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Export uncertainty due to tariffs and geopolitics
View Risks →Bosch Limited — Q2 FY26
Bosch Limited reported Q2 FY26 revenue of INR 47,948 million, up 9.1% YoY, driven by strong performance in power solutions and two-wheeler segments.
bullish
medium
Financial stats pending filing verification
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Bosch Limited reported Q2 FY26 revenue of INR 47,948 million, up 9.1% YoY, driven by strong performance in power solutions and two-wheeler segments. EBITDA grew 10.1% YoY to INR 6,171 million, aided by favorable product mix and cost optimization. The two-wheeler business surged 81.8% YoY due to OBD2 norm implementation. Management highlighted steady EV progress and hydrogen ICE technology maturity, with 8-15% market penetration expected by 2030 in heavy commercial vehicles. However, exports remain cautious due to geopolitical uncertainties. Risks include potential margin pressure from EV entry and slow recovery in consumer goods due to GST transition effects.
बॉश लिमिटेड ने दूसरी तिमाही में 47,948 मिलियन रुपये का कारोबार किया, जो पिछले साल से 9.1% ज़्यादा है। यह वृद्धि पावर सॉल्यूशंस और दोपहिया वाहनों की मजबूत बिक्री से हुई। कंपनी का मुनाफा (EBITDA) 10.1% बढ़कर 6,171 मिलियन रुपये हो गया, जिसमें बेहतर उत्पाद मिश्रण और लागत बचत का योगदान रहा। दोपहिया कारोबार में 81.8% का उछाल OBD2 नियम लागू होने से आया। प्रबंधन ने इलेक्ट्रिक वाहनों (EV) और हाइड्रोजन इंजन तकनीक में प्रगति बताई। 2030 तक भारी वाणिज्यिक वाहनों में 8-15% बाजार हिस्सेदारी की उम्मीद है। हालांकि, भू-राजनीतिक अनिश्चितता के कारण निर्यात में सावधानी है। EV में प्रवेश से मुनाफे पर दबाव और GST बदलाव से उपभोक्ता वस्तुओं की धीमी रिकवरी जोखिम हैं।
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Read Transcript →Quarter Snapshot
Two-wheeler business growth
81.8%
+81.8% YoY
Driven by high sale of exhaust gas sensors due to OBD2 norms implementation from April 2025.
Mobility business growth (QoQ)
11.9%
+11.9% YoY
Growth in mobility business for July-September 2025 vs same quarter previous year.
Power solutions business growth
9.5%
+9.5% YoY
Higher demand for diesel components from passenger car and off-highway segments.
Mobility aftermarket growth
3.7%
+3.7% YoY
Growth driven by diesel and filter systems, impacted by GST 2.0 stock liquidation.
What Changed vs Last Quarter
NEW
Two-wheeler OBD2 benefit expected for next two quarters
The strong growth from OBD2 norms is expected to continue for the next two quarters before normalizing.
NEW
Hydrogen ICE market penetration 8-15% by 2030
Management expects hydrogen technology to achieve 8-15% market penetration in heavy commercial vehicles by 2030.
NEW
Mobility aftermarket recovery in Q3
Sales in mobility aftermarket are expected to regain momentum in Q3 after GST 2.0 transition impact.
DROPPED
Continuous increase in localization content
Management reiterated commitment to increasing localization, with progress on track, though decisions depend on geopolitics and tariffs.
DROPPED
Export growth target
Bosch aims to continuously increase exports, leveraging competitiveness in certain products like knock sensors and injectors, but no specific target given.
DROPPED
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.
NEW RISK
Export uncertainty due to tariffs and geopolitics
Management expressed caution on exports due to tariff pressures and geopolitical unrest, impacting competitiveness.
NEW RISK
Margin pressure in EV business
Management acknowledged that EV entry business is tough and margin pressure will remain.
NEW RISK
Consumer goods slow growth and profit decline
Consumer goods division grew only 1.8% and profits dropped from INR 40 crore to INR 12 crore due to adverse exchange rates and GST impact.
NEW RISK
Nexteer supply issue still tentative
Management noted that the Nexteer supply issue is resolving but remains touch and go, requiring cautious approach.
RISK GONE
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.
RISK GONE
Muted European auto demand
Advanced economies show stagnant or slow growth, limiting export opportunities despite Bosch India's competitiveness.
RISK GONE
TREM5 emission norm uncertainty
Tractor emission norms (TREM5) are on hold, creating uncertainty for product planning and investment.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q3 FY25
Bosch aims to continuously increase exports, leveraging competitiveness in certain products like knock sensors and injectors, but no specific target given.
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
The strong growth from OBD2 norms is expected to continue for the next two quarters before normalizing.
Management expressed caution on exports due to tariff pressures and geopolitical unrest, impacting competitiveness.
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