MENONBE

Menon Bearings share price & financials

Kolhapur-based maker of engine bearings, bushes and thrust washers (Bi-Metal), aluminium die-cast components (Alkop) and brake linings/shoes (Braking Systems) for auto, off-highway and industrial engines.

Price: ₹175.43
Market cap: ₹1.2k Cr
Sector: Automobile and Auto Components
Calls analysed: 6

Latest concall · Q1 FY27 · call held 17 Jul 2026

Menon Bearings Limited Q1 FY27

Standalone PAT ₹11.23 cr +64%Consolidated EPS ₹2.52 +68%Consolidated PBT ₹18.51 cr +67%

What went well

Q1 FY27 recorded highest-ever sales, EBITDA, PBT, and PAT in the company's history for the quarter.
Standalone sales increased to INR 67.06 crores, a 40.41% YoY increase from INR 47.76 crores.
Standalone EBITDA was up approximately 60% YoY.

What to watch

The global business environment continues to present certain uncertainties.
Merchant export orders were stuck for the last three months due to geopolitical situations and the Straight of Hormuz, though they have now restarted.

Read the full call →

What Menon Bearings Limited does

Menon Bearings manufactures bi-metal engine bearings, bushes and thrust washers used inside automotive, industrial and marine engines, compressors and pumps. Through its Alkop division it produces high-pressure and gravity/tilt-gravity aluminium die-cast and machined components, and through its Braking Systems division it makes asbestos-free (non-asbestos organic) brake linings and brake shoes mainly for the M&HCV OEM and aftermarket segments. It runs fully integrated manufacturing (in-house alloy powder and strip manufacturing, tooling, machine-building and design/development) under one roof, sells to OEMs and the replacement/aftermarket, and exports to multiple countries.

Segments

Bi-Metal
Alkop
Braking Systems

Manufacturing plants: 6 units - 5 plants in Kolhapur, India (across 27 acres) plus 1 office & warehouse in Indianapolis, USA
Export reach: 24+ countries, including USA, Brazil, Mexico, Netherlands, France, Italy, UK, UAE, Africa, Japan
Bi-Metal installed capacity: 580 lakh units/yr (FY26, up from 486 lakh in FY25)
Alkop installed capacity: 1,440 MT/yr
Braking systems installed capacity: 30 lakh pcs/yr (FY26, up from 18 lakh pcs in FY25)
Aftermarket dealer/distributor network: 1,000 dealers and distributors

Founded 1992Headquarters Kolhapur, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 27 tracked 4 delivered 4 missed 19 open

Total Revenue delivered said Q4 FY25 Promised: Reach almost ₹300 crores turnover in FY26 Q1 FY27: Remains achieved.
Porsche E-mobility Production Start went quiet said Q4 FY25 Promised: Production for Porsche E-mobility parts to start from next month (June 2025) Q1 FY27: No mention again in the Q1 FY27 call. The promise remains abandoned.
Dynamometer Arrival delayed said Q4 FY25 Promised: Dynamometer for Brakes segment to arrive by September Q1 FY27: Management reiterated the 'end of August' timeline for the dynamometer's arrival, which is on track with the previously delayed schedule. The overall promise remains delayed from its original Sep '25 target.

All 27 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.6%, net profit up 57.1% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	41	39	46	48	44 +7%	57 +46%	64 +39%	67 +40%
Expenses	33	33	37	38	36	45	49	51
EBITDA	8	7	9	10	8 +0%	12 +71%	15 +67%	16 +60%
Margin	21%	17%	19%	21%	18%	21%	23%	23%
Other income	0	1	1	1	1	1	2	1
Interest	1	1	0	1	1	1	1	1
Depreciation	1	1	1	1	1	1	2	1
Profit before tax	7	6	8	9	7 +0%	11 +83%	13 +63%	15 +67%
Tax rate	25%	25%	25%	24%	22%	26%	29%	24%
Net profit	5	4	6	7	6 +20%	8 +100%	10 +67%	11 +57%
EPS	0.95	0.74	1.05	1.23	0.99	1.40	1.70	2.00

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +123.8% 1Y

1Y: ₹132.95 on 10 Sept 2025 → ₹297.5. High ₹321.4 (4 Sept 2026), low ₹102.65 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +5.0%; 17 Jul
Q4 FY26: +3.7%; 19 May
Q3 FY26: +3.2%; 16 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 1.7% a year over 2 years, FY24 to FY26. Operating margin held at 21.1%.

Year ending	FY24	FY25	FY26
Revenue	₹206 Cr	₹166 Cr	₹213 Cr
Operating profit	₹43 Cr	₹32 Cr	₹45 Cr
Operating margin	20.9%	19.3%	21.1%
Interest	₹4 Cr	₹3 Cr	₹4 Cr
Depreciation	₹8 Cr	₹4 Cr	₹5 Cr
Net profit	₹25 Cr	₹20 Cr	₹31 Cr
Net margin	12.1%	12.0%	14.6%
Cash from operations	₹20 Cr	₹44 Cr	₹14 Cr
Free cash flow	₹10 Cr	₹31 Cr	₹8 Cr
ROCE	23.0%	17.0%	27.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹6 Cr	₹6 Cr	₹6 Cr	₹6 Cr	₹6 Cr	₹6 Cr
Reserves	₹93 Cr	₹106 Cr	₹128 Cr	₹141 Cr	₹154 Cr	₹148 Cr
Borrowings	₹29 Cr	₹23 Cr	₹15 Cr	₹34 Cr	₹53 Cr	₹27 Cr
Other liabilities	₹27 Cr	₹28 Cr	₹34 Cr	₹26 Cr	₹32 Cr	₹29 Cr
Total liabilities	₹155 Cr	₹163 Cr	₹182 Cr	₹207 Cr	₹244 Cr	₹210 Cr
Fixed assets	₹80 Cr	₹79 Cr	₹76 Cr	₹72 Cr	₹102 Cr	₹76 Cr
Capital work in progress	₹1 Cr	₹0 Cr	₹8 Cr	₹14 Cr	₹9 Cr	₹0 Cr
Investments	₹1 Cr	₹0 Cr	₹10 Cr	₹12 Cr	₹6 Cr	₹35 Cr
Other assets	₹72 Cr	₹85 Cr	₹87 Cr	₹109 Cr	₹126 Cr	₹99 Cr
Total assets	₹155 Cr	₹163 Cr	₹182 Cr	₹207 Cr	₹244 Cr	₹210 Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Growth trap

To justify its price of ₹298, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~8%. At that growth it is worth ₹86 — downside of 71%.

Growth the price implies: 31.9% a year; for 7 years, fading to 4%
It has actually compounded at: 11.4% a year; net profit, FY24–FY26 · EPS 7.8%
The gap: 0.2 pp; -71% downside if it only repeats history

Price today ₹297.5 Value at the reference growth ₹86.41

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Menon Bearings Limited

Guides on how to read this kind of business and the numbers that matter.