Bosch Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Bosch Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Bosch Limited reported revenue from operations for Jan-March '26 of INR55,657 million, up 13.3% year-on-year, with full-year FY26 revenue at INR200,347 million, up 10.8% over FY25. EBITDA for Q4 grew 20.8% year-on-year to INR7,815 million, while full-year EBITDA rose 14.7% to INR26,503 million, and profit after tax for FY26 grew 37.6% to INR27,702 million, aided by a gain on the sale of the Building Technologies segment. Management also discussed two new joint ventures, one with Tata AutoComp and a newly announced one with Brakes India and Wheels India for commercial vehicle air systems, alongside a cautious outlook for FY27 due to geopolitical risks.
Numbers mentioned
Revenue from operations: INR55,657 million (Jan-March '26)
p. 5
“revenue from operations in Jan-March '26 stood at INR55,657 million, which grew by 13.3% over Jan-March '25”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
Revenue from operations: INR200,347 million (April-March '26 (FY26))
p. 5
“revenue for the period April-March '26 grew by 10.8% over April-March '25 from INR180,874 million to INR200,347 million”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
EBITDA: INR7,815 million (Jan-March '26)
p. 5
“EBITDA for Jan-March '26 was INR7,815 million, which grew by 20.8% over the same quarter of previous year”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
EBITDA: INR26,503 million (April-March '26 (FY26))
p. 5
“EBITDA for period April-March '26 was INR26,503 million as compared to INR23,097 million April-March '25, which grew by 14.7%”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
Profit after tax: INR27,702 million (FY '25-'26)
p. 5
“Profit after tax for FY '25-'26 stood at INR27,702 million, which is a growth of 37.6% over the same period of previous year”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
Mobility business growth: 23.3% (Jan-March '26 vs Jan-March '25)
p. 4
“the Mobility business has grown by 23.3% in Jan-March '26 as compared to Jan-March '25”
Guruprasad Mudlapur, page 4 of the filed PDF · View the filing
Power Solutions division sales: over INR130 billion (2025 calendar year)
p. 5
“The Power Solutions division achieved a landmark results surpassing INR130 billion, total net sales for 2025 calendar year”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
Power Solutions Q4 sales: over INR14 billion (Q4 FY26)
p. 5
“We focused -- we closed the fiscal year with momentum, delivering over INR14 billion in the fourth quarter”
Guruprasad Mudlapur, page 5 of the filed PDF · View the filing
Mobility Aftermarket exports growth: around 17% (FY26)
p. 6
“Exports in the Mobility Aftermarket business delivered outstanding growth of around 17%”
Guruprasad Mudlapur, page 6 of the filed PDF · View the filing
Two-Wheeler business growth: 69.1% (April-March '26 vs April-March '25)
p. 4
“the Two-Wheeler business has grown significantly by 69.1% due to the ramp-up of -- ramp-up in the sale of exhaust sensors resulting from OBD2 norms implementation from 1st April 2025”
Guruprasad Mudlapur, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Content per vehicle — upcoming fiscal year
stated firmly by Guruprasad Mudlapur
p. 7
“this trend to continue also in the upcoming fiscal year”
Guruprasad Mudlapur, page 7 of the filed PDF · View the filing
Volume/industry outlook — flattish · FY27
stated conditionally by Guruprasad Mudlapur
p. 7
“So there, we want to be a bit cautious. So, we currently maintained a flattish outlook.”
Guruprasad Mudlapur, page 7 of the filed PDF · View the filing
Brakes India/Wheels India JV start of operations — end of 2026
stated firmly by Guruprasad Mudlapur
p. 9
“We currently see this JV commencing operations end of 2026.”
Guruprasad Mudlapur, page 9 of the filed PDF · View the filing
Brakes India/Wheels India JV samples and series readiness — samples in '27, series readiness by 2028
stated conditionally by Guruprasad Mudlapur
p. 10
“The JV will offer according to customer demand, of course, samples in '27 and series readiness by 2028.”
Guruprasad Mudlapur, page 10 of the filed PDF · View the filing
Tata AutoComp JV SOP — third quarter of next calendar year
stated firmly by Guruprasad Mudlapur
p. 11
“The SOP from the JV is most likely third quarter of next year, and everything is on track for that.”
Guruprasad Mudlapur, page 11 of the filed PDF · View the filing
CAFE Phase 3 content per vehicle
stated firmly by Guruprasad Mudlapur
p. 12
“Content per vehicle will increase. We can share more details about this in the upcoming calls.”
Guruprasad Mudlapur, page 12 of the filed PDF · View the filing
Company outlook — FY '27
stated as an aspiration by Guruprasad Mudlapur
p. 13
“We hope to continue this momentum, barring some headwinds coming our way through economic downturns or higher inflation or other parameters.”
Guruprasad Mudlapur, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Content per vehicle continues to rise; volume outlook remains cautiously optimistic due to West Asia crisis risks.
Answered by Guruprasad Mudlapur
Asked by Pramod Amthe: Can Bosch increase content per vehicle and outbeat industry volume growth given a flattish outlook for FY27?
p. 7
“we are a bit cautiously optimistic, cautious because of the potential headwinds that are in front of us specifically the West Asia crisis now going on”
Guruprasad Mudlapur, page 7 of the filed PDF · View the filing
Bosch lacks capability in this specific segment and partnered with an established player, TSF Group, to enter the market quickly.
Answered by Guruprasad Mudlapur
Asked by Pramod Amthe: Why choose the joint venture route for new product lines like eAxles and now air systems rather than going alone?
p. 7
“in this area, specifically electronic control, software-driven modules for air compression processing or suspension, Bosch is not a player at all”
Guruprasad Mudlapur, page 7 of the filed PDF · View the filing
Management declined to disclose figures citing the pending regulatory process for the acquisition.
Answered by Karin Gilges
Asked by Ronak Sarda: Can you share full year performance of Bosch Chassis for FY26 in terms of revenue, margins and profitability?
p. 9
“due to that we are not through the process for the whole CV report, etcetera, we can't before the closing and not disclose figures here for the company, Robert Bosch Chassis Systems”
Karin Gilges, page 9 of the filed PDF · View the filing
A large customer project in the prior year inflated the base, along with forex impacts and improved fixed cost absorption this year.
Answered by Karin Gilges
Asked by Vedant: What drove the year-on-year and sequential decline in other expenses this quarter?
p. 11
“the customer projects, we had the big projects in the last financial year. We had a better fixed cost absorption in this financial year.”
Karin Gilges, page 11 of the filed PDF · View the filing
Management is cautious due to geopolitical risks like the Strait of Hormuz and the Ukraine war.
Answered by Karin Gilges
Asked by Vedant: Why is guidance flattish for FY27 when customers are guiding for high single-digit to double-digit growth?
p. 11
“we are currently a little bit careful and more on the conservative side looking at the overall geopolitical environment like the Strait of Hormuz, like the Ukraine war”
Karin Gilges, page 11 of the filed PDF · View the filing
Establishment is on track for mid-2026, with SOP and first shipments expected in Q3 of the following calendar year.
Answered by Guruprasad Mudlapur
Asked by Rajit: What is the status of the Tata AutoComp JV and when will revenues start?
p. 11
“The first shipments from the JV will happen from the third quarter of next year.”
Guruprasad Mudlapur, page 11 of the filed PDF · View the filing
There is opportunity but Bosch operates on a regional production model; export potential depends on landed cost competitiveness.
Answered by Guruprasad Mudlapur
Asked by Akshay: Can Bosch India become a global manufacturing or low-cost supply hub for the Bosch Group?
p. 12
“Bosch operates in what we call international production network, where production centers are typically set up in the region where consumption happens.”
Guruprasad Mudlapur, page 12 of the filed PDF · View the filing
Risks flagged
Geopolitical instability in West Asia affecting energy prices and shipping/logistics routes
p. 3
“The heightened geopolitical instability, particularly in West Asia continues to pose a material risk to energy price stability and has created volatility in key shipping and logistics routes.”
Guruprasad Mudlapur, page 3 of the filed PDF · View the filing
Fragile supply chain environment with unpredictable bottlenecks
p. 3
“Geopolitical friction creates new unpredictable bottlenecks that require constant monitoring and proactive management.”
Guruprasad Mudlapur, page 3 of the filed PDF · View the filing
West Asia conflict potentially weighing on passenger vehicle demand in Q1 FY27
p. 4
“geopolitical uncertainties, particularly the West Asia conflict may weigh on demand in Q1, though the overall outlook remains stable”
Guruprasad Mudlapur, page 4 of the filed PDF · View the filing
Potential El Nino conditions posing downside risk to tractor segment
p. 4
“the potential El Nino conditions could pose a downside risk”
Guruprasad Mudlapur, page 4 of the filed PDF · View the filing
Below normal monsoon potentially weighing on rural demand for two-wheelers
p. 4
“The Two-Wheeler segment is expected to register healthy growth with a below normal monsoon potentially weighing on rural demand.”
Guruprasad Mudlapur, page 4 of the filed PDF · View the filing
Independent aftermarket facing supply chain pressures
p. 6
“The independent aftermarket stagnated as it continued to face significant supply chain pressures.”
Guruprasad Mudlapur, page 6 of the filed PDF · View the filing
Strait of Hormuz logistics costs not providing a tailwind
p. 13
“the current situation by the Strait of Hormuz and the logistic costs are not supporting us, not giving us a tailwind”
Karin Gilges, page 13 of the filed PDF · View the filing
Broader economic downturns, higher inflation or other headwinds affecting momentum
p. 13
“We hope to continue this momentum, barring some headwinds coming our way through economic downturns or higher inflation or other parameters.”
Guruprasad Mudlapur, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.