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IDBI Capital Report
Rolex Rings Ltd. exhibited below expected performance in Q1 FY25. The spike in ocean freight rates and weaker demand from Europe offset the healthy performance exhibited in domestic markets. Demand conditions in Europe (~15% of revenue) are expected to be subdued with some recovery expected only in H2 FY25.
Rolex Rings segment of the business also depicted weakness owing to Europe weakness and lesser than expected demand in the domestic market. Revenue from the domestic bearing rings segment increased by ~16% YoY mitigating the 35% YoY drop in export segment.
Rolex is witnessing healthy demand for transmission, chassis and steering wheel parts for the auto components business from customers in U.S and Europe. We maintain our 'Hold' rating on the stock with target price of Rs 2,500.
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