Bosch Ltd's Q1 FY27 numbers came in mixed, with revenue of Rs. 5,841.90 Cr (+22.00% YoY) and PAT growth of +4.67% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | August 10, 2026 |
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| Quarter | Q1 FY 2026-2027 |
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| Revenue (Q1) | Rs. 5,841.90 Cr (+22.00% YoY) |
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| PAT (Q1) | Rs. 701.80 Cr (+4.67% YoY) |
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| EBITDA margin | 14.00% (+65 bps YoY) |
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| EPS (Q1) | Rs. 237.95 |
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| Market cap | Rs. 131,225.32 Cr |
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| CMP | Rs. 43,505.00 |
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Quarter Snapshot
Bosch delivered strong revenue growth of 22% YoY, the highest in five quarters, driven by broad-based automotive demand. Operating leverage helped offset a 419 bps COGS margin expansion from raw material cost inflation, keeping EBITDA margins flat sequentially. The RBIC acquisition completed post-quarter will add significant revenue from Q2 FY27, but near-term margin pressure from input costs and inventory build remains a watch item.
Key Investment Insights
Key Positives
- Revenue grew 22.0% YoY to Rs.5,841.9 Cr, the strongest quarterly growth in at least five quarters.
- Normalized PAT (excluding exceptional items) grew 4.7% YoY to Rs.701.8 Cr.
- Automotive segment revenue grew 23.3% YoY, driven by broad-based demand.
- Consumer Goods segment revenue grew 20.9% YoY and EBIT margin improved 239 bps to 10.91%.
- Operating leverage visible: employee expenses fell 1.0% YoY and other expenses fell 2.8% YoY, offsetting raw material cost inflation.
- EBITDA margin expanded 65 bps YoY to 14.00%.
- Promoter holding increased via preferential allotment of shares.
- RBIC acquisition completed on July 1, 2026, expected to add ~Rs.4,000 Cr annual revenue from Q2.
Risk Factors
- COGS margin expanded 419 bps YoY to 66.54% due to raw material cost headwinds (steel, aluminium).
- Inventory build of Rs.188.8 Cr suggests higher-cost inventory that may pressure margins in subsequent quarters.
- 2-Wheeler business growth decelerated from 69.1% (FY26) to 41.4% (Q1FY27) as expected with OBD2 normalization.
- Normalized PAT growth of only 4.7% YoY, constrained by lower other income, higher D&A, and higher effective tax rate.
- Other income declined 21.7% YoY to Rs.225.7 Cr.
- Effective tax rate normalized to 25.24% from 19.98% in Q1FY26, reducing net profit.