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Margin pressure from product mix and new product localization
View Risks →BOSCH HOME COMFORT INDIA LIMITED — Q3 FY26
Bosch Ltd reported Q3 FY26 revenue of ₹4,886 crore, up 9.4% YoY, driven by strong growth in power solutions (19.5%) and two-wheeler segments (58.3% from OBD2 sensor ramp-up).
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Bosch Ltd reported Q3 FY26 revenue of ₹4,886 crore, up 9.4% YoY, driven by strong growth in power solutions (19.5%) and two-wheeler segments (58.3% from OBD2 sensor ramp-up). EBITDA grew 5.1% YoY to ₹612 crore, with margin at 12.5% impacted by a provision for the new labor code. PAT grew 16.1% YoY, though excluding an exceptional item in the base quarter, growth was 5.3%. Management highlighted broad-based demand across PV, CV, tractor, and two-wheeler segments, with expectations of record production in FY26. Key risks include margin pressure from product mix and localization delays, and uncertainty around hydrogen infrastructure rollout. The EU-India FTA is seen as a positive long-term opportunity for exports and localization.
बॉश लिमिटेड ने वित्त वर्ष 2026 की तीसरी तिमाही में 4,886 करोड़ रुपये का कारोबार किया, जो पिछले साल से 9.4% ज्यादा है। यह वृद्धि पावर सॉल्यूशंस (19.5%) और दोपहिया वाहनों (58.3% - OBD2 सेंसर की बढ़ी मांग) से हुई। कंपनी की कमाई (EBITDA) 612 करोड़ रुपये रही, जो 5.1% बढ़ी, लेकिन नए श्रम कानून के प्रावधान से मुनाफा मार्जिन 12.5% पर सीमित रहा। शुद्ध मुनाफा 16.1% बढ़ा, लेकिन पिछली तिमाही के एकमुश्त लाभ को हटाकर देखें तो वृद्धि 5.3% थी। कंपनी को यात्री, वाणिज्यिक, ट्रैक्टर और दोपहिया वाहनों की मजबूत मांग दिख रही है और वित्त वर्ष 2026 में रिकॉर्ड उत्पादन की उम्मीद है। जोखिमों में उत्पाद मिश्रण और स्थानीयकरण में देरी से मार्जिन पर दबाव, और हाइड्रोजन बुनियादी ढांचे की अनिश्चितता शामिल है। EU-भारत मुक्त व्यापार समझौते को निर्यात और स्थानीयकरण के लिए दीर्घकालिक सकारात्मक अवसर माना जा रहा है।
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Power Solutions Growth
19.5%
+19.5pp YoY
Power solutions business grew 19.5% YoY in Q3, driven by passenger cars and off-highway segments.
Two-Wheeler Business Growth
58.3%
+58.3pp YoY
Two-wheeler business surged 58.3% YoY due to OBD2 norms implementation from April 2025.
Mobility Aftermarket Growth
5.3%
+5.3pp YoY
Mobility aftermarket grew 5.3% YoY, supported by GST reforms and strong OE segment.
Hand Tools Revenue
₹100M
New segment
Hand tools business achieved ₹100 million revenue in its first year, showing strong market acceptance.
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Guidance and risk preview
Management expects all-time high production levels in passenger vehicles, tractors, and two-wheelers in FY26, driven by easing interest rates, GST...
Despite strong growth, EBITDA margins have remained around 12.5% due to product mix shifts and initial costs of new product localization, which may...
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