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...
bullish
medium
✓ Verified against BSE filing
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.
46%Questions answered5Evaded / deflected12Questions audited
Partial answer
High priority
Two-wheeler business localization extent and revenue contribution.
Asked by Pramod Amte
Answered localization qualitatively but declined to give revenue contribution percentage.
no segmental numbers given
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Question
Wanted to know, since the capacity came on board pretty fast, what's the extent of localization you have been able to achieve there? Second, is it fair to assume now Two-Wheeler as a vertical is almost a double-digit contribution to revenue?
Karin Gilges, CFO
Nevertheless, we do not give segmental numbers. Regarding localization, we were expecting because a lot of the content is coming out of the OBD 2, and therefore we were prepared for this. This is localized and delivered from our Bidadi plant.
Evasive
Medium priority
Whether localization benefits are retained or passed to customers.
Asked by Pramod Amte
Gave a generic answer about contracts without addressing whether benefits are retained.
no specifics on retention vs pass-through
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Question
As you guys are also doing localization for other components, wanted to know how are customers looking at it? Do they allow you to keep the benefits with you majority or do you feel the competitive intensity has changed now and you may have to pass on some of it to the customers?
Guruprasad Mudlapur, MD & CTO
Just to add on the pricing that you asked, these are all based on customer contracts. They vary, and we do what is agreed with the customer.
Answered
Medium priority
How MoU between Bosch and Tata Electronics benefits listed entity.
Asked by Sriram
Clearly stated no direct benefit currently, only potential future benefit.
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Question
One is on the MoU between Bosch and Tata Electronics. How this will benefit the listed entity?
Guruprasad Mudlapur, MD & CTO
The MoU is between Bosch Germany and Tata Electronics. Right now, there is no direct benefit out of this MoU. It's a very early stage exploration with Tata Electronics.
Evasive
High priority
Restructuring of mobility business details.
Asked by Sriram
Gave a vague explanation about provisions without detailing the restructuring.
no specifics on restructuring actions
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Question
Secondly, there is a note given in the quarterly financials regarding restructuring of the mobility business. If you can elaborate on this, that would be helpful.
Karin Gilges, CFO
We have the principle of commercial prudence that we build up some provisions where we have it out of the calculations. That's the background.
Declined
High priority
Plan to merge sister entities with Bosch India.
Asked by Sriram
Declined to comment on any potential merger plans.
no disclosure beyond regulatory requirements
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Question
Is there any plan to merge the sister entities with Bosch India?
Guruprasad Mudlapur, MD & CTO
At this point of time, I would say there is nothing concrete in any form which is worth reporting even to the regulator or disclosing it beyond that.
Evasive
Medium priority
Hydrogen ecosystem for commercial vehicles timeline.
Asked by Chandrakant
Refused to give a timeline, citing early stage.
no timeline given
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Question
Where does the government stand in terms of the hydrogen refilling stations, etc.? How long will it take to be a dominant business?
Guruprasad Mudlapur, MD & CTO
I won't put a precise date and timing on this. Hydrogen is in a very early phase. Right now we are working with OEMs towards technology maturity exercise.
Declined
High priority
Electronification business coming into listed entity.
Asked by Chandrakant
Declined to comment on potential changes to the structure.
refused to speculate
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Question
In your global report, you have been talking about electrification and electronification in India. This electronification bit is outside the listed entity... Can we expect something to happen on electronification in the listed entity?
Guruprasad Mudlapur, MD & CTO
At this point of time, I do not want to speculate any further changes. That is how it is. If there's any change in the structure or any change in the business operations, we will update it.
Answered
Medium priority
Integration of Johnson Controls India acquisition.
Clearly stated the acquisition is not part of the listed entity and will remain separate.
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Question
Can you please provide color on recent acquisition of Johnson Controls India, how this acquisition will integrate with Bosch India operations?
Guruprasad Mudlapur, MD & CTO
This comes in as a separate division, which is currently not within the listed company, and it is expected to stay that way for now.
Answered
High priority
Duration of high growth in Two-Wheeler segment.
Directly answered that volumes will stabilize after ramp up.
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Question
We are growing at 40% quarter on quarter in Two Wheeler segment due to new projects. How long do we expect this high growth to continue? Will volumes scale gradually or its volume will stabilize after initial ramp up this year?
Guruprasad Mudlapur, MD & CTO
Volumes will stabilize after ramp up.
Partial answer
High priority
Impact of rare earth magnet issue on Bosch.
Gave inventory coverage date but no financial impact quantification.
no quantification of impact
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Question
How does it impact Bosch and in your view, how will it impact the OEMs?
Karin Gilges, CFO
We see inventory coverage until end of August. We are working on several options. We are not going only for one option to reduce the risk as much as possible for the OEM itself.
Answered
Medium priority
Bosch's approach to portfolio management and divestment criteria.
Provided clear criteria: being in top three and constant evaluation.
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Question
What is Bosch approach to portfolio management, and what criteria determine which businesses to retain, grow, divest, or merge?
Guruprasad Mudlapur, MD & CTO
Globally, we want to be in the top three in every segment we operate. Our effort and endeavor is always to ensure that that happens. As a consequence of that, we are constantly evaluating all our portfolio.
Partial answer
High priority
Bosch's strategy to capitalize on EV trends in India.
Stated general strategy but no specific targets or timelines for India.
no specific targets or timelines
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Question
How does Bosch plan to capitalize on emerging EV trends in India? What are your strategic priorities to maintain and expand market share in this evolving sector?
Guruprasad Mudlapur, MD & CTO
We are a dominant technology supplier in the EV space worldwide... We are in good discussions with several OEMs on electrification projects right now, and we hope to have some good news in the coming months.