Schaeffler India, a supplier of automotive and industrial bearings and drivetrain components, reports into a quarter where demand ran strong on GST 2.0 but every input lever — steel, LPG/propane fuel, and a weaker rupee — moved against margins. The print will speak to whether the promised H2 price corrections via FX and steel indexation landed in the September quarter, and whether export momentum well above the 10-12% CY26 guidance frame is sustained.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 (quarter ended September 30, 2026) |
| Previous quarter revenue | Rs. 2,681.41 Cr (standalone, quarter ended June 30, 2026) |
| Previous quarter PAT | Rs. 336.73 Cr (standalone) |
| Previous quarter EBITDA margin | 19.1% |
| Market cap | Rs. 55,153.94 Cr |
| CMP | Rs. 3,527.3 |
The Board will meet on Tuesday, October 27, 2026, to approve unaudited standalone and consolidated results for the quarter ended September 30, 2026. The trading window remains closed October 1-29, 2026 (both days inclusive) under the insider trading code.
An earnings conference call is scheduled for Thursday, October 29, 2026, at 10:30 hrs IST. The intimation was refiled on October 22 due to a non-functional joining link in the October 21 notice — a technical error only, with no UPSI to be shared.
The September quarter is the first period where management's guided H2 price corrections — FX indexation, steel price indexation and LPG/propane OEM recovery — should become visible, against a backdrop where HRC steel rose from Rs. 58,000/t on 1 August to Rs. 64,000/t by 22 September, Saudi propane CP rose 8-10% to $625/t for September, and the rupee weakened toward 96. Demand entered the quarter strong: capital-goods IIP grew 16.1% YoY in July and headline IIP accelerated to 8.0% in August, while the company's June quarter showed domestic growth of 16.2% YoY and IC Exports up 23.9% YoY against the 10-12% CY26 export guidance. The June quarter already carried the cost strain — other expenses at 15.4% of revenue from 15.1%, EBITDA margin at 19.1% versus the 20.2% Q3'25 peak, and no customer reimbursement expected for air freight or the 10% wage increase — so the margin bridge and pass-through timing will be the central question on the call. Management's last framing was to 'sustain the operating performance of YTD' with CY26 capex of Rs. 400-500 crores (Rs. 250-300 crores planned in H2) and mid-term double-digit growth, and the call is also the first results since the COO appointment effective August 10, 2026 and the CEO's October 19 custody in the Talegaon matter.
Margin trajectory and H2 pass-through: Whether the guided H2 recoveries show up in the September quarter.
Capex and export guidance tracking
Capacity projects: Shoolagiri, Savli Hall 3 and wind
Koovers/KRSV and governance
GST 2.0 demand and B&IS momentum
Management has stated EBITDA and cash flow breakeven for Koovers is expected by 2029, revised from an earlier 2027 timeline. The Q2 2026 loss widened after a sales-cutoff accounting policy impact of INR 5.6 crores and a founders' bonus provision of approximately INR 3 crores.
INR 175 crores was spent in H1 CY26 against a full-year framework of INR 400-500 crores, with INR 250-300 crores expected in H2 and machinery orders already placed. Around INR 170 crores of the split is allocated to Automotive Technologies, with the remainder to Bearings & Industrial Solutions.
The e-axle lifetime order book stands at EUR 300 million, and 2025 projections were exceeded, with e-mobility demand jumping around 300% from a small base. Management declined to disclose EV revenue share due to a single-customer agreement.
CY26 export guidance is 10-12% growth, but Q2'26 Intercompany Exports grew 23.9% YoY with a run-rate of INR 350-400 crores. Management has said it will be careful in future guidance due to ongoing geopolitical disruptions.
FCF of 965 mn INR was down 66.3% vs Q2'25, driven by a deliberate inventory build to shore up supplies amid geopolitical uncertainty, plus rising input and freight costs under discussion with customers. Working capital stood at 19% of revenue with inventory built ahead of post-GST-reform demand.