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View Risks →Bosch Limited — Q4 FY25
Bosch Limited reported a strong Q4 FY25 with revenue of INR 49,106 million, up 16% YoY, driven by power solutions, two-wheeler, and aftermarket segments.
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Bosch Limited reported a strong Q4 FY25 with revenue of INR 49,106 million, up 16% YoY, driven by power solutions, two-wheeler, and aftermarket segments. EBITDA grew 16.1% to INR 6,469 million, with margin improvement from cost controls and localization. Full-year revenue rose 8.1% to INR 180,874 million, EBITDA margin expanded 30 bps to 12.8%. PAT margin fell to 11.3% due to removal of indexation benefit. Key growth drivers included OBD2-related sensor sales, premiumization, and new NOx sensor line with 2.1 million annual capacity by 2027. Management expects continued outperformance vs. industry, driven by regulation, electrification, and exports. Risk: tariff volatility and delayed BS7 norms could impact near-term demand.
बॉश लिमिटेड ने वित्त वर्ष 2025 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई 49,106 करोड़ रुपये रही, जो पिछले साल से 16% ज्यादा है। यह वृद्धि पावर सॉल्यूशंस, दोपहिया और बिक्री के बाद के बाजार से आई। कंपनी का मुनाफा (EBITDA) 16.1% बढ़कर 6,469 करोड़ रुपये हुआ। लागत कम करने और स्थानीय उत्पादन से मार्जिन में सुधार हुआ। पूरे साल की कमाई 8.1% बढ़कर 1,80,874 करोड़ रुपये रही। मुनाफा मार्जिन 12.8% पर पहुंच गया। हालांकि, शुद्ध मुनाफा मार्जिन 11.3% पर गिर गया क्योंकि इंडेक्सेशन का फायदा खत्म हो गया। कंपनी ने OBD2 सेंसर, प्रीमियम उत्पादों और नए NOx सेंसर लाइन से वृद्धि की उम्मीद है। 2027 तक इसकी सालाना क्षमता 21 लाख यूनिट होगी। प्रबंधन का मानना है कि नियमों, बिजली वाहनों और निर्यात से कंपनी बाजार से बेहतर करेगी। जोखिम: टैरिफ में उतार-चढ़ाव और BS7 नियमों में देरी से मांग प्रभावित हो सकती है।
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Two-wheeler business growth
21.4%
+21.4% YoY
Q4 FY25 two-wheeler revenue growth driven by OBD2 sensor sales ahead of norms.
Power solutions growth
16.9%
+16.9% YoY
Q4 FY25 growth fueled by diesel components for off-highway and electronic control units.
Mobility aftermarket growth
7.9%
+7.9% YoY
Q4 FY25 growth from diesel systems, filters, and spark plugs demand.
NOx sensor capacity target
2.1M
New capacity
Annual sensor capacity by 2027 at Bidadi plant, serving global OEMs.
What Changed vs Last Quarter
NEW
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.
NEW
Slight increase in export business next year
Management expects a slight increase in exports driven by NOx sensors, spark plugs, and injectors.
NEW
Growth beyond industry rates through premiumization and regulation
Company aims to outgrow industry via advanced technologies, new norms, and electrification.
DROPPED
Aftermarket growth target of 8-10% for FY26
Management expects the Mobility Aftermarket division to grow at 8-10% in FY26, driven by diesel components, lubricants, and filters.
DROPPED
OBD-II implementation for two-wheelers from April 2025
Ramp-up of OBD-II norms for two-wheelers is on track for April 2025, with Bosch supplying exhaust gas sensors and engine management systems.
DROPPED
Restructuring provision of INR 47.1 crore in Q3
A one-time restructuring provision of INR 47.1 crore was booked in Q3 to improve competitiveness in the Mobility business; further adjustments may follow.
NEW RISK
Tariff volatility and global trade uncertainty
Management noted dynamic tariff situation could create short-term uncertainties for export business.
NEW RISK
Potential delay in BS7 norms implementation
Management acknowledged that current implementation dates may not hold, which could impact sensor demand.
NEW RISK
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.
RISK GONE
Subdued HCV demand
Heavy commercial vehicle demand remains weak due to mining/construction slowdown and rising vehicle costs, impacting Bosch's powertrain solutions.
RISK GONE
Elevated employee costs
Employee costs as a percentage of revenue are elevated due to project closures; management targets 10% steady-state but current levels are higher.
RISK GONE
Uncertainty on TREM V implementation
Management had no update on TREM V implementation date, which remains April 2026, but any delay could impact product planning.
RISK GONE
Potential trade conflicts and tariff risks
New U.S. policies and China export pressures could create uncertainties for global trade, affecting Bosch's export-oriented segments.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY24, Q3 FY24
Shift from conventional to Common Rail systems increases material costs; localization is critical but timing is uncertain.
Mentioned in Q2 FY24, Q3 FY24, Q4 FY24
Management expects moderate growth for FY25, with Q1 impacted by elections and liquidity crunch, but recovery from Q2 onwards.
Mentioned in Q1 FY24, Q2 FY24
Management guided CapEx of INR 3.5 billion for FY24, mainly for localization in Common Rail and exhaust gas treatment.
Mentioned in Q2 FY25, Q4 FY24
Management guided for full-year CapEx of approximately INR 4,000 million (INR 400 crore), lower than last year due to completion of the auto body campus.
Mentioned in Q1 FY25, Q4 FY24
First localization of exhaust gas treatment component (NOx sensor) will start production in April 2025, with further localization under discussion.
Fast read
Guidance and risk preview
New Gen3 line at Bidadi will scale to 2.1 million sensors annually by 2027, targeting global OEMs.
Management noted dynamic tariff situation could create short-term uncertainties for export business.
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