Nature of the Event

Regulatory filing of the complete transcript for the 65th Annual General Meeting (AGM) of SKF India Limited, held on 14th August 2026 through video conferencing. The document was submitted to the National Stock Exchange of India Limited and BSE Limited.

Key Quantitative Figures & Financial Performance (FY 2025-26)

  • Standalone Revenue: ₹2,129 Crores (growth of approximately 15.4% YoY).
  • Profit Before Tax (PBT): ₹235 Crores (decline of approximately 34% YoY, attributed to one-off factors).
  • Profit After Tax (PAT): ₹117 Crores.
  • EBITDA Margin: 15%.
  • Earnings Per Share (EPS): ₹23.7.
  • Book Value Per Share: ₹269.
  • Final Dividend: Recommended a final dividend of ₹40 per equity share (400%) for the financial year ended 31st March 2026.

Strategic & Operational Highlights

  • Demerger Completion: Effective 1st October 2025, the company completed the demerger of its industrial business. SKF India is now a pure-play automotive company focused on OEM and aftermarket segments.
  • New Brand Identity: The company is rebranding to SKF Vertevo (from Latin 'vert' and 'evo,' meaning to turn/transform).
  • New Purpose & Strategy: The company's purpose is "We Move People Further." The strategy is focused on high-growth segments, e-mobility, portfolio optimization, and sustainability.
  • Manufacturing Strategy: Focus on 'Lean, Green, Digital' across its three plants in Pune, Haridwar, and Bangalore.
  • Capacity & CAPEX: Current capacity utilization is above 90%. A ₹500 Crore CAPEX plan is approved until 2028, with ₹170-200 Crore to be spent in FY 2026-27, primarily for capacity expansion across all plants.
  • R&D & Innovation: The Global Automotive Technical Centre in Bangalore is a center of excellence. The SKF Group spends ~4% of revenue on R&D globally. A key innovation highlighted is a high-speed deep-groove ball bearing for EVs capable of operating at 20,000 RPM.
  • Sustainability Achievements:
  • All three manufacturing plants (Pune, Haridwar, Bangalore) are certified as 'decarbonized plants' and run on >90% renewable energy.
  • Scope 2 GHG emissions from electricity consumption have been eliminated.
  • Plants in Bangalore and Haridwar are water positive; Pune plant is targeted to be water positive soon.
  • Received recognitions like 'Gold Supplier Clean Energy Champion' from TVS Motor Company.

Corporate Governance & Compliance

  • Board Composition: The transcript introduces the Board of Directors and Key Managerial Personnel present at the AGM, including their committee memberships.
  • Audit Reports: The statutory financial audit report and secretarial audit report for FY 2025-26 contained no qualifications, observations, or adverse remarks.
  • Voting Process: Remote e-voting was available from 11th August 2026 (9:00 AM IST) to 13th August 2026 (5:00 PM IST). E-voting during the meeting remained open for 15 minutes after its conclusion.
  • Scrutinizer: Mr. Jayavant Bhave of M/s. J. B. Bhave and Company was appointed as the scrutinizer for the vote.

Resolutions Put to Vote

The following resolutions, as per the notice dated 1st July 2026, were proposed for shareholder approval:

1. Ordinary Business (Agenda 1): Adoption of audited standalone and consolidated financial statements for FY 2025-26.

2. Ordinary Business (Agenda 2): Declaration of a final dividend of ₹40 per share (400%).

3. Ordinary Business (Agenda 3): Re-appointment of Mr. Magnus Prick, who retires by rotation.

4. Special Business (Agenda 4): Approval of material related party transaction with SKF India Limited.

5. Special Business (Agenda 5): Approval of material related party transaction with SKF GmbH Germany.

6. Special Business (Agenda 6): Ratification of remuneration of the cost auditor for FY 2026-27.

7. Special Business (Agenda 7): Approval of remuneration to Non-Executive Directors by way of commission.

8. Special Business (Agenda 8): Approval of remuneration payable to Mr. Gopal Subramanyam in excess of 50% of the total annual remuneration payable to all Non-Executive Directors for FY 2025-26.

Shareholder Q&A Summary

Key questions from shareholders and management's responses included:

  • Capacity Utilization: Confirmed to be in excess of 90-95%.
  • R&D Spend: SKF Group spends ~4% of revenue globally. The Bangalore tech center has ~150 engineers.
  • AI/Cybersecurity: Multiple pilot programs on AI/ML are running; cybersecurity budget allocation was ~₹2 Crore last year.
  • Attrition: Overall company attrition is ~15%; leadership-level attrition is ~5%.
  • Employee Strength: 933 on-roll employees, with a gender diversity ratio of 19% (200 female employees).
  • IEPF: During the year, ₹24.98 lakhs in funds and 21,375 equity shares were transferred to the IEPF authority.
  • Competition: Schaeffler and Timken were cited as key benchmarks.
  • Future Plans: Focus on capacity expansion, e-mobility technology, and aiming for market leadership in innovation.
  • Plant Visits: Management committed to arranging future investor plant visits.

Other Key Dates and Information

  • Record Date for Dividend: The notice of the AGM was sent to shareholders registered as of the cut-off date, Friday, 3rd July 2026.
  • E-voting Eligibility: Shareholders on the register of members as of the cut-off date, 7th August 2026, were eligible to vote.
  • Availability of Records: The statutory registers and annual report were made available for inspection on the company's website.