NRB Bearings Limited Q2 FY26 Concall Decoded: – ₹750 crore order book, ₹500 crore CAPEX dreams, and one MD who grilled herself before analysts could

1. Opening Hook

Most companies fear analyst questions. NRB Bearings decided to pre-emptively interrogate itself—on record, for two hours, without hiding behind PowerPoint karaoke.

Fresh after promoter settlement drama, a factory fire hangover, and years of “why-so-slow” whispers, Vice Chairperson & MD Harshbeena Zaveri chose radical transparency. She ditched the script, asked the uncomfortable questions herself, and answered them with numbers, ambition, and a mild flex.

This wasn’t a quarter update—it was a corporate therapy session with CAPEX slides. Fire scars explained, growth sins confessed, and a ₹2,500 crore revenue dream casually dropped like it’s a weekend plan.

Stick around. It starts calm, gets bold in the middle, and ends with aerospace bearings and robots. Yes, robots.

2. At a Glance

Q2 Revenue ₹291 crore – Slow industry, fast bearings; NRB kept rolling anyway.
H1 Earnings up 21% – Not flashy, just stubborn consistency.
PAT Margin ~12% – Auto supplier margins that don’t behave like auto supplier margins.
Order Book ₹750 crore – Lifetime nominations, not Tinder swipes.
Debt-Equity <20% – Balance sheet lifting heavier than the machines.
ROE Target 17–18% – Management openly saying “we want better.”

3. Management’s Key Commentary

“I didn’t want a boring investor conference.”
(Translation: If we’re doing this, let’s do it properly 😏)

“NRB products power over 90% of vehicles on Indian roads.”
(Your bike, car, and truck are already paying us royalty.)

“We are EV-agnostic.”
(ICE, EV, hybrid—NRB gets paid regardless 🔌)

“The ₹55 crore settlement payment caused a one-time loss.”
(Family drama isn’t cheap, but it’s finally over.)

“We lost growth because of a major fire at Waluj.”
(Sometimes growth literally goes up in smoke.)

“Lifetime nominations worth ₹600 crore internationally.”
(OEMs trust us for an entire vehicle lifecycle, not trial runs.)

“₹2,500 crore revenue by 2031 is our aspiration.”
(Yes, it’s deliberate. No, it’s not a typo.)

4. Numbers Decoded

Source table

Metric	Q2 FY26	Decoded Meaning
Revenue	₹291 cr	Recovery mode officially over
PAT Margin	~12%	Rare for auto ancillaries
Order Book	₹750 cr	Visibility till next decade
CAPEX Approved	₹200 cr	Factories warming up
Planned CAPEX	₹300 cr	Management not stopping
Debt-Equity	<20%	Borrowing optional, not needed

NRB is playing long-cycle chess while peers count quarters.

5. Analyst Questions

CAPEX timing?
Management: ₹150 cr already spent in FY26; no big-bang gamble.
(Slow burn, less regret.)
Segment mix clarity?

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