NSE: SKFINDUS · BSE: 544572
SKF IND (INDUSTRIAL) LTD
Manufactures bearings — primarily tapered roller bearings and deep groove ball bearings — for industrial customers in India from a Pune base. In FY26, 51% of sales went to OEMs (wind gearbox maker ZF, wind OEM Suzlon, railway customers, metals firms Tata Steel and SAIL, and tractor OEMs), 35% through distribution, 6% as exports and 4% as intragroup sales to other SKF group entities. Q4 FY26 sales reached ₹950 crore, up 9.8% QoQ, with the wind sector growing 91% sequentially on ZF and Suzlon deliveries and railway demand also strengthening. Tapered roller bearing capacity at the existing Pune plant was raised from 600,000 to 886,000 pieces, with product cost down 18%, reset time down 20% and new-product lead time improved 35%. A new Pune greenfield plant is being built with ₹800 crore of capex spread over FY26–FY30 for commissioning by end-CY2028. Localisation stands at around 60% and 97% of energy use is renewable; materials (mainly steel) are the biggest cost line at 16.4% of revenue. The company began independent trading on BSE and NSE on 5 December 2025 after being demerged from SKF India Limited. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. OEM sales (51%), Distribution (35%), Exports (6%), Intragroup sales (4%). Asset-heavy bearings manufacturer, recently demerged standalone entity
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 3,440 |
| EBITDA (ex other income) | 194 |
| margin % | 5.6 |
| Owners' profit | 218 |
| EPS, as reported (₹) | 44.00 |
| ROE % · ROCE % | 14.7 · 14.9 |
| Debt / equity (x) | 0.00 |
| Cash from operations | 171 |
| Capex | (94) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 861 | 946 | 971 |
| Profit before tax | (67) | 90 | 87 |
| Net profit | (50) | 119 | 62 |
| EPS (₹) | (10.10) | 24.10 | 12.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CARBORUNDUM UNIVERSAL LTD | 20,953 | 99.4 | 5.23 | 39.8 | 4.2 | 5.9 | 14.6 | 12.6 |
| TIMKEN INDIA LTD. | 20,911 | 62.9 | 7.17 | 31.2 | 14.2 | 18.4 | — | 20.0 |
| GRINDWELL NORTON LIMITED | 20,483 | 38.6 | 8.03 | 30.6 | 16.3 | 20.7 | 13.4 | 22.6 |
| SKF IND (INDUSTRIAL) LTD ◆ | 12,370 | 94.3 | 8.38 | — | 14.7 | 14.9 | — | 10.1 |
| WENDT (INDIA) LIMITED | 1,391 | 82.1 | 5.48 | 36.3 | 5.7 | 8.9 | 11.6 | 17.6 |
| GALAXY BEARINGS LTD. | 318 | 85.8 | 2.89 | — | 3.0 | 4.1 | — | 29.7 |
| NRB INDUS. BEARINGS LTD. | 69 | — | — | — | 53.4 | (75.7) | 6.0 | (4.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 94.3 | 17.6 | 317 of 337 | 6% |
| P/B | 8.4 | 1.9 | 291 of 316 | 8% |
| ROCE | 14.9 | 9.7 | 111 of 373 | 70% |
| ROE | 14.7 | 8.7 | 66 of 322 | 80% |
| Debt / Equity | 0.0 | 0.2 | 2 of 320 | 86% |
| EBITDA margin | 10.1 | 11.9 | 192 of 317 | 40% |
| Market cap | 12370 | 202 | 29 of 383 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve Q2 and H1 results on 4 November 2026 | results | low | — | — |
| 15 Oct 2026 · Shareholders approve Mukund Vasudevan as Non-Executive Director | management changes | medium | — | — |
| 15 Oct 2026 · Sujeeth Pai elevated to Managing Director for 5 years | management changes | high | — | — |
| 15 Oct 2026 · Postal ballot results: Sujeeth Pai named MD, Vasudevan moves to Non-Executive Director | board shareholder meetings | low | — | — |
| 12 Oct 2026 · SKF India (Industrial) submits RTA certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 till Q2 results declaration | compliance | minimal | — | — |
| 12 Sept 2026 · Postal Ballot Notice Published in Newspapers - Two Resolutions | compliance | minimal | — | — |
| 11 Sept 2026 · Postal ballot for MD redesignation and new director appointment | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Sujeeth Pai elevated to Managing Director of SKF India from Sept 1 | management changes | high | — | — |
| 1 Sept 2026 · MD Mukund Vasudavan steps down, moves to Non-Executive Director role | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.