{"id":182609,"date":"2026-05-11T06:43:22","date_gmt":"2026-05-11T10:43:22","guid":{"rendered":"https:\/\/alphastreet.com\/india\/nrb-bearings-ltd-nrbbearing-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-11T06:43:22","modified_gmt":"2026-05-11T10:43:22","slug":"nrb-bearings-ltd-nrbbearing-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/nrb-bearings-ltd-nrbbearing-q4-2026-earnings-call-transcript\/","title":{"rendered":"Nrb Bearings Ltd (NRBBEARING) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Nrb Bearings Ltd (NSE: NRBBEARING) Q4 2026 Earnings Call dated May. 11, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Harshbeena Zaveri<\/strong> \u2014 Vice Chairman and Managing Director<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Analysts:<\/h2>\n

Devakar Pingle<\/strong> \u2014 Analyst<\/em><\/p>\n

Raghunandhan<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajas Joshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Dev Gulwani<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the NRP Bearings Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation. Should you need assistance during the conference call, please signal an operator by pressing Start and zero on a touch tone phone. I now hand the conference over to Mr. Divakarpengle from Ernst and Young. Thank you. And over to you sir.<\/p>\n

Devakar Pingle<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Ruthuja. Good afternoon to all the participants in this call. Before we proceed to the call, let me remind you that the discussion may contain forward looking statements that may involve known unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risks that could cause future result, performance or achievement to differ significantly from what is expressed and implied by such forward looking statements. Please note that we’ve made the results in the same manner available on the company’s website.<\/p>\n

In case you’re not received for the same, you can write to us and we’re happy to send the same over to you. So take us through the results and answer your questions. Today we have the top manager of Energies Ltd. Represented by Ms. Harshpina Zaveri, Vice Chairman and Managing Director. We will start the call with a brief overview of the quarter gone past and then conduct the Q and A session. With that said, I will now hand over the call to Harshpina Zaveris. Over to you ma’. Am.<\/p>\n

Harshbeena Zaveri<\/strong> \u2014 Vice Chairman and Managing Director<\/em><\/p>\n

Good afternoon everybody. Thank you for joining us today for NRB Bearings Final Year 25, 26 and Quarter 4 Earnings Conference Call. I’m sorry, I have a little bit of a sore throat today, so please pardon me if I clear my throat or take a break for a little bit of water. I must say it’s always good to connect with all of you. These conversations have been extended extremely helpful to us, not just to share our performance but also to explain how we think about the business, how we allocate capital, how we prepare NRV for the next phase of growth.<\/p>\n

And today I would like to take a little bit of your time and not restrict myself only to numbers because I believe that context is very important. Let me start with the financial performance for the quarter and for the full year at a consolidated level. For quarter four, revenues from operations grew 13% year on year to INR 372 crores. EBITDA increased by 17% year on year to INR 74 crores, delivering a healthy EBITDA margin of 19.5% profit after tax for the quarter stood at 42 crores for the full year.<\/p>\n

Revenue from operations grew 11% to 1335 crores. EBITDA increased By 19%. Year on year 267 crores and margins expanded to 19.5% from 18.3 to. In this financial year profit after tax increased by 77%. That’s basically the entire profit after tax and IT is now 146 crore. Gross margins and EBITDA margins have improved steadily and this is not because of any one single factor. It’s the outcome of several structural initiatives. These include higher use of solar energy leading to lower parts power and fuel costs, higher automation, reducing dependence on labor, continuous improvement in yield and renegotiated vendor costing across material components, logistics insurance across all elements of material related costs.<\/p>\n

I will pause here and say clearly that we are satisfied with the quality of growth. We believe that it’s important to deliver growth at an accelerated pace and we are working on that as well. This is a year where growth is not the outcome of one off benefits. Growth has come from volumes from growth of market share across segments, from sweating our capacities and from improvements in product mix as well as sustainable internal efficiency improvements. Essentially, our growth is a result of a very comprehensive operational improvement plan.<\/p>\n

Now let me touch upon the operating environment during the financial year 26. I don’t believe this has been an easy year globally for any of us. But despite challenges arising from geopolitics, logistical disruptions, energy availability challenges and uncertainty in overseas markets, we’ve not seen much material impact on our domestic business. While export demand was impacted, NRB and its subsidiaries remain more resilient than many of those around us. Our international business did grow over the previous year to a little over 4%.<\/p>\n

Our global customers have continued to honour their production schedules and commitments this quarter. Like others, we were impacted by sudden challenges that emerged unexpectedly due to the Middle east situation. However, this was not unique to nrb. It was industry wide, it was country wide and all over the world everyone was affected. However, India was particularly affected by the gas shortage, the ensuing product mix changes which we faced from customers who were struggling as they adapted to the constraints in the supply chain.<\/p>\n

But good supply side situations from certain suppliers who were carrying adequate inventory and also a fairly healthy demand surge. We actually came up to the challenge, we believe better than most. But to some extent the situation did reduce our original business plan for the quarter. From an operational standpoint, we feel we handled the situation effectively without disruption because we did not stop our customer lines. At no point did we fail to meet key customer commitments that for us is non negotiable.<\/p>\n

This brings me to one area that often draws attention and that is our inventory position. I would like to clarify how we approach it. Internally, we have strategically positioned inventory across India and key global locations such as Germany and the United States to ensure responsiveness and resilience. This approach allows us to absorb logistics volatility, adapt quickly to changes and maintain customer schedules, reliable delivery even during a crisis or a disruptive situation. For several products we are 100% or near 100% suppliers to international customers, making it critical that we never become a bottleneck in the production plan.<\/p>\n

Similarly, our situation on share of business is extremely high and at most companies for the products that we are leaders of, it is even 60 to 70% with certain products being 100%. Our inventory strategy therefore supports uninterrupted supply even under stressed global supply chain conditions. Nevertheless, we believe that there was and will continue to be scope for improvement and our inventories at the end of the year were in fact lower by over 20 crores even though our sales rose significantly.<\/p>\n

NRG’s improved inventory position is close to optimal at this point, especially considering the global disruption. This, as we mentioned is syllable reflecting our flexibility, strong processes and strong customer centric philosophy. More importantly, this optimized inventory position is linked to the value we deliver. This also enables us in turn to secure appropriate value and pricing. In fact, this is a comprehensive result of our R and D and new product capabilities, our ability to adapt to customer demand collectively across all areas that the customer considers important for a key supplier partnership.<\/p>\n

Over time, this reliability and consistency and world class engineering capabilities for the launch of next generation platform have strengthened our customer partnerships, led to an increase of share of business and share of wallet and reinforced pricing discipline across cycles. This also gives us tremendous opportunities in the new products that we launched within the automotive sector. Apart from our new initiatives in the industrial space. When it comes to growth, we internally track performance over longer periods rather than reacting to quarter and quarter movements.<\/p>\n

Firstly, our business has inherent seasonality. Secondly, there are different customer specific ordering platforms that in different parts of the world that we serve. Add to that the layer of complexity of forex movements particularly on the export side and sometimes on the import side. For this reason, a year to date and full year lens gives a much more accurate picture of how our business is truly progressing. Viewed this way, FY26 reflects steady broad based growth driven by volume expansion as I mentioned and a healthy mix of both domestic and global programs.<\/p>\n

Adding to NRB’s portfolio. This approach helped us stay focused on sustainable execution rather than get sidetracked by short term fluctuations on capacity. There is a question around utilization while reported utilization roughly 85% in reality, effective utilization at several of our plants is much closer to full when you take into account the demand variation once you adjust. Also for maintenance shift patterns, changeovers and generally the demand pattern from different segments. We have identified bottlenecks at specific plants to address this.<\/p>\n

We have already initiated Brown capex. Machinery orders have been placed. In fact most recently machines have started to arise. 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. You will start seeing partial benefits initially from the current quarter and more during the rest of the year. Operational efficiency and improvements in quality which have already kicked in will have their own positive impact and you will see our growth trajectory rise Beyond Automotive I want to spend a little time about diversification because this expansion into industrial space is also very close to my heart.<\/p>\n

We’re extremely enthusiastic about our foray into niche and profitable opportunities in the industrial friction solutions arena. This is not about entering commoditized industrial barriers. This is about high end specialized application specific industrial friction solutions where NRB’s engineering depth gives us an edge in segments such as construction equipment, of highway, industrial gearboxes, switch gears and power generation. These are all global and growing exponential segments and new customers such as Siemens have been added.<\/p>\n

New aerospace wins include prestigious confidential platforms of Hindustan Aeronautics and national aerospace laboratories. We are choosing to focus on those which we can build the future on.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Acquisition<\/p>\n

Harshbeena Zaveri<\/strong> \u2014 Vice Chairman and Managing Director<\/em><\/p>\n

Of Mahant tools is progressing as planned operational transition is ongoing including purchase order migration, compliance, alignment and customer integration. They have an order book close to 50 crores now and we expect full operational control between mid April and May before closing. I’d like to briefly outline why we believe NRB is competitively well positioned. NRB always operated with a mass customization mindset. Our start and history in needle bearings and cylindrical bearings particularly makes this a mindset edge.<\/p>\n

In fact, this gives us an edge beyond in a world which is moving closer and closer to what we do best. In fact, the demand that you see and the kind of global situations in the industrial and automotive space are suited for a supplier with our core competencies starting with smaller volumes. Moving rapidly to mass customization at breakneck speed with constant changes in the pecking order of which technology is going to prevail is something we handle exceedingly well. We work traditionally with customers that have a three to five year time frame, well ahead of of the next platform launch.<\/p>\n

There are many changes that take place. Sometimes the platform exponentially are successful. Sometimes there are changes. In fact this time gets compressed sometimes and moves the other way at other rates. And adaptability is key. These are the hallmarks of nrv. This is what gives us a differentiated positioning right from design to delivery. Bearings are co designed at the platform level. With the application data coming in from our customers, we sit on the drawing board. We brainstorm future technologies that do not exist.<\/p>\n

Like the new steering that Magna is going to supply to the entire stable of BMW which makes them all our customers deeply, deeply embedded and makes us difficult to replace. We compete on engineering capability, we compete on flexibility and we compete by driving this with an immensely disciplined, process oriented approach. We do not work on commodity pricing and short term solutions. Whether it’s ice, whether it’s hybrid, whether it’s ed, whether the power generation is hideout tomorrow, whether it will be wind energy.<\/p>\n

Our bearing content per vehicle and per product remains largely value neutral. That is our model. And we have ensured that specific applications such as for example EV specific bearings are priced in a manner to maintain our existing margin profile. In that sense we remain EV agnostic in the sense that we are supplying both, I would say applications across technology in all the spaces that we serve. And there is not much pricing differential when we enter any kind of segment. We believe we are one of the most risk mitigated companies today when it comes to the concept of pricing and future profitability.<\/p>\n

To Summarize Financial year 26 has been a year of strong and disciplined execution. Margin improvement has been driven by structural actions, disciplined capacity expansion and thoughtful diversification. Our capital allocation remains prudent. Our focus remains on long term, sustainable, profitable growth. Most importantly, what gives me the greatest confidence is our people across plants. Most importantly at our customers, in our R and D and our supply chain. Our team, our employees continue to demonstrate agility, discipline, commitment, an incredible collaboration within and outside as members of cross functional teams that brainstorm how to deal with the constantly changing situation while staying process oriented or with our supply chain partners or with our customers.<\/p>\n

Thank you, our investors and analysts for your trust and engagement. With that I will pause here and open the floor for your questions. Thank you for your patience and listening to me.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Raghunanda Nel from Nuvama Research. Please go ahead.<\/p>\n

Raghunandhan<\/strong><\/p>\n

Good evening, ma’. Am. Congratulations on strong set of results for FY26. Thank you for the detailed opening remarks. Firstly, in your opening remarks you mentioned international business grew at 4%. Would you be referring to the standalone business that within standalone exports has grown at 4%. Would that be the right understanding?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

No, we always look at consolidated because it’s, you know, intercompany sale, it’s inter subsidiary sale. And if we give you those figures, you’ll get very confused. It’s much more consistent for us just to talk about what we call international business, which is total international customers which are overseas supplied irrespective of from where we supplied them. And which subsidies at a consolidated level does that explain?<\/p>\n

Raghunandhan<\/strong><\/p>\n

So basically because of all the challenges,<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

That was the growth figure we had which was not necessarily very satisfying, as I said, but considering all the changes in the world, I mean it was positive.<\/p>\n

Raghunandhan<\/strong><\/p>\n

True, ma’, am. For the standalone business, would it be possible to indicate how much was the growth in exports and aftermarket for full year?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

See, for exports, we don’t like to give the figure out separately because it causes a lot of confusion. As I said, because there are a lot of intercompany subsidiaries. We have step down subsidiaries under the holding company. You know the structure, right? I can explain the structure if you like. Would you like me to do that?<\/p>\n

Raghunandhan<\/strong><\/p>\n

No, ma’. Am. And how exactly?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Just exports won’t give you a good picture, you know, I think it will actually give a confusing picture. And we also have other subsidiaries that supply like SNL for example. So therefore what I would like to focus on is fundamentally that, okay, the replacement market grew 10%. Am I right? I just want to cross check with my cfo. That’s my memory. Correct? Am I right? My memory said that replacement grew 10%. So even Replacement also grew 4%. Okay, so my error. Replacement also grew 4%.<\/p>\n

Raghunandhan<\/strong><\/p>\n

Noted, ma’. Am.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

I think the last quarter has been extremely challenging for most companies in the replacement and distribution space. And we, to be honest, devised our plan and decided that we would focus more on OEMs. As you know, we are one of the rare companies that does not have virtually any pricing differential. When you look at the cost part, I have explained this in the past, but essentially to handle the replacement market is extremely expensive. There are lots of discount structures and the way we calculate it is the final impact.<\/p>\n

Secondly, we’re not into commoditized bearings. So the prices that we command at the OEMs. It’s not the traditional model, you know, which is similar for commodities bearings or the tire industry or something. You lose money when you send to the OEM and then you make four times as much money when you sell in the replacement market which is the situation with the some of our competitors. That’s not how our model is.<\/p>\n

Raghunandhan<\/strong><\/p>\n

Well noted, ma’. Am. And how do you see the outlook for exports and aftermarket for FY27? Do you think? Directionally. Directionally. Do you think there is an improvement expected?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Yes. We expect 10 to 14% growth in our international business this year as per our current business plan.<\/p>\n

Raghunandhan<\/strong><\/p>\n

So last year there was 4%<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Growth here. We expect 10 to 14, maybe even 15.<\/p>\n

Raghunandhan<\/strong><\/p>\n

Well noted, Ma’. Am. My second question was on the Capex part. What is the capex expected for FY27 given that you are looking at a good growth and you have also indicated in the BSC filings that there will be an expansion happening. So for FY27 would 80 crore be a good estimate as to. No, it’ll be closer to 120.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

It will be closer to 120. And the reason for that is we’re also looking at land.<\/p>\n

Raghunandhan<\/strong><\/p>\n

Got it. Sorry to interrupt you, Mr. Raghunandan. Yeah, I’ll come back in the queue. I’m just clarifying on the question on capex side 120. How would it be distributed between standalone and subsidiaries?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

I think I’m getting an indication of more questions. And this is again as I’m saying we fundamentally drive even consolidation. So I mean we don’t like to give out too many numbers which are not in the public domain that are necessarily being watched by competitors. Especially since we are performing at this point.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. May we request Mr. Raghunander to please rejoin the queue. We have participants waiting for the turn. Thank you. We’ll move to the next question is from the line of Vilay Rai from Kamakya Wealth Management. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Congratulations ma’ am on great set of numbers. Can you please throw some light on capabilities of Mahan tool rooms? What exactly they do? They produce an aerospace segment. Where do they lie in the value chain? What certifications do they have?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

So basically they manufacture products in what we call mission critical areas. Okay. For the highest performing aircraft that are used by Indian defense systems. The reason this is very interesting for us is because they are very similar to Focus that We have as a company on commercial aircraft. So this is landing gear components, this is the fuel injection system, this is the doors. I mean literally what saved the lives of the pilots and what made our strikes successful. They were at the forefront of that.<\/p>\n

They also make a product called Roden which is similar to one of the bearings that we are focusing on. That is not a bearing, but it’s a similar product. So interestingly, even though they manufacture more for demand, the applications are similar to what our long term goal and plan for estate is<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Currently. If the order book is 100% towards defense, would they need to apply for more certifications in order to supply to commercial aerospace? How are we planning this? Do we need more?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Yeah. So 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. That was the reason that we looked for a company that was in process of the certification rather than the company that already had it. Does that make sense? That means in the next six months they’ll be getting the certification and our products will also be included into that.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. May we request the participant to please rejoin the queue? Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, we would request you to please limit your question to two per participant. The next question is from the line of Nitesh Rege from Chris Capital. Please go ahead.<\/p>\n

Rajas Joshi<\/strong><\/p>\n

Hi, thank you for the opportunity. Just. Ma’, am, in your opening remarks you said that you we’ve added Siemens as a customer. Just could you share some more information regarding this? Is it for Mahant, is it for nrp? You know which application, product, you know, size of the contract timeline, Just some color on that. And<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Sorry, we do not share that information and often we are also not permitted to share with our customer. Confidentiality contract.<\/p>\n

Rajas Joshi<\/strong><\/p>\n

And just one last bookkeeping in Mahan tool room. You said the order book has now reached 50 crores, right?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Yes.<\/p>\n

Rajas Joshi<\/strong><\/p>\n

This is executable over the next 12 months. 12 to 18 months.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

No, no, no, no. It doesn’t work like that in aerospace. It means the significance of that is when we announced the acquisition they had an order book of 25 crores. The pace depends on Asia. The pace depends on how much they scale. That means enhanced pace will depend on whether a particular landing gear on one aircraft, for example is rolled out right across. Okay. And how fast. But these are concrete orders. The exact pace is not something that we can predict. But it gives you an Idea how much business has been signed up depending on whether the defence organization slows down or moves up.<\/p>\n

And from every angle that we can see, defense rollout is speeding up. Now the additional business that we got is indicative of the fact that HAL has not just endorsed, but has heartily endorsed this change of Mahantul room being 100% subsidiary of NRB. And in this short span of time the order book is doubled. So that is the significance of that.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Lakshmi Narayanan from Tunga Investment. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for questions. Just want to understand what is the mix of revenues by application. The second question I have is that is the value accident related volume loss is completely recovered now because I think last year we carried some amount of lost opportunity. And the third question is that, can you just help me understand the inventory carrying levels? How does it differ between domestic business and international business? Because I believe that international business inventory days are slightly longer.<\/p>\n

So these are my questions.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Okay, so let me start by the segmentation that you mentioned.2 and serial applications for the 1 second. Do you want to know the five of the different segments just for clarification? Excuse me.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Do you want to know for example now how much are two wheeler and three wheeler businesses and how much are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no, I’m not looking at two wheeler, three wheeler. I’m looking at more from an application point of view. It could be industrial transmission or it could be cylindrical the way in which as an organization you define.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

So that is not something that we give out. But I can give you a rough indication. This used to be very important to people when EV was happening and they would ask us how much is an engine? Okay. And I would say that apart from two and three wheelers, we are not much in the engine application. We are in transmission, driveline, chassis and in steering. We are not much in wheel applications. And therein lies a huge opportunity for us because there are two kinds of opportunities for us. If that is really, you know, the end goal of your question, one of the opportunity is that we are in and I’m going kind of, you know, picturing a vehicle and telling you that we are increasingly in steering and we are really launching some of the most precious steerings in the world when it comes to transmission.<\/p>\n

It’s very interesting. I was recently going to buy a car, okay. And I might answer this as a story. And I said, look, I only want to buy a car that has my bearings. So. So the company was like, you need to get a prestigious Car. I’m not a very high profile person, but the company was, the car needs to continue to be a prestigious car. So I said, okay. And I can tell you that every single Maybach has my bearings and the transmission. And then it goes down to all the S classes and the cls and the cla and the cl.<\/p>\n

I mean literally every Mercedes from one to the Maybach has that in the transmission. Then you flip over to BMW and you see the models that have that I initial on it, okay, all of them from the one series, the two series, the four series, the five, the three, the eight and you go on all the way to the 7L. And they all have us in the transmission. Increasingly in the next year, as I mentioned, when they change over their steering to the new platform of a highly advanced E steering that is going to have our bearings starting as Magna rolls it out.<\/p>\n

There we are in for example, the transmission across that I mentioned through zf. So transmission, chassis, steering are our mainstays. All kinds of electric motors in there and I mean the small ones like the locking systems and like the starters and things have our bends. Now you move to truck. When you look at truck, all the same footprint that I mentioned just now as part of the vehicle is replicated. But we are also in very critical applications such as what is known as the Kingston bearing.<\/p>\n

When you see those huge trailers right on the road and you wonder how the cargo doesn’t get dislocated up, especially if you’re seeing a container truck, it’s NRB bearing that holds it together literally in every Mercedes and Mac and Freightliner and Scania and Volvo. I mean, this is a patented product that we make which is a combined cylindrical thrust bearing. It’s very hard for me to give data on specific bearings because sometimes what we engineer is like an amazing amalgamation of different kinds of bearings put together.<\/p>\n

So I think that’s the kind of space that we’re in when it comes to automotive. And literally, I mean, industrial bearings are going to go into, they’re going to go into the electric grid, they’re going to go into industrial gearboxes, they’re going to go into literally anything that takes cylindrical roller bearing. We are increasingly developing our product range for construction and of highway, as I mentioned, and switch gears and the electric grid transmission. So those are the areas of focus.<\/p>\n

I hope that answers answers your question fairly comprehensively.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Varun Jain from Dollar Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, good afternoon, ma’. Am. So I have a Couple of questions on man’s schoolroom. So I think last quarter when the acquisition was announced, it was told that the annual revenue run rate for this company close to 2 crores. So in FY27 how much will be the revenue they’ll be able to execute out of their 50 crore order book and is hel 100% of the order book? That’s my first question.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

So there two things on Mahantu Rooms if you have a little patience. Once we complete all elements of this transaction, then we will be able to make a very comprehensive business plan. And we will be happy to give some insight into that. Approximately six months from now it will be more meaningful. The two clause actually has no meaning because our idea, we had a plan to set up our own errors case manufacturing facility. I can tell you fairly candidly that we were carrying at that point of time 100 crores of RSQs from some of the names that are the top three top four producers of aircraft and their components in the world.<\/p>\n

However, the situation was that if you wanted to enter that business, it would have taken us four years even to be able to respond to the RFQ. Because without a concrete as 91000 certification plan which is in a time bound manner can be shared, we had no hope. Therefore, our aim was to buy a company that would give us the people capabilities, the design capabilities and the certification capabilities to take this business to the next level. We also did not want to buy a company that didn’t have the right culture.<\/p>\n

And it was extremely difficult for us to find a company that was doing such complex things but at a scale that we could take to the next level. And that is the entire reason why we acquired it. So if you have a little patience, trust me, we saved three years and we were able to really be in a position to make that concrete plan which typically people either go and acquire a business outright, but we don’t believe in acquiring a business outright because the culture doesn’t fit then because this requires a lot of innovation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, ma’. Am. And is HAL right now 100% of the order book?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

It is, but it’s not one division, it’s literally every division. You know, HAL is run in a manner where literally each division is like a company of its own. So this has multiple divisions of HAL which are, which are buying different, different parts for different kind of technologies and aircraft.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Radhrak Shaheja from I thought financial consulting. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you for the opportunity. Ma’, am, am I audible?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Yes, you are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks. First question is, is there a reason to believe that industrial segment would be margin accretive to our business and if yes, by how much percentage?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

So let me answer your question in a complicated manner. Will it be as or more profitable? Depends. It definitely. And the reason I’m saying that is not because the industrial business we’re targeting is not profitable, but because the automotive business we’re targeting is also very tough. You get my point. It takes me back a little bit to that distribution angle where people, you know, companies sell 620-462-03 standard commoditized ball bearing, they sell them even at a loss to a two wheeler company and then sell them at three times the price in the replacement market.<\/p>\n

That’s not what we do. So the kind of, kind of industrial bearings we are focusing on are as profitable as what NRD currently makes, which is at the end of the day a 18 to 20% EBITDA margin is a requirement for us to focus in any area. Is some of it 30%? Yes. And some of it might be 14%. Will it average out to what we have over the next five years? Will it pan out and be in line with our aspirational goal of maintaining, maintaining profitability consistently between 18 and 21%? Yes. Does that answer your question?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes ma’, am, it does.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Shreyansh Kathani from SG Securities. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon ma’. Am. I had one question on the last quarter margin. So we’ve never, you know, gotten below like 60% gross margin. This is the first quarter like in a very long time. So just trying to understand like what caused the dip in the gross margins that we saw in this last quarter.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Fundamentally only one reason foreign exchange.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. So that that’s because of the imports that we do for our steel.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

No, actually it’s a little bit more complicated. 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. So if there’s a sudden change on the last day, it can just be not reflective of how it would have been over a month. Yeah, international entities, their expenses got booked in a very non, I would say in a very strange manner because of the sudden change of the pricing on the last day.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so, so we should expect this to normalize. Something that you<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Should worry about. Because if you look at the ycd, if you just consider that there was this crazy spike on a particular day it would have kind of not the pizza truck get knocked out over a three year period. Sorry, three month period.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. It was<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Just this unusual situation of accounting practice. We do not change accounting practice. We stay with the accounting practice that is proper for a long run. And sometimes you have a sudden anomaly, right? I’ll give you an example. If for example your other income which is actually operational other income like scrap sale doesn’t happen because you decide you don’t want to sell your scrap on the last day because you’re not getting a good price, why not hold it till next month? You understand where I’m coming from?<\/p>\n

Unusual situation. It’s not something that you need to worry about. It will go back to what you’re used to.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay. That, that’s good to know. And any,<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

You know, for example, if you’re not adequately booked for that date, you know you have a certain forex booking policy, you have a certain import export booking policy. So an aberration because of the exchange rate differential on the last day of the year.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dave Gulwani from CARE pms. Please go ahead.<\/p>\n

Raghunandhan<\/strong><\/p>\n

Thank you for the opportunity. Can you give the breakup of the 120 crore capex.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Not beyond what we’ve already put in the public domain. Because if you see in the public domain we have already explained the 200 croc apex 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 will spend up to 40 crores on land. So I mean, you know, you need to factor all that in that it’s a total announcement of 240 crores. To be honest, it’s not 120. 120 is just for this year. So it’ll have no meaning. Supposing I tell you these machines are coming but the furnace is coming in the next financial year in January because we don’t need it till now.<\/p>\n

Now fundamentally it is 90% for machines and 10% for infrastructure and building and land.<\/p>\n

Dev Gulwani<\/strong><\/p>\n

What will be the maintenance capex? Or does this also include the maintenance capex?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

The maintenance capex is part of our normal capex. Okay. We spent 10% of our turnover on combination of maintenance quality, new product development and small, small capex improvements which could be for balancing the lines.<\/p>\n

Dev Gulwani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Pawan Kumar from Ratnataria Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Ma’. Am. I wanted to understand by when can we Scale up our industrial business to a meaningful proportion of our entire revenues. That is like, let’s hit some 20%. And also on the. I understand the substantial part of our exports is from Europe. So the US sorry, Euro 58 deal doesn’t make any kind of difference in terms of our competitiveness with respect to the other competitors.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

What is the second question? I heard your first question. You want to know how long it will take for the industrial to be 20%. So it’s very hard for me to predict because this year the automotive industry just grew so exponentially. Right. Our industrial business is already approximately 14 to 15%. So if the automotive business had not grown so much, we would have been able to get more capacity. The industrial business also includes tractors and farm equipment. You have to also keep that in mind, you know, And globally that is how it is.<\/p>\n

Because also the companies that make tractors and farm equipment, like John Dior, and they also make road rollers and they also make. Right. Cement, concrete mixtures and things like that. 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 then just because it’s a pie, right. It might slow down. But if the automotive industry goes slower, then automatically this goes faster. But our aim is to have it as 20, 25% of our business, if that’s your question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And are the capacities between industrial and automotive, are they fungible or. It doesn’t work that way at all.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Flexible between the capacity. Yes, yes, they are. They are. In fact, if you read a joint venture declaration, it says that 20% of the capacity of the joint venture. I’m not sure if it’s in the public domain, but I think it is that 20% of the capacity may be used for automotive if automotive suddenly requires it. Because even today, 20% of our, or 25% of our current automotive capacity is being used. There is flexibility in the products we’ve chosen.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Zakir Nasser, an individual investor. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Ma’. Am. Congratulations on a very, very healthy year ending for nrb. If I may, if we could shift slightly from the number part of it to see for the past three years from where NRB was to how it looks today. It’s been a. It’s been a drastic transformation. What do you foresee the company three years hence, ma’. Am. I mean, if you could give a qualitative and what you would want NRB to seem, or what, what, what it you would want it to look like three years from now. Ma’. Am. Thanks.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

So as I mentioned, in a five year time frame we we would be around 2,500 crores. I did mention it is an aspirational goal. I 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 a concrete goal. So definitely we see this number panning out if we have strategic joint ventures that allow us to enter more import substitution products in India, which we are in discussion with all over the world with some key players for bearings that are not really manufactured right now in India.<\/p>\n

Because with the BIS and the push of the government of India, there’s a huge opportunity and most of the multinationals, they’re selling this as traded products because they cannot put capacity down when they already have excess capacity in some other part of the world. But we are a company that can flexibly manufacture smaller volumes in a profitable way. So there’s a huge opportunity to take this 2,500 crores in the next five years, which as I said is an aspirational goal. Increasingly becoming a concretized goal to even more<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Fantastic. And ma’, am, see, bearings again as you mentioned is a very specialized thing. I mean people like us understand bearings to be a very commoditized product. So would you also go a step ahead in maybe transforming NRV into a specialized fine engineering kind of a company?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Tell me more about what you mean exactly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Meaning that when you make a fine bearing, I mean there is something which goes a little beyond the bearing. Something which is attached to the bearing or something which, which. Which pertains to the mechanism surrounding the bearing.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

So if you are talking about adjacent space, we already doing that. For example, we make products that go along with bearing with other Beari producers don’t make that makes the entire bearing more efficient. And it also makes it easier for our customer to buy it all. For example, for the tubular industry, NRB is one of the global leaders of a product called crank pin. No other bearing company made it. Some of them have started doing it only following us. But mostly they buy it out or something. But we make it as a core in house product.<\/p>\n

Because when you put the began bearing with the Krant in the connecting world application and the crankshaft and you get far more high performance and less failure. So because a bearing company is making a product that a bearing company doesn’t generally make. Similarly, Daimlers asked us to make a range of fins that they actually buy. For example, from random other companies that are from different, different spaces saying that we want to buy all our high precision products which are of varying caliber from nrv.<\/p>\n

So definitely the answer is yes to what you’re asking. We already doing this and we’ll do more and more of it.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Samhath Nagpal from Sadhanu family office. Please go.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes. Please go ahead with a question. Yes. Am<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I audible?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Yeah. Hi. Congratulations ma’, am, for a great year. So I mean taking it forward from the previous participant only, I just had a couple of questions. So ma’, am, you have clearly explained how does the future look for us. But right now, being conservative as well, do you see any risk coming for us? Because we have been coming off a very prolonged period wherein we had a lot of headwinds internally. So do you see any risk coming in for us in the next three to four years which can derail our plan?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

I mean nothing beyond what other companies or the environment faces because we don’t have any internal risk whatsoever. As you know, we are completely and totally free to grow as and how we want. And we have me, you know, as a significantly large, probably, you know, owner and we have a board which is very forward looking. And I think that the world may have lots of challenges but I think we’re in a better place to face those challenges. We have a very, very strong management team. So I think that we should be able to navigate the challenges that the world throws.<\/p>\n

We also have a mindset that loves challenge, a lot of resilience as we’ve noticed. They spring back.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. No share. Ma’. Am. Thank you for the opportunity. Hope I’m audible.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Yes, you are.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah. Ma’, am. Firstly, in the backdrop of the current business environment and set up, especially with the type of shortages people are, especially the equipment, auto, automotive players are witnessing because of plastic and then the metal part and then the shipment issue. How are, how is our company as well as the product where we are in place that we may or may not be disturbed in terms of the supply chain issues that automotive industry is currently facing.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

We explained in the speech that we are in a better position than others to handle this and that’s why our industry is optimized in this manner.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And then second question is, ma’, am, secondly, with respect to the incremental volumes for this current year, since you have mentioned that we are already running at optimum level. So are we anticipating any volume growth for FY26, 2027? If you could just elaborate wherein what should be mentioning in terms of the volume break?<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

I already explained to you that our capacities have started coming in and we will be handling the market requirements.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. That was the last question for today. I will now hand the conference over to management for closing comments.<\/p>\n

Harshbeena Zaveri<\/strong><\/p>\n

Thank you so much. I really appreciate all the questions. They are extremely interesting and have us thinking and energized. And I also thank you for your patience.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of NRB Bearings Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Nrb Bearings Ltd (NSE: NRBBEARING) Q4 2026 Earnings Call dated May. 11, 2026 Corporate Participants: Harshbeena Zaveri \u2014 Vice Chairman and Managing Director Unidentified Speaker Analysts: Devakar Pingle \u2014 Analyst Raghunandhan \u2014 Analyst Rajas Joshi […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":181549,"url":"https:\/\/alphastreet.com\/india\/jeena-sikho-lifecare-ltd-jsll-q3-2026-earnings-call-transcript\/","url_meta":{"origin":182609,"position":0},"title":"Jeena Sikho Lifecare Ltd (JSLL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"April 8, 2026","format":false,"excerpt":"Jeena Sikho Lifecare Ltd (NSE: JSLL) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Manish Groverji \u2014 Managing Director Nanak Chand \u2014 Chief Financial Officer Analysts: Ranvir Singh \u2014 Analyst Priyanshu Jain \u2014 Analyst Akshay Kaila \u2014 Analyst Abhishek Sengupta \u2014 Analyst Akhilesh Rawat \u2014 Analyst Unidentified Participant\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173439,"url":"https:\/\/alphastreet.com\/india\/ice-make-refrigeration-ltd-icemake-q4-2025-earnings-call-transcript\/","url_meta":{"origin":182609,"position":1},"title":"Ice Make Refrigeration Ltd (ICEMAKE) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Ice Make Refrigeration Ltd (NSE: ICEMAKE) Q4 2025 Earnings Call dated May. 21, 2025 Corporate Participants: Aryan Rana \u2014 Investor Relations Chandrakant P Patel \u2014 Chairman and Managing Director Ankit Patel \u2014 Chief Financial Officer Nikhil Bhatt \u2014 Vice President Strategy Unidentified Speaker Analysts: Arnav Sakhuja \u2014 Analyst Shashi \u2014\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":147615,"url":"https:\/\/alphastreet.com\/india\/tribhovandas-bhimji-zaveri-ltd-tbz-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":182609,"position":2},"title":"Tribhovandas Bhimji Zaveri Ltd (TBZ) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"May 26, 2023","format":false,"excerpt":"Tribhovandas Bhimji Zaveri Ltd (NSE:TBZ) Q4 FY23 Earnings Concall dated May. 26, 2023 Corporate Participants: Binaisha Zaveri\u00a0\u2014\u00a0Whole-time Director Mukesh Sharma\u00a0\u2014\u00a0Chief Financial Officer Analysts: Unidentified Participant\u00a0--\u00a0-- Analyst Presentation: Operator Ladies and gentlemen, good day, and welcome to Tribhovandas Bhimji Zaveri Limited Q4 FY '23 Earnings Conference Call. 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