P-Sec Report on NRB Bearings

Market leader in the Needle Roller Bearing segment with 70% domestic market share and 33% market share in the cylindrical roller bearing segment.

De-risked business model with well diversified client portfolio with marquee customers ?Tata Motors, Bajaj Auto, Hero Honda, Renault, GKN, etc. Aggressive capex plans in Cylindrical Roller Bearings (CRB), Needle Roller Bearing (NRB) and needle cages ?full capacity expected to be on stream by FY2007-08.

Setting up a plant at Uttaranchal to cater the component requirement for Tata Motors ?ACE and another plant at Thailand.Highest EBIDTA margins within the bearing industry vis ?a 杤is the peers and we expect the trend to sustained.

We expect a topline CAGR of 16% and a bottomline CAGR of 17%over FY06-09P. The stock is currently trading 8x FY09P EPS. We initiate coverage on the stock with a BUY recommendation for a 12-month offering an upside of 32%.

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