NRBBR well positioned to benefit from economic recovery: Industrial and investment activity are showing signs of improvement with GDP estimated to grow at 7.5-8.0% during FY16E-17E. Bearing, being a basic industry and having its application across all sectors, is well positioned to benefit from economic revival. NRBBR, well equipped with diverse product portfolio, is expected to grow (sales) at a CAGR of 10.5% between FY15-17E to Rs. 8,812 Mn, while improving EBITDA and PAT margins to 22.9% & 11.6% levels respectively.