SKPBEARING Q1 FY27 earnings call.
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Revenue
₹22.11 Cr
verified against source
Revenue YoY
—
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EBITDA
Pending
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What the record says.
SKP Bearing reported YoY improvement in Q1 FY27 across top-line and profitability metrics on a standalone basis, driven by new customer additions in India and gradual recovery in the France subsidiary. However, consolidated EBITDA margins declined due to one-time financial costs from France loan restructuring. The ball plant remains significantly underutilized at 17% against original 50-60% targets, with management now guiding for 30-40% utilization for full-year FY27, contributing ~30 crore in annual revenue at 50% utilization. France break-even is targeted for Q4 FY27, with major pre-acquisition customers now in sample submission phase. Export contribution has started increasing and management targets ~20% of consolidated revenue from exports within 2-3 years. India standalone 110 crore revenue target and 150-160 crore for 20% EBITDA margin remain the medium-term goals. Key risks include customer inertia on order conversion, ongoing cash support needed for France, and geopolitical/raw material cost volatility.
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Guidance to track
- France subsidiary expected to achieve break-even around end of current fiscal year, supported by customer onboarding and SOP increases from existing customers.
- Full-year ball plant utilization expected between 30-40%, with month-to-month improvements as customer validations complete and existing customer orders ramp up.
- Management calculation shows approximately 150-160 crore consolidated revenue needed to structurally cross 20% EBITDA margin, targeted to be achieved in coming years.
- Export percentage currently 5-10%, expected to increase to approximately 20% of consolidated revenue within 2-3 years as existing and new global customer nominations convert to revenue.
Risks flagged
- Several commercially-approved customers are waiting for other companies to shift first before committing to SKP, creating a chicken-and-egg situation that delays volume ramp-up.
- France subsidiary will require continued capital infusion from parent until break-even is achieved, with additional potential investments for new customer requirements not yet finalized.
- Ball plant utilization remained at 17% versus original guidance of 50-60% by this stage, with improvement dependent on customer validation timelines that are outside management control.
- Customers awaiting QCO (Quality Control Order) implementation before committing to Indian supplier shift, but regulatory timeline remains unclear with government and WTO hurdles.
Key quotes
- We are seeing both. We are having new customers as well as new SOPs and current customers as well as schedule increase of existing parts. It's both actually.
- First focus is very clear: do a turnaround. Let us have a profitability level something very little then we focus on a better product margin. Margins are good. No problem for the margins. You need to be cost efficient.
- When niche products come or when we are supplying niche products where more R&D is involved, so there we are holding a margin that is profit margin of 50 to 60%. Where it is standard part but complex, we expect between 30 to 45%.
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