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Bosch Margin Trend — Quarter by Quarter

Bosch's EBITDA margin moved from 11.0% in Q3 FY24 to 12.5% in Q3 FY26 across 6 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2612.5%—
Q4 FY2512.8%+30 bps
Q2 FY2512.8%+90 bps
Q1 FY2512.0%+70 bps
Q4 FY2413.2%+30 bps
Q3 FY2411.0%+296 bps

What management said about ebitda margin

G

Q2 FY24 · Mid-term localization to improve margins

Localization of Common Rail and exhaust gas treatment components over the next 4-5 years is expected to improve gross margins.

G

Q1 FY24 · Localization of exhaust-gas treatment and injectors over 2-4 years

Management plans to localize production of exhaust-gas treatment components and injectors for commercial vehicles to improve margins.

G

Q1 FY24 · Employee cost trend at 8% of revenue

Employee cost as a percentage of revenue is expected to be around 8% for the financial year, normalizing after provision reversals.