Bosch Ltd

ESG rating update

• Crisil ESG score 71.0 (up from 62) and core ESG score 72.0 (up from 61); category Leader.
• Rating provided by Crisil ESG Ratings & Analytics Ltd, SEBI-registered.
• Based on FY2025-26 data; report dated August 13, 2026.
• Category: Auto components and Equipments.

Financial Performance

• Apr-Jun '26 revenue: INR 58,419 million, up 22% YoY
• Apr-Jun '26 revenue up 5% QoQ from INR 55,657 million
• EBITDA Apr-Jun '26: INR 8,180 million, up 28% YoY
• PAT Apr-Jun '26: INR 7,018 million; up 23.4% QoQ
• Apr-Jun '25 had exceptional item; PAT without item grew 9.9%
• EBITDA margin in last 2 quarters: 14% (vs post-COVID 12-13%)
• Export revenue share around 8% currently; aim 8-8.5% over next years

Segment Trends

• Power Solutions growth outpaced broader auto market across segments
• 2-wheeler segment gained market share; premium OEMs; EV content integrated
• Mobility aftermarket highest-ever monthly sales in June
• Export share currently around 8%; plan to lift to 8–8.5%

Projects & Partnerships

• Bosch Chassis acquisition: sale completed in July; consolidation underway; next quarter numbers
• JV with TACO to produce e-axles; TSF JV for air systems; merger controls ongoing
• Investor meet at Chassis Systems (Chakan) in November

Outlook & Guidance

• Macro: RBI raised FY26-27 real GDP forecast to 6.7%
• Next quarter: expect resilient 8% growth driven by festive demand and rural cash flows
• Regulatory focus: CAFE Phase 3 and ADAS in CVs; share content separately

Q&A Highlights

• Aftermarket momentum: independent aftermarket recorded robust growth; strategy and localization cited
• Margins: 14% EBITDA margin cited; drivers include localization, volume growth, productivity, product mix
• Chassis synergy: minimal cost/revenue synergies expected; portfolio addition
• Export/contribution: current ~8% export share; plan to lift to 8–8.5%
• EVs: EVs integral; JV with TACO for e-axles; ongoing updates on orders
• Growth drivers for 3–5 years: volume growth across mobility portfolio; many new product launches

AGM Details

• AGM held on 11 Aug 2026 at 11:00 AM; physical meeting with remote e-voting.
• Record date for entitlements: 04 Aug 2026.
• Meeting duration: 11:00 AM to 1:45 PM.
• Venue: Bengaluru (Trinity Hall, Taj MG Road).

Key Resolutions & Outcomes

• Ordinary: Adoption of standalone financial statements for year ended 31 March 2026 — Passed.
• Ordinary: Adoption of consolidated financial statements for year ended 31 March 2026 — Passed.
• Ordinary: Final dividend of Rs 270 per equity share — Passed.
• Ordinary: Re-appointment of Stefan Grosch as director liable to retire by rotation — Passed.
• Ordinary: Ratification of remuneration payable to Cost Auditors — Passed.
• Ordinary: Related party transaction with Robert Bosch GmbH — Approved.
• Ordinary: Related party transaction with Bosch Automotive Electronics India Private Limited — Approved.
• Special: Appointment of Ramesh Ramadurai as Non-Executive Independent Director for five years — Passed.

Director Changes

• Re-appointment of Stefan Grosch as director liable to retire by rotation.
• Appointment of Ramesh Ramadurai as Non-Executive Independent Director for five years.

AGM Details

• AGM held on August 11, 2026 at 11:00 IST in Bengaluru (physical).
• Remote e-voting ran Aug 7–10; in-person voting at AGM available.

Key Resolutions

• Ordinary: Adoption of standalone financial statements for the year ended March 31, 2026.
• Ordinary: Adoption of audited consolidated financial statements for the year ended March 31, 2026.
• Ordinary: Declare final dividend of Rs 270 per equity share for the year ended March 31, 2026.
• Ordinary: Re-appointment of Stefan Grosch as director liable to retire by rotation.
• Ordinary: Ratification of remuneration payable to Cost Auditors.
• Ordinary: Material related party transaction with Robert Bosch GmbH.
• Ordinary: Material related party transaction with Bosch Automotive Electronics India Private Limited.
• Special: Appointment of Ramesh Ramadurai as Non-Executive Independent Director for five-year term.

Voting Results

• Ordinary resolution on standalone financial statements—passed.
• Ordinary resolution on consolidated financial statements—passed.
• Ordinary resolution on final dividend—passed.
• Ordinary resolution on re-appointment of Stefan Grosch—passed.
• Ordinary resolution on remuneration to Cost Auditors—passed.
• Ordinary resolution on related party transaction with RB GmbH—passed.
• Ordinary resolution on related party transaction with Bosch Automotive Electronics India Private Limited—passed.
• Special resolution on appointment of Ramesh Ramadurai—passed.

Dividend

• Final dividend of Rs 270 per equity share approved.

Director Changes

• Re-appointment of Stefan Grosch as director liable to retire by rotation.
• Appointment of Ramesh Ramadurai as Non-Executive Independent Director for five-year term.

Auditor Appointments

• Remuneration payable to Cost Auditors ratified.

Material Related Party Transactions

• Robert Bosch GmbH: material related party transaction approved.
• Bosch Automotive Electronics India Private Limited: material related party transaction approved.

Meeting Details

• Date: 11 August 2026.
• Time: not disclosed.
• Type/Mode: Investors' concall; mode not disclosed.
• Availability: Recording is now available on the company website.

Participants

• Key company participants not disclosed.

Purpose

• Purpose: disclose audio recording of the Q1 FY2026-27 investors' concall.

Additional Notes

• Regulatory reference: Regulation 30 and 46(2)(oa) disclosed.

Key AGM outcomes

• New Independent Director Ramesh Ramadurai joined the Board w.e.f. May 21, 2026.
• Tillmann Olsen appointed as incoming Chief Financial Officer.
• Approval to acquire 100% equity of RBIC; purchase consideration up to INR 9,068.68 crore.
• Acquisition financed through internal accruals; completed 30 June 2026; RBIC becomes 100% subsidiary.
• Divested 6.97% stake in Nivaata Systems for INR 184.12 million at INR 16,300 per share.
• JV with Tata AutoComp: equal equity, INR 94 crore; operations expected 2H 2026; e-Axle and EV motors focus.
• JV with Wheels India and Brakes India for air systems; initial equity INR 1 lakh.
• Subsequent funding: EUR 1 million infusion later; 50:50 equity split.
• Voluntary strike-off of RBIM approved May 20, 2026; process initiated.
• Dividend final: INR 270 per equity share proposed for FY 2025-26.
• Hived off Video solutions, Access & Intrusion and Communication systems in May 2025.
• FY 2025-26 revenue INR 20,035 crores; EBIT INR 2,258 crores; PAT INR 2,770 crores.
• Exceptional item: profit from sale of hive-off business INR 556 crores.
• Investment in fixed assets: INR 410 crores in FY 2025-26.
• R&D spend: INR 601 crores (~3.0% of revenue).
• Mobility business accounted for about 89% of net sales.

Business Overview

• Automotive components maker focused on mobility solutions across Power Solutions, 2-Wheeler, and aftermarket segments.
• Strategic emphasis on CAFÉ Phase 3 and CV ADAS compliance.
• Aims to strengthen mobility footprint via safety integration and electrification initiatives.

Key Operational Highlights

• Mobility business grew 25.7% YoY, led by Power Solutions 29%, Mobility Aftermarket 9.6%, 2-Wheeler 41.4%.
• Revenue from operations rose 22% QoQ; 5% SeQ.
• PAT declined 37.1% QoQ due to prior exceptional gain.
• EBITDA grew 28% QoQ; driven by revenue growth and cost optimization.
• IAM and OE segments show robust growth; Tulix LED Range and CV Prithvi battery launch.
• Two-Wheeler and Powersports met market demands with no production disruptions.

Financial Performance

• Revenue from operations up 22% QoQ; 5% SeQ, led by Power Solutions and 2W.
• PAT down 37.1% QoQ due to prior exceptional gain.
• EBITDA up 28% QoQ; 4.7% SeQ.
• Consumer goods segment grew 20.9% YoY.
• Mobility sector resilient amid geopolitical tensions.

Strategic Priorities & Outlook

• Regulatory focus on CAFÉ Phase 3 and CV ADAS rollout.
• Strengthen mobility footprint via safety integration and electrification initiatives.
• Invest in new products and after-market expansion: Tulix LED, Prithvi battery, PC Clutch.
• Emphasis on safety, electrification, and connectivity across mobility portfolio.

Risks & Mitigation

• Geopolitical tensions in West Asia could affect demand and supply.
• Regulatory risk from CAFÉ Phase 3 and CV ADAS mitigated via compliance focus.

Financial highlights

• Total revenue from operations: INR 5,842 crore; YoY +22%.
• PBT: INR 939 crore; margin 16.1%.
• PAT: INR 702 crore; margin 12.0%.
• Automotive revenue 5,234 crore; Consumer goods 521 crore; Others 88 crore.
• Total segment income from operations: 5,843 crore; Automotive segment profit 745.9 crore; Consumer goods 56.8 crore; Others 26.0 crore.
• Auditors' review: unmodified for standalone and consolidated results.

Corporate actions

• RBIC acquisition completed July 1, 2026; final consideration ₹9,023.8 crore; RBIC wholly owned.
• Keenfinity transfer: specified business sale completed May 1, 2025; gain ₹5,560 million recognized as exceptional item.

Operational highlights

• Q1 driven by demand in passenger cars and off-highway segments.
• Power Solutions up 29% YoY; two-wheeler up 41.4%.
• Mobility aftermarket up 9.6%; Beyond Mobility up 12.6%.