Bosch Q1 FY27 Results (NSE: BOSCHLTD)
Signal: Growth reaccelerated
The read
The operating trajectory improved materially, with revenue up 22.0% YoY to ₹58,419 million and profit before exceptional items up 12.4% to ₹9,418 million, led by automotive demand and expense optimization; however, gross margin compressed approximately 419bps as raw-material intensity rose, and reported PAT fell 36.7% because Q1FY26 contained a ₹5,560 million exceptional gain. Other income of ₹2,257 million represented 24% of PBT, so bottom-line quality remains dependent on non-operating income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,841.9 Cr | 22.0% | +5.0% |
| EBIT | ₹947.9 Cr | 12.5% | |
| Net profit | ₹706.1 Cr | -36.7% | |
| EPS | ₹239.41 | -36.7% | |
| EBIT margin | 17.9% |
P&L walk
Revenue rose 22.0% YoY to ₹58,419 million, EBITDA rose 12.9% to ₹10,468 million with a reported 17.9% margin, while PAT fell 36.7% to ₹7,061 million mainly against a ₹5,560 million exceptional gain in the year-ago quarter.
Segments
Automotive products drove the group, with revenue rising 23.3% YoY to ₹52,344 million and segment result rising 21.1% to ₹7,459 million; Consumer goods also grew 20.9% to ₹5,208 million, while Others declined 22.9% to ₹884 million.
Key positives
- Revenue reached ₹58,419 million, up 22.0% YoY, accelerating from 10.9% YoY in Q1FY26.
- Automotive product sales increased 25.7% YoY; Power Solutions grew 29.0% and two-wheeler business grew 41.4%, indicating broad mobility demand.
- Employee benefits and other expenses declined 2.6% YoY to ₹11,337 million while revenue grew 22.0%, supporting reported EBITDA of ₹10,468 million and a 17.9% margin.
- Automotive products segment result rose 21.1% YoY to ₹7,459 million and segment assets increased to ₹64,454 million from ₹54,706 million.
Key concerns
- Gross margin compressed approximately 419bps YoY to 33.5% as raw-material and components consumption rose to 26.5% of revenue from 23.5%; the company absorbed a larger input burden and did not disclose the cause.
- Reported PAT fell 36.7% YoY to ₹7,061 million despite 22.0% revenue growth because of the ₹5,560 million exceptional gain in the comparable period.
- Others segment revenue declined 22.9% YoY to ₹884 million and segment result declined 8.8% to ₹260 million.
- Other income of ₹2,257 million equaled 24% of PBT, making the bottom line less representative of recurring operating earnings.
Earnings quality: includes non-operating other income
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