Bosch Q2 FY27 results: net profit up 51.6% to ₹840.50 crore, revenue up 59.7%

How did Bosch perform in Q2 FY27?

Bosch reported consolidated revenue of ₹7,655 crore in Q2 FY27, up 59.7% from ₹4,795 crore in Q2 FY26 and 31.0% from ₹5,842 crore in Q1 FY27. EBITDA was ₹1,037 crore, up 68.1% year on year and 26.3% sequentially, while the EBITDA margin was 13.5%.

Profit before tax was ₹1,122 crore and net profit was ₹840.50 crore, up 53.7% and 51.6%, respectively, from Q2 FY26. Basic EPS was ₹284.97, compared with ₹188.01 in Q2 FY26 and ₹239.41 in Q1 FY27. On the standalone basis, revenue was ₹6,164.1 crore and net profit was ₹674.6 crore.

What changed in Bosch's costs and profit?

Total expenses rose 58.2% year on year to ₹6,760 crore. Cost of materials increased 117.2% or ₹1,338 crore to ₹2,480 crore, employee cost rose ₹82.70 crore to ₹447.90 crore, and depreciation increased ₹41.90 crore to ₹134.40 crore.

Other expenses were ₹1,137 crore, up ₹420.80 crore or 58.7% from Q2 FY26, while finance costs rose ₹3.50 crore to ₹7.70 crore. Other income fell ₹113.20 crore to ₹96.60 crore, and tax expense increased ₹106.50 crore to ₹282.60 crore.

The quarter included an exceptional gain of ₹130.40 crore. Q2 FY26 and Q1 FY27 had no exceptional item. The filing did not provide a further explanation for the movements in the individual cost lines.

How did the first half of FY27 go?

In H1 FY27, Bosch reported revenue of ₹14,821.8 crore, up 54.7% from ₹9,583.4 crore in H1 FY26, and total income of ₹15,152.8 crore, up 50.3%. Profit before tax rose 3.9% to ₹2,207.6 crore from ₹2,124.0 crore.

Net profit for the first half was ₹1,654.1 crore, down 1.0% from ₹1,670.6 crore, and basic EPS was ₹560.84, down 1.0% from ₹566.42. Management said the six-month comparison was affected by the exceptional profit on the BT business sale in April–September 2025.

What do the balance sheet and cash flow show?

Total assets were ₹17,440.0 crore at 30 September 2026, compared with ₹21,679.7 crore at 31 March 2026. Total equity fell to ₹7,667.1 crore from ₹14,845.2 crore, while cash declined to ₹288.7 crore from ₹396.4 crore. The company had no borrowings at either date.

Inventories increased to ₹3,225.4 crore from ₹2,124.2 crore, trade receivables rose to ₹4,175.3 crore from ₹2,772.7 crore, and trade payables increased to ₹5,421.5 crore from ₹3,434.5 crore. In H1 FY27, operating cash flow was ₹1,167.6 crore, compared with ₹998.4 crore in H1 FY26.

Investing cash flow was negative ₹481.4 crore in H1 FY27, against positive ₹281.0 crore a year earlier, while financing cash flow was negative ₹869.1 crore compared with negative ₹1,525.9 crore. Capital expenditure was ₹354.6 crore, up from ₹75.3 crore in H1 FY26.

How has Bosch done over the last 8 quarters?

Revenue reached its highest level of the eight-quarter series in Q2 FY27 at ₹7,655 crore, after ₹5,841.9 crore in Q1 FY27. It rose year on year in each of the last eight quarters. The lowest revenue in the series was ₹4,465.7 crore in Q3 FY25.

Net profit peaked at ₹1,116.1 crore in Q1 FY26 and bottomed at ₹458.7 crore in Q3 FY25. It reached ₹840.50 crore in Q2 FY27, below the Q1 FY26 peak but above ₹706.1 crore in the preceding quarter. EBITDA margin peaked at 14.1% in Q1 FY27 and bottomed at 12.5% in Q3 FY26; it was 13.5% in Q2 FY27.

Which businesses drove the quarter?

Automotive products reported revenue of ₹7,000.7 crore and EBIT of ₹968.5 crore, with an EBIT margin of 13.8%. Consumer goods reported revenue of ₹511.3 crore and EBIT of ₹75.4 crore, with an EBIT margin of 14.7%.

Others reported revenue of ₹151.7 crore and EBIT of ₹25.4 crore, with an EBIT margin of 16.7%. Year-ago revenue, EBIT and growth figures for the individual segments were not provided in the available data.

What else did the company announce?

On 6 November 2026, the board proposed subdividing each equity share of face value Rs. 10 into 5 equity shares of face value Rs. 2 each, subject to shareholder approval by postal ballot. It also proposed a 3:1 bonus issue of Rs. 2 equity shares, subject to the same approval.

The board approved an amendment to increase authorised share capital from Rs. 380,514,600 to Rs. 1,500,000,000 and also approved revisions to material related-party transactions with Robert Bosch GmbH and Bosch Automotive Electronics India Private Limited. It approved commission payable to non-executive directors. The filing said the corporate actions were expected to be completed within 2 months from 6 November 2026, subject to necessary approvals.

What did the auditors point out?

The auditors issued an unmodified opinion on Bosch’s unaudited financial results for the quarter and half year ended 30 September 2026. Their report included an emphasis of matter drawing attention to Note 5.c and the accounting for a business combination under common control under Appendix C to Ind AS 103.

The auditors stated that the comparative consolidated financial information for the quarter and six months ended 30 September 2025, information as at and for the year ended 31 March 2026, and information for the quarter ended 30 June 2026 had been restated for the business combination. They added: “Our conclusion is not modified in respect of this matter.”

What did Bosch's management say?

Management said consolidated revenue rose 28.2% and EBITDA increased 23.2% in its investor presentation, with Mobility led by Power Solutions and Vehicle Motion and Consumer Goods also recording double-digit growth. Raw-material inflation and adverse foreign exchange limited profit conversion, while RBIC became wholly owned on 1 July 2026 and added braking, vehicle-motion, occupant-safety and sensor operations.

Management said its priorities included Mobility leadership, Consumer Goods growth through e-commerce, accessories and campaigns, improved automotive production linked to domestic demand and a low base effect, and the transition to CAFE Phase 3, RECD and draft BS7 emissions regulations. The presentation did not quantify the financial impact of the emissions roadmap and did not provide formal guidance.

Management identified raw-material price inflation and adverse foreign-exchange effects as offsets to volume-led growth. It said Q2 automotive-sector growth benefited from a low base effect and that RBIC added operations at Chakan, Sanand and Manesar covering braking, vehicle-motion software and services, occupant safety and vehicle-dynamics sensors. The presentation did not provide analysts’ question responses or quantified guidance.

How did other Auto Components & Equipments companies do?

A total of 61 Auto Components & Equipments companies were compared, with a median revenue growth of 33.0%. Of the peers whose revenue growth was measured, 6 grew faster than Bosch and 55 grew slower than Bosch. Among 62 peers whose profit was compared, 48 reported higher profit.