Whalesbook
Demerger Ke Baad Ajeeb Picture!
SKF India ne apne automotive aur industrial businesses ko alag kar diya hai aur uske baad se results mein ajeeb mix dikh raha hai. Revenue toh bhada hai, par kuch segments mein loss bhi ho raha hai, jisse investors thode confused hain.
Revenue Ki Tezi, Par Profit Mein Kami
Is saal FY26 mein SKF India ka revenue 15.4% badhkar ₹2,129.6 Crore ho gaya hai. Isme electric mobility aur infrastructure sectors ka bada hath hai. Q4 mein automotive segment ka revenue 20.7% badh kar ₹594.5 Crore ho gaya. Lekin, overall profit before tax poore saal ke liye 33.8% gir kar ₹235 Crore ho gaya. Q4 mein bhi profit before tax 58.4% gir gaya tha, jo pichle saal ₹110.7 Crore tha woh ab ₹46.1 Crore ho gaya. Iska main reason hai restructuring aur regulatory costs jo ek baar hue hain.
Competitors Ke Muqable Valuation Kam?
Market mein SKF India ek fast-moving industry mein hai, jahan auto component industry saalana 14.8% tak grow hone wali hai. Infrastructure mein bhi government ₹12.2 lakh Crore kharch kar rahi hai. Lekin, SKF India ka valuation baaki companies se kaafi kam hai. Jahan Schaeffler India 51x-59x P/E pe trade ho raha hai aur Timken India 61x-74x pe, wahi SKF India ka P/E sirf 17.12x-19.8x hai. Sector ka average bhi 26x-29x ke aas paas hai. Isse lagta hai ki market ko abhi bhi bharosa nahi hai ki SKF India apna revenue growth profit mein convert kar paayega.
Industrial Segment Mein Loss Ka Chakkar
Demerger ka sabse bada shock industrial segment se aaya hai. Q4 FY26 mein SKF India (Industrial) Limited ko ₹19.7 Crore ka net loss hua hai, jabki pichle saal issi quarter mein ₹203 Crore ka profit tha! Segment ka revenue bhi 51% gir gaya aur EBITDA margin bhi 5.6% tak aa gaya (jo pehle 23.4% tha).
Aage Ka Kya Plan Hai?
Management ₹80-₹100 Crore saalana CapEx karne ka plan bana rahi hai expansion aur localization ke liye. Analysts ko lagta hai ki automotive business 9.9% se 11% grow karega aur industrial segment bhi long-term mein 45.1% tak grow kar sakta hai. Company ne FY26 ke liye ₹40 per share ka dividend bhi recommend kiya hai. Par asal challenge cost control karna aur demerged businesses ko smoothly chalana hai. Analysts ne abhi 'Neutral' ya 'Hold' rating di hai, dekhna padega kab tak profit waapas track pe aata hai.