NVR Motion, a manufacturer of bearing components, recorded an operating loss in the first quarter of FY2026, reflecting temporary costs associated with a capacity expansion programme. The findings are drawn from a research report published on the 12th by Mirae Asset Securities.
Q1 FY2026 Results
On a consolidated basis, NVR Motion's revenue for Q1 FY2026 came in at 15.1 billion won, down 3.8% year-on-year. The company swung to an operating loss of 1.2 billion won. The revenue decline was attributed to delayed recognition of certain product shipments, while the operating loss reflected one-off costs incurred during the relocation and reconfiguration of production equipment.
Revenue Breakdown by Product
Product | Revenue Share
Tapered rollers | 62%
Steel balls | 37%
Bearing races | 0.02%
Capacity Expansion on Track for August Completion
Mirae Asset Securities expects the production facility relocation and stabilisation process to be completed by August. Upon completion, NVR Motion's production capacity is projected to expand to approximately 100 billion won in annual output. The brokerage anticipates meaningful improvements in both production efficiency and cost structure as a result.
Growing Demand Across Advanced Industries
NVR Motion supplies components to major global bearing manufacturers, including Japan's NSK, Germany's Schaeffler, and Sweden's SKF. Demand for bearings is broadening well beyond electric vehicles, with emerging applications in robotics, humanoids, and the aerospace sector increasingly driving the growth outlook.
Valuation
NVR Motion's shares currently trade at 9,950 won, implying a trailing 12-month price-to-sales (P/S) multiple of 1.5x — a material discount to the post-listing average of 2.8x and to the company's global peer group.