Bosch Home Comfort Q2 FY27 Results (NSE: BOSCH-HCIL)
Signal: Loss widened
The read
The key inflection is a reversal from Q1FY27's ₹22.79 million profit to a ₹416.6 million loss: revenue still grew 16.3% YoY, but cooling-products EBIT was negative ₹551.2 million and operating margin fell to negative 8.2%, while the ₹129.0 million tax benefit softened the reported loss.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹471.12 Cr | +16.3% | -57.0% |
| EBIT | ₹-51.6 Cr | -29.2% | |
| Net profit | ₹-41.66 Cr | -4.3% | |
| EPS | ₹-15.3 | -4.1% | |
| EBIT margin | -10.9% |
P&L walk
Standalone revenue rose 16.3% YoY to ₹4,711.2 million but fell 57.0% QoQ; gross margin held at 30.3%, while EBIT swung to a ₹516.0 million loss as cooling-products EBIT fell to negative ₹551.2 million and PAT was reduced to a ₹416.6 million loss despite a ₹129.0 million tax benefit.
Segments
Cooling products drove the consolidated loss with ₹4,500.0 million of revenue and negative ₹551.2 million EBIT, while design and development services contributed only ₹35.2 million EBIT on ₹315.6 million revenue.
Key positives
- Revenue from operations rose 16.3% YoY to ₹4,711.2 million despite a 57.0% QoQ seasonal decline.
- Design and development services revenue increased 32.3% YoY to ₹315.6 million and EBIT increased 55.8% YoY to ₹35.2 million.
- Gross margin was stable YoY at 30.3%, expanding 40bps despite raw-material cost reaching 64.9% of revenue.
Key concerns
- Cooling-products EBIT was negative ₹551.2 million on ₹4,500.0 million revenue, driving the ₹516.0 million EBIT loss.
- Operating margin deteriorated to negative 8.2% from negative 2.9% YoY and positive 4.3% QoQ.
- H1 operating cash flow was negative ₹1,844.6 million versus negative ₹858.7 million YoY, while current borrowings rose to ₹2,690.4 million from ₹600.2 million at March 2026.
- Raw-material cost increased to 64.9% of revenue from 39.9% YoY, although reported gross margin remained broadly stable.
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