We are enclosing herewith the Transcript of Analyst / Institutional Investor meeting held on Thursday, 21st May 2026 at 11:00 AM.
SKFINDIA · price
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SKF India reported Q4 sales of INR 5.55 billion with 3% quarter-on-quarter growth and 14.8% year-on-year growth, driven by higher volumes in cars, 2-wheelers and powertrains. Full year sales grew 12.7% to INR 20.3 billion. However, Q4 profit before tax dropped about 9% due to one-off gains in Q3 (forex gains, interest on fixed deposits, reversal of employee cost provisions). Full year PBT also declined by 694 basis points due to demerger costs, mix impact and comparability issues. The CFO guided a sustainable PBT margin of 11-12% in the near term, down from historical levels. Management announced INR 500 crore capex over FY26-28 with INR 200 crore planned for FY27, targeting 6-8% revenue CAGR. EV business currently contributes about 6% from 2-wheelers and 4% from passenger vehicles, with higher margins than ICE vehicles. The order book extends up to 2030 with wins in electric motors, wheel hub bearings and new launches for BS-VII and CAFE norms.
Investors should note that margins are expected to remain compressed at 11-12% PBT in the near term as the company absorbs post-demerger transition costs and raw material price hikes. However, strong order pipeline through 2030 and focus on premium EV components provide growth visibility. One investor raised concerns about reduced disclosure quality post-demerger compared to pre-demerger communications.