Any current/future new fundraising through debt or equity?

The company has increased debt by Rs.12 crores in the half-yearly balance sheet, primarily for the ongoing Rs.30 crore CapEx in the bearing division. Around 50% of the Rs.30 crore CapEx is planned to be financed by debt. Currently, there is no indication of additional debt plans beyond the Rs.30 crore CapEx financing. The company’s bank balances almost offset the term loans, showing a net difference of around Rs.4 crores, suggesting a balanced financial position. No mention was made of any new equity fundraising plans during the call or provided transcript sections.

Any current/future capex/capital investment/strategic investment?

Menon Bearings Ltd is undertaking a Rs.30 crore CapEx primarily for expanding the bearing division, including constructing a 45,000 sq ft building and adding machinery; expected completion by the end of the financial year. This CapEx aims to meet additional RFQs worth around Rs.60-70 crores, largely for export orders. The company expects this investment to generate revenue upwards of Rs.68 crores. For the brake lining segment, current capacity utilization at Rs.20 crore revenue is 100%, with no immediate plan for further CapEx; any required expansion will be considered after next year. Rs.12 c

Future growth expectations in sales/revenue/volumes?

The company expects a growth rate of 12% for the current year and 20%-22% from next year onwards. With ongoing capacity expansion, revenue is anticipated to reach Rs.64-70 crores from additional CapEx. Bearing division capacity utilization is around 70%-75%, expected to increase with capacity rising from 40-48 million pieces/month to 55 million pieces/month by year-end. Total order book stands at Rs.250 crores for one year. Brake lining aftermarket business is growing steadily; expected turnover to reach Rs.19-20 crores within 6 months by expanding distributors from 50 to 150. Expansion in bea

Future growth expectations in earnings/operating earnings/profits/EPS?

Menon Bearings projects a growth rate of 12% for the current year and 20%-22% from next year onwards. Post-expansion, revenue from new capacity is expected to be around Rs. 64-70 crores. Additional CapEx of Rs. 30 crores is expected to generate above Rs. 68 crores in revenue. Brake lining segment aims to grow from current Rs. 7-8 crores to Rs. 16-20 crores in the next year or two. EBITDA margins are targeted to be maintained above 20%, specifically between 21%-23%. The company expects to sustain a PAT margin between 10%-12% and PBT around 17%. Capacity expansions and new product lines (afterma

Current/ Expected Orderbook/ Pending Orders?

Current order book position: Approximately Rs. 250 crores for a 1-year duration. Bearing division RFQs: Received from 8 new customers, mostly for exports, covering 128 parts with a quantity of 1.15 crore pieces annually and potential business of Rs. 36 crores per year. Aluminium division RFQs: From 5 customers for 38 parts, around 7.5 lakh parts annually, with potential business of Rs. 28 crores per year. Brake lining orders: Currently about Rs. 75 lakhs in hand for H1FY24; expected Rs. 7-8 crores for the current year and Rs. 16-20 crores for the next year. Expansion CapEx planned to m

Menon Bearings LtdQ2 FY24Auto Components

Menon Bearings Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹252.35P/E: 32.1Market Cap: ₹1.4K CrSector: Auto Components

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company expects a growth rate of 12% for the current year and 20%-22% from next year onwards.
With ongoing capacity expansion, revenue is anticipated to reach Rs.64-70 crores from additional CapEx.
Bearing division capacity utilization is around 70%-75%, expected to increase with capacity rising from 40-48 million pieces/month to 55 million pieces/month by year-end.
Total order book stands at Rs.250 crores for one year.
Brake lining aftermarket business is growing steadily; expected turnover to reach Rs.19-20 crores within 6 months by expanding distributors from 50 to 150.
Expansion in bearing and aluminum divisions will support growth, with estimated revenue increase of Rs.75 crores.
The company plans to reach Rs.400 crores revenue within 2-3 years.
Exports expected to improve, mainly targeting Japan and USA markets.
EBITDA margins to be maintained above 20%.

Margin guidance

Category 3

Menon Bearings projects a growth rate of 12% for the current year and 20%-22% from next year onwards.
Post-expansion, revenue from new capacity is expected to be around Rs. 64-70 crores.
Additional CapEx of Rs. 30 crores is expected to generate above Rs. 68 crores in revenue.
Brake lining segment aims to grow from current Rs. 7-8 crores to Rs. 16-20 crores in the next year or two.
EBITDA margins are targeted to be maintained above 20%, specifically between 21%-23%.
The company expects to sustain a PAT margin between 10%-12% and PBT around 17%.
Capacity expansions and new product lines (aftermarket brake lining, Alkop segment) expected to fuel exponential growth.
Expansion in exports and aftermarket segments expected to significantly contribute to earnings growth over the next 2-3 years.

See what Menon Bearings Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has increased debt by Rs.12 crores in the half-yearly balance sheet, primarily for the ongoing Rs.30 crore CapEx in the bearing division.
Around 50% of the Rs.30 crore CapEx is planned to be financed by debt.
Currently, there is no indication of additional debt plans beyond the Rs.30 crore CapEx financing.
The company’s bank balances almost offset the term loans, showing a net difference of around Rs.4 crores, suggesting a balanced financial position.
No mention was made of any new equity fundraising plans during the call or provided transcript sections.

Order book

Yes

Current order book position: Approximately Rs. 250 crores for a 1-year duration.
Bearing division RFQs: Received from 8 new customers, mostly for exports, covering 128 parts with a quantity of 1.15 crore pieces annually and potential business of Rs. 36 crores per year.
Aluminium division RFQs: From 5 customers for 38 parts, around 7.5 lakh parts annually, with potential business of Rs. 28 crores per year.
Brake lining orders: Currently about Rs. 75 lakhs in hand for H1FY24; expected Rs. 7-8 crores for the current year and Rs. 16-20 crores for the next year.
Expansion CapEx planned to meet RFQs worth Rs. 60-70 crores, largely for exports.
Overall, orders and RFQs indicate strong growth prospects across Bearings, Aluminium (Alkop), and Brake lining segments.

See what Menon Bearings Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Menon Bearings Ltd is undertaking a Rs.30 crore CapEx primarily for expanding the bearing division, including constructing a 45,000 sq ft building and adding machinery; expected completion by the end of the financial year.
This CapEx aims to meet additional RFQs worth around Rs.60-70 crores, largely for export orders.
The company expects this investment to generate revenue upwards of Rs.68 crores.
For the brake lining segment, current capacity utilization at Rs.20 crore revenue is 100%, with no immediate plan for further CapEx; any required expansion will be considered after next year.
Rs.12 crore increase in debt is earmarked for this CapEx; no immediate plans for additional debt.
Strategic focus on aftermarket growth in brake lining with distributor expansion from 50 to 150 in six months.
No tie-ups planned with OEM players for brake lining currently; focus remains on aftermarket before OEM approach.

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