Menon Bearings Limited Q3 FY26 Concall Decoded:Highest-ever quarter, margins flexing, and management casually dropping ₹50–60 Cr opportunities like it’s pocket change

1. Opening Hook

Just when the street was busy debating EVs killing ICE suppliers, Menon Bearings decided to drop its best quarter ever.
Q3 FY26 wasn’t about survival, reinvention, or PowerPoint optimism—it was about numbers that slapped consensus awake. Revenue hit an all-time high, EBITDA followed obediently, and profits didn’t just grow; they sprinted.

Management sounded calm, almost bored, while announcing capacity expansions, EV entries, railway approvals, and export ambitions. No drama, no “green shoots” jargon—just execution.

And while everyone else is nervously asking, “What happens post-EVs?”, Menon seems busy supplying Porsche, Tesla (indirectly), tractors, railways, and aftermarket mechanics across 24 countries.

Read on. It only gets more interesting once the bravado meets the balance sheet.

2. At a Glance

Revenue up 32% YoY – Apparently, engine bearings didn’t get the EV memo.
EBITDA up 48% YoY – Operating leverage finally clocked in on time.
PAT up 69% YoY – Profits didn’t just grow, they showed off.
EBITDA margin at 20.5% – Management’s “minimum target” suddenly looks conservative.
Net debt near zero – Old-school manufacturing, new-age balance sheet discipline.

3. Management’s Key Commentary

“This is the highest ever revenue from operations for any quarter.”
(Translation: Yes, we checked twice. It’s a record.) 😏

“EBITDA growth is driven by operational efficiencies and product mix.”
(Translation: High-margin parts > commodity junk.)

“Bi-metal products are expected to generate ₹50–60 crore annually in two years.”
(Translation: Pipeline visibility, not hopeful extrapolation.)

“Exports are expected to reach 40% of revenue by FY27.”
(Translation: India is the factory, the world is the customer.)

“Alkop alone can reach ₹95 crore revenue by FY27.”
(Translation: Aluminium die casting is no longer the side quest.)

“EV segment will be 8–10% of Alkop by FY27.”
(Translation: We’re not allergic to EVs, just selective.) ⚡

“No capacity constraints; ample land available.”
(Translation: Growth won’t be throttled by real estate excuses.)

4. Numbers Decoded

Source table

Metric	Q3 FY26	QoQ	YoY
Revenue (₹ Cr)	78.54	+23%	+32%
EBITDA (₹ Cr)	16.09	+45%	+48%
PAT (₹ Cr)	9.25	+36%	+69%
EBITDA Margin	20.49%	+307 bps	+219 bps
PAT Margin	11.78%	+115 bps	+259 bps

Decode:
This isn’t just volume

To Read Full 16 Point