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HDFC Securities Retail Research
NRB Bearings Ltd. had posted strong growth in FY22 and reported decent numbers so far in nine months-FY23 despite the high base of last year. It remains a key beneficiary of the expected revival in volume growth in the automobile segment.
The company has a strong product portfolio and is investing to expand its research and development facilities to grow market share as the shift to electric vehicles intensifies.
NRB Bearings' innovative approach and focus on for high-technology products, consistent quality, performance levels and cost competitiveness makes it an engineering differentiated company, which enhances its geographical and locational advantage.
Exports by the company has been a key growth driver and its share is gradually increasing accounting for 28% in FY22 against 26% in FY21.
We believe the revival of demand in Europe and North America could further improve its export market and enhance margins. The company is focused on developing own technology and has the capacity to expand product range in line with its position in the friction solutions and precision component space for the world's most advanced e-mobility applications. It plans to have the overseas business largely catering to the EV sector.
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