Bosch Limited — Q3 FY26
Bosch Limited reported Q3 FY26 revenue of INR 4,886 crore, up 9.4% YoY, driven by strong performance in Power Solutions (+19.5%) and Two-Wheeler & Powersports (+58.3%) segments.
bullish
high
✓ 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.
42%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Are you relooking at CapEx for FY27-28 given high volumes?
Asked by Pramod Amthe, InCred Capital
Acknowledged the process but refused to give any CapEx numbers or guidance.
no number givendeferred to next quarter
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Question
You alluded to saying that many of your user segments may hit historic high volumes. So, in that context, are you relooking at your capacities and also the CapEx requirement for the FY 2027-20 28?
Karin Gilges, CFO, Bosch Limited
Yes, you are, of course, fully right. In every cycle, or this is an ongoing process in our company, that we check the forwarding volumes predicted by the customers and by the market. We look at our technical capabilities and capacities, and then we adjust our investments in accordance.
Partial answer
High priority
How will India-EU FTA impact imports and exports?
Asked by Pramod Amthe, InCred Capital
Discussed localization and exports qualitatively but did not address pass-through or duty specifics.
no quantification of duty impactno pass-through details
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Question
I wanted to check your thought process in terms of, first, the imported components... what is the understanding with the clients? ...Second, what are the medium-term opportunities you look at exporting from India to global markets?
Karin Gilges, CFO, Bosch Limited
We are importing mainly components from the parent, and it's also an ongoing process of localization... We have increased already our exports volume for the spark plugs in 2025... We also expect an increase in export volumes in sensors, NOx sensors.
Declined
Medium priority
What are your current import duty rates?
Asked by Pramod Amthe, InCred Capital
Refused to provide the number, deferred to follow-up.
deferred to later
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Question
Will you call out what your current import duty rates are?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
I think we'll have to get back to you on that.
Partial answer
High priority
Why are margins not improving despite strong tailwinds?
Asked by Speaker 8
Acknowledged margin improvement but did not quantify why EBITDA margin is stagnant.
no specific margin breakdownattributed to product mix
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Question
Despite so much of operating leverage and despite localization, why is it that we are not seeing a movement on the margins despite the growth coming and the narrative on the localization and other aspects?
Karin Gilges, CFO, Bosch Limited
So, yeah, if you look at the overall result for the last three years, then, of course, we had a tailwind with the growth, which helped us. But we also did a lot of cost improvement and localization. So, you see the EBIT, or profit after tax, is going up.
Evasive
High priority
Will margins tick up over next 3-4 years?
Asked by Speaker 8
Declined to provide forward-looking margin guidance.
no guidance givenreframed to past performance
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Question
So, you believe that over the next three to four years, the margins should start ticking up or should be meaningfully different directionally compared to current margins?
Karin Gilges, CFO, Bosch Limited
Well, I would not give guidance for the next three and four years. I only can show you what we have delivered in the last three years, and then you can see in which cycles of margin improvement we are.
Evasive
Medium priority
Any specific product mix dragging margins?
Asked by Speaker 8
Did not identify any specific product dragging margins, gave generic localization cycle.
no specific product namedgeneric explanation
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Question
Any specific product mix you want to call out which is lower than our average margins, just as a qualitative understanding so that we are able to track the developments?
Karin Gilges, CFO, Bosch Limited
So, look, it is the margin. Of course, if new products are coming in, we are usually starting with we first bring the finished goods into the market, then we start the assembly and testing... There is no specific product. It is more technology is developing.
Answered
Medium priority
What is your understanding of TREM V implementation timeline?
Asked by Speaker 8
Clearly stated no visibility on TREM V date.
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Question
From your vantage point and your discussion with the OEMs, is there any incremental discussion and development around TREM V possibility? ...what is your understanding of the implementation?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
At least at this point of time, there is no visibility of a precise date of TREM V implementation. So things are still quite open as far as we know with our discussions with the OEMs.
Partial answer
High priority
What is Bosch's plan for EV four-wheeler components in India?
Asked by Nikhil Ravi, Robert Bosch
Mentioned e-axles but did not quantify content per vehicle or give timeline.
no specific value per carno timeline
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Question
I just wanted to check up, what is Bosch's plan for the EV four-wheeler vehicles in India? What sort of per car component you are targeting to supply?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
From the portfolio of Bosch Limited, we will strongly aim to bring in e-axles. And that would be the biggest component that comes into an electric vehicle. So we are in advanced discussions with several OEMs.
Partial answer
Medium priority
How is CV demand shaping up and replacement share?
Asked by Hitesh Sharma, The Valuation School
Described demand as robust but did not quantify replacement share.
no replacement demand percentage given
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Question
Could you help us understand how demand from the commercial vehicle segment is shaping up for Bosch? And roughly, how much of your CV offtake is currently driven by the replacement demand?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
The commercial vehicle demand both for HCV and LCVs has been very robust in the last quarters... Based on the trends... we see that this trend is likely to continue.
Partial answer
Medium priority
Progress on alternate fuel technologies and content per vehicle?
Asked by Speaker 9
Gave qualitative view but did not provide specific content per vehicle numbers.
no precise numbers given
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Question
Bosch has been working on alternate fuel technologies. So just wanted to know what is the progress on that? And will there be a significant increase in content per vehicle compared to ICE vehicles?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
The content per vehicle is not a major change in my view. We'll have to get the precise numbers, but it's not a very significant change.
Partial answer
Medium priority
Status of hydrogen engine pilot order and commercial launch timeline?
Asked by Speaker 9
Discussed general progress but did not confirm pilot order status or give a firm launch timeline.
no specific pilot order updateno precise launch date
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Question
I think we had received some pilot order on hydrogen fuel engine. So what is the status on that? And is there any future potential for that?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
On the hydrogen activity, we are working very closely with virtually every commercial vehicle and bus OEM in India... We assume that by 2030, definitely, there will be quite some hydrogen activity happening.
Answered
High priority
In which segments is Bosch growing ahead of industry?
Asked by Gokul Maheshwari, Awriga Capital Advisors
Clearly stated all auto segments are above industry growth, except Power Tools.
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Question
You supply products to various segments... In which of the areas are we growing ahead of the underlying industry? Where are the segments where we are actually undergrowing the industry growth?
Guruprasad Mudlapur, Managing Director and CTO, Bosch Limited
Broadly, I would say in every one of the auto sector segments, we have been going above the industry growth rates for all our products. The only area I would say we have not performed maybe so well in the last quarter has been our Power Tools division.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBIT margin of 10.5% this quarter | 10.5% | 12.5% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.