Schaeffler India Q1: revenue +17% YoY lifts consol PAT to ₹326 Cr (+13%), margins ease

Schaeffler India delivered a steady June quarter with strong topline but profit growth lagging revenue. On a consolidated basis (primary), revenue from operations rose 17.3% YoY to ₹2,760.6 Cr (up 6.8% QoQ from ₹2,585.6 Cr) while net profit grew 13.5% YoY to ₹325.8 Cr (up 3.1% QoQ). Standalone told a near-identical story — revenue ₹2,681.4 Cr (+17.5% YoY) and PAT ₹336.7 Cr (+13.7% YoY) — so the divergence between the two is immaterial and driven only by the loss-making subsidiary. Consolidated basic EPS was ₹20.8 versus ₹18.4 a year ago.

The print was topline-led: growth came overwhelmingly from Automotive Technologies, up 33.3% YoY to ₹940.3 Cr, and from intercompany exports up 23.8% YoY to ₹464.8 Cr, while Bearings & Industrial Solutions was soft at ₹942.9 Cr (+5.0%). Because profit (+13.5%) trailed revenue (+17.3%), margins compressed modestly — net profit margin eased to 11.8% from 12.2% a year ago and 12.0% last quarter, and EBITDA margin slipped to roughly 18.1% from ~18.5%. The squeeze sits on the material line: consumed materials plus traded-goods purchases ran near 61.2% of sales versus 60.7% a year ago, and depreciation rose 12.9% YoY to ₹91.1 Cr as the capex programme ramps. There were no exceptional items on either side, so reported and adjusted growth are the same.

The stock went into the print at ₹4,199.2, down 3.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

On expectations, no formal brokerage consensus for this specific quarter surfaced, and the company gives no formal revenue or margin guidance — so there is no numeric bar to score against. Against management's qualitative outlook from the last concall, the result confirms rather than contradicts: they had projected robust automotive demand and 10-12% export growth for CY26, and both showed up — auto +33% and exports +24%, the latter comfortably ahead of the guided range. The concurrent board actions are operational rather than financial: the appointment of Amit Dinesh Bhalerao as COO (effective Aug 10, 2026), a first-in-India BIS licence for cylindrical roller bearings, and two new directors. The one drag inside the consolidation is the wholly-owned subsidiary KRSV Innovative Auto Solutions, which lost ₹17.4 Cr in the quarter and pulls consolidated PAT below standalone.