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Revenue
₹4,885.6 Cr
verified against source
Revenue YoY
9.4%
reported change
EBITDA
₹612.4 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. EBITDA grew 5.1% YoY to INR 612 crore, with margin at 12.5% impacted by provisions for the new labor code. PAT growth was 16.1% YoY (5.3% excluding exceptional items). Management highlighted broad-based demand across PV, CV, tractor, and two-wheeler segments, with expectations of record production in PV, tractors, and two-wheelers for FY26. The India-EU FTA is seen as a positive mid-term opportunity. Key risks include margin pressure from product mix and potential delays in hydrogen infrastructure rollout.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects passenger vehicles, tractors, and two-wheelers to achieve all-time high production levels in FY26, driven by strong economic fundamentals and supportive policies.
- Bosch plans to localize DeNOx sensors and other Common Rail components, following the localization of NOx sensors in 2025.
- Bosch is in advanced discussions with several OEMs to supply e-axles for electric four-wheelers in India, with announcements expected in coming quarters.
- Bosch has clarified its dividend policy, targeting a payout ratio of 65%-80% of profit, subject to board discretion.
Risks flagged
- Despite strong volume growth, EBITDA margins have remained around 12-13% due to unfavorable product mix and initial costs of new product localization, which may continue to weigh on margins.
- While hydrogen engine technology is maturing, the lack of clarity on hydrogen refueling infrastructure may delay commercial adoption beyond 2030.
- The new trade deal could make imports cheaper, potentially reducing the incentive for localization, though management believes volumes and logistics costs will continue to favor local production.
- The Power Tools division faces significant price pressure from Chinese competitors, leading to moderate growth despite strong product launches and network expansion.
Key quotes
- The global economy is adjusting to a landscape reshaped by geopolitical events and realignments in the trade relationships among countries.
- We are in advanced discussions with several OEMs, and as we go forward in the coming quarters, we will let you know the exact nature of these things.
- The most important thing or the philosophy of Bosch is we try to do local for local. Therefore, volumes are much more important than an FTA or import duties whatsoever.
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