BOSCHLTD · Automobile and Auto Components
Bosch Ltd. reported revenue of ₹4,789 cr for April to June 2025, +10.9% on the year and −2.5% on the quarter. Over the last four quarters revenue comes to ₹18,560 cr, +9.9% on the four before.
Operating profit (EBITDA) was ₹639 cr, a margin of 13.3%, +130 bps on the year and +17 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.9% to 13.7%, averaging 12.9%. Operating costs grew +9.3% against revenue growth of +10.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,116 cr, +139.5% on the year and +101.4% on the quarter, with earnings per share of ₹378.42. Profit before other income, one-offs and tax grew 27.3%, so 112 points of the headline growth came from outside the core business. The tax rate of 20% is in line with its recent average. Profit over the last four quarters totals ₹2,666 cr, +4.6% on the four before.
Electronics manufacturing runs on thin margins and large volumes; a small margin move on a large revenue base is a big change in profit, and working capital carries the risk. The quarterly statements do not carry order book, customer concentration and working capital; those come with the filing read.
On earnings per share of ₹903.59 over the last four quarters, the stock at ₹45,600.00 trades at 50.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +139.5% on the year; profit before other income, exceptional items and tax +27.3%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 61% of profit before tax, against 29% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,205 cr | ₹4,233 cr | ₹4,317 cr | ₹4,394 cr | ₹4,466 cr | ₹4,911 cr | ₹4,789 cr | ₹5,969 cr | ₹4,886 cr | ₹5,566 cr | ₹7,167 cr | ₹7,655 cr |
| YoY | — | — | +4% | +6% | +6% | +16% | +11% | +36% | +9% | +13% | +50% | +28% |
| EBITDA margin | 13.7% | 13.2% | 12.0% | 12.7% | 13.1% | 13.2% | 13.3% | 14.1% | 12.5% | 14.0% | 13.7% | 13.5% |
| Other income, % of PBT | 32% | 34% | 29% | 35% | 23% | 30% | 61% | 24% | 28% | 19% | 22% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | ₹130 cr |
| Tax rate | 23% | 15% | 24% | 26% | 26% | 29% | 20% | 25% | 25% | 30% | 25% | 25% |
| Net profit | ₹518 cr | ₹564 cr | ₹466 cr | ₹537 cr | ₹459 cr | ₹554 cr | ₹1,116 cr | ₹708 cr | ₹533 cr | ₹570 cr | ₹812 cr | ₹839 cr |
| YoY | — | — | +14% | −46% | −11% | −2% | +139% | +32% | +16% | +3% | −27% | +19% |
| Core profit YoY | — | — | +25% | +24% | +4% | +24% | +27% | +52% | +7% | +21% | +55% | +25% |
| EPS | ₹175.70 | ₹191.23 | ₹158.10 | ₹181.97 | ₹155.53 | ₹187.67 | ₹378.42 | ₹240.17 | ₹180.58 | ₹193.26 | ₹275.85 | ₹284.97 |
| Flags | 1 | 1 | ✓ | 1 | 1 | 1 | 2 | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bosch Ltd. reported revenue of ₹4,789 cr (+10.9% on the year) and net profit of ₹1,116 cr (+139.5% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved +27.3% on the year, against +139.5% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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