NRB Bearings (NRBBEARING) Q2 25/26 earnings summary

Executive summary

• Maintained leadership in cylindrical and needle roller bearings with over 30% market share by value and 60% in needle rollers in India.

• Achieved strong financial performance in Q2FY26 and H1FY26, with three consecutive quarters of growth and PAT up 37.9% in H1FY26; consolidated EBITDA margin reached 20.3%.

• Products are EV agnostic, serving ICE, hybrid, and EV platforms, with a strong presence in both domestic and international markets (70/30 split).

• Diversifying into industrial, aerospace, robotics, and automation segments, leveraging R&D and high entry-barrier products.

• Settled promoter group dispute, resulting in over 52% promoter holding and full control of the NRB brand.

Financial highlights

• H1FY26 revenue from operations grew 7.5% YoY to ₹635.3 crore; Q2FY26 standalone revenue at INR 291 crore; export share at 25%, aftermarket at 15%.

• H1FY26 EBITDA increased 17.4% YoY to ₹128.7 crore; EBITDA margin improved to 20.3%.

• H1FY26 PAT rose 21% YoY to ₹74.2 crore; PAT margin at 11.5%.

• Basic and diluted EPS for H1FY26 at ₹7.5, up from ₹6.21 in H1FY25.

• Aftermarket share increased from 10% to 15% year-over-year.

Outlook and guidance

• Aspirational revenue target of INR 2,500 crore by FY31, implying a 13% CAGR.

• CapEx plan of INR 500 crore over five years, with INR 200 crore already approved and INR 250-300 crore to follow.

• New Hyderabad plant focused on industrial cylindrical roller bearings, with foundation stone to be laid in December.

• Board approved in-principle acquisition of minimum 99% of Sahney Bearings Private Limited.

• Interim dividend of ₹2.50 per share (125% of face value) declared on 24 October 2025, unpaid as of 10 November 2025.