Schaeffler India Limited has released the transcript of its investor group meeting held on September 28, 2026, following the earlier disclosure of the audio recording. The transcript was filed with stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The meeting featured Managing Director and Chief Executive Officer Harsha Kadam, Director Finance and Chief Financial Officer Hardevi Vazirani, and Head of Investor Relations Gauri Kanikar. The session was conducted as an open question-and-answer format with institutional investors.

Meeting schedule

The day comprised one-on-one sessions with prominent fund houses followed by a large group meeting with multiple institutional investors.

Exports and localization strategy

On the topic of exports, Vazirani noted that the current export mix comprises approximately 50% to intercompany partners in Europe, 25% to Southeast Asia, and the remainder to China and the Americas. Kadam added that the company's export strategy is a subset of its localization strategy, with overall localization at approximately 80%. Automotive localization stands at 90%, while industrial localization is in the range of 65% to 70%. Notably, 13% of exports go to China. Management indicated that exports are expected to remain between 15% and 20% of business as the domestic market grows at 14% to 15%.

On commodity cost pass-through, management indicated that steel price increases are handled through indexed formulas built into contracts. Vazirani noted that historically approximately 70% of input cost increases are recovered from customers, with the remaining 30% absorbed through operational efficiencies and localization.

Capacity expansion and key growth sectors

Management discussed ongoing expansion at the Shoolagiri greenfield facility, where a second hall building is under construction and a new production line is being brought in from Europe. In Savli, Hall 3 construction has begun, focused purely on the wind segment. The company has produced its first 1.6-metre bearing, designed for 6-megawatt wind turbines.

On railways, Vazirani noted that the segment contributes approximately 13% to 14% of revenue and has been delivering at least double-digit growth. Kadam highlighted growth drivers including locomotive electrification, upgradation of freight and passenger trains, and new product portfolios covering axle boxes, traction motors, and gearboxes.

Vazirani stated that based on year-to-date June performance, the company will cross ₹10,000 crore in revenue, and that this scale of business can absorb the cost of capital of new products.

E-mobility and Vitesco integration

On e-mobility, Kadam noted that EV adoption in India is currently below 5% and that research data indicates it will reach approximately 15% by 2030-31. The company is present across ICE, hybrid, and EV segments. The e-axle currently has 100% import content at Phase 1, with Phase 2 localization involving sub-component assembly already underway. Phase 3 will involve local sourcing of child parts, with supplier development ongoing.

On the Vitesco integration, Vazirani clarified that there is no fundamental hurdle to legal integration, but that the global group must integrate Vitesco entities worldwide, with private companies being easier to integrate before listed entities. The company's promoter holding stands at 74.13%, leaving 26% as public float, which constrains the steps required before legal integration. No timeline has been provided for the merger.

Book-to-bill and order visibility

Kadam explained that the company tracks a book-to-bill ratio as a key metric for growth visibility. A ratio above one indicates sufficient new business pipeline to sustain growth, while a ratio below one signals the need to accelerate business acquisition. Project probability is tracked at 25%, 50%, and 75% stages, with customer development cycles typically spanning one to three years.

Compliance and disclosure

The transcript disclosure was filed on October 5, 2026, and signed by Ashish Tiwari, General Counsel and Company Secretary. The company confirmed that no Unpublished Price Sensitive Information was shared during the meetings, ensuring equal access to information for all investors. The initial meeting schedule communication was signed on September 22, 2026, and the audio recording disclosure was filed on September 29, 2026.

Schaeffler India Limited announced that its members have approved two key director appointments following a postal ballot voting process concluded on September 25, 2026. The resolutions, passed with overwhelming majority support, include the appointment of Christophe Hannequin as a Non-Executive Non-Independent Director and Chetan Kumar Maini as an Independent Director.

The voting period for the postal ballot ran from August 27, 2026, to September 25, 2026. The company disclosed these results pursuant to Regulation 30 and Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The scrutiny was conducted by Suresh Kumar Kabra of Samdani Kabra and Associates, confirming the validity of the electronic votes cast.

Voting outcomes for director appointments

The first resolution sought approval for the appointment of Christophe Hannequin (DIN: 11696328) as a Non-Executive Non-Independent Director. This was passed as an Ordinary Resolution. The second resolution sought approval for Chetan Kumar Maini (DIN: 01612229) as an Independent Director, passed as a Special Resolution.

Shareholder participation details

The postal ballot utilized remote e-voting facilities provided by the National Securities Depository Limited (NSDL). A total of 72,876 shareholders were recorded as on the cut-off date of August 21, 2026. The total number of valid votes cast across both resolutions stood at 146,556,785.

For the appointment of Christophe Hannequin, 663 members voted in favour, casting 146,464,491 votes, while 30 members voted against, casting 92,294 votes. For the appointment of Chetan Kumar Maini, 674 members voted in favour, casting 146,552,085 votes, with only 19 members voting against, representing 4,700 votes.

What the numbers show

A comparison of the voting patterns reveals a divergence in shareholder sentiment between the two appointments. While both resolutions passed comfortably, the Independent Director appointment (Chetan Kumar Maini) received near-unanimous support from institutional investors, with only 3,228 votes against out of over 30 million institutional votes polled. In contrast, the Non-Executive Non-Independent Director appointment (Christophe Hannequin) saw slightly higher dissent from public institutions, with 91,374 votes against. This suggests that institutional investors may have had specific reservations regarding the Non-Executive Non-Independent role that were not present for the Independent Director role, although both candidates secured well above the requisite majority thresholds.