ICICI Direct's research report on NRB Bearings
NRB was incorporated in 1965 as an Indo-French venture and pioneered the production of needle and roller bearings in India. NRB is India’s largest needle and cylindrical roller bearings producer. Today 90% of vehicles on Indian roads run on NRB parts • It exports its products to many countries such as France, Italy, the US, Mexico, Brazil, Thailand and Bangladesh. It has a revenue break-up of 78% from domestic sales and 22% from exports.
We remain positive on the stock and maintain BUY rating. We roll over valuations to FY24E and value NRB at Rs 220 i.e. 18x P/E on FY24E EPS.
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