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).
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
42%Questions answered4Evaded / deflected12Questions audited
Evasive
High priority
Capex outlook for FY27-28 given historic high volumes
Asked by Promod
Management described process but refused to give any capex numbers or guidance.
no numbers givenrefused guidance
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Question
many of your user segment may hit historic high volumes. So in that context are you relooking at your capacities and also the capex requirement for the FY2728.
Karin (management)
we check the forwarding volumes predicted by the customers and by the market we look at our technical capabilities and capacities and then we adjust our investments in accordance.
Partial answer
High priority
Impact of India-EU FTA on import duties and localization
Asked by Promod
Answered localization progress but did not provide current import duty rates or pass-through mechanism.
no duty rate givendeferred to later
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Question
wanted to check your thought process in terms of first the imported components... what is the understanding with the clients? Usually when duties drop it's a pass through to the client.
Karin (management)
we are importing mainly components from the parent and we are this it's also an ongoing process of localization. So this year we have localized a sensor for the component for the common rails.
Partial answer
Medium priority
Export opportunities from India under FTA
Asked by Promod
Mentioned export growth areas but did not quantify or discuss duties.
no duty rates givenno quantification
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Question
what are the medium-term opportunities you look at exporting from India to a global markets and what are the duties there for such products in the current state
Karin (management)
We have increased already our exports volume for the spark plugs in 2025 and we expect also further good development of volumes in the spark plugs and in components for the common rail products.
Evasive
High priority
Why margins not improving despite strong tailwinds and localization
Asked by Mayor
Acknowledged question but did not explain why margins are stagnant; cited product mix vaguely.
no margin targetattributed to product mixno specific numbers
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Question
despite so much of operating leverage and despite localization why is it that we are not seeing a movement on the margins despite the growth coming
Karin (management)
if you look at the overall result for the last 3 years then of course we had a tailwind with the growth which helped us but we also did a lot of cost improvement and localization. So you see the EBIT is going up.
Declined
High priority
Will margins tick up over next 3-4 years?
Asked by Mayor
Explicitly refused to provide forward margin guidance.
refused guidancepointed to past
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Question
So you believe that over the next 3 to four years we should the margins should start ticking up or should be meaningfully different directionally compared to current margins.
Karin (management)
I would not give a guidance for the next three and four years. I only can show you what we have delivered in the last three years and then you can see in which cycles of margin improvement we are.
Evasive
Medium priority
Which product mix is dragging margins?
Asked by Mayor
Did not identify any specific low-margin product; gave generic lifecycle explanation.
no specific product namedgeneric explanation
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Question
any specific product mix you want to call out which is lower than our average margins just as a qualitative understanding
Karin (management)
if new products are coming in we are usually starting with finished goods then assembly and testing then localization. So with every new product we start a new localization round.
Answered
High priority
Visibility on BS7 implementation timeline
Asked by Mayor
Clearly stated no visibility on BS7 timeline.
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Question
is there any incremental discussion and development around BS7 possibility we are in February 26 just wanted to have your understanding of the implementation how gradual
Management (unclear who)
at this point of time there is no visibility of a precise date of BS7 implementation. So things are still quite open as far as we know with our discussions with OEMs.
Partial answer
High priority
Bosch's EV four-wheeler component plans in India
Asked by Nikil Ra
Identified eAxle as key component but gave no value or volume targets.
no quantificationno timeline
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Question
I just wanted to check up what is the Bosch plan for the EV four-wheeler vehicles in India. What sort of the content per car component you are targeting to supply?
Management (unclear who)
We will strongly aim to bring in eAxles and that would be the biggest component that comes into an electric vehicle. We are in advanced discussions with several OEMs.
Answered
Medium priority
Is Bosch currently supplying eAxles to any OEM in India?
Asked by Nikil Ra
Clearly stated no current eAxle supply, only discussions.
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Question
So you don't see right now you are not supplying anything any to any OEM right?
Management (unclear who)
In India we are not supplying the eAxles to any OEM right now. We are in advanced discussions on several projects with OEMs.
Partial answer
Medium priority
Demand drivers for commercial vehicle segment and replacement share
Described demand drivers but did not quantify replacement demand share.
no replacement share given
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Question
could you help us understand how demand from the commercial vehicle segment is shaping up for Bosch and roughly how much of your CV offtake is currently driven by the replacement demand?
Management (unclear who)
the commercial vehicle demand both for HCV and LCVs has been very robust in the last quarters and it's connected to GST 2.0 changes, increased uptake on government fleet orders, construction and mining.
Partial answer
Medium priority
Progress on alternate fuel technologies and content per vehicle vs ICE
Asked by Kosh
Gave qualitative view but no quantification of content change.
no precise numbersvague
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Question
Bosch has been working on alternate fuel technologies. So just wanted to know what is the progress on that and will there be a significant increase in content per vehicle compared to ICE vehicles?
Management (unclear who)
Bosch has very wide portfolio options also for flex fuels. The content per vehicle is not a major change in my view. You'll have to get the precise numbers but it's not a very significant change.
Partial answer
Medium priority
Status of hydrogen fuel engine pilot orders and commercial launch timeline
Asked by Kosh
Described ongoing work but no specific timeline; cited infrastructure dependency.
no timeline for commercial launchdeferred to infrastructure
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Question
we had received some pilot order on hydrogen fuel engine. So what is the status on that and is there any future potential for that?
Management (unclear who)
on the hydrogen activity, we are working very closely with virtually every commercial vehicle and bus OEM in India. There are currently at least no known plans of rollout from any OEMs very specifically.