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Swing Capital

NRB Bearings Ltd

NSE: NRBBEARING BSE: 530367

NRB Bearings have pioneered in the manufacturing of needle roller bearings in India since 1965. More than 90% of the vehicles running on Indian roads are running on bearings manufactured by NRB.

₹355
52W: ₹213 — ₹357
PE 27.1 · Book ₹93 · +282% vs book
Market Cap₹3,445 Cr
Stock P/E27.1Price to Earnings
ROCE18.3%Return on Capital
ROE14.2%Return on Equity
Div. Yield2.22%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 63.8%

Weaknesses

  • −The company has delivered a poor sales growth of 10.0% over past five years.
  • −Company has a low return on equity of 12.3% over last 3 years.
  • −Promoters have pledged 77.7% of their holding.

Shareholding Pattern

Promoters51.2%
FIIs14.69%
DIIs10.06%
Public24.06%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.69%51.16%▲0.551.12%▼0.051.2%▲0.151.2%51.2%51.2%51.2%
FIIs13.69%13.74%▲0.113.45%▼0.313.65%▲0.214.05%▲0.414.29%▲0.214.12%▼0.214.69%▲0.6
DIIs17.58%17.08%▼0.515.34%▼1.714.56%▼0.813.33%▼1.212.27%▼1.110.31%▼2.010.06%▼0.3
Public18.05%18.01%▼0.020.08%▲2.120.59%▲0.521.42%▲0.822.25%▲0.824.37%▲2.124.06%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales248265253272257295279291296320
Expenses221225225233223244239250248268
Operating Profit27402939345139404852
OPM %11%15%11%14%13%17%14%14%16%16%
Net Profit16230182818-526362435
EPS ₹16.713.071.812.891.88-0.532.723.762.473.58

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,186Cr, up 10% YoY. OPM at 15%.

Debt Position

Borrowings at ₹33Cr. Debt-to-equity ratio: 0.04x. Healthy balance sheet.

Capex Cycle

CWIP at ₹9Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.06% (-1.12pp change). FIIs: 14.69% (-7.16pp change). Promoters hold 51.2%.

Margin & Efficiency

ROCE improving from 16% (Mar 2015) to 18% (Mar 2026). Working capital days: 132.

Valuation

PE 27.1x with 18.3% ROCE. Price is 282% above book value of ₹93. Dividend yield: 2.22%.

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