MENONBE - Menon Bearings Ltd Share Price

Auto Components

₹101.00-0.89(-0.87%)

Market Closed as of May 2, 2025, 15:30 IST

What does Menon Bearings Ltd do?

Auto Components & Equipments•Automobile and AutoComponents•Small Cap

Menon Bearings Limited engages in the manufacture and sale of auto components in India. It offers bi-metal engine bearings; bushes and thrust washers for light and heavy automobile engines, and two-wheeler engines; and compressors for refrigerators, air conditioners, etc. The company also provides high pressure aluminum die cast and machined components, such as motor end shields, compressor bearing connecting rods, engine components, gear case covers, and clutch assemblies; cylinder heads and brake parts; and engine parts, portable tools, fuel pump parts, pressure and temperature transmitter parts, explosion proof parts, and gravity die cast parts. Its products are used in various applications, including automotive engines, compressors, generators, and stationary and marine engines, as well as agricultural earthmovers and tillers. The company also exports its products to the United States, Japan, the United Kingdom, Italy, France, China, Mexico, Brazil, Belgium, etc. Menon Bearings Limited was incorporated in 1991 and is based in Kolhapur, India.

Industry Group:Auto Components

Employees:243

Website:www.menonbearings.in

Summary of Latest Earnings Report from Menon Bearings

Summary of Menon Bearings's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Nov 24

Management projects an 18% CAGR over the next three years, driven by expansion, new business verticals, and export growth. Key highlights:

Financial Performance: Q2 & H1FY25 revenue rose 17% YoY to Rs.60.35 Cr; EBITDA, PBT, and PAT grew ~12%.
Expansion: Bearing division expansion completed; Alkop's delayed to Dec 2024 (rains). Post-expansion, Rs.75 Cr incremental revenue expected.
New Verticals:
- EV Segment: Supplying components to a German EV manufacturer (samples underway) and Tata Auto Components (TACO).
- Railways: Brake block supply registration nearing completion (direct supply, margin-accretive).
- Airport Applications: Alkop division entering airport infrastructure.
Order Pipeline: Rs.150 Cr worth of RFQs (EV, industrial, exports) for FY26, with Rs.250 Cr existing order book.
Margins: Aiming for 22"“23% by FY27 (current: 21%), aided by aluminum price pass-through (6"“7% hike pending).
Exports: Braking division targets 50% export share; US, Africa, Dubai demand rising.
Divisional Growth:
- Alkop: Targeting 20% growth in FY26 (airport, EV, railways).
- Braking: Revenue to reach Rs.22"“25 Cr by FY27 (current: ~Rs.8"“9 Cr).
Debt & Cash: Net debt near zero (cash: Rs.22 Cr).
Leadership: Next-gen promoters in training for succession.
Outlook: FY27 revenue target of Rs.350 Cr with margin expansion, leveraging China+1 trends and diversified segments (EV, railways, exports).

Q&A Session

Last updated: Nov 24

What is the product being supplied to Porsche for the EV sector, and how will it open up the premium car market?
The company is supplying components to a German EV manufacturer (linked to Porsche) through its aluminum division (Alkop). Samples are under testing, with substantial business expected post-validation. This positions Menon Bearings in the EV segment, with potential expansion to other automakers like Tata Motors.

How is the Bajaj Auto import substitution project progressing, and will it reduce cyclicality?
Bajaj Auto's project involves Menon Bearings' core division (bimetal bearings). Orders are expected to materialize within months, diversifying revenue beyond cyclical CV/tractor segments. Progress is on track, with business likely starting in late 2024 or early 2025.

Why did bearing division revenue grow only 4% QoQ despite tractor recovery?
Year-on-year (YoY) bearing revenue rose ~16% (Rs.35.6Cr to Rs.41.5Cr). QoQ growth was slower due to delayed customer orders and market adjustments. Management expects 18% YoY growth in FY25, driven by new orders and capacity expansion.

What drove the "other segment" growth (8% to 13%), and will it sustain?
Growth in industrial products (compressors, generators) and merchant exports fueled the jump. Momentum is expected to continue, especially in aluminum exports to the U.S. and Africa, offsetting reduced demand from Japan.

When will Alkop's delayed expansion be operational, and what revenue will it add?
Heavy rains delayed Alkop's expansion, now set for December 2024 completion. It will add Rs.75Cr in annual revenue (~20% growth) from FY26, targeting EV, aerospace, and rail sectors.

Why did promoters reduce their stake recently?
Promoters sold 1.73% (retaining ~70% ownership) to unlock value, citing minor strategic adjustments. No further plans for significant selling were indicated.

How will railway brake supplies impact margins and competition?
Direct supply to Indian Railways (under registration) will improve margins vs intermediaries. Competition includes Sundaram Brake Linings. Trials are ongoing, with revenue contributions starting in FY26.

What is the order book and RFQ pipeline for FY25"“26?
Current confirmed orders are Rs.250Cr. RFQs worth Rs.150Cr (mostly exports) are in advanced stages, likely converting to orders over 1.5 years, driving 18% CAGR for FY25"“27.

What is the growth outlook for braking systems?
Braking revenue (4% of total) is projected to rise to 10% by FY26, reaching Rs.22"“25Cr annually, driven by exports (50% share) and railway contracts. Margins will remain lower than core divisions but improve with scale.

How is Menon leveraging the China+1 strategy?
Global clients are shifting sourcing to India due to geopolitical risks and energy crises. Menon's Rs.150Cr RFQ pipeline (mostly exports) includes components for EVs, aerospace, and industrial machinery, targeting 20%+ EBITDA margins.

What is the CapEx plan for new segments like EVs and railways?
Existing expanded capacities (bearing: 4.86Cr units, aluminum: 2,500 tons) will absorb new orders without significant incremental investment. Debt remains minimal, with Rs.22Cr cash reserves offsetting borrowings.

How is management succession being addressed?
Next-gen promoters (sons of current leadership) are training in Alkop and Menon Bearings divisions, ensuring continuity. No external senior hires are planned immediately.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: MENONBE vs Auto Components

Comprehensive comparison against sector averages

Comparative Metrics

MENONBE metrics compared to Auto

Category	MENONBE	Auto
PE	23.93	34.93
PS	2.46	2.01
Growth	9.1 %	7.8 %

Performance Comparison

MENONBE vs Auto (2021 - 2025)

Key Insights

1. MENONBE is NOT among the Top 10 largest companies in Auto Components & Equipments.
2. The company holds a market share of 0.1% in Auto Components & Equipments.
3. The company is growing at an average growth rate of other Auto Components & Equipments companies.

Shareholder Name	Holding %
Nitin Ram Menon	27.56%
MENON UNITED PRIVATE LIMITED	24.3%
Aditya Nitin Menon	5.79%
Anshul Nitin Menon	5.79%
Sucheta Nitin Menon	5%

Balance Sheet for Menon Bearings

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-21.7%	19	24	18	11	7.94	7.02
Loans, current	363%	21	5.32	0.9	1.08	1.45	1.64
Total current financial assets	-7.1%	79	85	71	65	66	62
Inventories	-28.6%	16	22	21	22	21	21
Total current assets	-11.3%	95	107	92	86	87	84
Property, plant and equipment	-18.3%	59	72	75	76	76	79
Capital work-in-progress	-23.1%	11	14	0.01	8.3	4.7	0
Investment property	-55.6%	13	28	0	0	0.51	0
Non-current investments	-	0	0	10	9.54	0	0
Loans, non-current	-	0	0	1.2	1.2	1.15	1.06
Total non-current financial assets	-41.9%	1.43	1.74	12	11	1.15	1.06
Total non-current assets	-27%	85	116	87	95	83	80
Total assets	-19.4%	180	223	179	182	170	163
Borrowings, non-current	16.7%	22	19	18	5.79	7.59	6.64
Total non-current financial liabilities	10.5%	22	20	18	5.79	7.59	6.64
Total non-current liabilities	8.7%	26	24	22	9.46	12	11
Borrowings, current	38.5%	19	14	6.38	8.85	18	17
Total current financial liabilities	3.1%	34	33	21	29	39	39
Total current liabilities	-32.7%	36	53	23	39	42	40
Total liabilities	-21.1%	61	77	45	48	53	51
Equity share capital	0%	5.6	5.6	5.6	5.6	5.6	5.6
Total equity	-18.6%	119	146	135	133	117	112
Total equity and liabilities	-19.4%	180	223	179	182	170	163

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	4.3%	25	24	18	11	-	-
Loans, current	-106.8%	0.84	3.37	0.91	1.08	-	-
Total current financial assets	7.2%	90	84	73	65	-	-
Inventories	9.1%	25	23	22	22	-	-
Total current assets	7.5%	115	107	95	86	-	-
Property, plant and equipment	19%	95	80	83	76	-	-
Capital work-in-progress	-23.1%	11	14	0.01	8.3	-	-
Investment property	-	4.9	0	0	0	-	-
Non-current investments	-	0	0	2.14	1.29	-	-
Loans, non-current	-235.1%	0	1.74	1.2	1.2	-	-
Total non-current financial assets	20.3%	1.89	1.74	3.34	2.48	-	-
Total non-current assets	13.1%	113	100	86	87	-	-
Total assets	10.7%	229	207	181	174	-	-
Borrowings, non-current	5.6%	20	19	18	5.79	-	-
Total non-current financial liabilities	5.3%	21	20	18	5.79	-	-
Total non-current liabilities	4.3%	25	24	22	9.46	-	-
Borrowings, current	92.3%	26	14	6.38	8.85	-	-
Total current financial liabilities	54.5%	52	34	23	29	-	-
Total current liabilities	51.4%	57	38	25	31	-	-
Total liabilities	32.8%	82	62	47	40	-	-
Equity share capital	0%	5.6	5.6	5.6	5.6	-	-
Total equity	1.4%	147	145	134	133	-	-
Total equity and liabilities	10.7%	229	207	181	174	-	-

Income Statement for Menon Bearings

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-5%	39	41	40	52	49	50
Other Income	40%	0.7	0.5	0.45	1.18	0.9	0.98
Total Income	-2.5%	40	41	40	53	50	51
Cost of Materials	-6.2%	16	17	17	19	20	20
Employee Expense	-2%	7.27	7.4	7.05	8.9	8.81	8.79
Finance costs	26.3%	0.86	0.81	0.69	0.84	0.93	0.88
Depreciation and Amortization	0%	1.05	1.05	1.03	1.94	2.07	2.08
Other expenses	5.7%	9.18	8.74	8.28	13	12	12
Total Expenses	0%	34	34	34	44	43	43
Profit Before exceptional items and Tax	-25.8%	5.52	7.09	6.32	8.92	7.4	8.34
Total profit before tax	-25.8%	5.52	7.09	6.32	8.92	7.4	8.34
Current tax	-52.6%	1.36	1.76	1.54	2.22	1.81	2.05
Deferred tax	-	0	0	0	0.23	0	0
Total tax	-52.6%	1.36	1.76	1.54	2.45	1.81	2.05
Total profit (loss) for period	-27%	4.16	5.33	4.78	6.47	5.59	6.3
Other comp. income net of taxes	-41.4%	-0.4	0.01	0	0.03	-0.23	0.03
Total Comprehensive Income	-36.6%	3.76	5.35	4.79	6.5	5.36	6.32
Earnings Per Share, Basic	-420%	0.74	0.95	0.85	1.15	1	1.12
Earnings Per Share, Diluted	-420%	0.74	0.95	0	1.15	1	1.12

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-5.1%	206	217	195	148	136	173
Other Income	39.1%	3.67	2.92	2.61	3.03	4.26	2.52
Total Income	-4.6%	210	220	198	151	140	175
Cost of Materials	-9.2%	80	88	86	53	44	63
Employee Expense	9.7%	35	32	29	25	25	25
Finance costs	16.8%	3.23	2.91	2.59	3.57	4.57	3.54
Depreciation and Amortization	3.3%	8.15	7.92	7.75	7.48	6.88	4.82
Other expenses	4.3%	49	47	43	37	40	44
Total Expenses	-1.1%	175	177	166	126	121	139
Profit Before exceptional items and Tax	-21.4%	34	43	32	25	20	36
Total profit before tax	-21.4%	34	43	32	25	20	36
Current tax	-16.1%	8.55	10	7.85	5.65	5.02	11
Deferred tax	51.6%	0.23	-0.59	-0.03	0.42	0.19	0.17
Total tax	-12.7%	8.78	9.91	7.82	6.07	5.21	11
Total profit (loss) for period	-21.9%	26	33	25	19	14	25
Other comp. income net of taxes	-9.4%	-0.16	-0.06	-0.06	0.12	0.03	0.05
Total Comprehensive Income	-21.9%	26	33	24	19	14	25
Earnings Per Share, Basic	-26%	4.58	5.84	4.38	3.35	2.57	4.51
Earnings Per Share, Diluted	-26%	4.58	5.84	4.38	3.35	2.57	4.51

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-1.7%	58	59	58	54	51	51
Other Income	475%	1.15	0.96	0.7	1.18	0.9	0.98
Total Income	0%	60	60	58	55	52	52
Cost of Materials	4.3%	25	24	24	20	21	20
Employee Expense	0%	10	10	10	8.77	9.23	8.98
Finance costs	76.9%	1.23	1.13	0.88	0.88	0.93	0.88
Depreciation and Amortization	0%	2.35	2.35	2.26	2.18	2.2	2.25
Other expenses	-7.1%	14	15	14	15	12	12
Total Expenses	2%	52	51	50	47	45	44
Profit Before exceptional items and Tax	-20.9%	7.31	8.98	8.23	8.07	7.28	8.02
Total profit before tax	-20.9%	7.31	8.98	8.23	8.07	7.28	8.02
Current tax	-34.4%	1.84	2.28	2.07	2.22	1.81	2.05
Deferred tax	-	0	0	0	0.23	0	0
Total tax	-34.4%	1.84	2.28	2.07	2.45	1.81	2.05
Total profit (loss) for period	-21.6%	5.47	6.7	6.16	5.62	5.47	5.97
Other comp. income net of taxes	-43.3%	-0.39	0.03	0.01	0.03	-0.23	0.03
Total Comprehensive Income	-28.8%	5.08	6.73	6.16	5.66	5.24	5.99
Earnings Per Share, Basic	-110%	0.98	1.2	1.1	1	0.98	1.06
Earnings Per Share, Diluted	-110%	0.98	1.2	0	1	0.98	1.06

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-2.8%	211	217	-	-	-	-
Other Income	39.1%	3.67	2.92	-	-	-	-
Total Income	-2.7%	214	220	-	-	-	-
Cost of Materials	-5.7%	83	88	-	-	-	-
Employee Expense	12.9%	36	32	-	-	-	-
Finance costs	18.8%	3.27	2.91	-	-	-	-
Depreciation and Amortization	11.4%	8.71	7.92	-	-	-	-
Other expenses	10.9%	52	47	-	-	-	-
Total Expenses	2.3%	181	177	-	-	-	-
Profit Before exceptional items and Tax	-23.8%	33	43	-	-	-	-
Total profit before tax	-23.8%	33	43	-	-	-	-
Current tax	-16.1%	8.55	10	-	-	-	-
Deferred tax	51.6%	0.23	-0.59	-	-	-	-
Total tax	-12.7%	8.78	9.91	-	-	-	-
Total profit (loss) for period	-28.1%	24	33	-	-	-	-
Other comp. income net of taxes	-9.4%	-0.16	-0.06	-	-	-	-
Total Comprehensive Income	-28.1%	24	33	-	-	-	-
Earnings Per Share, Basic	-30.8%	4.35	5.84	-	-	-	-
Earnings Per Share, Diluted	-30.8%	4.35	5.84	-	-	-	-

Valuation
Market Cap	566 Cr
Price/Earnings (Trailing)	23.63
Price/Sales (Trailing)	2.43
EV/EBITDA	12.34
Price/Free Cashflow	42.67
MarketCap/EBT	17.37

Fundamentals
Revenue (TTM)	233.07 Cr
Rev. Growth (Yr)	13.62%
Rev. Growth (Qtr)	-1.36%
Earnings (TTM)	23.95 Cr
Earnings Growth (Yr)	0.05%
Earnings Growth (Qtr)	-18.34%

Profitability
Operating Margin	13.98%
EBT Margin	13.98%
Return on Equity	16.33%
Return on Assets	10.48%
Free Cashflow Yield	2.34%

Investor Care
Dividend Yield	1.79%
Dividend/Share (TTM)	2
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	3.18

Financial Health
Current Ratio	2.04
Debt/Equity	0.32
Debt/Cashflow	0.61

Cash Flow for Menon Bearings

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	16.8%	3.23	2.91	2.59
Change in inventories	-1.4%	-0.43	-0.41	-4.75
Depreciation	3.3%	8.15	7.92	7.75
Adjustments for interest income	121.4%	1.12	0.44	0.33
Net Cashflows from Operations	-26.7%	45	61	32
Income taxes paid (refund)	-16.1%	8.55	10	7.85
Net Cashflows From Operating Activities	-26.5%	37	50	24
Purchase of property, plant and equipment	-38.2%	3.88	5.66	6.33
Proceeds from sales of investment property	-89.3%	-18.76	-9.44	1.45
Purchase of intangible assets	-	0	0	0.03
Purchase of other long-term assets	-33.7%	5.83	8.29	-1.1
Interest received	121.4%	1.12	0.44	0.33
Other inflows (outflows) of cash	-	0	0	-0.01
Net Cashflows From Investing Activities	-18.4%	-27.35	-22.95	-3.49
Payments to acquire or redeem entity's shares	11.4%	0.22	0.12	0
Repayments of borrowings	-368.3%	-19.5	8.64	5.9
Dividends paid	20%	13	11	11
Interest paid	16.8%	3.23	2.91	2.59
Net Cashflows from Financing Activities	110.2%	3.44	-22.87	-19.7
Net change in cash and cash eq.	255%	13	4.38	1.04

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	18.8%
Change in inventories	-56%
Depreciation	11.4%
Adjustments for interest income	121.4%
Net Cashflows from Operations	-40%
Income taxes paid (refund)	-16.1%
Net Cashflows From Operating Activities	-42.9%
Purchase of property, plant and equipment	157.5%
Proceeds from sales of investment property	68.8%
Purchase of other long-term assets	-33.7%
Interest received	121.4%
Net Cashflows From Investing Activities	14.5%
Proceeds from issuing shares	-13.6%
Payments to acquire or redeem entity's shares	-
Repayments of borrowings	-372.9%
Dividends paid	20%
Interest paid	18.8%
Other inflows (outflows) of cash	10.7%
Net Cashflows from Financing Activities	111.6%
Net change in cash and cash eq.	255%

MENONBE - Menon Bearings Ltd Share Price

What does Menon Bearings Ltd do?

Summary of Latest Earnings Report from Menon Bearings

Sector Comparison: MENONBE vs Auto Components

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Balance Sheet for Menon Bearings

Income Statement for Menon Bearings

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Cash Flow for Menon Bearings

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)