16.6% growth tempered by seasonal Q1 dip; margins held

Consolidated revenue ₹943 Cr, +16.6% YoY; standalone ₹929 Cr, ~15% YoY as stated

Standalone PBT growth 15.4%; consolidated PAT ₹119.7 Cr YoY +14.8%; numbers corroborate

CFO confirmed ₹50 Cr, 40-45% prior utilization, 70% target Aug-Sep; early stage but credible

Q1 gross margin 39.9%, up 100 bps YoY; QoQ 'almost flat' per CFO; steel costs ₹5K/ton absorbed via pricing

Management cited projects from metal mills exporting, wind gearbox exports, wind farm capex; credible

Tapers supplied to America; other geographies ASEAN/China down, Australia flat; US supply narrative holds

Prior: July 2026. Now: Aug-Sep 2026. Still ₹50 Cr Q1 revenue, 40-45% utilization. PPAP and customer approvals taking longer.

Q1 growth only 3%. Government funds diverted to defence/infra. But management expects cyclical recovery; 'issue of time, will come back'.

Steel ₹5K/ton already absorbed via price pass-through (heavy truck/tractor). LPG-to-natural-gas conversion complete. Further escalations limited (carbide, base oil, coal minor). No net change to guidance.

Rail ₹200 Cr (22%), Mobile/others ₹184 Cr, Distribution ₹154 Cr, Process ₹186 Cr, Exports ₹200 Cr (~1%)

80/20 is global, markets differ. India focused on off-highway, rail, tractors, not passenger cars/2-wheelers. Strategy is execution enhancer (service levels, cost, speed). Bharuch capex supports growth.

Fastest ramp in my career, top quality. Q1 revenue ₹50 Cr. Spherical roller bearing util 40-45% last quarter, target 70% Aug-Sep. CRB line lower, ramp toward Q2-Q3 end.

Process: 30% YoY, metal customers (mills exporting), wind (gearbox exports, wind mills in India). Exports: US strong (tapers), ASEAN/China down, Australia flat, Oman pipeline $300B+ proceeding.

Don't remember exactly, need to check. Was 5.6%, 5.8%, then up/down. China tariff on tapers far higher. Exact I do not remember.

Govt capex slow, funds diverted to defence/infra. Rail sluggish near-term but will recover (time issue). Jamshedpur commercial production by calendar year-end, will ramp immediately, serves global rail too. Indian tenders delayed.

Steel up ₹5K/ton (₹1.5-1.6K Jan, ₹3.5K Apr). Gas conversion LPG→natural gas done at record speed. Cost already in system. No major further escalation except carbide, grinding, base oil, coal. Brent <$80. Beyond this, no major escalation expected.

Belt was US/Mexico, didn't fit Techmotion. Automotive US under 80/20. But India different—focused on off-highway, backhoes, excavators, rail, freight. Not passenger cars, 2-wheelers, 3-wheelers, washing machines. Mobile (tractors, heavy truck) 20%, core focus. Will utilize assets for India growth.

Tough to say exact %. Different customers, different behavior. Heavy truck/tractor: largely passed. Railways/PSUs: fixed contracts, cannot violate, will flow through as new contracts roll. Gross margin 39.9%, up 100 bps YoY despite unfavorable Q1 mix shows execution.

SRBs higher revenue vs CRB at Bharuch. Mfg/traded mix similar to 75/25. FY27 capex directionally similar to 8-10% of sales. Rail and plain bearings on track. Some timing spill FY27 to FY28 possible. Overall on track, similar range.

Q1 16.6% growth vs Indian bearing market ~5-7% (estimated). 80/20 strategy and Bharuch ramp supporting sustained growth.

Q1 gross margin +100 bps YoY despite ₹5K/ton steel. Heavy truck/tractor passing through; railways/PSUs fixed contracts limit near-term. LPG conversion complete.

Bharuch, Jamshedpur rail, plain bearings expansions on track. Some timing spill FY27 to FY28 possible but overall on track.

Q1 rail growth only 3%. Government funds diverted to defence/infra. Tenders delayed. Projects deferred. Rail is 22% of revenue.

Steel ₹5K/ton absorbed; LPG-to-gas conversion done. But carbide, base oil, coal rising. Price pass-through works for heavy truck/tractor; limited for fixed-contract (railways, PSUs). Further escalations depend on geopolitical outlook.

Q1 revenue ₹50 Cr, 40-45% spherical roller bearing utilization. Target 70% by Aug-Sep. CRB line ramping Q2-Q3 end. PPAP and customer approvals can slip. Timeline already slipped July → Aug-Sep.

US tariff on India bearings/tapers unknown (CEO said 'don't remember'). Hormuz tensions, trade wars (China/US/India). Brent volatile. But offsetting: US demand resilient, Oman pipeline $300B proceeding.

Bearing business cyclical; tied to capex cycles of construction, automotive, rail, off-highway. Q1 QoQ -13.4% revenue, -24.4% PAT typical but exposes to macro slowdown risk.