SKF India Industrial Q4 FY26: Sales rise, margins reset after demerger costs

Revenue from operations in Q4 FY26 was INR 9,457 million (about INR 945.7 crore), up 9.8% QoQ from INR 8,610 million in Q3 FY26.

For Q4 FY26, the presentation showed a sales mix of OEM 50%, Distribution 32%, SKF India 9%, Exports 5%, and Others 4%.

Reported PBT margin improved QoQ primarily due to lower one-time demerger-related expenses versus Q3 FY26, which included large exceptional items.

Management stated that excluding one-off demerger costs, Q4 FY26 PBT margin would be about 11.5%.

Management guided a capex plan of around INR 800 crore plus over FY26 to FY29/FY30, with a significant chunk for a new Pune plant expected to be commissioned by end of calendar year 2028.

Net working capital improved to 18.7% of sales in Q4 FY26. Net cash flow from operations for Q4 FY26 was INR 2,370 million (about INR 237.0 crore), with cash conversion shown as 263% in the presentation.