SKF India (Industrial) Ltd(SKFINDUS)

NSE: SKFINDUSBSE: 544572

₹ 2,346.65-4.18%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 11,601 crWebsite: www.skfindia.comUpdated: 24 Oct 2026

About

SKF India (Industrial) Ltd manufactures and sells industrial bearings and related solutions - including tapered roller bearings, deep groove ball bearings, and condition monitoring services - to OEM and aftermarket customers across India. It operates manufacturing facilities in Pune and positions itself as a localization-led industrial bearing supplier re-entering segments such as wind, freight rail, and agriculture tractors.^[1][2][3]

Channel and segment mix

For full FY26, OEM accounted for 51% of revenue, distribution 35%, exports 6%, and inter-company sales to SKF India Automotive ~4%.^[3]
Within the FY26 OEM mix: railway 11%, general machinery 7%, wind & defence 7%, heavy industries 7%, and metals 6%.^[3]
In Q1 FY27, OEM mix was 54% and distribution 34%, broadly stable quarter-on-quarter.^[2]
Solutions business - remanufacturing, condition monitoring, reliability services, O&M contracts - was ~6 - 7% of India revenue as of Q1 FY27.^[2]

Manufacturing capacity

Tapered roller bearing (TRB) capacity at the Pune plant was expanded from 600,000 to 886,000 pieces through process and machine upgrades, without major new capex, as of Q4 FY26.^[3]
A new TRB manufacturing line was operationalized in Pune in Q1 FY27, adding 3 million units of annual capacity to serve agriculture, gearbox, and aftermarket segments.^[2]
The process optimisation that expanded TRB capacity also reduced unit costs by over 18%, cut machine resetting time by over 20%, and cut new product lead time by over 35%.^[3]

Key operating numbers

Revenue from operations was INR 9,708 million in Q1 FY27, up 18.3% year-on-year and 2.6% quarter-on-quarter; growth was led by wind, general machinery, and agriculture.^[2]
Net working capital was INR 6,275 million, or 17.5% of revenue, in Q1 FY27.^[2]
Operating cash flow was INR 547 million with cash conversion of 63% in Q1 FY27.^[2]
Net working capital fell to 18.7% of sales in Q4 FY26 from 19.2% in Q3 FY26, led by inventory declining from 16.9% to 16.0% of net sales.^[3]

Customers and end-industry reach

Wind OEM sales grew 91% quarter-on-quarter in Q4 FY26, driven by orders from ZF and Suzlon.^[3]
Metals customers include Tata Steel and SAIL; rail grew approximately 12% quarter-on-quarter in Q4 FY26.^[3]
Exports were 6% of FY26 revenue; the new Pune TRB line is also intended to serve export markets.^[3][2]
The company had exited wind, certain freight rail, and agricultural tractor segments historically and is re-entering them through localization-led cost competitiveness as of Q4 FY26.^[3]

Expansion and capex

A new Pune manufacturing plant is under construction with total capex of INR 850 - 950 crore; commissioning is targeted by end of calendar year 2028, with a payback period of 5 - 7 years.^[2]
One additional TRB manufacturing channel is planned for addition by early 2027 within existing capacity constraints.^[2]

Recent order wins and developments

In Q1 FY27, won an INR 140 crore contract with a global wind gearbox OEM, expected to contribute revenue over the next few quarters.^[2]
In Q1 FY27, won an INR 35 crore contract with a leading tractor OEM for a customized bearing product.^[2]
SKF India (Industrial) is undergoing an IT separation from SKF India Automotive as part of the AB SKF global demerger; separation-related IT costs of ~INR 150 million were charged in Q1 FY27 and are expected to cease by Q4 FY27 or Q1 FY28.^[2]
A forex loss of ~INR 147 million was incurred in Q1 FY27 due to rupee depreciation linked to Middle East conflict, affecting imported product costs.^[2]

Market Cap

₹11,601 Cr

High / Low

₹3,210 / 2,000

Stock P/E

53.3

Price / Book

7.9

Book Value

₹299

EPS

₹44.0

No. of Shares

4.94 Cr

ROCE

28.2%

ROE

14.7%

OPM

11.9%

Debt / Equity

0.00

Sales

₹3,440 Cr

Net Profit

₹218 Cr

Promoter holding

52.6%

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