International Business Growth (FY26)
4%
+4% YoY
International business grew 4% in FY26, impacted by Middle East disruptions and gas shortages.
NRBBEARINGS
Other
15 May 2026
NRB Bearings Ltd — Q4 FY26
NRB Bearings delivered a strong Q4 FY26 with revenue of ₹372 crore (+13% YoY) and EBITDA of ₹74 crore (+17% YoY), with margins at 19.5%.
✓ Verified against BSE filing
2-Min Summary
NRB Bearings delivered a strong Q4 FY26 with revenue of ₹372 crore (+13% YoY) and EBITDA of ₹74 crore (+17% YoY), with margins at 19.5%. Full-year revenue grew 11% to ₹1,135 crore, PAT surged 77% to ₹146 crore. Growth was driven by volume expansion, market share gains, and structural efficiency improvements (solar, automation, vendor renegotiation). International business grew only 4% due to Middle East disruptions and gas shortages, but management expects 10-14% growth in FY27. Capacity utilization is near full, with a ₹120 crore capex planned for FY27 (including land) to debottleneck and expand. The Mahan Tools acquisition (order book doubled to ₹50 crore) strengthens aerospace entry. Industrial segment (14-15% of revenue) is a focus area. Risk: forex volatility and global supply chain disruptions could impact margins.
Key Numbers
Capacity Utilization
85%
Flat
Reported utilization is 85%, but effective utilization is near full when accounting for demand variation.
Mahan Tools Order Book
₹50 crore
+100% vs acquisition
Order book doubled from ₹25 crore at acquisition to ₹50 crore, executable over 12-18 months.
Industrial Segment Share
14-15%
Flat
Industrial segment (including tractors) is 14-15% of revenue; target is 20-25% in 3 years.
Management Guidance
International business growth 10-14% in FY27
Management expects international business to grow 10-14% (possibly 15%) in FY27, up from 4% in FY26.
growthCapex of ₹120 crore in FY27
Capex for FY27 is expected to be around ₹120 crore, including land acquisition, as part of a ₹240 crore plan over 18 months.
capexRevenue aspirational goal of ₹2,500 crore in 5 years
Management reiterated an aspirational goal of ₹2,500 crore revenue in 5 years, becoming more concrete.
revenueEBITDA margin maintained at 18-21%
Management aims to maintain EBITDA margins consistently between 18% and 21% over the next 5 years.
marginsKey Risks
Forex volatility impacting gross margins
A sudden forex spike on the last day of the quarter caused a dip in gross margins; management called it an anomaly but it remains a risk.
medium · analyst_questionGlobal supply chain disruptions
Middle East situation and gas shortages impacted the quarter; while NRB managed well, further disruptions could affect growth.
medium · management_commentaryDependence on defense rollout for Mahan Tools
Order book execution depends on defense rollout pace; any slowdown could delay revenue recognition.
low · management_commentaryNotable Quotes
We do not work on commodity pricing and short-term solutions.
Our bearing content per vehicle and per product remains largely value neutral.
We believe we are one of the most risk mitigated companies today when it comes to the concept of pricing and future profitability.