Rolex Rings Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Rolex Rings' Q2 FY26 revenue dropped to 272 Cr, impacting H1 results (563 Cr revenue, 146 Cr EBITDA). This was primarily due to severe US import tariffs, which peaked at 53% before reducing to 28% from November 2025, with expectations for further reductions to 18-20% post-trade deal.

Management anticipates US exports to rebound from December 2025, offsetting the near-term weakness. Domestic and European markets showed positive growth, with Europe now contributing 20.5% of revenue. FY26 growth will be marginal, but the company forecasts "high teen" revenue growth for FY27 and FY28 as postponed orders and new wins, including a recent 60 Cr annualized order, fully kick in.

The 9MW solar project is set for December 2025 operation. While EV demand is slow (7-10% of revenue), Rolex is expanding its bearing ring and auto component product lines, leveraging its strong technical capabilities and long-standing customer relationships. The company maintains a debt-free position with healthy cash flows. Management is confident in long-term growth as market conditions stabilize.