Bosch India (BOSCHLTD) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue and EBITDA grew strongly on consolidated and standalone bases; RBIC results were included for the first time following its July 1, 2026 acquisition.

• H1 PAT declined year over year on both bases, reflecting the prior-year gain from the sale of the building-technology businesses.

• Management expects modest H2 demand and aims to sustain margin improvement amid inflation, weak monsoons, tighter interest rates and a high comparison base.

Financial highlights

• Consolidated Q2 revenue was ₹76,551 million, up 28.2%; EBITDA rose 23.2% to ₹10,371 million and PAT grew 18.5% to ₹8,405 million, including a ₹1,304 million provision reversal.

• Standalone Q2 revenue was ₹61,641 million, up 28.6%; EBITDA rose 30.1% to ₹8,028 million and PAT grew 21.7% to ₹6,746 million, including a ₹1,240 million provision reversal.

• Consolidated H1 revenue grew 25.0% to ₹148,218 million and EBITDA rose 20.6% to ₹20,159 million; PAT fell 13.1% to ₹16,541 million.

• Standalone H1 revenue grew 25.3% to ₹120,060 million and EBITDA rose 29.0% to ₹16,208 million; PAT fell 17.6% to ₹13,764 million.

• Higher raw-material and aluminum costs, INR depreciation against the euro, and timing of customer cost recovery pressured margins.

Outlook and guidance

• H2 expected to be modest across vehicle segments amid weak monsoons, inflation, tighter rates, normal cyclicality and a high comparison base; Q3 two-wheeler demand expected flat to modest YoY.

• Margin improvement targeted through localization, cost control and product mix; forex, commodity movements and delayed pass-through may create quarterly volatility.

• RBIC expects forex, material, capacity-investment and depreciation pressures to persist possibly one more quarter, with improvement as costs are recovered.

• CAFE Phase III takes effect in April 2027; platforms and technology are positioned to support the standards, while content-per-vehicle impact remains under assessment.