# Bearings — company-by-company sector analysis

> Bearings: Schaeffler India Ltd owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 4 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Schaeffler India Ltd leads with revenue of ₹10,506 crore, based on 6 of 7 comparable companies through Jun 2026. Schaeffler India Ltd has the fastest current revenue growth at 19.7%, across 5 of 7 comparable companies.

### Is the Bearings sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 6 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Bearings company is largest by revenue?

Schaeffler India Ltd leads with revenue of ₹10,506 crore, based on 6 of 7 comparable companies through Jun 2026.

### Which Bearings company is growing fastest?

Schaeffler India Ltd has the fastest current revenue growth at 19.7%, across 5 of 7 comparable companies.

### Which Bearings company has the strongest 4-Factor Sector Score?

NRB Bearings Ltd ranks first at 63.2/100 with 87.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Bearings company reports the most CAPEX?

Harsha Engineers International Ltd reports the largest latest CAPEX at ₹9 crore, with 1 of 7 companies comparable.

### Which Bearings company has the least gross debt?

Rolex Rings Ltd has the lowest comparable gross debt at ₹0 crore. Harsha Engineers International Ltd has the highest at ₹372 crore.

### Which Bearings company has the lowest comparable PEG?

NRB Bearings Ltd has the lowest comparable Guarded PEG at 0.59, among 5 of 7 companies that pass the metric’s comparability rules.

### How much history does this Bearings comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Bearings against NIFTY 500 is not available from the current market series. 4 of 6 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. NRB Bearings Ltd is the strongest against the sector itself at +26.6%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/6
Stocks leading sector: 2/6

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 7
Combined market value: ₹1.2 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. NRB Bearings Ltd (NRBBEARING): 63/100 — Mixed-positive evidence; evidence 88%
   - Growth & earnings 17.9/35 | Capital efficiency 11.6/25 | Valuation 13.7/20 | Relative strength 20.0/20
   - Exact sum: 17.9 + 11.6 + 13.7 + 20 = 63.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Schaeffler India Ltd (SCHAEFFLER): 62/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 27.9/35 | Capital efficiency 18.5/25 | Valuation 9.7/20 | Relative strength 6.2/20
   - Exact sum: 27.9 + 18.5 + 9.7 + 6.2 = 62.3
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -4.3% and the one-year return is -1.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Harsha Engineers International Ltd (HARSHA): 59/100 — Mixed-positive evidence; evidence 88%
   - Growth & earnings 23.6/35 | Capital efficiency 7.9/25 | Valuation 14.3/20 | Relative strength 13.3/20
   - Exact sum: 23.6 + 7.9 + 14.3 + 13.3 = 59.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Rolex Rings Ltd (ROLEXRINGS): 51/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 10.0/35 | Capital efficiency 19.0/25 | Valuation 7.1/20 | Relative strength 14.7/20
   - Exact sum: 10 + 19 + 7.1 + 14.7 = 50.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 18.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
5. SKF India Ltd (SKFINDIA): 36/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 11.7/35 | Capital efficiency 15.9/25 | Valuation 5.4/20 | Relative strength 3.0/20
   - Exact sum: 11.7 + 15.9 + 5.4 + 3 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. SKF India (Industrial) Ltd (SKFINDUS): 47/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 12.4/35 | Capital efficiency 15.1/25 | Valuation 9.5/20 | Relative strength 10.0/20
   - Exact sum: 12.4 + 15.1 + 9.5 + 10 = 47
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Timken India Ltd (TIMKEN): 44/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 17.4/35 | Capital efficiency 15.8/25 | Valuation 8.5/20 | Relative strength 2.1/20
   - Exact sum: 17.4 + 15.8 + 8.5 + 2.1 = 43.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Schaeffler India Ltd is the scale leader at ₹10,506 crore, 179.1% ahead of SKF India Ltd. Schaeffler India Ltd's growth is 19.7% from a ₹10,506 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Schaeffler India Ltd is the scale benchmark; Schaeffler India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Schaeffler India Ltd's growth falls below Schaeffler India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Schaeffler India Ltd · ₹10,506 crore | 179.1% versus #2 · SKF India Ltd | 8/8 recent comparable periods | 6/7 companies · 106 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Schaeffler India Ltd (SCHAEFFLER): ₹10.5K Cr
2. SKF India Ltd (SKFINDIA): ₹3.8K Cr
3. SKF India (Industrial) Ltd (SKFINDUS): ₹2.6K Cr
4. Harsha Engineers International Ltd (HARSHA): ₹1.6K Cr
5. NRB Bearings Ltd (NRBBEARING): ₹1.3K Cr

### Revenue growth — fastest growers
1. Schaeffler India Ltd (SCHAEFFLER): 20%
2. Harsha Engineers International Ltd (HARSHA): 16%
3. NRB Bearings Ltd (NRBBEARING): 11%
4. Rolex Rings Ltd (ROLEXRINGS): -1.0%
5. SKF India Ltd (SKFINDIA): -24%

### 20-quarter Revenue history
- SCHAEFFLER: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 ₹2.8K Cr
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹683 Cr | Mar 2025 ₹951 Cr | Jun 2025 — | Sep 2025 ₹786 Cr | Dec 2025 ₹780 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹721 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹813 Cr | Dec 2025 ₹861 Cr | Mar 2026 ₹946 Cr | Jun 2026 —
- SKFINDIA: Sep 2021 ₹966 Cr | Dec 2021 ₹967 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹577 Cr | Mar 2026 ₹595 Cr | Jun 2026 —
- NRBBEARING: Sep 2021 ₹257 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹254 Cr | Jun 2022 ₹236 Cr | Sep 2022 ₹258 Cr | Dec 2022 ₹251 Cr | Mar 2023 ₹312 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹279 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹302 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹310 Cr | Sep 2025 ₹325 Cr | Dec 2025 ₹328 Cr | Mar 2026 ₹372 Cr | Jun 2026 —
- ROLEXRINGS: Sep 2021 ₹258 Cr | Dec 2021 ₹242 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹287 Cr | Sep 2022 ₹290 Cr | Dec 2022 ₹307 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹311 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹316 Cr | Jun 2024 ₹311 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹284 Cr | Jun 2025 ₹292 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹275 Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- HARSHA: Sep 2021 ₹315 Cr | Dec 2021 ₹323 Cr | Mar 2022 ₹369 Cr | Jun 2022 ₹398 Cr | Sep 2022 ₹322 Cr | Dec 2022 ₹301 Cr | Mar 2023 ₹344 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹324 Cr | Mar 2024 ₹380 Cr | Jun 2024 ₹343 Cr | Sep 2024 ₹353 Cr | Dec 2024 ₹339 Cr | Mar 2025 ₹373 Cr | Jun 2025 ₹365 Cr | Sep 2025 ₹378 Cr | Dec 2025 ₹409 Cr | Mar 2026 ₹474 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- SCHAEFFLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 42% | Sep 2022 18% | Dec 2022 18% | Mar 2023 8.0% | Jun 2023 4.6% | Sep 2023 5.6% | Dec 2023 4.5% | Mar 2024 11% | Jun 2024 15% | Sep 2024 14% | Dec 2024 14% | Mar 2025 16% | Jun 2025 12% | Sep 2025 15% | Dec 2025 28% | Mar 2026 19% | Jun 2026 17%
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 31% | Jun 2026 —
- SKFINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 12% | Dec 2022 11% | Mar 2023 5.4% | Jun 2023 9.0% | Sep 2023 4.4% | Dec 2023 1.4% | Mar 2024 9.9% | Jun 2024 4.9% | Sep 2024 11% | Dec 2024 15% | Mar 2025 0.8% | Jun 2025 6.4% | Sep 2025 5.2% | Dec 2025 -54% | Mar 2026 -51% | Jun 2026 —
- NRBBEARING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 0.4% | Dec 2022 8.7% | Mar 2023 23% | Jun 2023 15% | Sep 2023 8.1% | Dec 2023 2.8% | Mar 2024 -8.7% | Jun 2024 6.3% | Sep 2024 8.2% | Dec 2024 8.1% | Mar 2025 15% | Jun 2025 7.3% | Sep 2025 7.6% | Dec 2025 18% | Mar 2026 13% | Jun 2026 —
- ROLEXRINGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 12% | Dec 2022 27% | Mar 2023 6.2% | Jun 2023 8.5% | Sep 2023 11% | Dec 2023 -11% | Mar 2024 5.6% | Jun 2024 -0.2% | Sep 2024 -6.4% | Dec 2024 -4.9% | Mar 2025 -10% | Jun 2025 -6.2% | Sep 2025 -9.6% | Dec 2025 5.8% | Mar 2026 7.7% | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 2.2% | Dec 2022 -6.8% | Mar 2023 -6.8% | Jun 2023 -13% | Sep 2023 5.3% | Dec 2023 7.6% | Mar 2024 10% | Jun 2024 -1.4% | Sep 2024 4.1% | Dec 2024 4.6% | Mar 2025 -1.8% | Jun 2025 6.4% | Sep 2025 7.1% | Dec 2025 21% | Mar 2026 27% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Timken India Ltd leads opm at 22%; Harsha Engineers International Ltd leads margin change at +6 percentage points.

Investor read: Timken India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Timken India Ltd · 22% | 19.6% versus #2 · Rolex Rings Ltd | 3/8 recent comparable periods | 7/7 companies · 118 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Timken India Ltd (TIMKEN): 22%
2. Rolex Rings Ltd (ROLEXRINGS): 18%
3. NRB Bearings Ltd (NRBBEARING): 18%
4. Schaeffler India Ltd (SCHAEFFLER): 18%
5. Harsha Engineers International Ltd (HARSHA): 15%

### Margin change — fastest expanders
1. Harsha Engineers International Ltd (HARSHA): +6.0 pp
2. Rolex Rings Ltd (ROLEXRINGS): +0.0 pp
3. NRB Bearings Ltd (NRBBEARING): 0.0 pp
4. Schaeffler India Ltd (SCHAEFFLER): 0.0 pp
5. Timken India Ltd (TIMKEN): −1.0 pp

### 20-quarter OPM history
- SCHAEFFLER: Sep 2021 18% | Dec 2021 19% | Mar 2022 20% | Jun 2022 18% | Sep 2022 18% | Dec 2022 19% | Mar 2023 19% | Jun 2023 19% | Sep 2023 18% | Dec 2023 17% | Mar 2024 18% | Jun 2024 18% | Sep 2024 17% | Dec 2024 17% | Mar 2025 18% | Jun 2025 18% | Sep 2025 19% | Dec 2025 18% | Mar 2026 18% | Jun 2026 18%
- TIMKEN: Sep 2021 22% | Dec 2021 22% | Mar 2022 27% | Jun 2022 25% | Sep 2022 19% | Dec 2022 17% | Mar 2023 19% | Jun 2023 19% | Sep 2023 20% | Dec 2023 17% | Mar 2024 22% | Jun 2024 18% | Sep 2024 18% | Dec 2024 16% | Mar 2025 23% | Jun 2025 — | Sep 2025 18% | Dec 2025 13% | Mar 2026 22% | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 22% | Jun 2025 — | Sep 2025 13% | Dec 2025 12% | Mar 2026 9.0% | Jun 2026 —
- SKFINDIA: Sep 2021 17% | Dec 2021 13% | Mar 2022 15% | Jun 2022 17% | Sep 2022 20% | Dec 2022 17% | Mar 2023 15% | Jun 2023 18% | Sep 2023 11% | Dec 2023 16% | Mar 2024 18% | Jun 2024 16% | Sep 2024 10% | Dec 2024 10% | Mar 2025 23% | Jun 2025 13% | Sep 2025 13% | Dec 2025 14% | Mar 2026 6.0% | Jun 2026 —
- NRBBEARING: Sep 2021 18% | Dec 2021 13% | Mar 2022 17% | Jun 2022 18% | Sep 2022 12% | Dec 2022 14% | Mar 2023 21% | Jun 2023 17% | Sep 2023 16% | Dec 2023 14% | Mar 2024 17% | Jun 2024 15% | Sep 2024 17% | Dec 2024 16% | Mar 2025 18% | Jun 2025 17% | Sep 2025 16% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- ROLEXRINGS: Sep 2021 22% | Dec 2021 22% | Mar 2022 23% | Jun 2022 22% | Sep 2022 22% | Dec 2022 22% | Mar 2023 22% | Jun 2023 22% | Sep 2023 21% | Dec 2023 19% | Mar 2024 23% | Jun 2024 23% | Sep 2024 22% | Dec 2024 20% | Mar 2025 18% | Jun 2025 21% | Sep 2025 20% | Dec 2025 21% | Mar 2026 18% | Jun 2026 —
- HARSHA: Sep 2021 12% | Dec 2021 13% | Mar 2022 13% | Jun 2022 12% | Sep 2022 15% | Dec 2022 14% | Mar 2023 15% | Jun 2023 12% | Sep 2023 10% | Dec 2023 12% | Mar 2024 14% | Jun 2024 16% | Sep 2024 12% | Dec 2024 13% | Mar 2025 9.0% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —

### 20-quarter Margin change history
- SCHAEFFLER: Sep 2021 +0.9 pp | Dec 2021 +0.9 pp | Mar 2022 +3.5 pp | Jun 2022 +1.6 pp | Sep 2022 +0.4 pp | Dec 2022 +0.2 pp | Mar 2023 −0.7 pp | Jun 2023 +0.6 pp | Sep 2023 −0.2 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- TIMKEN: Sep 2021 +0.8 pp | Dec 2021 +4.9 pp | Mar 2022 +8.7 pp | Jun 2022 +4.7 pp | Sep 2022 −3.2 pp | Dec 2022 −5.4 pp | Mar 2023 −7.9 pp | Jun 2023 −5.6 pp | Sep 2023 +0.9 pp | Dec 2023 −0.3 pp | Mar 2024 +3.1 pp | Jun 2024 −0.9 pp | Sep 2024 −2.2 pp | Dec 2024 −0.7 pp | Mar 2025 +0.9 pp | Jun 2025 — | Sep 2025 +0.3 pp | Dec 2025 −3.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −13.0 pp | Jun 2026 —
- SKFINDIA: Sep 2021 +3.5 pp | Dec 2021 −9.3 pp | Mar 2022 −2.1 pp | Jun 2022 +1.0 pp | Sep 2022 +3.4 pp | Dec 2022 +4.3 pp | Mar 2023 −0.4 pp | Jun 2023 +0.6 pp | Sep 2023 −8.9 pp | Dec 2023 −1.0 pp | Mar 2024 +3.0 pp | Jun 2024 −2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −6.0 pp | Mar 2025 +5.0 pp | Jun 2025 −3.0 pp | Sep 2025 +3.0 pp | Dec 2025 +4.0 pp | Mar 2026 −17.0 pp | Jun 2026 —
- NRBBEARING: Sep 2021 +3.1 pp | Dec 2021 −4.9 pp | Mar 2022 −1.7 pp | Jun 2022 +4.9 pp | Sep 2022 −6.6 pp | Dec 2022 +1.3 pp | Mar 2023 +4.5 pp | Jun 2023 −1.2 pp | Sep 2023 +4.2 pp | Dec 2023 0.0 pp | Mar 2024 −4.0 pp | Jun 2024 −2.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ROLEXRINGS: Sep 2021 +4.1 pp | Dec 2021 +1.4 pp | Mar 2022 +2.1 pp | Jun 2022 −1.2 pp | Sep 2022 +0.1 pp | Dec 2022 +0.5 pp | Mar 2023 −1.4 pp | Jun 2023 −0.0 pp | Sep 2023 −1.1 pp | Dec 2023 −2.7 pp | Mar 2024 +1.2 pp | Jun 2024 +0.4 pp | Sep 2024 +1.0 pp | Dec 2024 +0.5 pp | Mar 2025 −4.3 pp | Jun 2025 −1.8 pp | Sep 2025 −1.8 pp | Dec 2025 +1.2 pp | Mar 2026 +0.0 pp | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.5 pp | Sep 2022 +2.8 pp | Dec 2022 +1.5 pp | Mar 2023 +1.9 pp | Jun 2023 −0.5 pp | Sep 2023 −4.9 pp | Dec 2023 −2.0 pp | Mar 2024 −1.0 pp | Jun 2024 +4.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 −5.0 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +6.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Schaeffler India Ltd leads with ₹1,253 crore of TTM profit, 372.8% above SKF India Ltd. Schaeffler India Ltd shows 23.8% growth from a ₹1,253 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Schaeffler India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Schaeffler India Ltd · ₹1,253 crore | 372.8% versus #2 · SKF India Ltd | 8/8 recent comparable periods | 6/7 companies · 106 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Schaeffler India Ltd (SCHAEFFLER): ₹1.3K Cr
2. SKF India Ltd (SKFINDIA): ₹265 Cr
3. Harsha Engineers International Ltd (HARSHA): ₹155 Cr
4. NRB Bearings Ltd (NRBBEARING): ₹145 Cr
5. SKF India (Industrial) Ltd (SKFINDUS): ₹145 Cr

### Profit growth — fastest growers
1. Schaeffler India Ltd (SCHAEFFLER): 24%
2. Rolex Rings Ltd (ROLEXRINGS): -19%
3. SKF India Ltd (SKFINDIA): -53%

### 20-quarter Net profit history
- SCHAEFFLER: Sep 2021 ₹171 Cr | Dec 2021 ₹191 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹215 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹237 Cr | Sep 2023 ₹233 Cr | Dec 2023 ₹210 Cr | Mar 2024 ₹220 Cr | Jun 2024 ₹245 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹252 Cr | Jun 2025 ₹287 Cr | Sep 2025 ₹289 Cr | Dec 2025 ₹322 Cr | Mar 2026 ₹316 Cr | Jun 2026 ₹326 Cr
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹78 Cr | Mar 2025 ₹190 Cr | Jun 2025 — | Sep 2025 ₹94 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹158 Cr | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹121 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹119 Cr | Jun 2026 —
- SKFINDIA: Sep 2021 ₹118 Cr | Dec 2021 ₹89 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹156 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹132 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹159 Cr | Sep 2024 ₹94 Cr | Dec 2024 ₹110 Cr | Mar 2025 ₹203 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹-20 Cr | Jun 2026 —
- NRBBEARING: Sep 2021 ₹24 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹166 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹42 Cr | Jun 2026 —
- ROLEXRINGS: Sep 2021 ₹33 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹-0 Cr | Jun 2026 —
- HARSHA: Sep 2021 ₹22 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹30 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹47 Cr | Jun 2026 —

### 20-quarter Profit growth history
- SCHAEFFLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 77% | Sep 2022 26% | Dec 2022 21% | Mar 2023 5.8% | Jun 2023 4.9% | Sep 2023 8.4% | Dec 2023 -9.1% | Mar 2024 0.5% | Jun 2024 3.4% | Sep 2024 1.3% | Dec 2024 13% | Mar 2025 15% | Jun 2025 17% | Sep 2025 22% | Dec 2025 36% | Mar 2026 25% | Jun 2026 14%
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -29% | Mar 2026 -17% | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -1.7% | Jun 2026 —
- SKFINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 32% | Dec 2022 31% | Mar 2023 13% | Jun 2023 19% | Sep 2023 -42% | Dec 2023 13% | Mar 2024 42% | Jun 2024 3.3% | Sep 2024 4.4% | Dec 2024 -17% | Mar 2025 16% | Jun 2025 -26% | Sep 2025 12% | Dec 2025 -44% | Mar 2026 -110% | Jun 2026 —
- NRBBEARING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 -46% | Dec 2022 44% | Mar 2023 106% | Jun 2023 -21% | Sep 2023 92% | Dec 2023 622% | Mar 2024 -8.6% | Jun 2024 37% | Sep 2024 44% | Dec 2024 -87% | Mar 2025 -103% | Jun 2025 27% | Sep 2025 14% | Dec 2025 32% | Mar 2026 — | Jun 2026 —
- ROLEXRINGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 48% | Dec 2022 77% | Mar 2023 19% | Jun 2023 -3.1% | Sep 2023 -4.2% | Dec 2023 -30% | Mar 2024 -49% | Jun 2024 3.0% | Sep 2024 4.9% | Dec 2024 -45% | Mar 2025 131% | Jun 2025 -1.5% | Sep 2025 -10.0% | Dec 2025 137% | Mar 2026 -100% | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 41% | Sep 2022 27% | Dec 2022 78% | Mar 2023 10% | Jun 2023 -19% | Sep 2023 -29% | Dec 2023 -6.3% | Mar 2024 12% | Jun 2024 44% | Sep 2024 45% | Dec 2024 -10% | Mar 2025 -105% | Jun 2025 5.6% | Sep 2025 24% | Dec 2025 26% | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Harsha Engineers International Ltd reports ₹9 crore of CAPEX; Harsha Engineers International Ltd has the highest covered intensity at 2.9%. Coverage is only 1 of 7 companies and 1 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Harsha Engineers International Ltd · ₹9 crore | Not enough peers | 1/1 recent comparable periods | 1/7 companies · 1 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Harsha Engineers International Ltd (HARSHA): ₹9 Cr

### CAPEX intensity — highest reinvestment intensity
1. Harsha Engineers International Ltd (HARSHA): 2.9%

### 20-quarter CAPEX history
- HARSHA: Sep 2021 ₹9 Cr | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- HARSHA: Sep 2021 2.9% | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Schaeffler India Ltd has the clearest covered balance-sheet capacity with ₹1,773 crore net cash and gross debt of ₹48 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Rolex Rings Ltd · ₹0 crore | 100% versus #2 · SKF India Ltd | 8/8 recent comparable periods | 7/7 companies · 98 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Rolex Rings Ltd (ROLEXRINGS): ₹0 Cr
2. SKF India Ltd (SKFINDIA): ₹3 Cr
3. SKF India (Industrial) Ltd (SKFINDUS): ₹5 Cr
4. Timken India Ltd (TIMKEN): ₹15 Cr
5. Schaeffler India Ltd (SCHAEFFLER): ₹48 Cr

### Net debt — lowest net debt
1. Schaeffler India Ltd (SCHAEFFLER): ₹-1.8K Cr
2. SKF India (Industrial) Ltd (SKFINDUS): ₹-564 Cr
3. Rolex Rings Ltd (ROLEXRINGS): ₹-403 Cr
4. SKF India Ltd (SKFINDIA): ₹-289 Cr
5. Harsha Engineers International Ltd (HARSHA): ₹82 Cr

### 20-quarter Gross debt history
- SCHAEFFLER: Sep 2021 ₹64 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹61 Cr | Jun 2022 ₹58 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹55 Cr | Mar 2026 ₹55 Cr | Jun 2026 ₹48 Cr
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹15 Cr | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹5 Cr | Jun 2026 —
- SKFINDIA: Sep 2021 ₹17 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- NRBBEARING: Sep 2021 ₹295 Cr | Dec 2021 ₹295 Cr | Mar 2022 ₹302 Cr | Jun 2022 ₹302 Cr | Sep 2022 ₹258 Cr | Dec 2022 ₹258 Cr | Mar 2023 ₹329 Cr | Jun 2023 ₹329 Cr | Sep 2023 ₹306 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹178 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹187 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹133 Cr | Mar 2026 ₹154 Cr | Jun 2026 —
- ROLEXRINGS: Sep 2021 ₹225 Cr | Dec 2021 ₹225 Cr | Mar 2022 ₹223 Cr | Jun 2022 ₹223 Cr | Sep 2022 ₹171 Cr | Dec 2022 ₹171 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹82 Cr | Sep 2023 ₹40 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- HARSHA: Sep 2021 ₹363 Cr | Dec 2021 — | Mar 2022 ₹385 Cr | Jun 2022 — | Sep 2022 ₹148 Cr | Dec 2022 ₹148 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹177 Cr | Jun 2024 ₹177 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹182 Cr | Mar 2025 ₹200 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹317 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹372 Cr | Jun 2026 —

### 20-quarter Net debt history
- SCHAEFFLER: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.3K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹-1.5K Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.5K Cr | Mar 2024 ₹-1.5K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.3K Cr | Jun 2025 ₹-1.3K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-564 Cr | Jun 2026 —
- SKFINDIA: Sep 2021 ₹-353 Cr | Dec 2021 ₹-353 Cr | Mar 2022 ₹-383 Cr | Jun 2022 ₹-383 Cr | Sep 2022 ₹-647 Cr | Dec 2022 ₹-647 Cr | Mar 2023 ₹-941 Cr | Jun 2023 ₹-941 Cr | Sep 2023 ₹-901 Cr | Dec 2023 ₹-901 Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-777 Cr | Dec 2024 ₹-777 Cr | Mar 2025 ₹-704 Cr | Jun 2025 ₹-704 Cr | Sep 2025 ₹-800 Cr | Dec 2025 ₹-800 Cr | Mar 2026 ₹-289 Cr | Jun 2026 —
- NRBBEARING: Sep 2021 ₹193 Cr | Dec 2021 ₹193 Cr | Mar 2022 ₹224 Cr | Jun 2022 ₹220 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹187 Cr | Mar 2023 ₹248 Cr | Jun 2023 ₹231 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- ROLEXRINGS: Sep 2021 ₹206 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹203 Cr | Jun 2022 ₹203 Cr | Sep 2022 ₹167 Cr | Dec 2022 ₹167 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹-12 Cr | Mar 2024 ₹-118 Cr | Jun 2024 ₹-118 Cr | Sep 2024 ₹-225 Cr | Dec 2024 ₹-225 Cr | Mar 2025 ₹-315 Cr | Jun 2025 ₹-315 Cr | Sep 2025 ₹-403 Cr | Dec 2025 ₹-403 Cr | Mar 2026 — | Jun 2026 —
- HARSHA: Sep 2021 ₹334 Cr | Dec 2021 — | Mar 2022 ₹350 Cr | Jun 2022 — | Sep 2022 ₹-106 Cr | Dec 2022 ₹-106 Cr | Mar 2023 ₹-105 Cr | Jun 2023 ₹-113 Cr | Sep 2023 ₹-169 Cr | Dec 2023 ₹-169 Cr | Mar 2024 ₹-116 Cr | Jun 2024 ₹-141 Cr | Sep 2024 ₹-110 Cr | Dec 2024 ₹-110 Cr | Mar 2025 ₹-135 Cr | Jun 2025 ₹-118 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹82 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: SKF India (Industrial) Ltd leads ROCE at 29.9%, 2.6 percentage points above Schaeffler India Ltd. SKF India Ltd has the strongest latest improvement at +3.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: SKF India (Industrial) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: SKF India (Industrial) Ltd · 29.9% | 9.5% versus #2 · Schaeffler India Ltd | Not enough history | 7/7 companies · 77 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. SKF India (Industrial) Ltd (SKFINDUS): 30%
2. Schaeffler India Ltd (SCHAEFFLER): 27%
3. SKF India Ltd (SKFINDIA): 24%
4. Rolex Rings Ltd (ROLEXRINGS): 21%
5. Timken India Ltd (TIMKEN): 19%

### ROCE change — fastest improvers
1. SKF India Ltd (SKFINDIA): +3.4 pp
2. Schaeffler India Ltd (SCHAEFFLER): +2.9 pp
3. Harsha Engineers International Ltd (HARSHA): +2.2 pp
4. NRB Bearings Ltd (NRBBEARING): +1.7 pp
5. Rolex Rings Ltd (ROLEXRINGS): −2.8 pp

### 20-quarter ROCE history
- SCHAEFFLER: Sep 2021 — | Dec 2021 21% | Mar 2022 — | Jun 2022 26% | Sep 2022 — | Dec 2022 25% | Mar 2023 — | Jun 2023 25% | Sep 2023 30% | Dec 2023 23% | Mar 2024 27% | Jun 2024 23% | Sep 2024 27% | Dec 2024 22% | Mar 2025 26% | Jun 2025 23% | Sep 2025 28% | Dec 2025 23% | Mar 2026 29% | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 91% | Sep 2025 — | Dec 2025 — | Mar 2026 11% | Jun 2026 —
- SKFINDIA: Sep 2021 32% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 27% | Dec 2023 30% | Mar 2024 24% | Jun 2024 29% | Sep 2024 27% | Dec 2024 30% | Mar 2025 25% | Jun 2025 26% | Sep 2025 24% | Dec 2025 26% | Mar 2026 29% | Jun 2026 —
- NRBBEARING: Sep 2021 20% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 20% | Dec 2023 47% | Mar 2024 15% | Jun 2024 40% | Sep 2024 14% | Dec 2024 20% | Mar 2025 16% | Jun 2025 15% | Sep 2025 16% | Dec 2025 15% | Mar 2026 18% | Jun 2026 —
- ROLEXRINGS: Sep 2021 29% | Dec 2021 — | Mar 2022 31% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 29% | Jun 2023 — | Sep 2023 27% | Dec 2023 29% | Mar 2024 24% | Jun 2024 24% | Sep 2024 21% | Dec 2024 20% | Mar 2025 18% | Jun 2025 20% | Sep 2025 15% | Dec 2025 21% | Mar 2026 15% | Jun 2026 —
- HARSHA: Sep 2021 11% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 14% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 12% | Dec 2023 14% | Mar 2024 11% | Jun 2024 16% | Sep 2024 12% | Dec 2024 16% | Mar 2025 9.8% | Jun 2025 11% | Sep 2025 9.5% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- SCHAEFFLER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.7 pp | Mar 2023 — | Jun 2023 −0.4 pp | Sep 2023 — | Dec 2023 −2.4 pp | Mar 2024 — | Jun 2024 −2.3 pp | Sep 2024 −3.3 pp | Dec 2024 −1.1 pp | Mar 2025 −0.6 pp | Jun 2025 −0.2 pp | Sep 2025 +1.4 pp | Dec 2025 +1.6 pp | Mar 2026 +2.9 pp | Jun 2026 —
- SKFINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 — | Mar 2023 +3.8 pp | Jun 2023 — | Sep 2023 −2.8 pp | Dec 2023 — | Mar 2024 −6.8 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +0.6 pp | Mar 2025 +1.4 pp | Jun 2025 −2.7 pp | Sep 2025 −3.2 pp | Dec 2025 −4.4 pp | Mar 2026 +3.4 pp | Jun 2026 —
- NRBBEARING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.9 pp | Dec 2022 — | Mar 2023 +1.9 pp | Jun 2023 — | Sep 2023 +4.6 pp | Dec 2023 — | Mar 2024 −3.1 pp | Jun 2024 — | Sep 2024 −6.2 pp | Dec 2024 −27.5 pp | Mar 2025 +1.4 pp | Jun 2025 −25.7 pp | Sep 2025 +2.3 pp | Dec 2025 −4.6 pp | Mar 2026 +1.7 pp | Jun 2026 —
- ROLEXRINGS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 — | Mar 2023 −2.4 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 −5.0 pp | Jun 2024 — | Sep 2024 −5.7 pp | Dec 2024 −9.5 pp | Mar 2025 −6.0 pp | Jun 2025 −3.8 pp | Sep 2025 −6.3 pp | Dec 2025 +1.8 pp | Mar 2026 −2.8 pp | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 — | Mar 2023 −5.8 pp | Jun 2023 — | Sep 2023 −2.8 pp | Dec 2023 — | Mar 2024 −3.0 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +1.2 pp | Mar 2025 −1.2 pp | Jun 2025 −4.1 pp | Sep 2025 −2.4 pp | Dec 2025 −3.5 pp | Mar 2026 +2.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: NRB Bearings Ltd has the lowest comparable Guarded PEG at 0.59×, 65.7% below Harsha Engineers International Ltd. Only 5 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: NRB Bearings Ltd · 0.59× | 65.7% versus #2 · Harsha Engineers International Ltd | 0/8 recent comparable periods | 5/7 companies · 44 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. NRB Bearings Ltd (NRBBEARING): 0.6
2. Harsha Engineers International Ltd (HARSHA): 1.7
3. Schaeffler India Ltd (SCHAEFFLER): 2.1
4. SKF India Ltd (SKFINDIA): 2.2
5. Rolex Rings Ltd (ROLEXRINGS): 3.8

### P/E — lowest P/E
1. Rolex Rings Ltd (ROLEXRINGS): 21.2
2. SKF India Ltd (SKFINDIA): 25.2
3. NRB Bearings Ltd (NRBBEARING): 26.3
4. Harsha Engineers International Ltd (HARSHA): 26.4
5. SKF India (Industrial) Ltd (SKFINDUS): 36.4

### 20-quarter Guarded PEG history
- SCHAEFFLER: Sep 2021 0.8 | Dec 2021 1.3 | Mar 2022 0.9 | Jun 2022 — | Sep 2022 2.3 | Dec 2022 2.3 | Mar 2023 9.7 | Jun 2023 10.0 | Sep 2023 7.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 4.3 | Mar 2025 4.0 | Jun 2025 8.3 | Sep 2025 2.7 | Dec 2025 1.6 | Mar 2026 2.4 | Jun 2026 2.1
- SKFINDIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.5 | Dec 2022 1.7 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 5.2 | Sep 2024 — | Dec 2024 1.2 | Mar 2025 2.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NRBBEARING: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.4 | Sep 2022 — | Dec 2022 0.5 | Mar 2023 — | Jun 2023 0.6 | Sep 2023 1.5 | Dec 2023 0.6 | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 — | Jun 2026 —
- ROLEXRINGS: Sep 2021 — | Dec 2021 2.1 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 0.7 | Dec 2022 — | Mar 2023 0.8 | Jun 2023 0.7 | Sep 2023 1.0 | Dec 2023 2.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 3.8 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.4 | Dec 2022 0.7 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 7.6 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- SCHAEFFLER: Sep 2021 41.0 | Dec 2021 43.7 | Mar 2022 43.8 | Jun 2022 45.1 | Sep 2022 59.9 | Dec 2022 48.8 | Mar 2023 51.6 | Jun 2023 55.8 | Sep 2023 59.7 | Dec 2023 57.7 | Mar 2024 48.7 | Jun 2024 82.1 | Sep 2024 66.2 | Dec 2024 58.9 | Mar 2025 56.2 | Jun 2025 62.8 | Sep 2025 61.6 | Dec 2025 55.8 | Mar 2026 54.1 | Jun 2026 53.5
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 54.0 | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.0 | Jun 2026 —
- SKFINDIA: Sep 2021 23.3 | Dec 2021 20.1 | Mar 2022 19.8 | Jun 2022 19.7 | Sep 2022 24.4 | Dec 2022 21.4 | Mar 2023 19.2 | Jun 2023 21.9 | Sep 2023 21.4 | Dec 2023 21.9 | Mar 2024 19.2 | Jun 2024 27.0 | Sep 2024 22.4 | Dec 2024 18.8 | Mar 2025 16.5 | Jun 2025 18.8 | Sep 2025 20.7 | Dec 2025 15.8 | Mar 2026 14.5 | Jun 2026 —
- NRBBEARING: Sep 2021 15.9 | Dec 2021 15.9 | Mar 2022 13.1 | Jun 2022 16.9 | Sep 2022 18.4 | Dec 2022 20.6 | Mar 2023 15.7 | Jun 2023 17.9 | Sep 2023 27.7 | Dec 2023 29.8 | Mar 2024 23.9 | Jun 2024 36.7 | Sep 2024 30.6 | Dec 2024 25.5 | Mar 2025 18.2 | Jun 2025 22.2 | Sep 2025 20.1 | Dec 2025 18.9 | Mar 2026 14.8 | Jun 2026 —
- ROLEXRINGS: Sep 2021 29.1 | Dec 2021 32.1 | Mar 2022 22.6 | Jun 2022 32.9 | Sep 2022 37.4 | Dec 2022 29.3 | Mar 2023 28.6 | Jun 2023 30.6 | Sep 2023 30.5 | Dec 2023 35.2 | Mar 2024 26.6 | Jun 2024 39.1 | Sep 2024 41.1 | Dec 2024 28.9 | Mar 2025 20.2 | Jun 2025 23.8 | Sep 2025 19.6 | Dec 2025 19.1 | Mar 2026 15.9 | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 38.8 | Dec 2022 32.1 | Mar 2023 28.1 | Jun 2023 32.5 | Sep 2023 32.6 | Dec 2023 32.7 | Mar 2024 34.0 | Jun 2024 44.9 | Sep 2024 38.4 | Dec 2024 34.8 | Mar 2025 26.3 | Jun 2025 35.0 | Sep 2025 33.7 | Dec 2025 29.3 | Mar 2026 23.7 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: SKF India Ltd leads ev/ebitda at 8.5×; Harsha Engineers International Ltd leads p/bv at 2.64×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: SKF India Ltd · 8.5× | 5.6% versus #2 · NRB Bearings Ltd | 0/8 recent comparable periods | 7/7 companies · 95 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. SKF India Ltd (SKFINDIA): 8.5
2. NRB Bearings Ltd (NRBBEARING): 9.0
3. Rolex Rings Ltd (ROLEXRINGS): 10.7
4. Harsha Engineers International Ltd (HARSHA): 13.4
5. SKF India (Industrial) Ltd (SKFINDUS): 24.5

### P/BV — lowest P/BV
1. Harsha Engineers International Ltd (HARSHA): 2.6
2. Rolex Rings Ltd (ROLEXRINGS): 3.1
3. NRB Bearings Ltd (NRBBEARING): 4.0
4. SKF India Ltd (SKFINDIA): 5.5
5. Timken India Ltd (TIMKEN): 8.1

### 20-quarter EV/EBITDA history
- SCHAEFFLER: Sep 2021 24.8 | Dec 2021 26.8 | Mar 2022 27.1 | Jun 2022 29.0 | Sep 2022 39.4 | Dec 2022 32.4 | Mar 2023 31.6 | Jun 2023 34.2 | Sep 2023 36.7 | Dec 2023 35.4 | Mar 2024 29.3 | Jun 2024 49.7 | Sep 2024 39.9 | Dec 2024 34.9 | Mar 2025 32.8 | Jun 2025 36.6 | Sep 2025 35.9 | Dec 2025 32.5 | Mar 2026 31.9 | Jun 2026 31.5
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 37.1 | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 106.4 | Mar 2026 24.5 | Jun 2026 —
- SKFINDIA: Sep 2021 14.2 | Dec 2021 13.1 | Mar 2022 12.7 | Jun 2022 12.4 | Sep 2022 15.4 | Dec 2022 13.5 | Mar 2023 12.1 | Jun 2023 13.8 | Sep 2023 13.0 | Dec 2023 12.9 | Mar 2024 11.6 | Jun 2024 17.2 | Sep 2024 13.7 | Dec 2024 11.8 | Mar 2025 10.1 | Jun 2025 11.2 | Sep 2025 12.8 | Dec 2025 9.5 | Mar 2026 8.5 | Jun 2026 —
- NRBBEARING: Sep 2021 9.2 | Dec 2021 9.7 | Mar 2022 8.2 | Jun 2022 9.1 | Sep 2022 10.1 | Dec 2022 10.6 | Mar 2023 8.6 | Jun 2023 10.3 | Sep 2023 14.8 | Dec 2023 16.1 | Mar 2024 13.3 | Jun 2024 18.7 | Sep 2024 15.6 | Dec 2024 13.8 | Mar 2025 9.8 | Jun 2025 13.0 | Sep 2025 12.0 | Dec 2025 11.3 | Mar 2026 9.0 | Jun 2026 —
- ROLEXRINGS: Sep 2021 27.7 | Dec 2021 30.0 | Mar 2022 15.6 | Jun 2022 19.5 | Sep 2022 23.0 | Dec 2022 19.2 | Mar 2023 19.7 | Jun 2023 22.4 | Sep 2023 21.5 | Dec 2023 24.2 | Mar 2024 17.9 | Jun 2024 24.7 | Sep 2024 25.6 | Dec 2024 17.9 | Mar 2025 12.2 | Jun 2025 16.3 | Sep 2025 13.2 | Dec 2025 12.6 | Mar 2026 10.7 | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22.0 | Dec 2022 18.1 | Mar 2023 18.2 | Jun 2023 20.7 | Sep 2023 18.5 | Dec 2023 18.0 | Mar 2024 18.7 | Jun 2024 25.1 | Sep 2024 21.9 | Dec 2024 20.3 | Mar 2025 15.2 | Jun 2025 17.9 | Sep 2025 17.6 | Dec 2025 16.4 | Mar 2026 13.4 | Jun 2026 —

### 20-quarter P/BV history
- SCHAEFFLER: Sep 2021 7.2 | Dec 2021 7.5 | Mar 2022 8.4 | Jun 2022 9.3 | Sep 2022 13.1 | Dec 2022 10.0 | Mar 2023 10.5 | Jun 2023 11.3 | Sep 2023 12.1 | Dec 2023 11.7 | Mar 2024 9.1 | Jun 2024 15.4 | Sep 2024 12.4 | Dec 2024 11.1 | Mar 2025 11.0 | Jun 2025 11.4 | Sep 2025 11.5 | Dec 2025 10.9 | Mar 2026 11.7 | Jun 2026 10.7
- TIMKEN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 8.6 | Jun 2026 —
- SKFINDUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -16,024.6 | Jun 2026 —
- SKFINDIA: Sep 2021 4.4 | Dec 2021 5.1 | Mar 2022 4.6 | Jun 2022 5.0 | Sep 2022 5.2 | Dec 2022 4.9 | Mar 2023 5.2 | Jun 2023 6.1 | Sep 2023 5.0 | Dec 2023 4.4 | Mar 2024 4.0 | Jun 2024 6.4 | Sep 2024 4.7 | Dec 2024 4.6 | Mar 2025 3.9 | Jun 2025 4.0 | Sep 2025 4.2 | Dec 2025 3.2 | Mar 2026 2.7 | Jun 2026 —
- NRBBEARING: Sep 2021 2.6 | Dec 2021 2.8 | Mar 2022 2.0 | Jun 2022 2.5 | Sep 2022 2.5 | Dec 2022 2.4 | Mar 2023 2.2 | Jun 2023 3.0 | Sep 2023 4.1 | Dec 2023 4.9 | Mar 2024 3.9 | Jun 2024 5.1 | Sep 2024 3.4 | Dec 2024 2.9 | Mar 2025 2.1 | Jun 2025 3.3 | Sep 2025 3.0 | Dec 2025 2.8 | Mar 2026 2.3 | Jun 2026 —
- ROLEXRINGS: Sep 2021 6.1 | Dec 2021 6.7 | Mar 2022 6.7 | Jun 2022 8.2 | Sep 2022 8.8 | Dec 2022 7.6 | Mar 2023 10.0 | Jun 2023 11.1 | Sep 2023 8.1 | Dec 2023 8.2 | Mar 2024 5.7 | Jun 2024 9.2 | Sep 2024 8.0 | Dec 2024 5.1 | Mar 2025 3.5 | Jun 2025 4.9 | Sep 2025 3.4 | Dec 2025 2.9 | Mar 2026 2.7 | Jun 2026 —
- HARSHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.2 | Dec 2022 3.5 | Mar 2023 2.9 | Jun 2023 3.9 | Sep 2023 3.6 | Dec 2023 3.2 | Mar 2024 3.3 | Jun 2024 4.7 | Sep 2024 4.0 | Dec 2024 3.7 | Mar 2025 2.8 | Jun 2025 3.2 | Sep 2025 2.9 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 —

## Market action

NRB Bearings Ltd has the strongest one-year price move in Bearings at +34.4%. It also leads on Mansfield relative strength against NIFTY at +34.9%. 4 of 6 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. NRB Bearings Ltd (NRBBEARING): 34%
2. Rolex Rings Ltd (ROLEXRINGS): 5.9%
3. Harsha Engineers International Ltd (HARSHA): 2.4%
4. Schaeffler India Ltd (SCHAEFFLER): -1.3%
5. Timken India Ltd (TIMKEN): -8.8%

### Strongest relative strength versus NIFTY 500
1. NRB Bearings Ltd (NRBBEARING): 35%
2. Rolex Rings Ltd (ROLEXRINGS): 18%
3. Harsha Engineers International Ltd (HARSHA): 6.2%
4. Schaeffler India Ltd (SCHAEFFLER): 2.6%
5. Timken India Ltd (TIMKEN): -3.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Schaeffler India Ltd (SCHAEFFLER) — market value ₹64.2K Cr; latest fundamentals Jun 2026
- Timken India Ltd (TIMKEN) — market value ₹23.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- SKF India (Industrial) Ltd (SKFINDUS) — market value ₹13.5K Cr; latest fundamentals Mar 2026
- SKF India Ltd (SKFINDIA) — market value ₹7.3K Cr; latest fundamentals Mar 2026
- NRB Bearings Ltd (NRBBEARING) — market value ₹3.9K Cr; latest fundamentals Mar 2026
- Rolex Rings Ltd (ROLEXRINGS) — market value ₹3.8K Cr; latest fundamentals Mar 2026
- Harsha Engineers International Ltd (HARSHA) — market value ₹3.7K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 0. Withheld: 1. Graded companies: 7.

1 of 7 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Timken India Ltd (TIMKEN) — its two data sources disagree by up to 4.3% on reported income across 5 comparable periods, so its derived ratios are withheld.

- WITHHELD | TIMKEN | Timken India Ltd | diff_gt_2pct | disagreement up to 4.29% over 5 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Bearings index?

The Nifty Bearings index tracks India's listed Bearings companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Bearings sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Bearings stocks in India?

Ranked by this page's four-factor score, NRB Bearings Ltd places first among 7 listed Bearings companies, followed by Schaeffler India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Bearings stocks are listed in India?

This comparison covers 7 listed Bearings companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Bearings company is the biggest?

Schaeffler India Ltd is the largest, with trailing-twelve-month revenue of ₹10,506 crore, ahead of SKF India Ltd at ₹3,764 crore. That covers 6 of 7 companies with comparable reporting through Jun 2026.

### Which Bearings company is growing fastest?

Schaeffler India Ltd has the fastest revenue growth at 19.7% year on year, across 5 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Bearings company has the best profit margins?

Timken India Ltd has the highest operating margin at 22%, from 7 of 7 comparable companies. Harsha Engineers International Ltd shows the biggest recent improvement, at +6 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Bearings company makes the most profit?

Schaeffler India Ltd earns the most, at ₹1,253 crore of trailing-twelve-month net profit, from 6 of 7 comparable companies. Schaeffler India Ltd has the fastest profit growth at 23.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Bearings company earns the highest return on capital?

SKF India (Industrial) Ltd leads on return on capital employed at 29.9%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Bearings stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — NRB Bearings Ltd screens cheapest at 0.59×. Only 5 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Bearings company has the strongest balance sheet?

Rolex Rings Ltd carries the lowest comparable gross debt at ₹0 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Bearings stock has the strongest price momentum?

NRB Bearings Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Bearings company scores highest for research priority?

NRB Bearings Ltd scores 63.2 out of 100 with 87.8% evidence confidence, from 17.9 points on growth and earnings, 11.6 on capital efficiency, 13.7 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Bearings companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Bearings sector?

The 7 Bearings companies on this page carry ₹1,19,919 crore of combined market value. Schaeffler India Ltd is the largest at ₹64,205 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Bearings sector's P/E ratio?

The median price-to-earnings ratio across the 7 Bearings companies on this page is 26.4×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Bearings sector performing?

4 of the 6 covered Bearings companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/bearings