NRB Bearings Ltd Q2FY26 Results: ₹325.2 Cr Sales, ₹41.4 Cr PAT, 20.9% EBITDA Margin, and 8.5% Ampere Stake – Bearings ka Boss, Drama bhi Full Torque!
1. At a Glance
NRB Bearings just dropped its Q2FY26 results, and let’s just say—this is not your average “bearing with the market” story. The ₹2,716 crore market cap legend of the Indian automotive supply chain clocked ₹325.2 crore in revenue and ₹41.4 crore PAT, with an EBITDA margin of 20.9%—yes, double digits that actually look healthy in an auto-ancillary world of wafer-thin profits. The stock trades at ₹282 per share, giving it a P/E of 19.4x, and a dividend yield of 1.53%, which basically means you get paid for watching your portfolio spin smoothly (literally). The company’s ROCE at 15.9% and ROE at 12.7% show it’s not just greasing bearings—it’s greasing returns. Promoters hold 51.2%, but brace yourself—57.8% of that is pledged. NRB’s earnings yield sits at a cool 6.82%, sales growth is steady at 9.6%, and the stock’s 3-month return of -0.23% is like your scooter refusing to start after you just serviced it.
This quarter’s highlight: Ampere stake acquisition (8.5%), a ₹200 crore expansion plan, and a Rs 2.5/share interim dividend. All of this, while the company quietly builds bearings for 90% of vehicles on Indian roads. Bearing business toh theek hai, but NRB’s storyline is starting to look like an auto thriller with boardroom drama.
2. Introduction
If you’ve ever ridden a Hero Splendor, driven a Tata truck, or even seen a Royal Enfield zoom past, congratulations—you’ve probably used an NRB bearing without knowing it. This 1965 veteran has seen every auto cycle, from Ambassador nostalgia to Ola Electric optimism. And while everyone else in the auto space is trying to “reinvent mobility,” NRB has been quietly ensuring that your wheels literally keep turning.
Think of NRB as that silent class topper: doesn’t shout, doesn’t show off, just keeps performing. Yet this topper has its quirks—like 57.8% of promoter holdings pledged (because why not keep investors’ blood pressure in motion?). Or the family settlement drama early this year that could make even Netflix rethink its casting budget.
The company recently dropped another expansion bomb—₹200 crore for capacity addition catering to both ICE and EV segments. So, while others debate whether EVs will “disrupt” the auto sector, NRB just said, “Bro, we’ll make bearings for all of you—diesel, petrol, or battery.”
But here’s the twist: NRB isn’t just India-focused anymore. With global OEM clients like BMW, Daimler, and Volvo, this smallcap desi engineer is quietly rubbing shoulders with the automotive elite. Not bad for a company whose first factory started with handmade tools and infinite jugaad.
3. Business Model – WTF Do They Even Do?
Let’s be honest—bearings don’t sound sexy. No one wakes up saying, “Yaar, today let’s talk about needle roller bearings!” But that’s exactly where NRB thrives. They make the components that make motion possible—literally the silent heroes inside your engine, gearbox, and wheels.
Core Business: NRB manufactures and sells needle roller bearings, ball and roller bearings, and automobile components. Its product lineup runs deep—over 2,000 SKUs, covering bushes, cages, washers, spacers, and everything your mechanic charges you for but can’t pronounce.
Revenue Split FY24:
Needle Roller Bushes & Cages – 66%
Ball & Roller Bearings – 23%
Auto Components – 11%
So basically, two-thirds of revenue comes from a product category most people have never seen but owe their daily commute to.
Customer Spread: They serve practically everyone—from Hero, Honda, TVS, Tata, Mahindra, Bajaj, Ashok Leyland, to Hyundai and Royal Enfield. Their top 10 customers form just 49% of revenue, meaning NRB’s risk diversification is tighter than a German gearbox.
Sector Mix FY25:
CV & Ancillaries: 33%
Two-Wheelers: 28%
Passenger Vehicles: 16%
Aftermarket: 12%
Industrial + Future Bets: 11%
And now, they’re revving up their global engine with Thailand operations and supply contracts with ZF, DANA, and BorgWarner. In short, NRB doesn’t sell to consumers—it sells to companies that sell to you. Like a dealer’s dealer, but cleaner.
