RATING RATIONALE

22Oct2026

NHB Ball & Roller.Ltd

Brickwork Ratings reaffirmed the long-term rating at BWR BBB /Stable and reaffirmed the short-term rating at BWR A3 and simultaneously withdrawn the ratings for the Bank Loan Facilities of Rs. 117.84 Crs. of NHB Ball & Roller.Ltd

Particulars

Facilities/Instruments	Amount (Rs.Crs.)		Tenure	Rating		Regulator
Facilities/Instruments	Previous	Present	Tenure	Previous (06 Aug 2025)	Present	Regulator
Fund Based	107.74	89.34	Long Term	BWR BBB/Stable removal from ISSUER NOT COOPERATING* category/Upgraded	BWR BBB /Stable Reaffirmation/Withdrawal	RBI
	(11.00)	(11.00)
	(11.00)	(11.00)
	(10.00)	(10.00)
	(20.00)	(20.00)
	(15.00)	(15.00)
	(5.00)	(5.00)
	(10.00)	(10.00)
	(13.00)	(13.00)
	(10.00)	(10.00)
	10.00	10.00	Short Term	BWR A3 Assignment	BWR A3 Reaffirmation/Withdrawal	RBI
Non Fund Based	18.50	18.50	Short Term	BWR A3 removal from ISSUER NOT COOPERATING* category/Upgraded	BWR A3 Reaffirmation/Withdrawal	RBI
	(8.50)	(8.50)
	(0.00)	(0.00)
	(5.00)	(5.00)
Grand Total	136.24	117.84	(Rupees One Hundred Seventeen Crores and Eighty Four lakhs Only)

Note:
1. Please refer to BWR website www.brickworkratings.com for the definition of the ratings
2. Refer to Annexures I, II, and III for details of rated bank loan facilities, debt instruments, and the List of Entities Consolidated
RATING ACTION / OUTLOOK / WITHDRAWAL

Brickwork Rating has reaffirmed the long-term rating at BWR BBB/Stable and reaffirmed the short-term rating at BWR A3 for bank loan facilities of NHB Ball & Roller Ltd., and simultaneously withdrawn the rating based on the withdrawal request by the company and the NOC certificate from its lenders.

Upon follow-up with the company for documents required for review, the company has requested withdrawal of ratings by submitting NOCs from its lenders and the latest operational and financial information required of review for review of ratings. The rating reaffirmation is reflected by the Extensive experience of the promoter in the ball bearing segment, comfortable financial profile and adequate liquidity position, and A well-established customer base along with geographical diversification in revenues. However, the ratings are constrained by Working Capital Intensive Nature of Operations, Significant dependence along with exposure to cyclicality in demand from the automotive industry and exposure to customer concentration risk, susceptibility of operating margin to fluctuations in forex rates, and Dependence on industry-specific investment cycles.

The outlook has been retained Stable as BWR believes that the business risk profile of the Company will be maintained over the medium term. The Stable outlook indicates a low likelihood of a rating change over the medium term.

For assigning the rating, BWR has relied upon the last 3 years of audited financials till FY25, provisional for FY26, and publicly available information, and clarification provided by management.

Withdrawal is in conformity with the BWR withdrawal policy, and relevant documents are held on record.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

KEY COVENANTS OF THE INSTRUMENT / FACILITY RATED

The terms of sanction include standard covenants normally stipulated for such facilities

KEY RATING DRIVERS

Credit Strengths:

Established presence in the market position with the integrated nature of the operations and diversified product base :
NHB has its presence of about 80% of the overall market for precision balls used in bearings, which are manufactured in India. It has an integrated nature of operations, with a presence in the industry and the capacity to meet requirements. Its integrated nature of business supports the market position compared to other manufacturers. The company reported revenue of Rs. 359.25 Crores in FY26(P) compared to Rs 367.72 crores in FY25.
Extensive experience of promoter in ball bearing segment :
The founding promoter, Mr. M D Mehta, incorporated the company in 1961. NHB is currently managed by 3rd-generation family members who have over 3 decades of experience in the precision balls industry and have developed an understanding of industry dynamics. The promoter, along with professional management, set up over the course of his presence in the industry has developed an extensive network of suppliers and customers in domestic as well as export markets. This has resulted in repeat orders from existing customers. The vast experience of the management has helped the company to maintain long-standing relations with its customers and suppliers.
Comfortable financials Profile :
The company continues to report a comfortable financial risk profile, marked by a tangible net worth of Rs 154.49 Cr as on March 31, 2026(P), compared to Rs 139.96 Cr in the previous year. Gearing is comfortable, with the debt-to-equity ratio at 0.73 times as on March 31, 2026, against 0.86 times in the previous year. With no major debt-funded capex planned, gearing is expected to improve over the medium term. Further, debt coverage indicators remain modest: the Interest Service Coverage Ratio (ISCR) stood at 2.80 times, and the Debt Service Coverage Ratio (DSCR) stood at 1.28 times for FY2026, alongside operating margins above 15.31% in FY26(P).
A well-established customer base along with geographical diversification in revenues :
NHB has long-standing relationships with its customers and suppliers. Its customers include some of the well-established players in various industries such as SKF India Limited (SKF), Schaeffler India Limited (SIL), Autoliv India Pvt Ltd, etc. The company is having 5 years binding contract with its major customers. NHB has received prestigious awards from its customers, including SKF, SIL, Nexteer Automotive, etc., for the best supplier, best business support, best quality & reliability, among others, consistently over the last three to four years, indicating strong relations with its customers, and NHB caters to a wide number of clients, both in India and overseas. While the top 5 customers generate revenue of about 70%, resulting in customer concentration risk, it is partly mitigated by established relationships with them.

Credit Risks:

Working Capital Intensive Nature of Operations :
The operation of the company is working capital intensive in nature, mainly on account of high inventory days at 164 days as of 31 March 2026. The Company is required to maintain high levels of raw material inventory to ensure uninterrupted production and timely completion of customer orders. Further, the company has offered a credit period of around 90~80 days in the past five years ended 31 March 2026. The company’s performance is anticipated to improve to support growth, it is necessary to extend the long credit period, which has led to a high utilization of fund-based bank limits. Additionally, due to operational requirements, the company maintains a substantial work-in-process inventory. However, since the inventory is backed by confirmed orders and the company can partially pass on raw material price fluctuations to customers, the risk associated with price volatility is somewhat mitigated. Days Receivables are expected to remain around 80 days over the medium term.
Significant dependence along with exposure to cyclicality in demand from the automotive industry and exposure to customer concentration risk :
Apart from industries including pharmaceuticals, cosmetics, and the food processing industry, with various applications like seat belts, Seat Sliders, and spray pumps, the company derives substantial revenue from Original Equipment Manufacturers (OEMs) for the automobile sector. Hence, the operations of the Company are significantly dependent on the demand from the automobile industry, which is cyclical in nature, even though it is not totally reliant on the automobile sector. There is an established list of customers who, on an annual basis, discuss their procurement plan with NHB. NHB has to produce as per that plan, and this entire production is taken by the customer. This has been the practice for more than 3 decades.
Susceptibility of operating margin to fluctuations in forex rates :
As a significant portion of the company's procurement is sourced from international markets, sharp fluctuations in foreign exchange rates can impact realizations and accruals, thereby exposing operating margins to currency volatility. However, this risk is partially mitigated through natural hedging from export revenues. Additionally, the company has a long-standing mechanism, established over three decades, that allows it to pass on forex fluctuations to customers based on a pre-determined formula.

Raw material prices are determined in consultation between the customer and the sourcing vendor, and the agreed pricing terms are incorporated into vendor contracts, helping manage volatility. The company reported an operating margin of 15.31 in FY26 and is expected to sustain this level, supported by the management’s ability to maintain a strong business profile despite the cyclical nature of the auto industry and exposure to raw material and forex risks. Looking ahead, operating margins are expected to improve further over the medium term, driven by growth in scale and the continued implementation of lean manufacturing practices.
Dependence on industry-specific investment cycles :
NHB's business performance is highly sensitive to the cyclical investment patterns of its end-user industry. Its operational scale plays a crucial role in shaping its bargaining power with suppliers and customers, as well as its resilience during economic downturns.

ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA - Standalone

Standalone - For arriving at its ratings, BWR has considered the standalone performance of NHB Ball & Roller.Ltd, BWR has applied its rating methodology as detailed in the Rating Criteria (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Rating sensitivities have not been captured as the rated instruments are being withdrawn.

LIQUIDITY INDICATORS - Adequate

The company's liquidity position is adequate, supported by net cash accruals of Rs 30.31 crore in FY26(P) against repayment obligations of Rs 12.98 crore. Over the medium term, net cash accruals are expected to remain sufficient to cover debt servicing obligations of Rs 12-15 crore, providing a buffer to overall liquidity. The current ratio stood at 1.00x, and cash and bank balances were Rs 3.60 crore as of March 31, 2026(P). Working capital utilization remained high, averaging around 90% over the six months ending September 2026.

COMPANY's / FIRM's PROFILE

Macro Economic Indicator	Sector	Industry	Basic Industry
Consumer Discretionary	Automobile and Auto Components	Auto Components	Auto Components & Equipments

NHB Ball & Roller Ltd Established in 1994 by M. D. Mehta and family, NHB has evolved into a global specialist in precision steel balls Its roots trace back to the 1940s when Mehta began steel ball sourcing and manufacturing ventures in the U.S., eventually relocating operations to India by 1949 marking the foundation of today’s NHB enterprise Two modern manufacturing plants located in Amalsad and Bilimora, Gujarat, India A network of nine global warehouses ensures just-in-time deliveries across 20+ countries NHB specializes in precision balls of chrome steel, stainless steel, aluminum, brass, and other materials. Its offerings include branded chrome steel grades INQ and ESQ, tailored for critical and noise-sensitive applications in automotive, engineering, pharmaceuticals, cosmetics, and more. Additional products include hub-wheel bearings, CV joints, ball screws, stainless steel safety balls (e.g., for seat belts), water-pump bearings, rollers, bushings, and custom precision components.

ESG Profile

The company demonstrates a Evolving ESG profile based on its environmental, social, and governance practices.

Environmental: Environmental risks are driven by high water usage, waste generation, and reliance on energy-intensive processes (such as heat treatment and precision grinding). Operating primarily out of its Gujarat facilities, the company manages these footprints through ISO 14000 Environmental Management Systems and lean manufacturing practices aimed at reducing scrap and recycling machine coolants.

Social: Social factors hinge on adherence to labour laws, accident prevention frameworks, human-capital development, safety performance, and training initiatives offering insights into operational resilience. Given the heavy industrial nature of ball and roller manufacturing, occupational health and safety protocols complemented by quality frameworks like IATF 16949 / TS 16949 drive its workforce safety and technical training initiatives.

Governance: Governance is managed via a promoter-led and professionally board structure adhering to standard Indian corporate compliance (Companies Act) and maintaining strict tier-1 vendor compliance frameworks for major international automotive and industrial clients.

KEY FINANCIAL INDICATORS

Standalone Financial Indicators (in ₹ crore)	FY 23 - 24 (A)	FY 24 - 25 (A)	FY 25 - 26 (P)
Operating Revenue	345.43	367.72	359.25
EBITDA	44.14	43.54	55.01
PAT	11.12	7.42	15.10
Tangible Net Worth	131.96	139.39	154.49
Total Debt / Tangible Net Worth	1.04	0.86	0.73
Current Ratio	1.07	1.00	1.00
* A:Audited UA:Unaudited P:Provisional PROJ:Projected
Note: These are latest available financial results. All ratios as per BWR's calculations; Amount in ₹ crore

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY(IF ANY)

Not Applicable

ANY OTHER INFORMATION

RATING HISTORY FOR THE PREVIOUS THREE YEARS(including withdrawal and suspended)

Name of Instrument (NCD/Bank Loan /Non- Fund Based facilitates/ Commercial Paper etc.)	Current Rating (2026)			2025		2024		2023
Type	Tenure	Amount (Rs.Crs.)	Rating	Date	Rating	Date	Rating	Date	Rating
Fund Based	LT	89.34	BWR BBB/Stable (Reaffirmation/Withdrawal)	06Aug2025	BWR BBBStable (removal from ISSUER NOT COOPERATING* category/Upgraded)	23Dec2024	BWR BB Stable (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	16Nov2023	BWR BB+ Stable (ISSUER NOT COOPERATING* /Downgrade)
FB SubLimit	LT	(11.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(11.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(10.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(20.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(15.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(5.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(10.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(13.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(10.00)	BWR BBB/Stable (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
Fund Based	ST	10.00	BWR A3 (Reaffirmation/Withdrawal)	06Aug2025	BWR A3 (Assignment)	NA	NA	16Nov2023	BWR ()
Non Fund Based	ST	18.50	BWR A3 (Reaffirmation/Withdrawal)	06Aug2025	BWR A3 (removal from ISSUER NOT COOPERATING* category/Upgraded)	23Dec2024	BWR A4 (Continues to be in ISSUER NOT COOPERATING* category/Downgraded)	16Nov2023	BWR A4+ (ISSUER NOT COOPERATING* /Downgrade)
NFB SubLimit	ST	(8.50)	BWR A3 (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
		(5.00)	BWR A3 (Reaffirmation/Withdrawal)	NA	NA	NA	NA	NA	NA
Grand Total		117.84	(Rupees One Hundred Seventeen Crores and Eighty Four lakhs Only)

Hyperlink/Reference to applicable Criteria

Analytical Contacts
Md Saif Ali Khan Rating Analyst saifali.k@brickworkratings.com	Ravi Rashmi Dhar Director - Ratings ravi.d@brickworkratings.com
Client Support \| clientsupport@brickworkratings.com

NHB Ball & Roller.Ltd

ANNEXURE-I

Details of Bank Loan Facilities rated by BWR

SL.No.	Name of the Bank/Lender	Type Of Facilities	Long Term(Rs.Crs.)	Short Term(Rs.Crs.)	Total(Rs.Crs.)	Complexity of the Instrument
1	Aditya Birla Finance Limited	Term Loan - Out-standing	10.97	_	10.97	Simple##
2	Aditya Birla Finance Limited	Working Capital Demand Loan - Sanctioned	_	10.00	10.00	Simple##
3	Axis Bank Ltd.	Emergency Credit Line Guarantee Scheme (ECLGS) - Out-standing	_	_	0.00	Simple##
4	Axis Bank Ltd.	Cash Credit - Sanctioned	20.00	_	20.00	Simple##
	Sub-Limit (FCDL) - Sanctioned	(10.00)
	Sub-Limit (Post-Shipment Export Credit) - Sanctioned	(11.00)
	Sub-Limit (Pre-Shipment Export Credit) - Sanctioned	(11.00)
	Sub-Limit (WCDL) - Sanctioned	(20.00)
5	Axis Bank Ltd.	Letter of Credit - Sanctioned	_	5.00	5.00	Simple##
	Sub-Limit (LER) - Sanctioned		(0.00)
	Sub-Limit (SBLC for Buyers Credit) - Sanctioned		(5.00)
6	Axis Bank Ltd.	Term Loan - Out-standing	_	_	0.00	Simple##
7	Bank of Baroda	Emergency Credit Line Guarantee Scheme (ECLGS) - Out-standing	0.08	_	0.08	Simple##
8	Bank of Baroda	Cash Credit - Sanctioned	35.50	_	35.50	Simple##
	Sub-Limit (Foreign Bill Discounting) - Sanctioned	(13.00)
	Sub-Limit (Packing Credit in Foreign Currency) - Sanctioned	(10.00)
9	Bank of Baroda	Letter of Credit - Sanctioned	_	8.50	8.50	Simple##
	Sub-Limit (Bank Guarantee) - Sanctioned		(8.50)
10	Bank of Baroda	Emergency Credit Line Guarantee Scheme (ECLGS) - Out-standing	_	_	0.00	Simple##
11	Bank of Baroda	Emergency Credit Line Guarantee Scheme (ECLGS) - Out-standing	1.98	_	1.98	Simple##
12	IndusInd Bank	Emergency Credit Line Guarantee Scheme (ECLGS) - Out-standing	0.81	_	0.81	Simple##
13	IndusInd Bank	Cash Credit - Sanctioned	20.00	_	20.00	Simple##
	Sub-Limit (Post-Shipment Export Credit) - Sanctioned	(10.00)
	Sub-Limit (Pre-Shipment Export Credit) - Sanctioned	(5.00)
	Sub-Limit (Working Capital Demand Loan) - Sanctioned	(15.00)
14	IndusInd Bank	Letter of Credit - Sanctioned	_	5.00	5.00	Simple##
Total			89.34	28.50	117.84
TOTAL (Rupees One Hundred Seventeen Crores and Eighty Four lakhs Only)

## The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or complexity related to the structural,transactional or legal aspects. Details on the complexity levels of the instruments are available on BWR's website Complexity Levels.

ANNEXURE-II

INSTRUMENT(NCD/Bonds/CP/FDs) DETAILS

Name of the Instrument/Facility	Long Term/Short Term	ISIN	Date of Issuance	Coupon Rate (%)	Maturity Date	Size of the Issue ( ₹ Crore)	Rating Assigned and Rating Outlook	Regulator
Nil	Nil	Nil	Nil	Nil	Nil	Nil	Nil	Nil

ANNEXURE-III

List of entities consolidated

Name of Entity	% Ownership	Extent of consolidation	Rationale for consolidation
Nil	Nil	Nil	Nil

List of Instruments and Regulators

A.	Rating activities
SL.No.	Instrument / Activity	Regulator of the Instruments
1	Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)*	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)*	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs^	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs,HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ~	-
15	Issuer Ratings #	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and AIFs)	SEBI
17	Credit Quality Ratings (CQR) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts $	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
22	Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
23	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) *	Investor-side regulator such as IRDAI, PFRDA @

* Includes securitisation transactions involving assignee payout, acquirer's payout.
~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Brickwork Ratings India Private Limited (BWR) shall separately capture the rated quantum details along with names of respective regulators.
^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
$ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.

Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Grievance Management: For any grievances relating to rating of instruments regulated by SEBI, please contact sebigrievance@brickworkratings.com. Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available

For any grievances relating to rating of instruments regulated by other FSR (Financial Sector Regulators), please contact grievance@brickworkratings.com.

DISCLOSURE ON CONFLICT OF INTEREST

BWR Board of Directors have no influence over rating decisions, nor do they sit on the rating committee or review, discuss or evaluate any credit rating during the Board meetings.

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