SKF India (Industrial) revenue rises 28% to Rs 104.286 crore

SKF India (Industrial) Limited reported revenue from operations of Rs 104.286 crore for the quarter ended September 30, 2026, up 28% from Rs 81.306 crore a year earlier. The company also recorded six-month revenue of Rs 201.363 crore, 23% above the comparable prior-year period, although operating cash flow declined.

What was SKF India (Industrial)'s September-quarter revenue growth?

SKF India (Industrial) recorded September-quarter revenue from operations of Rs 104.286 crore, an increase of Rs 22.980 crore from Rs 81.306 crore in the quarter ended September 30, 2025. The increase was about 28% year on year, based on the company's unaudited financial results released on November 4, 2026.

Revenue also rose sequentially from Rs 97.077 crore in the quarter ended June 30, 2026. That was an increase of Rs 7.209 crore, or about 7%, over the preceding quarter. The company identifies its business as a single segment, manufacturing bearings and other related components, rather than reporting separate operating segments.

For the six months ended September 30, 2026, revenue from operations was Rs 201.363 crore, compared with Rs 163.369 crore in the corresponding 2025 period. The Rs 37.994 crore increase equated to about 23% growth. Other income in the latest six months was Rs 5.463 crore, compared with Rs 2.769 crore in the prior-year period.

Which costs changed in SKF India (Industrial)'s September quarter?

SKF India (Industrial)'s largest disclosed September-quarter expense line was purchases of stock-in-trade at Rs 55.051 crore, up Rs 19.223 crore from Rs 35.828 crore a year earlier. Cost of materials consumed rose by Rs 1.409 crore to Rs 16.459 crore, while employee benefits expense increased by Rs 0.409 crore to Rs 5.922 crore.

Inventory movements changed materially between the two September quarters. Changes in inventories of finished goods, work-in-progress and stock-in-trade were a credit of Rs 0.420 crore in the September 2026 quarter, compared with an expense of Rs 3.694 crore in September 2025. This line reduced reported expenses in the latest quarter, whereas it added to expenses in the prior-year quarter.

Other expenses rose to Rs 14.7223 crore from Rs 10.419 crore in the year-earlier quarter, while depreciation and amortisation increased to Rs 1.060 crore from Rs 0.791 crore. Finance costs were Rs 0.620 crore, compared with Rs 0.070 crore in September 2025, according to the quarterly statement.

How did SKF India (Industrial)'s first-half costs and profit compare?

SKF India (Industrial)'s profit before tax and exceptional items was Rs 221.29 crore for the six months ended September 30, 2026, compared with Rs 230.49 crore in the corresponding 2025 period. Thus, revenue increased by Rs 37.994 crore over the period, while this pre-exceptional profit measure decreased by Rs 9.20 crore.

Purchases of stock-in-trade for the latest six months were Rs 117.765 crore, up from Rs 80.463 crore a year earlier. Materials consumed increased to Rs 32.251 crore from Rs 26.996 crore, and employee benefits expense rose to Rs 11.952 crore from Rs 10.823 crore.

Depreciation and amortisation for the first half increased to Rs 2.088 crore from Rs 1.495 crore in the prior-year period. At September 30, 2026, property, plant and equipment stood at Rs 257.69 crore, compared with Rs 184.18 crore at March 31, 2026, while capital work-in-progress declined to Rs 89.84 crore from Rs 134.27 crore.

What did SKF India (Industrial)'s cash flow and balance sheet show?

SKF India (Industrial) generated net cash flow from operating activities after exceptional items of Rs 43.15 crore in the six months ended September 30, 2026, down from Rs 151.75 crore in the comparable 2025 period. Cash generated from operations before exceptional items was Rs 104.54 crore, versus Rs 263.96 crore a year earlier.

Working-capital movements differed across the two periods. Inventories increased by Rs 136.86 crore in the latest half year, compared with a Rs 22.36 crore increase in the prior-year period. Trade receivables decreased by Rs 106.15 crore in the latest period after increasing by Rs 96.18 crore in the corresponding 2025 period.

Payments for property, plant and equipment, including capital work-in-progress, were Rs 162.04 crore, compared with Rs 100.05 crore a year earlier. SKF India (Industrial) paid Rs 148.35 crore in dividends during the latest six months, and cash and cash equivalents decreased to Rs 318.38 crore at September 30, 2026 from Rs 569.17 crore at March 31, 2026.

On the balance sheet, inventories rose to Rs 672.64 crore at September 30, 2026 from Rs 535.78 crore at March 31, 2026. Trade receivables moved in the opposite direction, declining to Rs 727.89 crore from Rs 828.02 crore. Total equity was Rs 1,493.87 crore at September 30, compared with Rs 1,476.85 crore at the previous financial year-end.

How comparable are SKF India (Industrial)'s prior-year figures?

SKF India (Industrial)'s September 2025 comparatives relate to the industrial undertaking demerged from SKF India Limited. The National Company Law Tribunal, Mumbai Bench, approved the arrangement through an order dated September 26, 2025, and the companies fixed October 1, 2025 as both the appointed and effective date.

Under the scheme, SKF India (Industrial) recorded the demerged undertaking's assets, liabilities and retained earnings at carrying values. It allotted 4,94,37,963 fully paid equity shares of Rs 10 each to shareholders on a 1:1 exchange ratio, and its shares were listed on the BSE and National Stock Exchange on December 5, 2025.

The company said that the quarter and six months ended September 30, 2025 were extracted by management from financial information for the demerged undertaking. Those figures were certified by management and were not audited or reviewed by SKF India (Industrial)'s statutory auditors, whereas Deloitte Haskins & Sells LLP issued an unmodified review conclusion on the September 2026 results.

Conclusion

SKF India (Industrial)'s September-quarter revenue rose 28% to Rs 104.286 crore, with stock-in-trade purchases increasing by Rs 19.223 crore and the inventory-change line moving from a Rs 3.694 crore expense to a Rs 0.420 crore credit. For the six months, revenue rose 23%, while profit before tax and exceptional items declined to Rs 221.29 crore and operating cash flow after exceptional items fell to Rs 43.15 crore.

The disclosed issue to watch is the finalisation of Central and State rules and government clarifications under four Labour Codes notified on November 21, 2025. SKF India (Industrial) said it will assess any required accounting effect on employee-benefit liabilities; it had recognised an incremental gratuity impact of Rs 3.49 crore during the year ended March 31, 2026.