SKF India (Industrial) Limited (SKFINDUS)
Micro CapIndustrials stocks · Micro cap · NSE
SKF India (Industrial) Limited is an Indian industrial company specializing in bearings and related solutions. The company's strategy emphasizes accelerating localization, commercial excellence, and operational execution to drive growth in localized products and enhance customer centricity.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -14% YoY · margin compression · Rev +18% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹971 Cr | +18.3% | +2.6% |
| EBITDA | ₹88 Cr | -6.4% | +8.6% |
| Operating margin | 9.0% | -200 bps | +0 bps |
| PAT | ₹62 Cr | -13.9% | -47.9% |
| PAT margin | 6.4% | -238 bps | -619 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
SKF India (Industrial) Limited reported solid net sales growth of 9.8% QoQ in Q4 FY26, reaching 9.5 BINR, with PBT margins improving significantly to 9.5% due to lower one-time demerger expenses.
The company delivered strong Q4 FY26 results with robust sales growth and significant PBT margin recovery QoQ, primarily due to reduced demerger-related expenses. Strategic initiatives in localization and new project wins, coupled with capacity expansion, support future growth, though rising inventory levels warrant monitoring.
Revenue from Operations by Segment (4QFY26)
Latest issuer-disclosed distribution across 5 reported categories.
OEM Segment Growth
OEM sales grew 20.1% QoQ in 4QFY26, contributing 50% of total revenue, indicating strong demand from industrial customers.
Tractor Business Project Wins
Secured 4 projects worth ₹325 MINR with a major tractor OEM, supplying bearings from new Pune and Ahmedabad channels, involved from platform design stage.
Local Commuter Trains Development
Developing Unitized Bearing Units (TBUs) for suburban trains, valued at ~₹30 MINR/year, with potential to extend solution for Vande Bharat trains.
Localized Product Volume Growth
Strategic priority to accelerate localization, aiming for higher volume growth of localized products by 2028.
TRB Capacity Expansion (Pune)
Increased Tapered Roller Bearing (TRB) capacity from 600T pcs to 880 Tpcs (110–165 MM OD) in Pune, targeting Agricultural, Off-highway, After-market, and Export to EMEA.
Strong GDP Growth
India's GDP growth projected at 6.5% (y-o-y) for 4QFY26, indicating a robust economic environment.
Normalizing Inflation
CPI-Inflation growth normalized to 3.1% (y-o-y) in 4QFY26, easing cost pressures.
Strong Industrial Production
IIP - General growth at 4.5% (y-o-y) in 4QFY26, with strong performance in construction and steel sectors.
Distribution Segment Decline
Distribution segment sales declined 8.5% QoQ in 4QFY26, contrasting with growth in other segments.
Increasing Inventory Levels
Inventory as a percentage of net sales increased to 24.8% in 4QFY26 from 23.6% in 3QFY26 and 17.5% in 4QFY25.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess sequential momentum, especially for margin recovery from one-time demerger expenses and NWC improvement. YoY comparison provides a broader view of underlying business growth and market trends.
Revenue from Operations
9,457 MINR in 4QFY26, up 9.8% QoQ and 10% YoY, driven by sales to OEM and inter-company sales.
PBT Margin
9.5% in 4QFY26, improved by 1731 bps QoQ from -7.8% in 3QFY26, due to lower one-time demerger expenses.
Net Working Capital % of Sales
18.7% in 4QFY26, a 2.8% QoQ decline, indicating significant improvement in working capital management.
Cash Flow from Operations
2,370 MINR in 4QFY26, improved significantly due to decline in NWC, with a 263% cash conversion QoQ.
Strategic Priorities to 2028
Management outlined ACES strategy focusing on Accelerate localization, Commercial Excellence, Execution, and Single SKF to drive future growth.
Focus on Customer Centricity
Enhanced customer centricity and innovation for growth are key aspects of the Commercial Excellence strategy.
Productivity Improvement
Adoption of cutting-edge technology and process optimization, including high-speed machines, to improve productivity and reduce costs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PBT Margin | 9.5% (4QFY26) | Sustained margin improvement post-demerger expenses and impact of cost reduction initiatives. |
| Inventory % of Net Sales | 24.8% (4QFY26) | Stabilization or reduction in inventory levels to optimize working capital. |
| Distribution Segment Performance | -8.5% QoQ growth (4QFY26) | Recovery in distribution sales, indicating broader market demand. |
| Capacity Utilization & Ramp-up | TRB capacity increased to 880 Tpcs | Timely ramp-up and utilization of new TRB capacity in Pune and contribution to target segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +3.8% / mo · MACD + · near 52W high
Technical chart
SKFINDUSdaily · 1Y · AUTO+27.8%Daily history is available from 2025-12-05; the requested 1Y window is partially covered.
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 64. Wait for confirmation.
- SMA20 rising (~3.7% over last month) — short-term momentum positive.
- RSI(14) at 64 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 51% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 76 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 76 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 99.9%.
- Valuation contributes 27/30 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Growth is weaker at 16/25; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 73rd percentile within Industrials. Main check: cash conversion is weak at 53/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 73rd pctile, median 68 · Micro: 56th pctile, median 73
8 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸Debt/equity is 0.00.
- ▸ROCE is 29.9%.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 36.10
- P/B
- 9.36
- EV/EBITDA
- 33.14
- Market Cap
- 13879.00Cr
Profitability
- ROE
- 26.60%
- ROCE
- 29.90%
- ROA
- 7.78%
- Dividend Y
- 0.71%
Growth (CAGR)
- Revenue 5Y
- 123.14%
- EPS 5Y
- 31.11%
- Revenue 3Y
- 123.14%
- EPS 3Y
- 31.11%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 384.00×
- Altman Z
- 8.76
- Book Value
- 299.00
Cash Flow
- FCF Yield
- 0.85%
- FCF Positive Y
- 1/5
- OCF
- 164.00 Cr
- EPS TTM
- 76956.45
Shareholding
- Promoter Hold
- 52.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.