₹330 crore scale, ₹100 crore aftermarket milestone, and deepening OEM traction underline the company’s transformation
The last few years have marked a decisive shift in the journey of Delux Bearings. What began as a strong Indian bearing manufacturer has now evolved into a globally relevant engineering and manufacturing platform within FERSA. The majority stake acquisition by Spain-based FERSA in 2023 was not just a change in shareholding; it became the trigger for a deeper transformation across strategy, technology, operations, and market reach.
Fersa, the global bearing manufacturer with annual turnover of around ₹2,150 crore, has expanded its global footprint in recent years through the integration of acquisitions, accelerated digitisation, and capability building for sustainable growth. A key strategic priority is strengthening proximity to customers and markets. Within this framework, Delux plays a strategic role in Fersa’s global industrial footprint, serving international OEM and aftermarket customers while also addressing the specific needs of the Indian market through its scalable manufacturing and engineering capabilities.
Speaking about this phase, Mr. Rohan Rathod, Managing Director, Delux Bearings and Chief Sales Officer, FERSA, reflects on how the integration reshaped the company’s confidence and long-term outlook. “The period since 2023 has been one of structural transformation for Delux Bearings. While FERSA’s majority stake was a significant milestone externally, internally it gave us the confidence and long-term horizon to invest decisively in capability, capacity, and technology,” says Mr. Rathod.
Over the last four years, Delux Bearings has grown at a CAGR of around 18 percent, reaching revenues of ₹330 crore in CY25. Yet, as the leadership repeatedly emphasizes, topline growth alone does not capture the full story. The emphasis has been on quality of growth, diversification, and building future-ready capabilities.
A major milestone during this phase was the commissioning of a new manufacturing facility in Rajkot, purpose-built for tapered roller bearings, industrial bearings, and kitting solutions.
Designed to meet global OE and aftermarket standards, the plant reflects the company’s intent to serve demanding international customers. Today, a significant share of Delux’s tapered roller bearing production is supplied to overseas OEMs, particularly in Europe and North America. Within FERSA, Delux–Fersa India has already become the third-largest unit, contributing close to 25 percent of consolidated revenue and profitability.
Equally important has been portfolio expansion. Alongside bearings, Delux scaled up clutch actuators, wheel-end bearings, and kitting solutions, while building a robust Indian aftermarket business that has crossed the ₹100 crore mark. Mr. Rathod notes that clutch actuators, in particular, have become one of the largest product categories within the global FERSA portfolio, supported by Delux’s manufacturing and engineering capabilities in India.
From Indian Manufacturer to Global Commercial Platform
Mr. Rathod’s own role has expanded in parallel with the company’s growth. In addition to leading Delux Bearings as Managing Director, he has taken on the responsibility of Chief Sales Officer for FERSA, overseeing global sales strategy across regions and business units.
“As FERSA was undergoing restructuring, we saw it as the right opportunity to transition Delux into a professionally driven organization while allowing me to oversee global sales and participate more deeply in global strategy,” explains Mr. Rathod. “The CSO role is fundamentally about building a scalable global commercial engine, not chasing short-term wins.”
Based in Zaragoza, Spain, his mandate spans global sales leadership, go-to-market strategies, and channel development across four business units: Automotive OE, Automotive Aftermarket, Industrial OE, and Industrial Aftermarket. While the strategy is globally aligned, execution remains regional, with empowered leadership teams in China, India, North America, and Latin America.
This balance between global consistency and local agility has become a defining feature of FERSA’s operating model. In India, a leadership team cultivated over the last three years ensures continuity, while Mr. Rathod maintains oversight through regular reviews and quarterly visits.
Looking at global market conditions, Mr. Rathod views volatility as a constant rather than an exception. Trade tensions, tariff uncertainties, and regional slowdowns are seen as challenges that reward preparedness and decisive action. He says “In terms of addressing tariffs and emerging as a winner, the key areas we are leveraging include product redesign to benefit from harmonized tariffs, building capabilities aligned with the China + 1 strategy, supply chain digitization, leveraging free trade agreements with European countries, and unlocking efficiencies by streamlining logistics and increasing automation in manufacturing. It is evident that succeeding in this environment requires viewing tariffs as a temporary roadblock and embedding them into a resilience-phase strategy that relies on higher-quality data, faster logistics, and smart product engineering to stay competitive.”
Mr. Rathod points out that Delux was attractive to FERSA precisely because of its “evergreen” business mix, historically balanced across the Indian aftermarket, Indian OEMs, and exports.
“India today is no longer just a cost base,” Mr. Rathod emphasizes. “For us, it represents engineering capability, product development, agility, and scalable manufacturing. This combination makes India a central pillar in servicing Europe and the US.”
Alongside this strategic positioning, technology-led differentiation remains a key focus. Delux–Fersa India is actively developing fuel-efficient wheel bearings for heavy-duty trucks, aligned with the latest VECTO requirements. These solutions, validated across terrains and duty cycles, can deliver up to three percent fuel savings, directly improving total cost of ownership for fleets.
Building a ₹100 Crore Aftermarket
The transformation is equally visible in the Indian aftermarket, where Delux–Fersa India has crossed the ₹100 crore mark. Mr. Gulshan Kumar, Vice President Aftermarket, Delux Bearings, Fersa India, describes this milestone as a reflection of structural progress rather than a one-time achievement.
“Crossing ₹100 crore in the Indian aftermarket validates the direction we have taken over the last few years,” says Mr. Kumar. “The key growth drivers were sharp demand generation, disciplined channel expansion, and consistent execution on availability and service.”
The aftermarket strategy has evolved from a primary-sales focus to building strong secondary sales momentum. Close engagement with distributors, retailers, and mechanics, supported by digitization tools for visibility and loyalty, has strengthened market responsiveness. Tapered roller bearings, clutch release bearings, ball bearings, and grease currently contribute the most, with growing acceptance of premium offerings under the FERSA brand.
Mr. Kumar highlights that distributor confidence has strengthened significantly, with 65 new channel partners added in 2025 alone. “Channel partners today are looking for stability, predictable supply, and long-term viability. As trust builds, they are investing more in inventory, manpower, and secondary sales,” he notes.
Looking ahead, he expects the Indian aftermarket to grow at around 10 to 12 percent annually over the next three years, driven by an expanding vehicle parc, rising average vehicle age, and a gradual shift toward evaluating total cost of ownership rather than upfront price alone.
Engineering Depth and System-Level Innovation
At the heart of Delux–Fersa India’s evolution lies a significant strengthening of R&D capabilities. Mr. Mayur Atale, Head of Engineering, Delux Bearings, Fersa India, explains that integration with FERSA has enabled a fusion of global know-how with local ownership.
“We now benefit from direct access to FERSA’s global design and validation practices, while retaining speed and accountability locally,” says Mr. Atale. “This cross-pollination across automotive and industrial bearing technologies has significantly broadened our engineering depth.”
The R&D focus has shifted from isolated component designs to scalable product platforms. Indian teams are actively developing Gen 1, Gen 2, and Gen 3 wheel-end solutions, extending into steering knuckles and integrated assemblies. High-performance industrial concepts, including hybrid ceramic bearings and advanced coatings, are being adapted for EV applications to handle higher speeds and prevent current leakage. FERSA’s CLAC solution is currently under validation with one of the world’s largest OEMs, underlining rising global interest in its engineering capabilities and platform potential.
Mr. Atale points out that Indian R&D functions as part of a single global engineering network, sharing tools, standards, and test protocols with teams in Spain, Austria, and other regions. In railway applications, for example, Indian engineers are co-developing traction motor bearings by leveraging European expertise while leading application engineering and validation for local conditions.
“R&D acts as a commercial enabler,” he adds. “For OEMs, we engage early to reduce validation time and warranty risk. For the aftermarket, we engineer real-world robustness by addressing overload and contamination beyond standard designs.”
Strengthening OEM Positioning Across Segments
On the OEM front, Delux–Fersa India has significantly strengthened its positioning over the last three years. Mr. Bhavesh Dave, Head – OEM, Delux Bearings, Fersa India, notes that engagement has deepened across two-wheelers, three-wheelers, passenger vehicles, LCVs, HCVs, and EVs.
“The joint venture enabled strong knowledge transfer in technology and operations, which translated into higher OEM confidence,” says Mr. Dave. “Our positioning of European engineered products at Indian prices resonates strongly.”
While traction has increased across segments, the strongest momentum is currently in LCVs and HCVs, with many leading OEMs. Global relationships have also opened doors with renowned OEM groups. Notably, Delux–Fersa India secured a global three-wheeler program in 2024 and has become a single-source supplier of steering bearings to a leading two-wheeler and three-wheeler manufacturer.
Mr. Dave highlights that India is increasingly emerging as a global sourcing hub under the China+1 strategy. Components manufactured in India are now supplied to multiple global vehicle production locations, supported by high localization and cost competitiveness.
Operational Excellence as a Scalable Foundation
Supporting this growth is a deliberate transformation of operations. Mr. Deependra Pareek, Chief Operating Officer, Delux Bearings, outlines how post-integration priorities centered on lean thinking, connectivity between sales and supply chains, asset utilization, and a stronger quality mindset.
“Local quality systems have evolved into standardized, digital-first, and proactive global systems,” says Mr. Pareek. Harmonized SOPs, unified supplier management, e-documentation, data integrity, and audit readiness have become the norm.
India now plays a critical role in FERSA’s global supply chain as a cost-effective manufacturing base, export hub, and strategic alternative under China+1. As scale increases, consistency is being maintained through standardized processes, SAP and CRM adoption, data-driven decision-making, and a strong focus on FERSA values.
Looking ahead, Mr. Pareek sees the next phase of growth being defined by autonomous and AI-driven operations, predictive compliance, green manufacturing, and resilient regional supply networks. “The shift is from efficiency-first to value in motion, where technology, resilience, and talent reconfigure how value is created,” he explains.
From a strong domestic player to a globally integrated pillar within FERSA, Delux Bearings’ journey reflects disciplined growth, deep engineering focus, and strategic clarity. As Mr. Rathod aptly summarizes, the ambition is not to be everything to everyone, but to consistently deliver value, execute through cycles, and build long-term partnerships across markets.
