, the Indian subsidiary of Sweden’s AB SKF, reported 15.4% revenue growth in FY26 to ₹2,129.6 crore as the bearings maker used its recent demerger to sharpen focus on two of India’s biggest long-term opportunities: electric mobility and infrastructure-led industrial expansion. Profit before tax fell 33.8% to ₹235 crore due to one-time restructuring and regulatory costs.
In the fourth quarter ended March 31, 2026, SKF India’s standalone revenue from operations grew 20.7% year-on-year to ₹594.5 crore, supported by broad-based demand across two-wheelers, three-wheelers, passenger vehicles and commercial vehicles, while profit before tax fell 58.4% to ₹46.1 crore from ₹110.7 crore a year earlier.
SKF India is one of the country’s leading manufacturers and suppliers of bearings, seals, lubrication systems and industrial services, serving automotive and industrial customers through facilities in Pune, Bengaluru, Haridwar and Mysore.
Demand drives growth
The company said both quarterly and annual performance were supported by operational discipline, technology-led offerings and continued momentum in the Indian automotive sector, as customers increasingly sought higher efficiency, reliability and performance. Exceptional items during the year included non-recurring expenses related to corporate restructuring and compliance with new regulations.
Demerger aligns SKF with EV, infra opportunities
Following the January 2026 restructuring, SKF’s India operations are now split into separate automotive and industrial businesses with distinct growth trajectories, aligning the company more closely with two of India’s largest structural opportunities: electric mobility and infrastructure-led industrial expansion.
Analysts expect the automotive business to grow 9.9% to 11% annually, slightly ahead of the broader vehicle market, driven by increasing demand for e-powertrain systems, low-friction wheel-end solutions and high-durability bearings used in electric and conventional vehicles.
SKF supplies to major automakers including Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Bajaj Auto, TVS Motor, Hero MotoCorp, Ashok Leyland and Volvo Eicher Commercial Vehicles, while also expanding partnerships with electric two- and three-wheeler startups.
The industrial business is viewed as the company’s longer-term growth engine, with some brokerage estimates projecting annual growth of as much as 45.1%, supported by infrastructure spending and rising demand from wind energy, railways, steel, cement and heavy manufacturing.
“Our performance this quarter is driven by sustained demand across key automotive segments and strong execution across the value chain,” said Shailesh Kumar Sharma, Managing Director of SKF India.
“As we build on our independent business, we remain focused on scaling through technology-led innovation, localization and capacity expansion,” Sharma said.
He added that SKF has strengthened its manufacturing, supply chain and digital capabilities and continues to work closely with customers through its sales and application engineering teams to deliver application-led solutions.
₹100-crore capex plan
Leading analysts said management has outlined annual capital expenditure of ₹80 crore to ₹100 crore to support capacity expansion, product localization and import substitution across SKF’s manufacturing facilities in Pune, Bengaluru and Haridwar, while the industrial business also oversees the group’s specialized seals plant in Mysore.
Brokerages turn neutral
Brokerages said the demerger could sharpen strategic focus and improve operational agility, allowing the automotive business to respond faster to the EV transition while enabling the industrial business to build a more diversified, service-led model.
Several analysts have adopted a “Neutral” or “Hold” stance as they await clearer evidence of margin recovery amid higher raw material and energy costs and residual restructuring expenses.