SKF India Ltd(SKFINDIA)

NSE: SKFINDIABSE: 500472

₹ 1,407.5-0.74%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,958 crWebsite: www.skfindia.comUpdated: 24 Oct 2026

About

SKF India Ltd (Automotive) manufactures bearings and related components for the Indian automotive market, operating as a pure-play automotive bearing company following the demerger of its industrial business. The company reported full-year FY26 revenue of INR 20.3 billion, growing 12.8% year-on-year, and posted Q1 FY27 revenue of INR 5,878 million, up 27.1% year-on-year. It supplies bearings to two-wheeler, passenger vehicle and commercial vehicle OEMs across three manufacturing plants in Haridwar, Bangalore and Pune, with more than 90% of its automotive product portfolio locally manufactured.^[1][2][3]

Revenue mix by channel

OEM accounted for 62% of Q1 FY27 sales, Distribution/VA 20%, SKF Industrial (inter-segment) 10%, and Exports 8%.^[2]
In Q4 FY26, OEM share was ~66% of quarterly sales, with distribution ~20% and exports ~8%.^[1]
OEM revenue grew ~20% for full-year FY26, outpacing total company growth of 12.8%.^[1]

OEM end-market mix

Within the OEM segment in Q1 FY27, two-wheelers comprised ~54% of OEM sales, passenger vehicles ~31%, and commercial vehicles ~15%.^[2]
Historical OEM sub-mix ranges: two-wheelers 48 - 52%, passenger vehicles 28 - 30%, commercial vehicles 11 - 12%.^[2]

Manufacturing operations

Three plants serve the automotive business: Haridwar (fully automotive), Bangalore (~80 - 85% automotive), and Pune (partially automotive, with a new greenfield industrial plant being built on adjacent land).^[3]
Factory loading exceeded 90% across all three plants in Q1 FY27 (68% on an installed-capacity/365-day basis).^[2]
More than 90% of the automotive product portfolio is locally manufactured; traded goods sourced from SKF Industrial cover only near-term capacity shortfalls in medium-sized DGBBs and tapered roller bearings.^[1]
Technology-led cycle-time improvements unlocked ~5 million additional pieces of capacity in FY27 without new lines.^[2]

Key operating numbers

Q1 FY27 volume growth was ~22% year-on-year, accounting for nearly all of the 27.1% revenue increase.^[2]
Full-year FY26 revenue reached INR 20.3 billion, up 12.8% year-on-year, with Q4 FY26 the highest quarterly sales at INR 5.55 billion (+14.8% YoY).^[1]
EBITDA margin in Q1 FY27 was 17.1%, up 7 bps year-on-year and up 540 bps quarter-on-quarter as demerger one-off costs from Q4 FY26 dropped out.^[2]
Exports were 8% of Q1 FY27 sales; the company's stated strategy is India-focused with exports treated as opportunistic.^[2][3]

Customers and distribution

The vehicle aftermarket (part of the distribution/VA channel at ~20% of sales) showed a slight decline in Q1 FY27; management gave price discounts for two months before reversing the policy.^[2]
SKF Industrial, the demerged sister company, is treated as a non-priority inter-segment customer (~10% of Q1 FY27 sales) and this share is expected to shrink as automotive capacity expands.^[2]

Expansion and capex

Two new production lines are being commissioned at the Haridwar plant in Q4 FY27; revenue contribution is expected from FY28.^[2][1]
Total capex of INR 500 crore is planned from CY26 through CY28; FY27 capex alone is guided at INR 170 - 180 crore.^[2]
Automotive capacity expansion targets ~50% increase at Haridwar, ~30% at Pune and ~10% at Bangalore, with total automotive capex of INR 500 - 600 crore between 2025 and 2030.^[4]

Product development and EV pipeline

SKF won its first wheel-bearing program with a large passenger vehicle manufacturer targeting localisation; production from an India footprint is slated for Q4 CY2028, enabling the customer's PLI eligibility under Make in India.^[2]
EV and e-motor bearing programs across two-wheelers (traction motors), passenger vehicles (e-axle, ceramic bearings) and commercial vehicles are in development or sample phase; commercial ramp-up is expected from mid-2027 with full revenue visibility by Q4 CY2028.^[2]
White-space opportunities identified include unitized wheel bearings for SCV/LCV segments and low-friction bearings for new-generation CAFE-3 transmissions.^[1]

Recent developments

SKF India completed its demerger, separating the automotive and industrial businesses into two listed entities; demerger-related one-off costs ran through H1 FY27 and were effectively concluded by Q1 FY27.^[2][1][4]
Full-year FY27 revenue growth guidance was upgraded to ~20% in Q1 FY27, from a prior guidance of 12% given at the start of FY27.^[2]
Management characterised 17% EBITDA margin as the normalised run-rate expected for the next two years, with margin improvement anticipated as own manufacturing capacity replaces higher-cost traded volumes from SKF Industrial.^[2]

Market Cap

₹6,958 Cr

High / Low

₹2,274 / 1,374

Stock P/E

33.2

Price / Book

5.2

Book Value

₹269

EPS

₹53.8

No. of Shares

4.94 Cr

ROCE

24.1%

ROE

13.5%

OPM

12.3%

Debt / Equity

0.00

Sales

₹3,763 Cr

Net Profit

₹266 Cr

Promoter holding

52.6%

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