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Rare earth magnet supply disruption
View Risks →Bosch Limited — Q1 FY26
Bosch Limited reported Q1 FY26 revenue of INR 4,788.6 crore, up 10.9% YoY, driven by strong growth in Power Solutions (+13.7%) and Two-Wheeler business (exhaust gas sensors from OBD 2 norms).
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Bosch Limited reported Q1 FY26 revenue of INR 4,788.6 crore, up 10.9% YoY, driven by strong growth in Power Solutions (+13.7%) and Two-Wheeler business (exhaust gas sensors from OBD 2 norms). EBITDA grew 23% YoY to INR 639.3 crore, aided by revenue growth and improved material costs. PAT margin jumped to 23.3% due to profit on sale of Building Technologies business. Management highlighted cautious market recovery in auto segments, with tractors and three-wheelers outperforming. Guidance remains qualitative: focus on localization, export growth, and EV technology leadership. Key risk: rare earth magnet supply constraints could impact production from September 2025.
बॉश लिमिटेड ने पहली तिमाही (अप्रैल-जून 2025) में 4,788.6 करोड़ रुपये की कमाई की, जो पिछले साल से 10.9% ज्यादा है। यह वृद्धि मुख्य रूप से पावर सॉल्यूशंस (+13.7%) और दोपहिया वाहनों के लिए एग्जॉस्ट गैस सेंसर (OBD 2 नियमों के कारण) की बिक्री से हुई। कंपनी का मुनाफा (EBITDA) 23% बढ़कर 639.3 करोड़ रुपये हो गया, जिसमें कम लागत और ज्यादा बिक्री का हाथ रहा। शुद्ध मुनाफा (PAT) 23.3% तक पहुंच गया, क्योंकि कंपनी ने अपना बिल्डिंग टेक्नोलॉजी कारोबार बेचा। प्रबंधन ने कहा कि ऑटो सेक्टर में सुधार धीमा है, लेकिन ट्रैक्टर और तिपहिया वाहन बेहतर कर रहे हैं। आगे की योजना: देश में ही उत्पादन बढ़ाना, निर्यात और इलेक्ट्रिक वाहन (EV) तकनीक में अग्रणी बने रहना। चेतावनी: सितंबर 2025 से दुर्लभ पृथ्वी चुंबकों की कमी से उत्पादन प्रभावित हो सकता है।
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Power Solutions Revenue Growth
13.7%
+13.7% YoY
Driven by higher demand for diesel components from off-highway and passenger car segments.
Two-Wheeler Business Growth (QoQ)
39.2%
+39.2% QoQ
Ramp-up in exhaust gas sensor sales due to OBD 2 norms implementation from April 1, 2025.
Mobility Aftermarket Growth
5.2%
+5.2% YoY
Higher demand for filters, lubricants, and wiper systems.
Rare Earth Magnet Inventory Coverage
End of August
N/A
Inventory coverage until end of August; task force working on options to mitigate supply risk.
What Changed vs Last Quarter
NEW
Continuous increase in localization content
Management reiterated commitment to increasing localization, with progress on track, though decisions depend on geopolitics and tariffs.
NEW
Export growth target
Bosch aims to continuously increase exports, leveraging competitiveness in certain products like knock sensors and injectors, but no specific target given.
NEW
EV technology leadership in India
Bosch plans to capitalize on EV trends in two-wheelers and three-wheelers, leveraging global portfolio and discussions with OEMs.
DROPPED
NOx sensor capacity of 2.1 million units per year by 2027
New Gen3 line at Bidadi will scale to 2.1 million sensors annually by 2027, targeting global OEMs.
DROPPED
Slight increase in export business next year
Management expects a slight increase in exports driven by NOx sensors, spark plugs, and injectors.
DROPPED
Growth beyond industry rates through premiumization and regulation
Company aims to outgrow industry via advanced technologies, new norms, and electrification.
NEW RISK
Rare earth magnet supply disruption
Inventory coverage only until end of August; task force formed but impact on OEMs could be significant if supply chain issues persist.
NEW RISK
Muted European auto demand
Advanced economies show stagnant or slow growth, limiting export opportunities despite Bosch India's competitiveness.
NEW RISK
TREM5 emission norm uncertainty
Tractor emission norms (TREM5) are on hold, creating uncertainty for product planning and investment.
RISK GONE
Tariff volatility and global trade uncertainty
Management noted dynamic tariff situation could create short-term uncertainties for export business.
RISK GONE
Potential delay in BS7 norms implementation
Management acknowledged that current implementation dates may not hold, which could impact sensor demand.
RISK GONE
No new EV two-wheeler or three-wheeler orders
Management confirmed no new orders in electric two-wheelers or three-wheelers, limiting EV growth visibility.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25
Passenger vehicle inventory is around 70 days, posing a risk to production volumes if festive season demand does not clear stocks.
Fast read
Guidance and risk preview
Management reiterated commitment to increasing localization, with progress on track, though decisions depend on geopolitics and tariffs.
Inventory coverage only until end of August; task force formed but impact on OEMs could be significant if supply chain issues persist.
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