Menon Bearings Ltd(MENONBE)

NSE: MENONBEBSE: 523828

₹ 259.7-3.87%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,455 crNext results: 29 Oct 2026Website: www.menonbearings.inUpdated: 24 Oct 2026

About

Menon Bearings Ltd is a Pune-based manufacturer of bi-metal engine bearings and bushes, aluminium die castings (through subsidiary Alkop), and braking systems, supplying OEMs and aftermarket customers across India, the US, Europe, and Africa. In FY26 the company reported consolidated revenue of ₹293.81 Cr, and in Q1 FY27 achieved its highest-ever quarterly revenue of ₹94.04 Cr (+37.2% YoY). Exports accounted for approximately 34% of consolidated revenue in Q1 FY27.^[1][2]

Business segments

Bi-Metal division: revenue ₹67.06 Cr in Q1 FY27 (+40.4% YoY), the largest segment; manufactures engine bearings, bushes, and thrust washers for OEM and aftermarket customers.^[2]
Alkop division (aluminium die casting): revenue ₹21.82 Cr in Q1 FY27, annualised run-rate ~₹87 Cr; supplies castings to tractor, industrial, and EV customers.^[2]
Braking Systems division: revenue ₹3.03 Cr in Q1 FY27; supplies brake linings and pads to two-wheeler, three-wheeler, and aftermarket channels.^[2]

Products and portfolio

Bi-Metal range covers engine bearings, bushes, and thrust washers; thrust washer commercial production commenced in September 2025 with capacity expanded by 7 lakh pieces/month for Allison USA.^[3]
Alkop has developed and productionised 63 aluminium die-cast parts for US export customers including John Deere and Honeywell, with all 63 parts approved as of Q2 FY26.^[3]
Alkop EV-related parts (for TACO Prestolite, Tata Motors, Eaton-Porsche) contributed approximately 10% of Alkop segment revenue in Q4 FY26.^[4]
Brakes division entered the two-wheeler segment by supplying brake pads to Bajaj for the Pulsar model, commencing from Q2 FY26 at 1 lakh pieces/month.^[3]

Manufacturing capacity and utilisation

Bi-Metal installed capacity reached 580 lakh units in FY26, up from 486 lakh units in FY25 (~19% uplift); utilisation running at ~80% in Q1 FY27.^[4][2]
Brakes installed capacity doubled from 18 lakh pieces in FY25 to 30 lakh pieces in FY26 (~67% uplift) with ₹0.58 Cr capex deployed.^[4]
Alkop capacity utilisation was 65 - 70% in Q1 FY27; a new 65,000 sq ft building is 50% unutilised, providing headroom for volume growth.^[2]
3.8 MW rooftop solar installed across all plants as of Q3 FY26, expected to reduce electricity expenses by approximately ₹2.25 Cr per year.^[5]

Key operating numbers

Export mix was approximately 34% of consolidated net revenue in Q1 FY27; in Q3 FY26 exports reached 36% of quarterly revenue.^[2][5]
Alkop realisation per kg was ₹900+/kg in Q1 FY27.^[2]
Copper prices rose from approximately ₹900/kg to ₹1,275/kg by Q4 FY26; the company holds RM indexing formulas with customers enabling quarterly price passthrough.^[4]
Bi-Metal division revenue grew from ₹165.36 Cr in FY25 to ₹212.54 Cr in FY26 (~28.5% YoY).^[4]

Customers and distribution

Key named export customers include Allison Transmission (US), Magna, Linamar, Federal-Mogul DRiV, John Deere, Honeywell, CNH, and New Holland; RFQs from Magna and Linamar commenced after a 15-day US/Canada marketing visit in Q1 FY27.^[2][5][3]
Allison Transmission alone added more than ₹2.5 Cr/month of incremental Bi-Metal business from Q3 FY26, with thrust washer volumes targeting ~₹30 Cr annually.^[5][3]
Africa exports: bearings/bushes/washers potential ~₹9 Cr and brake linings ~₹6 - 7 Cr per year via direct merchant exporters; existing Dubai distributor channel ~₹7 - 8 Cr/year also resuming as of Q1 FY27.^[2]
Domestic two-wheeler customer Bajaj (Pulsar brake pads) was entered in Q2 FY26; Alkop serves domestic customers including tractor and EV OEMs.^[3]

Expansion and capex

Bi-Metal: ₹9 - 10 Cr capex in FY27 to add ~25 - 30% machining capacity, expected to yield incremental revenue of more than ₹25 Cr; land search underway for post-FY28 expansion.^[2]
Alkop: ₹4 Cr capex in FY27 for machining equipment in the new 65,000 sq ft facility; ₹7 Cr additional planned over the next two years.^[2]
Brakes: planned capex of ₹3 Cr to support volume ramp; total cross-division capex plan of ₹25 Cr (Bi-Metal) + ₹7 Cr (Alkop) + ₹3 Cr (Brakes) over FY27 - FY28.^[4]

Recent developments

Dynamometer commissioning was underway as of Q1 FY27 earnings call (July 2026), targeted for completion by August 2026 and full operation by September 2026, enabling RDSO railway vendor audit and domestic OEM brake approvals.^[2]
CNH and New Holland personally invited management to visit their European facilities in September 2026 to explore new OEM supply relationships.^[2]
Africa export channel shifted in Q1 FY27 from routing through a Dubai distributor (disrupted for ~3 months by conflict) to direct merchant exporters, with ₹15 - 16 Cr annual potential identified.^[2]
Brakes division EBITDA margin reached 25% in Q1 FY27, up from a prior run-rate of 12 - 14%, driven by a product mix shift after low-margin Dubai/Africa volumes were paused.^[2]
Alkop FY27 revenue target upgraded to ₹100 Cr (from ₹95 Cr previously guided in Q4 FY26), with FY28 target set at ₹125 Cr; 38 parts developed and tested for a major customer with ~₹55 Cr annual revenue potential.^[2][4]

Market Cap

₹1,455 Cr

High / Low

₹329 / 101

Stock P/E

33.1

Price / Book

7.8

Book Value

₹33

EPS

₹6.8

No. of Shares

5.6 Cr

ROCE

25.5%

ROE

22.3%

OPM

18.4%

Debt / Equity

0.25

Sales

₹294 Cr

Net Profit

₹38 Cr

Promoter holding

66.7%

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