NRB Bearings Ltd(NRBBEARING)

NSE: NRBBEARINGBSE: 530367

₹ 438.5-0.07%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 4,250 crWebsite: www.nrbbearings.com/Updated: 27 Oct 2026

About

NRB Bearings Ltd manufactures high-precision ball and roller bearings for automotive and industrial customers from plants in Maharashtra and other locations across India, with subsidiaries in Europe, the USA and Thailand. Consolidated revenue reached ₹1,335 Cr in FY26, growing 11% year-on-year. The company describes itself as uniquely positioned in the high-precision friction solutions industry on technology leadership, quality and innovative design.^[1][2][3]

Business segments

NRB operates a single reportable segment - ball and roller bearings - for IND AS 108 purposes; all revenue and capacity figures are within this segment.^[2]
Two-wheelers and three-wheelers contributed ~30% of consolidated revenue in Q3 FY26; commercial vehicles ~27 - 30%; passenger vehicles ~20%; aftermarket ~10 - 12%; industrial ~11 - 12%.^[4]
Industrial segment mix rose to 14% of total revenues in Q1 FY27, up from 11%, with 34% YoY growth in the quarter.^[5]
Export share stood at ~25% of consolidated revenue in Q2 FY26 and Q3 FY26, down from a typical ~30%, partly due to subdued US demand.^[4][6]

Products

Product lines include Taper Roller Bearings, Ball Bearings, Wide Inner Ring Bearings, Spherical Roller Bearings, Cylindrical Roller Bearings, Needle Roller Bearings and Thrust Bearings.^[2]
NRB developed hybrid bearings with ceramic balls for EV applications requiring electric discharge insulation and received a nomination for product development.^[2]
R&D demonstrated friction reduction of 40% in big end bearings and a 3% improvement in fuel economy; R&D spend in FY25 was ₹2,425 lakhs on revenue and capital account.^[2]
The company is working with Europe's largest application-oriented research organisation to become an industry leader in laser and additive technologies.^[2]

Operations and capacity

Manufacturing facilities are located at Jalna, Chikalthana, Walunj (Aurangabad) and Hyderabad, plus an R&D centre; the ₹200 Cr expansion programme covers all four plants and the R&D centre.^[2]
Capacity utilisation was ~85% in Q4 FY26.^[3]
Subsidiaries span SNL Bearings (India), NRB Industrial Bearings (India), NRB Bearings Europe GmbH, NRB Bearings USA Inc and NRB Bearings (Thailand) Limited.^[2]
Permanent employees directly employed by the company totalled 1,316 as of FY25.^[2]
Brownfield capex machinery began arriving in Q4 FY26; major capacity commissioning started June - July 2026, continuing through FY27 and into Q1 FY28.^[3]

Key operating numbers

Lifetime nominated revenue book reached ₹1,100 Cr in Q1 FY27, up from ₹800 Cr the prior quarter and ₹750 Cr in Q2 FY26.^[5][6]
Consolidated revenue grew 19.2% YoY to ₹370 Cr in Q1 FY27, against ₹310 Cr a year earlier.^[5]
EBITDA margin was 19.5% in both Q4 FY26 and full-year FY26, expanding from 18.3% in FY25.^[3]
~70% of NRB's applications are EV-agnostic (common ICE/hybrid/EV platforms) as of Q1 FY27.^[5]
International business grew 4% in FY26, impacted by geopolitics, Middle East gas shortages and logistics disruptions.^[3]
Inventory days improved to 110 days in Q3 FY26, down from 120 - 130 days previously; management targets 90 - 100 days.^[4]

Customers and distribution

Named OEM and industrial customers include Bajaj Auto, Ashok Leyland, Maruti Suzuki, Daimler Truck, John Deere, ZF, Mitsubishi Heavy Industries, Hyundai, Mazda Powertrain Thailand, Bharat Forge and RSB Group.^[2]
International lifetime nominations of ₹600 Cr in Q2 FY26 include BMW, Renault, Stellantis, Mercedes-Benz EQC/EQA and Ford F-line trucks.^[6]
NRB supplies the world's foremost EVs in Europe, America, Japan and Korea.^[2]
New industrial customers added in FY26 include Siemens; new aerospace wins include confidential platforms at Hindustan Aeronautics (HAL) and National Aerospace Laboratories (NAL).^[3]

Expansion and capex

Board-sanctioned capex programme totals ₹270 Cr; ₹60 Cr deployed and a further ₹100 Cr ordered or in process as of Q1 FY27. Every ₹100 Cr of capex is expected to yield ~₹130 Cr of incremental sales.^[5]
Unitec JV (NRB 75%) for industrial cylindrical roller bearings: plant relocated from Hyderabad to Aurangabad (Shendra); investment ₹110 Cr targeting ₹130 Cr revenue capacity; commissioning targeted April 2027.^[5][4]
A best-in-class aerospace plant is under construction at Waluj as part of earlier plans to serve the aerospace industry.^[6]
NRB USA's Columbia, South Carolina facility is established as a 'Make in USA' manufacturing platform for high-performance automotive and industrial applications.^[5]

Recent developments

NRB USA secured a production order to supply high-precision planet pins for the GM Corvette program through an existing Tier-1 transmission customer - the first commercial win from the Columbia, SC facility.^[5]
Mahant Toolroom (MTR) acquisition closed approximately one month before the Q1 FY27 earnings call; MTR manufactures precision components for aircraft engines, fuel systems, landing gears and rod ends. Aerospace order book stands at ~₹30 Cr (MTR) plus ~₹20 Cr from NRB's existing defence work.^[5][4]
MTR order book doubled from ₹25 Cr at acquisition to ~₹50 Cr by Q4 FY26, reflecting HAL's endorsement of NRB ownership; all current orders are from multiple HAL divisions.^[3]
Vineet Goel joined as CFO with over 25 years of international manufacturing experience covering greenfield projects, M&A and working capital management.^[4]
Family Settlement Agreement between the NRB and NIBL Groups concluded in February 2025; Harshbeena Zaveri family holds over 51.2% of NRB Bearings; NRB retains full brand and IP; one-time ₹55 Cr payment to NIBL recorded in Q4 FY25.^[6][2]

Market Cap

₹4,250 Cr

High / Low

₹560 / 213

Stock P/E

28.9

Price / Book

4.4

Book Value

₹99

EPS

₹14.7

No. of Shares

9.69 Cr

ROCE

18.6%

ROE

15.2%

OPM

15.3%

Debt / Equity

0.16

Sales

₹1,335 Cr

Net Profit

₹146 Cr

Promoter holding

43.9%

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