Just when everyone thought the only “tariff shocks” left were on iPhones, Menon Bearings showed us that even engine parts can feel the heat from Uncle Sam’s trade tantrums. Yet, like a good old diesel engine, they refused to stall. The company’s CFO and Promoter duo rolled out a quarter that was less glamorous, more grind—but oh boy, they’re promising fireworks next quarter.
As the Bhagavad Gita reminds us: “You have the right to work, but never to the fruits thereof.” Seems Menon’s working — and those fruits might ripen in Q3. Read on; it only gets more metallic and mildly dramatic from here. 😏
2. At a Glance
Revenue ₹63.85 Cr (+7% YoY): No spreadsheet sorcery—just bearings rolling in the right direction.
EBITDA ₹11.1 Cr: Bearings don’t squeak, but margins do.
PAT ₹6.8 Cr (+18% H1 YoY): Profits quietly humming like a tuned engine.
EBITDA Margin 18.8%: Still well-oiled.
PAT Margin 11.6%: Smooth, like a fresh layer of grease.
Exports ~30% of Revenue: America sneezed; Kolhapur kept its cool.
Stock Reaction TBD: Maybe traders were still reading the tariff fine print.
3. Management’s Key Commentary
“Revenues stood at ₹63.85 crore, growth of 7% YoY.” (The CFO clearly doesn’t believe in double digits unless it’s margins.)
“EBITDA margins for the half year stood at 18.8%, PAT improved to 11.6%.” (Nice symmetry — accountants must have smiled.)
“We’ve installed a 570KW solar system and 2.5MW rooftop panels.” *(Solar panels: because even the sun deserves a stake in Menon Bearings.) ☀️
“Exports to the U.S. remain steady despite tariff noise.” (Translation: ‘Noise’ = government policies; ‘steady’ = cautious optimism.)
“Expect FY26 revenue at ₹285–290 crore, FY27 margins >20%.” (Translation: The spreadsheet gods have spoken — and they’re bullish.)
“Brake division supplying Pulsar bikes; 6 lakh pieces/month target.” *(From tractors to two-wheelers — Menon Bearings now literally keeps India moving.) 🏍️
“We’ll hit record monthly sales in October.” (Because nothing says recovery like festive season orders and GST confusion fading away.)
4. Numbers Decoded
Metric
Q2 FY26
YoY Change
One-Line Analysis
Revenue
₹63.85 Cr
+7%
Growth on small wheels, still rolling steady.
EBITDA
₹11.1 Cr
Flat-ish
Inflation rubbed off some shine.
PAT
₹6.8 Cr
+18% (H1)
Patience rewarded, profits catching up.
EBITDA Margin
18.8%
-150 bps
Raw material gremlins ate some margin.
Export Share
30%
+5 pts
U.S. tariffs couldn’t fully derail exports.
Planned CapEx
₹25–30 Cr
Ongoing
Betting big on Bi-Metal, Alkop & Brakes.
FY26 Guidance Revenue
₹285–290 Cr
+18–20% target
Ambitious? Maybe. Achievable? Probably.
5. Analyst Questions
Q: Tariff impact on U.S. exports? A: “Customers share the pain.” (Translation: We pay half, they reimburse a bit — trade love story.)
Q: Margins fell in Q2 — why confident on 20% for FY26? A: “Raw material prices up; customers will pay next quarter.” (Translation: Menon’s revenge is billed quarterly.)
