Altman Z″
Needs current assets and current liabilities, EBIT.
Concall notes and the half-year checks appear once the filing read is in.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 44.0x earnings against its own median of 48.8x: 0.4 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Capital work-in-progress has stayed high (23% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹445 cr vs ₹449 cr two years earlier, against fixed assets ₹1,944 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Operating cash is 112% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,343 cr against trailing net profit ₹1,196 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Both revenue and profit grew over the last year (19.2% and 22.2%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹10,191 cr, trailing profit ₹1,292 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹888 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.
Borrowings have fallen 19% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹34 cr from ₹42 cr. Falling debt reduces finance cost and financial risk.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, EBIT.
Needs more balance-sheet detail (only 2 of 9 signals testable).
Needs trade receivables, revenue, current assets, depreciation, other expenses, operating cash flow, net profit.
Free cash flow negative in 1 of 12 years.
cumulative operating cash flow ÷ cumulative net profit
₹6,633 cr ÷ ₹6,603 cr, over 12 years
1.00×
Above 1.0 means cash exceeds reported profit — the healthier reading.borrowings ÷ net worth
₹34 cr ÷ ₹6,256 cr
0.01×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 1 of 6 flags testable).
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Automobile and Auto Components). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 74.13% to 74.13% across these quarters.
FII held steady from 4.46% to 4.36% across these quarters.
MF held steady from 14.86% to 14.94% across these quarters.
Other held steady from 6.55% to 6.57% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 60 | 53 | 67 | 56 | 55 | 53 | 58 | 63 |
| Inventory days
How long stock sits before it sells | 116 | 96 | 112 | 115 | 107 | 107 | 106 | 113 |
| Payable days
How long the company takes to pay suppliers | 100 | 66 | 120 | 102 | 95 | 86 | 82 | 107 |
| Cash conversion cycle
Debtor + inventory − payable days | 76 | 82 | 59 | 68 | 66 | 74 | 82 | 69 |
| Working capital days | 64 | 66 | 51 | 53 | 54 | 56 | 63 | 60 |
| ROCE %
Return on capital employed | 26.0% | 19.0% | 13.0% | 25.0% | 29.0% | 27.0% | 26.0% | 28.0% |
What this sector is read on: Volumes, Realisation per unit, EBITDA per unit, Market share, Export share, EV share, Content per vehicle. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Automobiles and components framework (from the listed sector). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue from operations | 3,762 | 5,561 | 6,867 | 7,226 | 8,076 | 9,395 |
| Other income | 60 | 72 | 92 | 120 | 122 | 154 |
| Depreciation | 194 | 197 | 206 | 219 | 269 | 329 |
| Finance cost | 6 | 5 | 5 | 5 | 4 | 4 |
| Profit before tax | 397 | 843 | 1,177 | 1,224 | 1,317 | 1,612 |
| Net profit (owners) | 291 | 629 | 879 | 909 | 978 | 1,196 |
| EPS (₹) | 18.62 | 40.25 | 56.25 | 58.16 | 62.55 | 76.53 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,848 | 1,855 | 1,849 | 2,072 | 2,073 | 2,082 | 2,110 | 2,282 | 2,360 | 2,643 | 2,507 | 2,681 |
| Other Income | 31 | 26 | 31 | 26 | 29 | 37 | 35 | 45 | 31 | 46 | 45 | 39 |
| Expenses | 1,506 | 1,527 | 1,514 | 1,692 | 1,697 | 1,705 | 1,709 | 1,851 | 1,893 | 2,154 | 2,039 | 2,180 |
| Depreciation | 56 | 57 | 60 | 64 | 70 | 75 | 79 | 77 | 84 | 88 | 87 | 87 |
| Finance cost | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 316 | 296 | 306 | 340 | 333 | 339 | 356 | 398 | 413 | 445 | 426 | 453 |
| Net Profit | 235 | 217 | 228 | 254 | 247 | 249 | 265 | 296 | 307 | 328 | 320 | 337 |
| EPS | 15.03 | 13.91 | 14.57 | 16.22 | 15.81 | 15.95 | 16.98 | 18.95 | 19.62 | 20.98 | 20.45 | 21.54 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 3,622 | 4,255 | 4,784 | 5,352 | 6,111 | 6,225 |
| Borrowings | 61 | 57 | 51 | 42 | 39 | 34 |
| Net block | 1,070 | 1,123 | 1,280 | 1,805 | 2,037 | 1,944 |
| CWIP | 89 | 249 | 491 | 449 | 334 | 445 |
| Investments | 0 | 0 | 142 | 142 | 122 | 91 |
| Total Assets | 4,896 | 5,727 | 6,269 | 6,898 | 8,257 | 8,567 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cash from operations | 649 | 465 | 751 | 900 | 884 | 1,343 |
| Cash from investing | -432 | -342 | -535 | -611 | -71 | -396 |
| Cash from financing | -122 | -127 | -257 | -386 | -419 | -451 |
| Free cash flow | 412 | 282 | 272 | 381 | 144 | 888 |
| Net change in cash | 95 | -4 | -41 | -97 | 394 | 496 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Schaeffler India Ltd. reported revenue of ₹3,006 cr for July to September 2026, +27.4% on the year and +12.1% on the quarter. That is faster than this quarter has grown in recent years (+13.0% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹10,837 cr, +22.7% on the four before.
Operating profit (EBITDA) was ₹552 cr, a margin of 18.4%, −142 bps on the year and −36 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.2% to 19.8%, averaging 18.8%. Operating costs grew +29.6%, faster than revenue at +27.4%, so operating profit grew less than sales.
Net profit was ₹370 cr, +20.5% on the year and +9.8% on the quarter, with earnings per share of ₹23.70. Profit before other income, one-offs and tax grew 20.7%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,355 cr, +21.3% on the four before.
Of the 22 companies in Automobiles and components that have reported Q2 FY27 so far, Schaeffler India Ltd. ranks 11th on revenue growth; the sector median is +26.9%. Its margin moved −142 bps on the year against a sector median of −91 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹86.67 over the last four quarters, the stock at ₹3,672.30 trades at 42.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,855 cr | ₹1,849 cr | ₹2,072 cr | ₹2,073 cr | ₹2,082 cr | ₹2,110 cr | ₹2,282 cr | ₹2,360 cr | ₹2,643 cr | ₹2,507 cr | ₹2,681 cr | ₹3,006 cr |
| YoY | — | — | +13% | +12% | +12% | +14% | +10% | +14% | +27% | +19% | +17% | +27% |
| EBITDA margin | 17.7% | 18.1% | 18.3% | 18.1% | 18.2% | 19.0% | 18.9% | 19.8% | 18.5% | 18.7% | 18.7% | 18.4% |
| Other income, % of PBT | 9% | 10% | 8% | 9% | 11% | 10% | 11% | 8% | 10% | 11% | 9% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 26% | 25% | 26% | 26% | 25% | 26% | 26% | 26% | 25% | 26% | 25% |
| Net profit | ₹217 cr | ₹228 cr | ₹254 cr | ₹247 cr | ₹249 cr | ₹265 cr | ₹296 cr | ₹307 cr | ₹328 cr | ₹320 cr | ₹337 cr | ₹370 cr |
| YoY | — | — | +7% | +5% | +15% | +16% | +17% | +24% | +32% | +21% | +14% | +21% |
| Core profit YoY | — | — | +9% | +7% | +12% | +17% | +12% | +26% | +32% | +19% | +17% | +21% |
| EPS | ₹13.91 | ₹14.57 | ₹16.22 | ₹15.81 | ₹15.95 | ₹16.98 | ₹18.95 | ₹19.62 | ₹20.98 | ₹20.45 | ₹21.54 | ₹23.70 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.