BOSCHLTD · Automobile and Auto Components · filed 6 Nov 2026
Bosch Ltd. reported revenue of ₹6,164 cr for July to September 2026, +28.6% on the year and +5.5% on the quarter.
Operating profit (EBITDA) was ₹803 cr, a margin of 13.0%, +15 bps on the year and −98 bps on the quarter. Operating costs grew +28.3%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹675 cr, +21.7% on the year and −3.9% on the quarter, with earnings per share of ₹228.72. Profit before other income, one-offs and tax grew faster, at +32.2%; other income, one-offs or tax held the headline back.
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 auditor drew attention to a matter in the limited review report. Read it before the numbers.
“We draw attention to Note 5.c. to the accompanying Statement, which describes the accounting for the business combination under common control in accordance with Appendix C to Ind AS 103,…”
Source: Auditor (p. 12, p.19-20)
An earlier period was restated. What was wrong with the first version?
“A previous period was restated.”
Source: Filing
Could not run on this quarter: Cash behind the profit, 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.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹3,297 cr | ₹2,821 cr | ▲ 16.9% |
| Inventory | ₹2,553 cr | ₹2,124 cr | ▲ 20.2% |
| Cash | ₹246 cr | ₹396 cr | ▼ 38.0% |
| Bank balances | ₹6.7 cr | ₹6.2 cr | ▲ 8.1% |
| Trade payables | ₹4,268 cr | ₹3,435 cr | ▲ 24.3% |
| Net block | ₹948 cr | ₹911 cr | ▲ 4.1% |
| Capital work in progress | ₹358 cr | ₹358 cr | ▲ 0.1% |
| Equity | ₹15,435 cr | ₹14,847 cr | ▲ 4.0% |
| Total assets | ₹23,505 cr | ₹21,681 cr | ▲ 8.4% |
Receivables at 50 days of sales (−1 days against the last year end). Inventory at 39 days of sales (+0 days).
Emphasis of matter: “We draw attention to Note 5.c. to the accompanying Statement, which describes the accounting for the business combination under common control in accordance with Appendix C to Ind AS 103,…”
Approved sub-division of 1 equity share of face value of Rs. 10 each into 5 equity shares of face value of Rs. 2 each,…
Tax: Consolidated tax expense of ₹281.50 crore on Profit before tax of ₹1,122.00 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| EBITDA margin | 13.55% | 13.53% | 14.1% |
| Working capital days (days) | 19.05 | — | — |
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
PLI scheme benefits are not split out in reported operational margins; consolidated EBITDA margin expanded to 13.55% in Q2 FY27.
PLI incentive disclosures are omitted from quarterly financial tables.
Consolidated inventory increased to ₹2,553.40 crore as of Sept 30, 2026 (vs ₹2,124.20 crore as of March 31, 2026), keeping lean inventory days of 31.44 days to meet pre-festive OEM demand.
Inventory expansion aligns with 28.2% top-line growth while maintaining tight working capital control.
Read using the Electronics manufacturing services framework (named in the filing read). Primary valuation lens: P/E against margin trajectory.
Read more closely in this sector: PLI inside reported margin · Inventory build against orders.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Corporate Share Sub-division and Bonus Issue Execution Timeline Target | 2 months | From November 06, 2026 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Automotive products | ₹7,001 cr | ▲ 28.6% | ₹969 cr | ▲ 14.8% |
| Consumer goods | ₹511 cr | ▲ 17.1% | ₹75.4 cr | ▲ 493.7% |
| Others | ₹152 cr | ▲ 55.7% | ₹25.4 cr | ▲ 16.0% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹4,795 cr | ₹5,842 cr | ₹6,164 cr |
| YoY | — | — | +29% |
| EBITDA margin | 12.9% | 14.0% | 13.0% |
| Other income, % of PBT | 29% | 24% | 10% |
| Exceptional items | — | — | ₹124 cr |
| Tax rate | 24% | 25% | 25% |
| Net profit | ₹554 cr | ₹702 cr | ₹675 cr |
| YoY | — | — | +22% |
| Core profit YoY | — | — | +32% |
| EPS | ₹187.89 | ₹237.95 | ₹228.72 |
| Flags | · | · | 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 ₹6,164 cr (+28.6% on the year) and net profit of ₹675 cr (+21.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +32.2% on the year, against +21.7% for reported profit.
2 checks raised a question: The auditor drew attention to a matter in the limited review report. Read it before the numbers.
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