NSE: BOSCH-HCIL · BSE: 523398
BOSCH HOME COMFRT IND LTD
Manufactures and sells air conditioners and other cooling products for residential comfort and commercial use, with this segment contributing 96.3% of FY26 segment revenue at Rs 2,635.51 crore. The remaining 3.7% of segment revenue comes from design and development services (Rs 99.88 crore), a small but materially more profitable line at 10.5% EBIT margin versus 0.7% for cooling products. Total revenue from operations for FY26 was Rs 2,698.69 crore, marginally lower than FY25. The company posted a small net loss in FY26 after a profit in FY25, with the swing driven by exceptional items including severance pay, the impact of new labour codes, and a Rs 309.4 million inventory loss from a June 2025 warehouse fire partly offset by Rs 112 million of insurance recovery. Total assets stood at Rs 1,915.45 crore at FY26 year-end. The business has transitioned from the Johnson Controls-Hitachi joint venture to the Robert Bosch Group following Bosch's acquisition of the HVAC business, and operates in cooling products alongside a design and development services line. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Cooling products for comfort and commercial use (96%), Design and development services (4%). Consumer durables with high material intensity and seasonal demand for cooling products
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,159 | 2,384 | 1,919 | 2,756 | 2,699 |
| EBITDA (ex other income) | 96 | (34) | (28) | 132 | 49 |
| margin % | 4.4 | (1.4) | (1.5) | 4.8 | 1.8 |
| Owners' profit | 16 | (82) | (76) | 59 | (3) |
| EPS, as reported (₹) | 5.90 | (30.20) | (27.80) | 21.60 | (1.10) |
| ROE % · ROCE % | 2.2 · 3.7 | (12.5) · (12.5) | (13.0) · (12.0) | 9.2 · 12.1 | (0.6) · 1.9 |
| Debt / equity (x) | 0.06 | 0.22 | 0.00 | 0.00 | 0.12 |
| Cash from operations | (55) | (31) | 254 | 83 | 113 |
| Capex | (49) | (48) | (37) | (19) | (99) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 396 | 432 | 933 | 853 | 1,258 | 476 | 965 | 1,096 |
| Profit before tax | (39) | (4) | 76 | 21 | (31) | (25) | 56 | 32 |
| Net profit | (30) | (3) | 56 | 15 | (25) | (19) | 41 | 23 |
| EPS (₹) | (11.10) | (1.20) | 20.60 | 5.60 | (9.10) | (7.00) | 15.00 | 8.30 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cooling products for comfort and commercial use | 3,473 | 96.6 |
| Design and development services | 100 | 2.8 |
| Designand development services | 24 | 0.7 |
| Total, before eliminations | 3,597 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,14,787 | 62.9 | 14.97 | — | 22.0 | 27.2 | — | 13.8 |
| VOLTAS LTD | 33,490 | 74.6 | 5.23 | 39.3 | 5.8 | 9.9 | 13.8 | 7.6 |
| BLUE STAR LIMITED | 32,855 | 64.5 | 9.57 | 34.7 | 15.4 | 18.9 | 23.8 | 6.1 |
| AMBER ENTERPRISES (I) LTD | 21,873 | 227.3 | 3.77 | 23.6 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 13,161 | — | 3.83 | 95.3 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,534 | 31.7 | 4.86 | 21.8 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,555 | 42.1 | 2.54 | 15.3 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,280 | 37.7 | 3.69 | 23.1 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 236.1 | 42.1 | 19 of 19 | 0% |
| P/B | 9.2 | 4.4 | 20 of 23 | 14% |
| ROCE | 0.0 | 9.4 | 21 of 24 | 13% |
| ROE | (0.6) | 7.1 | 20 of 23 | 14% |
| Debt / Equity | 0.1 | 0.0 | 13 of 23 | 46% |
| EBITDA margin | 4.3 | 7.6 | 19 of 23 | 18% |
| Revenue growth | 28.5 | 15.4 | 5 of 22 | 81% |
| Profit growth | 49.4 | 38.1 | 8 of 21 | 65% |
| Market cap | 4622 | 3722 | 10 of 24 | 61% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Board meeting on Nov 2 to consider Q2 FY27 results | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Bosch Home Comfort: New independent director joins, one completes term | management changes | medium | — | — |
| 22 Sept 2026 · Statutory and Secretarial Auditors re-appointed at AGM | management changes | medium | — | — |
| 22 Sept 2026 · AGM proceedings of Bosch Home Comfort India held on 22 Sep 2026 | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · AGM on 22 Sept 2026; auditor re-appointments and director rotation | board shareholder meetings | low | — | — |
| 31 Aug 2026 · FY26 Annual Report and 41st AGM notice filed | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Q1 FY27 profit up 49% YoY; auditors re-appointed for another term | management changes | low | — | — |
| 6 Aug 2026 · Board re-appoints statutory and secretarial auditors; Q1 results | management changes | medium | — | — |
| 6 Aug 2026 · Bosch Home Comfort Q1 FY27: Revenue up 28%, PAT at Rs 228 mn | results | high | — | — |
| 13 Jul 2026 · Board meeting on Aug 6, 2026 to consider Q1 FY27 financial results | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.