ICICI Direct has given Buy recommendation for NRB Bearings recommended buy rating on the stock with a target price of Rs 175 in its research repo with a target price of Rs. 175 in its research report issued on Nov 15, 2021

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 product to many countries such as France, Italy, US, Mexico, Brazil, Thailand and Bangladesh. It has a revenue breakup of 78% from domestic sales and 22% from export.

Outlook

We value NRB at Rs 175 i.e. 18x P/E on FY23E EPS.

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