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SKF India Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤5th Feb 26

Summary : SKF India Limited reported Q3/9M FY2026 unaudited consolidated and standalone financial results with an unmodified review opinion, appointed new tax auditors, and detailed the financial impact of the recent demerger and new Labour Codes.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed.
  2. Purchases of stock-in-trade.
  3. Employee benefits expense.
  4. Depreciation and amortisation expense.
  5. Finance cost.
  6. Other expenses.
  7. Consolidated Revenue from Operations Q3 FY26: INR 5,766.4 million.
  8. Consolidated Revenue from Operations 9M FY26: INR 31,688.5 million.
  9. Standalone Revenue from Operations Q3 FY26: INR 5,766.4 million.
  10. Standalone Revenue from Operations 9M FY26: INR 15,350.5 million.
  11. Demerger scheme involves transfer of land parcels between SKF India Limited and SKF India (Industrial) Limited.
  12. Both standalone and consolidated results presented.
  13. Consolidated includes subsidiary (SKF India Industrial) and associates (Sunstrength Renewables, Clean Max Taiyo).
  14. Demerger of Industrial Undertaking impacts consolidated structure.

Corporate Overview

  1. Primarily operates within India.
  2. Incremental impact from new Labour Codes.
  3. Significant demerger expenses for land transfer.
  4. Manufactures bearings and other related components.
  5. Factual and compliance-oriented, reporting financial results and corporate actions.
  6. Operates as a single business segment.

Risk Factors

  1. Impact of new Labour Codes.
  2. Significant demerger-related expenses.
  3. Unreviewed financial results of associates.
  4. Monitoring Labour Code rules.

Key Drivers

  1. Unaudited financial results approved.
  2. New tax auditors appointed.
  3. Demerger scheme implemented.
  4. Equity shares listed on exchanges.

Auditor’s Report

  1. Unmodified review conclusion on unaudited financial results.

Board Commentary

  1. Impact of new Labour Codes on gratuity.
  2. Demerger-related stamp duty and transfer premium costs.
  3. Statutory impact from new Labour Codes (gratuity).
  4. Demerger expenses for IT, professional services.
  5. Estimated transfer premium for land parcels.

Corporate Governance

  1. Audit Committee recommended financial results and auditor appointment.

Management Discussion & Analysis

Future Strategy

  1. Monitoring finalization of Central/State Rules for Labour Codes.

Risk Control Measures

  1. Assessing Labour Code impact based on legal advice.
  2. Accounting for demerger as common control transaction.

Critical Risks

  1. Financial impact from new Labour Codes.
  2. Demerger expenses for land transfer costs.