SKF India · risk themes across the available quarters.
Bear-case history
Vehicle aftermarket saw slight volume reduction with management acknowledging competition from fake products and grey market. Recovery strategy planned over next five months but success uncertain.
EV-related products are in development phase with revenue visibility only by 2028. Multiple development platforms need to transition successfully to production, creating execution risk.
Management acknowledged commodity inflation discussions with OEMs are work-in-progress with 1-2 quarter lag typical. Gross margin may face pressure if pass-through timing mismatches with cost inflation.
SKF India supplies to and sources from SKF Industrial (demerged entity). Related party transfer pricing creates margin complexity until own manufacturing capacity scales up, potentially compressing near-term profitability.