Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Schaeffler India Ltd.
NSE: SCHAEFFLERConsumer CyclicalAuto Parts
- Last close
- ₹3,473.20
- Day change
- −₹54.10 (−1.53%)vs
- Market cap
- ₹57,115 crIndian rupees
- Research updated
- 1 report
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About Schaeffler India
Schaeffler India Ltd., a prominent player in the automotive and industrial sector, is renowned for its comprehensive portfolio of precision products and systems. As a key subsidiary of the global Schaeffler Group, this company plays a pivotal role in the manufacturing of components and systems for engines, transmissions, and chassis applications, alongside offering significant contributions to industrial applications. Schaeffler India is instrumental in enhancing mechanical power transmission, providing cutting-edge solutions that drive efficiency and performance across various industries such as automotive, aerospace, railway, and industrial machinery. With a solid manufacturing base in India, the company serves both domestic and international markets, underlining its market significance with a commitment to technological innovation and sustainability in engineering solutions.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: SCHAEFFLER
- Next results
- Chief executive
- Mr. Harsha Gopal Kadam
- Employees
- 3,120
- Headquarters
- Pune, India
- ISIN
- INE513A01022
- Website
- schaeffler.co.in
Public research · Report of
Business model & financial foundation
Schaeffler India (NSE: SCHAEFFLER), Rolling bearings, automotive components and aftermarket solutions: revenue of ₹9,686 crore in FY25 (+17.7% on FY24), an EBITDA margin of 18.2%, net profit of ₹1,150 crore and net cash of ₹1,791 crore.
- Revenue, FY25 (₹ crore)
- 9,686
- consolidated
- Revenue growth, FY25
- +17.7%
- on FY24
- EBITDA margin, FY25
- 18.2%
- EBITDA (revenue - cogs - employee - other expenses) / revenue
- Net profit, FY25 (₹ crore)
- 1,150
- to owners
- Return on equity, FY25
- 20.2%
- on average equity
- Net debt, FY25 (₹ crore)
- -1,791
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 63,861
- at the close of 14 Oct 2026
Company profile
Schaeffler India is the listed Indian arm of Germany's Schaeffler group, making rolling and plain bearings, engine, transmission and chassis components, clutch systems and e-mobility parts for vehicle makers (Automotive Technologies), aftermarket repair solutions (Vehicle Lifetime Solutions), and bearings for industrial, railway, wind and power transmission customers (Bearings & Industrial Solutions), plus exports to group companies. It operates plants at Vadodara (Maneja, Savli), Pune (Talegaon), Hosur and Shoolagiri, and reports on a January-December fiscal year.
| Item | Value |
|---|---|
| Legal name | Schaeffler India Limited (formerly FAG Bearings India Limited) |
| Exchange and ticker | NSE: SCHAEFFLER; BSE: 505790 |
| ISIN | INE513A01022 |
| Sector | Auto components and industrial machinery |
| Industry | Rolling bearings, automotive components and aftermarket solutions |
| Headquarters | Pune, India |
| Fiscal year end | December |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2021) |
| Market capitalisation | ₹63,861 crore (14 Oct 2026) |
| Shares outstanding | 15.63 crore shares (FY25) |
| Price | ₹3,621 (close, 14 Oct 2026) |
| 52-week range | ₹3,518 - ₹4,468 (to 14 Oct 2026) |
| Website | https://www.schaeffler.co.in |
Corporate structure and shareholding
Parent: Schaeffler AG (Germany), promoter group holding 74.13%.
| Entity | Holding | Business |
|---|---|---|
| KRSV Innovative Auto Solutions Private Limited (Koovers) | 100% | Digital B2B auto spare-parts distribution platform for independent workshops; acquired 8 Sep 2023 for INR 142.4 cr; loss-making |
No material subsidiary per the CY2025 annual report.
| Shareholding (% of shares) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 |
|---|---|---|---|---|
| Promoter | 74.13% | 74.13% | 74.13% | 74.13% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.46% | 4.45% | 4.25% | 4.36% |
| Domestic institutions | 16.16% | 16.13% | 16.35% | 16.22% |
| of which mutual funds | 14.86% | 14.84% | 15.11% | 14.94% |
| Retail | 5.25% | 5.30% | 5.28% | 5.29% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Schaeffler India, 74.13% owned by Schaeffler AG, makes bearings and automotive components. It sells into four channels. Standalone mix in Q2 CY26: Automotive Technologies 35% (OE components for PV, 2W, CV and tractors, plus e-axles); Vehicle Lifetime Solutions 12% (aftermarket); Bearings & Industrial Solutions 35% (rail, wind, metals, power transmission, construction); and intercompany exports & others 17%. Koovers, a loss-making B2B spare-parts platform, adds about 79 cr of revenue a quarter.
The company draws on the parent's technology and brand, paying a technology/trademark fee of 189 cr in CY25, and buys 28% of revenue from group entities. Localisation is at about 80%. Pricing power is partial: management recovers about 70% of input-cost rises.
| Segment | revenue, FY25 (₹ crore) | Share |
|---|---|---|
| Automotive Technologies | 3,137 | 32.4% |
| Vehicle Lifetime Solutions (aftermarket) | 1,140 | 11.8% |
| Bearings & Industrial Solutions | 3,687 | 38.1% |
| Intercompany Exports & Others | 1,432 | 14.8% |
| KRSV Innovative Auto Solutions (Koovers) subsidiary revenue (outside standalone) | 291.9 | 3.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Timken India (TIMKEN) | Listed bearings subsidiary of a global parent; closest business and ownership analogue |
| SKF India (SKFINDIA) | Listed bearings MNC subsidiary; automotive business after demerger of industrial arm |
| Bosch Ltd (BOSCHLTD) | German-parented listed auto component MNC with aftermarket and royalty structure |
| Sona BLW Precision Forgings (SONACOMS) | Driveline and e-mobility auto component peer competing for EV content |
| ZF Commercial Vehicle Control Systems India (ZFCVINDIA) | German-parented listed auto component subsidiary with export to parent |
| Endurance Technologies (ENDURANCE) | Diversified two-wheeler and PV component peer |
| NRB Bearings (NRBBEARING) | Domestic needle and roller bearings peer |
Financial databook
| Profit and loss (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue from operations | 5,480 | 6,742 | 7,251 | 8,232 | 9,686 |
| Cost of revenue (vendor classification) * | 3,689 | 4,503 | 4,750 | 5,447 | 6,305 |
| Other operating costs (vendor classification) * | 482.2 | 631.7 | 709.5 | 795.3 | 1,001 |
| EBITDA (vendor classification) * | 1,044 | 1,373 | 1,442 | 1,563 | 1,913 |
| EBIT * | 846.5 | 1,180 | 1,217 | 1,281 | 1,566 |
| Finance cost | 3.34 | 3.09 | 4.27 | 4.36 | 5.22 |
| Profit before tax | 843.1 | 1,177 | 1,214 | 1,278 | 1,562 |
| Total tax expense | 214.0 | 297.8 | 314.8 | 338.9 | 412.0 |
| Profit for the year | 629.1 | 879.2 | 899.0 | 938.9 | 1,150 |
| Diluted EPS (₹) | 40.30 | 56.30 | 57.50 | 60.10 | 73.60 |
| Cost of goods sold (materials + traded goods + inventory change) | 4,503 | 5,157 | 5,933 | ||
| Employee benefits expense | 461.9 | 542.2 | 608.6 | ||
| Other expenses | 965.0 | 1,088 | 1,382 | ||
| EBITDA (revenue - cogs - employee - other expenses) | 1,321 | 1,445 | 1,763 | ||
| Other income | 124.6 | 118.3 | 148.3 | ||
| Depreciation and amortisation | 223.0 | 281.6 | 343.7 | ||
| Exceptional items (charge negative) | -4.70 | 0.00 | 0.00 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Share of associates/JVs | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 899.0 | 938.9 | 1,150 |
| Balance sheet (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Total equity | 3,654 | 4,286 | 4,805 | 5,334 | 6,048 |
| Borrowings (lease liabilities only; no bank debt) | 60.7 | 57.4 | 51.1 | 55.5 | 54.7 |
| Cash and cash equivalents | 184.8 | 166.0 | 69.7 | 463.9 | 963.8 |
| Trade receivables | 846.3 | 1,032 | 1,056 | 1,293 | 1,657 |
| Inventories | 1,086 | 1,243 | 1,316 | 1,470 | 1,772 |
| Trade payables (MSME + others) | 964.5 | 1,112 | 1,055 | 1,128 | 1,683 |
| Property, plant and equipment (excl. right-of-use assets) | 8.72 | 1,122 | 1,185 | 1,720 | 1,957 |
| Capital work in progress | 89.2 | 249.3 | 490.8 | 449.1 | 334.5 |
| Total assets | 4,896 | 5,727 | 6,267 | 6,883 | 8,213 |
| Other bank balances (incl. fixed deposits) | 1,516 | 886.1 | 881.8 | ||
| Net debt (negative = net cash) | -1,535 | -1,295 | -1,791 |
| Cash flow (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net cash from operating activities | 263.5 | 709.5 | 884.5 | 839.9 | 1,290 |
| Free cash flow (vendor definition) * | 280.5 | 267.5 | 364.4 | 95.9 | 826.2 |
| Dividends paid (outflow negative) | -118.8 | -250.1 | -375.1 | -406.4 | -437.7 |
| Purchase of PPE and intangibles (outflow negative) | -182.6 | -478.8 | -520.1 | -744.0 | -463.8 |
| Other reported lines (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Shares outstanding * | 15.63 | 15.63 | 15.63 | 15.63 | 15.63 |
| Quarterly profit and loss (₹ crore) | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,116 | 2,136 | 2,174 | 2,353 | 2,435 | 2,724 | 2,586 | 2,761 |
| Cost of revenue (vendor classification) * | 1,322 | 1,358 | 1,348 | 1,428 | 1,665 | 1,593 | 1,688 | |
| Other operating costs (vendor classification) * | 284.6 | 280.0 | 298.9 | 342.5 | 403.4 | 367.1 | 412.6 | |
| EBITDA (vendor classification) * | 396.4 | 405.2 | 426.4 | 473.2 | 527.4 | 520.6 | 535.7 | |
| EBIT * | 323.1 | 327.1 | 343.3 | 392.4 | 435.4 | 430.2 | 444.6 | |
| Finance cost | 1.06 | 0.87 | 1.56 | 1.08 | 0.97 | 1.61 | 1.18 | 1.37 |
| Profit before tax | 322.0 | 326.2 | 341.7 | 391.4 | 395.5 | 433.8 | 429.0 | 443.2 |
| Total tax expense | 85.6 | 88.9 | 90.1 | 104.2 | 106.2 | 111.4 | 112.9 | 117.4 |
| Profit after tax | 236.4 | 237.3 | 251.6 | 287.1 | 289.3 | 322.4 | 316.1 | 325.8 |
| Diluted EPS (₹) | 15.10 | 15.20 | 16.10 | 18.40 | 18.50 | 20.60 | 20.20 | 20.80 |
| COGS (materials + stock-in-trade purchases + change in inventories) | 1,322 | 1,358 | 1,348 | 1,428 | 1,491 | 1,665 | 1,593 | 1,688 |
| Employee benefits expense | 140.5 | 127.5 | 134.7 | 151.5 | 151.1 | 171.4 | 147.3 | 160.7 |
| Other expenses | 284.6 | 280.0 | 298.9 | 342.5 | 336.8 | 403.4 | 367.1 | 412.6 |
| EBITDA (excl. other income) | 368.8 | 370.4 | 392.8 | 430.1 | 455.9 | 484.1 | 478.3 | 499.0 |
| Other income | 27.6 | 34.8 | 33.6 | 43.0 | 28.4 | 43.3 | 42.3 | 36.7 |
| Depreciation and amortisation | 73.3 | 78.1 | 83.1 | 80.7 | 87.9 | 92.0 | 90.5 | 91.1 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates / JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 236.4 | 237.3 | 251.6 | 287.1 | 289.3 | 322.4 | 316.1 | 325.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue growth | 47.4% | 23.0% | 7.6% | 13.5% | 17.7% |
| EBITDA margin | 18.2% | 17.6% | 18.2% | ||
| Net margin | 12.4% | 11.4% | 11.9% | ||
| Return on equity | 19.8% | 18.5% | 20.2% | ||
| Return on capital employed | 24.5% | 29.3% | 26.5% | 25.0% | 27.3% |
| Return on assets | 15.0% | 14.3% | 15.2% | ||
| Net debt (₹ crore) | -1,535 | -1,295 | -1,791 | ||
| Net debt / EBITDA | -1.16x | -0.90x | -1.02x | ||
| Interest cover | 253.4x | 381.9x | 284.9x | 293.9x | 300.1x |
| Asset turnover | 1.21x | 1.27x | 1.21x | 1.25x | 1.28x |
| Receivable days | 56 | 56 | 53 | 57 | 62 |
| Inventory days (on revenue) | 72 | 67 | 66 | 65 | 67 |
| Payable days (on revenue) | 64 | 60 | 53 | 50 | 63 |
| Cash conversion | 0.98x | 0.89x | 1.12x | ||
| Capex intensity | 3.3% | 7.1% | 7.2% | 9.0% | 4.8% |
| Free cash flow (₹ crore) | 81.0 | 230.7 | 364.4 | 95.9 | 826.2 |
| Dividend payout | 41.7% | 43.3% | 38.0% | ||
| EPS, diluted (₹) | 40.30 | 56.30 | 57.50 | 60.10 | 73.60 |
| Book value per share (₹) | 233.8 | 274.2 | 307.4 | 341.3 | 386.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue - cogs - employee - other expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue - cogs - employee - other expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Schaeffler India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Schaeffler India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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