AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Sep - Sujeeth Pai appointed Managing Director from 1 September 2026, replacing Mukund Vasudevan.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result11 Aug, 09:29 pm IST
Score20 Oct, 04:19 pm IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -7.3% / mo · MACD −
Stock trend: 30
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SKFINDUSD candles · FIT view+8.6%Latest close ₹2458.90 on 2026-10-19
Daily history is available from 2025-12-05; the requested 1Y window is partially covered.
Bar
-2.2%
RSI
30
MACD hist
-29.26
52W pos
38%
2026-10-19O ₹2514.60H ₹2514.60L ₹2395.00C ₹2458.90Vol 83,587 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SKFINDUSNifty India ManufacturingNifty 500
- SKFINDUS
- -6.7%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -1.2 pp
Chart stats
19 Oct 2026- From 52W high
- -23.6%
- 52W range position
- 38%
- ATR (14)
- 4.7%
- Volume vs 20D
- 0.74x
- Avg traded value
- ₹14.2 Cr
- 20D price channel
- ₹2,395 - ₹3,005
₹3,218.7
₹1,994.1 - ₹3,218.7
₹116.5
Latest completed session
20-session average
33.6% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE76
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +18.3% · PAT -13.9% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+99.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -14% YoY · margin compression · Rev +18% YoY
Filed 11 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 31.60
- P/B
- 8.22
- EV/EBITDA
- 29.02
- Market Cap
- 12156.00Cr
Profitability
- ROE
- 26.60%
- ROCE
- 29.90%
- ROA
- 7.78%
- Dividend Y
- 0.75%
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
- 0.97%
- FCF Positive Y
- 1/5
- OCF
- 164.00 Cr
- EPS TTM
- 76956.45
Shareholding
- Promoter Hold
- 52.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 971+2.6% vs prev
Net Profit
₹ CrLatest: 62.0-47.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.8% over last month) — short-term momentum negative.
- RSI(14) at 30 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 24% off 52W high · 23% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
65
RS percentile
Stage 1 Base / Transition
1M return
-17.6%
3M return
-6.7%
6M return
+6.4%
1Y return
-
RS 1D
-1
RS 20D
-13
Sector rank
#2
Industry rank
#15
Stage evidence
- Price is within 3.5% of the 30-week proxy.
- The 30-week proxy changed +1.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
215 observations
19 Oct 2026Value 99.52-1.20%
RS vs Nifty 500100
Valuation & peers
U-Score 76 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 76 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation27/30
Growth16/25
Quality17/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
76
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
76/100 · legacy band DEEP VALUE
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.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
31.6
PB
8.2
EV/EBITDA
29.0
ROE
26.6%
ROCE
29.9%
FCF Yield
1.0%
Debt/Equity
0.0
MoS
+99.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
76
Previous: 76
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+99.9%
Previous: +99.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
76
76
76
76
76
76
76
76
76
76
76
76
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹22,753.56
+89.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹30,24,388.49
+99.9% MoS
PEG
1.02
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
LLOYDSENGG
Micro
LLOYDS ENGINEERING WORKS LIMITED
Capital Goods
match 163
39
64.5
15.1%
-39%
WATCHLIST
KMEW
Small
Knowledge Marine & Engineering Works Limited
Capital Goods
match 156
45
58.6
20.0%
-58%
WATCHLIST
VENUSPIPES
Small
Venus Pipes & Tubes Limited
Capital Goods
match 153
43
43.9
17.0%
+7%
WATCHLIST
OMNI
Small
Omnitech Engineering Limited
Capital Goods
match 151
40
75.2
18.0%
-70%
WATCHLIST
SCODATUBES
Small
Scoda Tubes Limited
Capital Goods
match 151
52
20.2
14.4%
+51%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-11T04:54:06.431Z
Management commentary snapshot
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.
Current business mix
Revenue from Operations by Segment (4QFY26)
Latest issuer-disclosed distribution across 5 reported categories.
OEM50.0%
Distribution32.0%
SKF India9.0%
Exports5.0%
Others4.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
8 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Industrials: 73rd pctile, median 68 · Micro: 56th pctile, median 73
Evidence depth
Financial-only
8 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching SKF India (Industrial) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Sep - Mukund Vasudevan resigns as MD and is appointed Non-Executive Director from 1 Sep 2026, subject to approval.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - SKF India appoints Sujeeth Pai as Managing Director effective September 1, 2026, subject to shareholder approval.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Cessation 1 Sep - Managing Director Mukund Vasudevan resigned effective 31 August 2026 due to role change within SKF Group.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Submission of copies of Newspaper Advertisement under Regulation 47 of SEBI (LODR) for 2nd AGM and E-voting information.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jul - Copies of advertisement published in today''s newspapers, viz in Financial Express (All India Edition - English) and Loksatta (Pune Edition - Marathi), providing information ....
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.