NSE: SKFINDIA · BSE: 500472
SKF INDIA LTD
Manufactures and sells bearings, which constitute 100% of the business. FY26 revenue was Rs 3,763.39 crore, with full-year sales of Rs 20.3bn growing 12.7% and Q4 FY26 sales at Rs 5.55bn — the highest quarterly in the year. The sales mix is split across original equipment (OE) at 66%, distribution at 20%, exports at 8%, and SKF Industrial trading at 6%; OE sales grew 20% in FY26 and led the growth. Customers are automotive OEMs across two-wheelers, three-wheelers, passenger vehicles and commercial vehicles — with named awards and wins from TVS Motors, Honda Motorcycles and Suzuki Motorcycles — along with industrial buyers and aftermarket channels. The EV portfolio spans motor bearings, wheel hub bearings, high-speed bearings and electric insulation, contributing about 6% of two-wheeler revenue and 4% of passenger vehicle revenue, with an order book extending to 2030. Manufacturing is based at Bangalore and Haridwar plants, with capacity additions planned at Haridwar and Pune; the company has committed Rs 500 crore capex over FY26-28 (~Rs 200 crore in FY27). Materials at 29.8% of revenue are the largest cost line, followed by other operating expenses at 20.6% and employee costs at 7.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Original Equipment (OE) (66%), Distribution (20%), Exports (8%), SKF Industrial trading (6%). Cyclical, asset-heavy bearings business with an OEM-heavy mix; transitioning from a combined entity structure post-demerger.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,666 | 4,305 | 4,570 | 4,920 | 3,763 |
| EBITDA (ex other income) | 556 | 749 | 718 | 723 | 406 |
| margin % | 15.2 | 17.4 | 15.7 | 14.7 | 10.8 |
| Owners' profit | 395 | 525 | 552 | 566 | 266 |
| EPS, as reported (₹) | 79.90 | 106.17 | 111.61 | 114.44 | 53.80 |
| ROE % · ROCE % | 20.9 · 27.6 | 22.4 · 30.8 | 20.6 · 27.1 | 21.8 · 28.8 | 20.0 · 31.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 57 | 690 | 624 | 203 | 363 |
| Capex | (92) | (107) | (130) | (131) | (229) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,244 | 1,256 | 1,213 | 1,283 | 1,309 | 577 | 595 | 588 |
| Profit before tax | 127 | 147 | 275 | 160 | 141 | 86 | 47 | 84 |
| Net profit | 94 | 110 | 203 | 118 | 105 | 62 | (20) | 62 |
| EPS (₹) | 19.05 | 22.15 | 41.01 | 23.91 | 21.34 | 12.50 | (4.00) | 12.50 |
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. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.4 | 25.0 | 75 of 119 | 37% |
| P/B | 5.3 | 3.3 | 89 of 117 | 24% |
| ROCE | 31.6 | 12.6 | 6 of 125 | 96% |
| ROE | 20.0 | 11.7 | 20 of 117 | 84% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 17.1 | 12.2 | 29 of 118 | 76% |
| Revenue growth | (54.2) | 20.2 | 112 of 113 | 1% |
| Profit growth | (47.6) | 24.4 | 101 of 115 | 12% |
| Market cap | 6999 | 1455 | 32 of 126 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · SKF India board meeting set for November 3, 2026 | results | low | — | — |
| 15 Oct 2026 · SKF India publishes notice for re-lodgment of physical share transfers | compliance | minimal | — | — |
| 6 Oct 2026 · RTA compliance certificate for Q2 ended September 2026 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed from 1 Oct 2026 till 48 hrs after Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · SKF India publishes notice on re-lodgment window for physical shares | compliance | minimal | — | — |
| 21 Aug 2026 · SKF India Q1 FY27 call: revenue up 27% YoY, guides 20% growth | investor communications | medium | — | — |
| 20 Aug 2026 · SKF India files 65th AGM transcript; first AGM post de-merger | investor communications | medium | — | — |
| 18 Aug 2026 · SKF India shares Q1 FY27 earnings call audio recording link | investor communications | low | — | — |
| 17 Aug 2026 · SKF India submits 65th AGM video recording link | investor communications | low | — | — |
| 17 Aug 2026 · SKF India Q1 FY27: Revenue up 27% YoY, EBITDA margin at 17.1% | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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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.