Menon Bearings Ltd (MENONBE)

Automobile and Auto Components · Auto Ancillaries · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹297.1 ↑ 126.53% (1Y)

🎯 Key Takeaways

Menon Bearings Ltd is in a high-growth phase, transitioning from a domestic-focused ancillary supplier to an export-oriented manufacturer with expanding global footprint and strategic capacity expansion. Management is actively de-risking US dependency by targeting 37% export revenue share in FY27 and building long-term growth through bi-metal capacity upgrades, positioning the company for sustained top-line expansion beyond traditional automotive cycles.
Revenue grew 5.3% QoQ to ₹92 in Q1FY27.
⚠️ Execution risk in new US market entry and achieving INR50 crores in FY28 revenue from new customers remains unproven and dependent on customer onboard

Market Cap

₹1,665

P/E Ratio

37.9

P/B Ratio

8.98

ROE

23.7%

ROCE

27.2%

Debt/Equity

0.25

Div Yield

0.67%

Promoter

68.4%

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📖 The Story

Menon Bearings Ltd is in a high-growth phase, transitioning from a domestic-focused ancillary supplier to an export-oriented manufacturer with expanding global footprint and strategic capacity expansion. Management is actively de-risking US dependency by targeting 37% export revenue share in FY27 and building long-term growth through bi-metal capacity upgrades, positioning the company for sustained top-line expansion beyond traditional automotive cycles.

📰 What's Happening

In Q1 FY27, Menon Bearings achieved record revenue of INR91.79 crores (+36.57% YoY), driven by export growth and favorable product mix, with EBITDA up 57% and PAT surging 67.36% to INR18.51 crores. Management highlighted new US customer opportunities potentially contributing INR50 crores in FY28, while capacity expansion via INR9-10 crores bi-metal investment aims to increase capacity by 25-30% to reach INR25 crores+ revenue. The company is targeting INR360 crores revenue for FY27 and plans to shift 37% of revenue to exports, reducing reliance on domestic markets. A plant visit and investor meeting in September 2026 will offer direct operational insights into these growth initiatives.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	63	77	87	92
Operating Profit	7	12	19	17
OPM %	11.9%	15.7%	21.4%	18.9%
Net Profit	7	9	14	14
EPS	₹1.21	₹1.65	₹2.46	₹2.52

Revenue has grown consistently from INR63 crores in Sep 2025 to INR92 crores in Jun 2026, with OPM expanding from 11.9% to 18.9% and PAT rising from INR7 crores to INR14 crores over the same period, indicating operating leverage and margin improvement. This trajectory aligns with management’s disclosed capacity expansion and export push, as scale and better product mix are driving profitability. The sequential improvement in margins and profitability supports the narrative of structural growth, not just cyclical demand, and validates the strategic investments being made without new land acquisition.

🔮 Management Outlook & What's Next

Management has provided clear forward guidance, targeting INR360 crores revenue for FY27 and projecting INR125 crores revenue by FY28, underpinned by export expansion and capacity upgrades. They anticipate new US customer opportunities adding INR50 crores in FY28, while the bi-metal capacity expansion is designed to support long-term growth without requiring new land. The focus on reducing US dependency and diversifying export markets in Africa, Europe, and South America reflects a strategic shift toward sustainable, non-cyclical growth drivers, with capacity additions timed to meet rising global demand without over-leverage.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	6	6	6	6
Reserves	141	153	154	180
Borrowings	48	43	53	46
Total Liabilities	229	231	244	268
Fixed Assets	95	102	102	119
Investments	5	5	6	6
Total Assets	229	231	244	268

The balance sheet shows a strong capital structure with low debt-to-equity of 0.25 and consistent equity of INR6 crores, while reserves grew from INR153 crores to INR180 crores between FY25 and FY26, indicating retained earnings are being reinvested or accumulated. Borrowings remain stable at around INR46-53 crores, and total assets have grown steadily from INR231 crores to INR268 crores, reflecting asset base expansion in line with growth plans. There is no evidence of aggressive capital restructuring; instead, reinvestment is funded internally, supporting sustainable expansion without diluting shareholders or increasing financial risk.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+23
Investing	-18
Financing	-12
Net Cash Flow	-7

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	68.4%	68.4%	68.4%	68.4%
FII	0.4%	0.4%	0.2%	0.1%
DII	0.0%	0.0%	0.0%	0.4%
Public	24.9%	25.0%	24.9%	24.4%
# Shareholders	26,823	26,267	25,436	24,403

Promoter holding remains stable at 68.44% across all quarters, suggesting confidence in long-term prospects, while FII and DII stakes have slightly declined from 0.41% to 0.14% and 0% to 0.03% respectively, with public shareholder base growing from 24.92% to 24.4% in count but shrinking slightly in percentage. The stable promoter stake and modest institutional interest may reflect cautious optimism — investors are watching execution of export plans but have not yet significantly re-rated the stock. The increase in shareholder count suggests retail engagement is rising, possibly ahead of upcoming investor outreach.

⚖️ Peer Comparison — Auto Ancillaries

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
MOTHERSON	1.68 L Cr	38.3	13.9%	11.0%	0.39
BOSCHLTD	1.40 L Cr	59.4	21.7%	15.9%	0.00
UNOMINDA	67,852	56.4	19.3%	18.9%	0.37
SONACOMS	49,265	70.7	15.2%	11.5%	0.04
ENDURANCE	36,795	37.9	17.3%	14.2%	0.15
EXIDEIND	35,313	37.9	9.8%	6.7%	0.08
CRAFTSMAN	29,157	55.5	14.7%	14.2%	1.02
ZFCVINDIA	28,628	11.6	18.3%	13.5%	0.00
SUNDRMFAST	25,690	42.0	17.4%	14.3%	0.14
SANSERA	24,175	69.2	14.3%	11.4%	0.15

🔗 Peer Stock Analyses

MOTHERSON BOSCHLTD UNOMINDA SONACOMS ENDURANCE

⚠️ Risk Factors

1. Execution risk in new US market entry and achieving INR50 crores in FY28 revenue from new customers remains unproven and dependent on customer onboarding timelines. 2. Capacity expansion must be matched with demand; over-investment without sustained order intake could pressure margins. 3. Currency volatility in export markets could impact margins despite volume growth, and management has not provided hedging details. 4. While debt is low, the company is investing INR9-10 crores in capital expenditures, which could strain cash flows if revenue growth slows or export orders delay.

📋 Recent Filings

🧠 Analyst's Read

Menon Bearings is transitioning into a structurally growth-oriented player with clear export and capacity expansion roadmaps, supported by improving margins and strong quarterly momentum. The next key watchpoint is management’s ability to convert new US customer opportunities into tangible revenue by FY28 and successfully ramp up bi-metal capacity without compromising profitability or cash flow — execution will determine whether this growth becomes sustainable or remains cyclical.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-17.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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