisition of Mahant's aerospace tool room in Bengaluru for ₹70 crore with ₹25 crore order book. Revenue mix remains diversified with CVs (27-30%), two/three-wheelers (30%), PV (20%), and industrial growing to 11-12%. The company maintains Double A minus credit rating and announced a new CFO. Capacity constraints are being addressed through ₹270 crore capex over 2-2.5 years. Risk includes aftermarket weakness and US demand softness impacting 45% of exports. The company targets maintaining EBITDA margins in the 18-20% band while pursuing 2,500 crore revenue by FY31.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided that EBITDA margins as percentage of sales will be maintained in the 18-20% band despite high growth, with quarterly variations due to seasonality and product mix.
- The JV facility in Hyderabad for industrial cylindrical roller bearings will have significant production within 15-18 months, with equipment arriving in 12 months and stabilization taking additional few months.
- Total sanctioned capex of ₹270 crore (₹100 crore new plant, ₹110 crore JV, ₹70 crore Mahant) will be completed over 2-2.5 years with staggered deployment each quarter.
- Aerospace business expected to generate approximately 30% EBITDA margins, significantly higher than traditional segments, supporting overall margin profile.
Risks flagged
- After market is facing very challenging situations and is down. Management acknowledged this but noted NRB is less dependent on aftermarket compared to competitors due to OEM focus and no margin differentiation.
- US business accounts for 45% of exports but customers have lowered demand patterns. Management stated results have been achieved despite this headwind.
- Analyst asked about total bearing market size (₹20,000 crore in India) and NRB's addressable market for needle/cylindrical bearings. Management declined to provide specific TAM data citing competitive reasons.
- Management indicated inventory cannot go below 90-100 days due to customer reliability expectations and global supply chain volatility (post-COVID, Red Sea situation). This limits working capital improvement potential.
Key quotes
- NRB is a company that has a very high share of business with many important customers India and overseas. All these customers expect us to carry raw materials... Our ability to really command even the prices that we command has a lot to do with our reliability.
- Aerospace is a domain you cannot enter without a long lead time. Qualification cycles are long, quality expectations exceptionally high. Through this acquisition, we are able to fast track what is typically a long approval cycle.
- We tend to like to perform beyond what we state. And I think it's just a company culture. It's the same thing that makes us a double A minus crystal company. We tend to be prudent in what we express.
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