Menon Bearings’ Bimetal Mix Reaches 72.5% in H1FY27

Menon Bearings’ Bimetal business accounted for 72.52% of consolidated product revenue in H1FY27, up from 70.41% in H1FY26. Its value increased to Rs 137.88 crore from Rs 91.34 crore, while exports remained 33.62% of total revenue, showing that both product concentration and overseas sales remained material in the half year.

How did Menon Bearings’ product mix change in H1FY27?

Menon Bearings’ product mix shifted further toward Bimetal in H1FY27, with its share rising 2.11 percentage points year on year to 72.52%. Alkop’s share declined to 24.15% from 26.85%, while Braking System increased to 3.32% from 2.74%, according to the consolidated product-wise revenue breakup.

The product shares are based on net sales of Rs 190.12 crore in H1FY27, compared with Rs 129.72 crore in H1FY26. Revenue from operations was higher at Rs 194.93 crore in H1FY27 because it included Rs 4.81 crore of operating income, whereas product division values totalled net sales. Menon Bearings also notes that division figures are gross and are not adjusted for inter-segment sales.

Bimetal’s mix was broadly steady sequentially, at 72.02% in Q2FY27 after 73.06% in Q1FY27. Alkop moved to 24.52% in Q2FY27 from 23.77% in Q1FY27, and Braking System was 3.47% from 3.17%. The half-year result therefore reflects Bimetal’s predominance across both FY27 quarters rather than a shift confined to Q2FY27.

Which product division drove Menon Bearings’ revenue increase?

Menon Bearings’ Bimetal division supplied the largest absolute increase in product value, rising by Rs 46.54 crore to Rs 137.88 crore in H1FY27. That increase was greater than Alkop’s Rs 11.09 crore rise and Braking System’s Rs 2.77 crore rise over H1FY26, alongside a Rs 60.40 crore increase in consolidated net sales.

In Q2FY27, Bimetal value reached Rs 70.82 crore, up from Rs 43.58 crore in Q2FY26 and Rs 67.06 crore in Q1FY27. Menon Bearings cited increasing domestic and export orders for larger-diameter bearings, bushes and washers in its Bimetal update, and said it had received samples from a prominent US aftermarket company.

Alkop remained the second-largest division, generating Rs 45.92 crore in H1FY27 against Rs 34.83 crore a year earlier. Menon Bearings said 38 Alkop parts had been developed and tested for a major customer, with substantial domestic and export orders anticipated; management expects this work to generate Rs 50-60 crore annually within two years.

Braking System was smaller at Rs 6.32 crore in H1FY27, but its value was higher than Rs 3.55 crore in H1FY26. Menon Bearings said a dynamometer installation was under way for railway approvals and original equipment manufacturer, or OEM, orders, and it expects a significant turnover increase in FY26-27 after the dynamometer is commissioned.

How important were exports to Menon Bearings in H1FY27?

Menon Bearings generated 33.62% of consolidated revenue through exports in H1FY27, up from 32.22% in H1FY26. The share was also consistent through FY27, measuring 33.16% in Q1FY27 and 33.92% in Q2FY27, while the export channel represented roughly one-third of sales in each period.

OEM sales remained the largest channel at 50.06% in H1FY27, though this was below 53.39% in H1FY26. Replacement revenue increased to 7.88% from 7.23%, and Others rose to 8.44% from 7.17%. Exports gained 1.40 percentage points of mix while the OEM channel declined 3.33 percentage points year on year.

The channel measure covers Menon Bearings’ consolidated revenue, while the segment table shows differing export exposure by product line. In H1FY27, Alkop had the highest export proportion at 46%, compared with 30% for Bimetal and 16% for Braking System. The overall one-third export mix was therefore supported especially by Alkop rather than Bimetal alone.

What changed across Menon Bearings’ segments and channels?

Menon Bearings’ Bimetal division became slightly more domestic in H1FY27, with domestic sales at 70% and exports at 30%, compared with 69% and 31% respectively in H1FY26. In Q2FY27, Bimetal domestic exposure reached 69%, while export exposure was 31%, reversing the 70% domestic and 30% export split recorded in Q1FY27.

Alkop recorded the clearest shift toward exports among the three divisions. Its export share rose to 46% in H1FY27 from 35% in H1FY26, while domestic share fell to 54% from 65%. In Q2FY27, Alkop exports were 45%, close to 46% in Q1FY27, indicating that the change was present in both quarters.

Braking System moved in the other direction in H1FY27: domestic revenue rose to 84% from 55%, and exports fell to 16% from 45%. The Q2FY27 split was 76% domestic and 24% export, compared with 93% domestic and 7% export in Q1FY27. The half-year mix therefore combined a more domestic profile than the prior year with some Q2FY27 recovery in exports.

These mix changes occurred as consolidated revenue from operations increased 47.4% year on year to Rs 194.93 crore in H1FY27. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 44.58 crore from Rs 25.19 crore, and EBITDA margin rose to 22.87% from 19.05%. The presentation does not assign the margin change to a particular division, channel or export market.

Conclusion

Menon Bearings’ H1FY27 revenue composition shows a business increasingly centred on Bimetal, which added Rs 46.54 crore of product value and lifted its mix above 72%. Exports remained a substantial 33.62% of consolidated revenue, but the segment data show that Alkop, with a 46% export share, was more export-oriented than Bimetal at 30% and Braking System at 16%.

Next, Menon Bearings’ disclosed plans provide the relevant milestones: Alkop’s 38 developed and tested parts are expected by management to support Rs 50-60 crore of annual business within two years, while Braking System’s dynamometer installation is under way for railway approvals and OEM orders. The company also lists robotic automation targets from November 2026 through April 2027, including cells for Honeywell and JD ISG parts, which are intended to raise productivity, quality and machine utilisation.