SKF India Limited

“SKF India is a debt-free, 30%+ ROCE precision bearings franchise with a durable industrial moat and a genuine long-term tailwind from India's industrialisation cycle, but it is structurally constrained by parent-imposed under-reinvestment, recurring royalty extraction, a growing EV headwind in its automotive segment, and a forward valuation of 32x on a compressed post-restructuring earnings base that limits 10-year returns to a modest 2–2.5x — good enough to track, not to buy today.”