Rolex Rings (Rolex) exhibited a soft performance in Q4FY26 impacted by one offs. Margins came in at 18.4% lower than the usual run rate of 20-21% owing to one time legal cost of Rs 60 mn towards the ROR settlement and ~ Rs 220 mn of elevated US customs duty which could be recovered in the subsequent quarters. The management is positive on the growth in domestic bearing rings as import substitutes are being manufactured in India. Demand from the industrial and the large bearings side continues to be subdued particularly on the exports front. Most of the customers have accepted the 25% tariff rate in the US and...