Please find enclosed transcript of audio call recording of Investor meeting held on 13th May 2026 at 3:00pm to discuss the results for quarter and year ended 31st March 2026
SKFINDUS · price
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SKF India (Industrial) reported Q4 sales of INR 9.5 billion, up 9.8% QoQ, driven by strong OEM growth in wind (91% QoQ), metals, and rail segments. PBT margin was 9.5% (11.5% adjusted for INR 183 million demerger costs). The margin decline from Q3's 13.1% (adjusted) was primarily due to mix shift toward lower-margin OEM business and higher employee accruals. Full-year segment mix: OEM 51%, Distribution 35%, Exports 6%, Sale to SKF India 4%. Management guided for margin recovery to ~13% by end of CY2026 as demerger costs normalize, and long-term target of 15% by 2029-30 driven by localization, operational efficiency, and higher volumes. Capex of ~INR 800+ crores planned over FY26-FY30, with new Pune plant commissioned by end CY2028. Growth forecast is ~8% in the interim period.
The stock offers solid growth but near-term margin pressure from high OEM mix and demerger costs. Long-term margin recovery to 15% by 2030 provides visibility for patient investors.