1. Opening Hook

SKF’s quarter felt like a Bollywood breakup scene — Automotive sulked, Industrial flexed, and margins cried in the corner. Add a demerger subplot with lawyers and IT consultants billing overtime, and you’ve got a drama more layered than a Christopher Nolan flick. And yes, services are suddenly the “side hustle” everyone forgot existed. Stick around — it only gets spicier when analysts ask about tractors, windmills, and Mahindra SUVs.

2. At a Glance

• Revenue up 6% – Basically GDP-level growth, no fireworks.
• Industrial +13% – Railways and wind power turned up like surprise guests at the party.
• Automotive -0.4% – Two-wheelers ghosted them, PVs barely texted back.
• Exports -1% – Trade wars & tariffs said “not today.”
• Margins down 530 bps – Consultants, IT spends, and rupee depreciation ate the samosas.
• Cash flow +13% – At least the kitty party fund grew.

3. Management’s Key Commentary

Mukund Vasudevan (MD):

“Industrial grew 13%, led by railways and wind.”
(Translation: When trains and turbines love you, who needs scooters? 🚂🌬️)

“Automotive was flat at -0.4%.”
(Read: Auto ghosted us harder than Gen-Z on WhatsApp.)

“Margins fell 530 bps due to demerger, FX, and increments.”
(Consultants and HR increments = silent killers of P&L.)

“Two fit-for-purpose companies post demerger will unlock value.”
(Translation: Breakup is mutual, we promise. Investors get custody of both kids.)

Ashish Saraf (CFO):

“Demerger costs this quarter: ₹184 mn.”
(AKA SAP + consultants, the modern corporate arranged marriage.)

“Services contribute ~3% of revenue, 6% in Industrial.”
(Read: Side hustle still tiny, but dreams of being the next Zomato.)

4. Numbers Decoded

5. Analyst Questions

• Capex at Ahmedabad plant?
  Answer: Already running, more investments by 2027.
  (Translation: Wait for 2.5 years, then clap.)