Menon Bearings Limited Q3 FY26 Concall Decoded: Exports partying at 36%, margins flexing at 20%+, and management casually promising ₹425 Cr order book—no big deal, apparently.
1. Opening Hook
Just when global markets are busy panicking about tariffs, wars, and copper behaving like crypto, Menon Bearings quietly drops a Q3 that screams: “Relax, we’ve handled worse.”
While the rest of the auto ancillary universe debates EV doom and margin compression, Menon is busy sweating assets, converting exports to ex-works, and casually shaving 150 days off its cash cycle.
Yes, the company still makes bearings, bushes, aluminium castings, and now brakes. No, they are not losing sleep over electrification. And yes, they’re telling investors margins will improve despite raw material chaos.
Sounds optimistic? Maybe. Sounds reckless? Not really.
Read on—because the confidence gets bolder, the numbers louder, and the promises… dangerously specific.
2. At a Glance
Revenue up 32% YoY: Apparently, tariffs missed the memo.
PAT up 69%: Operating leverage finally clocked in on time.
EBITDA margin ~20.5%: Auto ancillaries taking notes nervously.
Exports at 36%: U.S. still paying the bills—happily.
EPS ₹1.65 vs ₹0.98: Shareholders finally smiling without forcing it.
3. Management’s Key Commentary
“Q3 FY26 has been a strong quarter with healthy demand across key segments.” (Translation: Everything we said for two years is finally showing up in numbers 😏)
“Exports have grown despite U.S. tariffs.” (Translation: Customers paid, tariffs cried.)
“Allison Transmission alone adds ₹2.5 Cr per month.” (Translation: One client doing the heavy lifting.)
“Copper prices moved from ₹900 to ₹1,200 per kg.” (Translation: Raw material volatility on steroids.)
“We are pushing customers to move from 6-month to monthly price revisions.” (Translation: Either you share pain or we share goodbye.)
“Ex-works exports can reduce receivable days from 180 to 30.” (Translation: Working capital problem? Deleted. 🧹)
“Brakes business will hit ₹1 Cr per month soon.” (Translation: Baby business, but growing teeth.)
