Bosch Ltd. Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Bosch Ltd. reported revenue of ₹7,655 cr for July to September 2026, +28.2% on the year and +6.8% on the quarter. That is faster than this quarter has grown in recent years (+21.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹25,274 cr, +25.5% on the four before.

Operating profit (EBITDA) was ₹1,037 cr, a margin of 13.5%, −55 bps on the year and −11 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.5% to 14.1%, averaging 13.4%. Operating costs grew +29.1%, faster than revenue at +28.2%, so operating profit grew less than sales.

Net profit was ₹839 cr, +18.6% on the year and +3.3% on the quarter, with earnings per share of ₹284.97. Profit before other income, one-offs and tax grew faster, at +25.4%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹2,755 cr, −2.9% 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.

On earnings per share of ₹934.66 over the last four quarters, the stock at ₹45,600.00 trades at 48.8 times trailing earnings.

Questions to askeach one with its numbers and source

Could not run on this quarter: Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Operating cash flow was 0.71× profit. Receivables at 52 days of sales (−1 days against the last year end). Inventory at 40 days of sales (−0 days).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Interest income (6M consolidated): 158.6 crore (recurring)consolidated cash flow statement
• Net gain on financial assets measured at FVTPL (6M consolidated): 150.2 crore (recurring)consolidated cash flow statement
• Dividend income (6M consolidated): 18.8 crore (recurring)consolidated cash flow statement

One-offs

• Reversal of long-term service award provision for managerial staff w.e.f. Jan 01, 2027: 130 crore. Seen before: noconsolidated note 5.b & press release p.1

Tax: Consolidated tax expense of ₹281.50 crore on Profit before tax of ₹1,122.00 crore for Q2 FY27

EMS vitalsthe numbers this business is run on

Worked out from filed numbers. Consolidated EBITDA Margin: EBITDA ₹1,037.10 crore / Revenue ₹7,655.10 crore * 100 = 13.55% · Net Working Capital Days: Receivable days (40.16) + Inventory days (31.44) - Payable days (52.55) = 19.05 days

Checks this sector needs

What management saidquoted, with source

• Consolidated total revenue from operations in Q2 of FY 2026-27 stood at INR 7,655 crores, up 28.2%.press release, release p.1
• Profit After Tax stood at INR 840 crores, up 19%.press release, release p.1
• This quarter, our performance was driven by steady demand across all vehicle segments and positive market momentum due to the ongoing festive season.press release, release p.2
• Crossed a major production milestone with over 10 million cumulative Electronic Product Modules delivered to date.presentation, slide 8

Guidance given this quarter

Held for next quarter's said-then-did check.

Segments

Every quartersame rules, every quarter