Bosch Q4 FY26 Results (NSE: BOSCHLTD)

20 May 2026 · Analysis by Alpha Inflection

Signal: Steady quarter

The read

The operating trajectory improved in Q4FY26: standalone revenue reached ₹55,657 million, up 13.3% YoY versus 9.4% growth in Q3FY26, and the prior-results series shows OPM expansion to 14% from 13%; however, PAT grew only 2.7% to ₹5,685 million as raw-material cost rose 28.5% YoY and finance costs rose 126.2%, so earnings conversion remains the key watchpoint.

P&L walk

The consolidated XBRL block reports revenue of ₹20,034.7 million, EBITDA of ₹3,504.4 million and PAT of ₹2,773.2 million, but provides no comparable YoY or QoQ columns in the supplied data.

Key positives

• Q4 standalone revenue of ₹55,657 million grew 13.3% YoY, accelerating from 9.4% YoY in Q3FY26.
• Prior-results OPM improved to 14% in Q4FY26 from 13% in Q4FY25, marking the first margin expansion after two quarters of neutral YoY movement.
• Employee benefits expense rose only 5.2% YoY to ₹4,438 million against 13.3% revenue growth, supporting fixed-cost absorption.
• The proposed CV air-system JV will be owned 50% by Bosch and 50% collectively by Wheels India and Brakes India, with an initial post-incorporation funding commitment equivalent to EUR 1,000,000 less the initial INR 1,00,000 subscription.

Key concerns

• Q4 PAT grew only 2.7% YoY to ₹5,685 million despite 13.3% revenue growth, indicating limited earnings conversion.
• Raw-material and components cost rose 28.5% YoY to ₹13,524 million, substantially faster than revenue growth; the filing does not disclose the reason.
• Finance costs increased 126.2% YoY to ₹138 million, although the absolute amount remains small.
• The proposed final dividend of ₹270 per share is 47.3% below the previous year's ₹512 per share final dividend.

Earnings quality: includes non-operating other income

View original filing

Research and educational content only. Not investment advice.