SKFINDUS
Micro CapSKF India (Industrial) Limited
Industrials
SKF India (Industrial) Limited manufactures and supplies industrial bearings and related solutions. The company focuses on serving OEM, distribution, and export markets in India, with strategic priorities including localization, commercial excellence, and execution.
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.
Weak 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 31 Mar 2026
Bad · 2/100PAT -2% YoY · margin compression · Rev +31% YoY · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹946 Cr | +31.2% | +9.9% |
| EBITDA | ₹81 Cr | -49.7% | -24.3% |
| Operating margin | 9.0% | -1300 bps | -300 bps |
| PAT | ₹119 Cr | -1.6% | NDF |
| PAT margin | 12.6% | -420 bps | +1839 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 saw solid 9.8% QoQ net sales growth to 9.5 BINR, driven by OEM and inter-company sales, with PBT margin improving significantly to 9.5% QoQ due to lower demerger expenses. Net working capital also improved.
The company demonstrated strong sequential operational performance in Q4 FY26, with robust sales growth and margin recovery after absorbing demerger-related costs in prior quarters. Strategic project wins and capacity expansion indicate future growth potential, though the impact of demerger expenses on historical comparisons requires careful consideration.
Revenue from Operations by Segment
Latest issuer-disclosed distribution across 5 reported categories.
OEM Sales Growth
OEM sales grew 20.1% QoQ, contributing to overall strong sales growth.
Inter-company Sales (SKF India)
SKF India sales grew 25.7% QoQ, driving overall revenue.
Tractor Business Project Wins
Won 4 projects worth ₹325 MINR in the tractor business, involving platform design and supply from new channels.
Local Commuter Trains Development
Development of TBUs for local commuter trains (~₹30MINR/yr) offers a compact, high-capacity solution with extended service life.
TRB Capacity Addition in Pune
Capacity for 110–165 MM OD increased from 600T pcs to 880 Tpcs, aiming to grow business in Agricultural, Off-highway, After-market, and Export to EMEA.
Strong GDP Growth
India's GDP growth continues to remain strong, with 4Q26 projected at 6.5% (y-o-y).
Normalizing Inflation
CPI-Inflation growth normalized to 3.1% (y-o-y) in 4QFY26.
Strong Industrial Production
IIP - General growth was 4.5% (y-o-y) in 4QFY26, indicating continued strength.
Construction and Steel Sector Performance
GDP from Construction grew 6.6% (y-o-y) in 3QFY26 and Steel Production grew 9.7% (y-o-y) in 4QFY26.
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.
The financial information for previous periods includes significant one-time demerger expenses and a TP credit note, making QoQ comparison more indicative of underlying operational performance and sequential momentum.
Net Sales
Net Sales of 9.5 BINR, up 9.8% QoQ.
PBT%
PBT% improved to 9.5%, up 1731 bps QoQ.
Net Working Capital % of Sales
NWC % of Sales improved to 18.7%, down 2.8% QoQ.
Net Cash Flow from Operations
Net cash flow from operations was 2,370 MINR in 4QFY26, improving significantly.
ACES Strategy for 2028
Strategic priorities include Accelerate localization, Commercial Excellence, Execution, and Single SKF.
Focus on Localization
Aim for higher volume growth of localized products and supplying from new channels like Pune and Ahmedabad.
Commercial Excellence
Focus on enhanced customer centricity and innovation for growth.
Process Optimization
Adoption of cutting-edge technology and process optimization, including high-speed machines and layout improvements, for cost reduction and flexibility.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Sales Growth (QoQ) | 9.8% | Sustained sequential growth, particularly from OEM and inter-company segments. |
| PBT Margin | 9.5% | Continued margin expansion, indicating effective cost management and operational leverage post-demerger expenses. |
| Net Working Capital % of Sales | 18.7% | Further improvement in NWC efficiency and cash conversion. |
| Progress on Strategic Projects | Tractor business wins, TBU development | Timely execution and revenue realization from new projects and localized product offerings. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50Neutrallabel neutral
Technical chart
SKFINDUSdaily · 6M-10.9%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 66. Wait for confirmation.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 66 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 19% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 20/20 to the score.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 2/10 to the score.
Main drags
- Fair-value margin of safety is negative at -580.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 1/25; 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
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 67th percentile of the scored universe and 64th 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: 64th pctile, median 68 · Micro: 52nd pctile, median 71
0 documents indexed, 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 1.2%.
- ▸Debt/equity is 0.00.
- ▸ROCE is 56.4%.
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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 31.70
- P/B
- 7.97
- EV/EBITDA
- 27.99
- Market Cap
- 11780.00Cr
Profitability
- ROE
- 50.30%
- ROCE
- 56.40%
- ROA
- 8.15%
- Dividend Y
- 0.42%
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.61
- Book Value
- 299.00
Cash Flow
- FCF Yield
- 1.00%
- FCF Positive Y
- 1/5
- OCF
- 164.00 Cr
- EPS TTM
- 44.03
Shareholding
- Promoter Hold
- 52.58%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.