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
✓ 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 answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why is consumer division growth slow and profit down from INR 40 cr to INR 12 cr?
Asked by Pramod Amte
Management attributed profit drop to external factors but did not address whether it is one-off or what actions will be taken.
no specific action planblamed external factors
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Question
What is leading to such a slow growth there? Whereas the profit damage seems to be much severer, where profits have come down from INR 40 crore to INR 12 crore, is it more one-off or do you feel you need to take some major action to bring it back?
Guruprasad Mudlapur, Managing Director and CTO
We do not see this as anything structural internally. We see a reduction mainly on account of adverse exchange rate movements, resulting in slightly higher material cost. We also see a little bit of an initial slowdown on account of GST reforms.
Evasive
High priority
How is EV penetration improving for Bosch? Is it time to call out?
Asked by Pramod Amte
Management gave no quantitative progress update and deferred to a future announcement.
no specificsdeferred to future update
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Question
There seems to be better participation now in the four-wheeler EV side. Is it a time to call out how the EV penetration is improving automotive for you, or you feel it is too early?
Guruprasad Mudlapur, Managing Director and CTO
On the EV, yes, I think we made steady progress, and we will soon update you on some of the bigger updates that we have in terms of business opportunities. The margin pressure will remain.
Answered
High priority
How is Bosch positioned for ABS mandate for two-wheelers?
Asked by Pramod Kumar
Management clearly stated market leadership and capacity readiness for ABS mandate.
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Question
If you can just help us understand at the group level how are we positioned on the ABS bit, and also what is your expectation on the ABS mandate?
Guruprasad Mudlapur, Managing Director and CTO
Our sister company is one of the market leaders in ABS for two-wheelers. In terms of capacities, we are very well prepared to handle the increased demand that's likely to come out of any changes in legislation.
Partial answer
Medium priority
What is Bosch's preparedness on rare earth-free motors?
Asked by Pramod Kumar
Management mentioned work in progress but gave no specifics on timeline or readiness.
no timelinevague progress
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Question
On rare earth-free motors, some of your competitors have also talked about breakthroughs. Just want to understand Bosch Group's preparedness on the same.
Guruprasad Mudlapur, Managing Director and CTO
We are currently exploring all options, and we have certain non-heavy rare earth magnet motors already prepared for the Indian market. This is currently work in progress for us.
Evasive
Medium priority
How is Bosch placed in hybrid systems for passenger vehicles in India?
Asked by Pramod Kumar
Management gave generic statements but no concrete Indian customer or pipeline details.
no specific relationshipsno pipeline details
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Question
Given your dominant position in Europe, if you can just help us understand how are we placed in the Indian context, any existing relationship we have on the hybrid systems or the pipeline?
Guruprasad Mudlapur, Managing Director and CTO
We have a lot of technology for the hybrid segment. We offer this to several OEMs globally, and we are very open to doing that in the Indian market as well. We are in discussion with all the OEMs locally.
Partial answer
Medium priority
Any update on Nexteer supply issue?
Asked by Pramod Kumar
Management acknowledged improvement but remained cautious without specifics.
cautious languageno concrete timeline
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Question
Any update on Nexteer? Because it seems to be fixing itself, the issue. Any update you want to provide there?
Guruprasad Mudlapur, Managing Director and CTO
It's still a little tentative, but at this point of time, as you've probably read, the issue is resolving well, and we hope to have a good resolution on this and the supplies to be back to normal.
Answered
High priority
What are the growth levers for automotive and consumer segments?
Management provided a clear list of growth drivers for both segments.
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Question
What will be the growth levers for both automotive and the consumer segments going forward?
Guruprasad Mudlapur, Managing Director and CTO
In the auto, we are moving from growth due to legislations into growth based on features and comfort, safety. Electrification, hybrid, hydrogen, flex fuels are new areas. On consumer side, infrastructure activities drive demand.
Partial answer
Medium priority
What regulatory norms could impact Bosch in near term?
Management only highlighted OBD2 and did not address other norms comprehensively.
only one norm mentionedno medium-term view
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Question
What are the regulatory norms which we could see impact in the near term, in the short to medium term for us?
Karin Gilges, CFO
A very important norm was OBD2 from 1st of April. We expect this is going ahead for the next two quarters, and then it is normalized.
Answered
Medium priority
Will CAFE norms improve GDI technology traction?
Management confirmed GDI is mature and will see continued traction from CAFE norms.
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Question
With CAFE norms coming up, is there any further improvement expected on GDI technology?
Guruprasad Mudlapur, Managing Director and CTO
The GDI technology is quite mature already and fully compliant with the norm. That's a trajectory that will continue. Not just CAFE norms, performance, clean emissions, all put together, GDI is a good track.
Evasive
Medium priority
Are exports witnessing traction? Any shift of lines?
Management gave no specifics on traction or line shifts, only caution.
no traction datacautious languageno line shift details
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Question
On the exports, are we witnessing any traction now? And in between, we shifted some lines also. So any more traction on exports?
Guruprasad Mudlapur, Managing Director and CTO
At this point of time, I would again be a bit cautious on exports. There is a lot happening in the geopolitical space, also connected to tariffs. Our commitment to increase exports in the long run still is very much valid.
Evasive
Medium priority
Can you provide details on where Bosch is playing in safety and comfort?
Asked by Sendil Manikandan
Management gave generic statements but refused to highlight specific products or components.
no specific productsno component details
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Question
Where you mentioned that the growth will come more from the future-led and safety-comfort-led. If you can provide further details in terms of where Bosch is looking to play in these areas.
Guruprasad Mudlapur, Managing Director and CTO
We see new technologies coming in, new feature additions happening. There is more focus by the consumer on safety and personalization. There is certainly an increased content per vehicle from a tier one on account of that.
Partial answer
Medium priority
How is Bosch positioned among top four electric two-wheeler players?
Asked by Sendil Manikandan
Management confirmed working with some big makers but gave no specifics on positioning or growth.
no specific namesno market share data
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Question
Now we have seen the market has been consolidated among the top four players. If you can just throw some insight in terms of how Bosch is being positioned among the top four players and how we are looking at the growth from the e-two-wheeler side.
Guruprasad Mudlapur, Managing Director and CTO
On the electric two-wheelers, we are working with a couple of the bigger two-wheeler makers. Currently, it is largely the scooter segment that is on, and we are supplying our components to them.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Consumer goods profit fell from INR 40 cr to INR 12 cr | ₹40 cr | ₹554 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.