Bosch shares surged over 4% on Thursday after ICICI Securities upgraded the stock to “Buy” from “Add” and raised its target price to Rs 44,000 from Rs 40,000, citing sharper India focus from the parent company and strong long-term content growth opportunities.
At around 1:50 PM on Thursday, Bosch shares were trading 4.27% higher at Rs 36,715 on the NSE after touching an intraday high of Rs 36,860.
According to ICICI Securities, Bosch’s expanding focus on India could support stronger growth visibility in the coming years. The brokerage highlighted that the company’s entry into braking and safety components may significantly expand its product portfolio while improving content per vehicle.
The brokerage also noted that upcoming regulatory changes, including CAFÉ Phase 3 and BS-VII emission norms, are expected to further support Bosch’s content-led growth journey across the automotive ecosystem.
ICICI Securities now expects Bosch to deliver a 23% revenue CAGR and 30% EBITDA CAGR between FY26 and FY28.
Management commentary during the earnings concall also remained a key trigger for investor sentiment. Bosch described its FY27 outlook as one of “cautious optimism,” while expecting steady growth across most automotive segments despite geopolitical uncertainties and crude oil volatility linked to the West Asia crisis.
The company said content per vehicle is expected to continue increasing meaningfully with CAFÉ Phase 3 regulations scheduled from April 2027. Bosch also confirmed that its joint venture with Brakes India and Wheels India for advanced air systems is expected to commence operations by the end of 2026, with samples planned in 2027 and series readiness targeted by 2028.
Bosch Limited reported a 3% year-on-year rise in standalone net profit for the quarter ended March 31, 2026, with PAT climbing to ₹568.5 crore from ₹553.7 crore in Q4 FY25. Revenue from operations grew 13.3% year-on-year to ₹5,565.7 crore from ₹4,910.6 crore, driven by strong demand across its automotive and industrial technology segments. The board declared a final dividend of ₹270 per share for FY26.
EBITDA for the quarter came in at approximately ₹780 crore against ₹650 crore in Q4 FY25 — a 20% year-on-year improvement — with EBITDA margin expanding to 14% from 13.17%, reflecting operating leverage on higher revenues and improved cost efficiency. Raw material and components cost rose to ₹1,352.4 crore from ₹1,052.3 crore, while purchase of traded goods climbed to ₹2,218.6 crore from ₹1,971.9 crore — both increases proportional to the revenue growth. Employee benefits expense was ₹443.8 crore against ₹422 crore year-on-year. Finance costs remained minimal at ₹13.8 crore. Depreciation and amortisation rose to ₹115.8 crore from ₹99.2 crore. Other expenses were ₹709.4 crore against ₹777.2 crore — a notable decline that contributed meaningfully to margin expansion.
Total income for the quarter including other income stood at ₹5,722.1 crore against ₹5,147.5 crore in Q4 FY25.
For the full financial year ended March 31, 2026, Bosch India reported standalone revenue from operations of ₹20,034.7 crore against ₹18,087.4 crore in FY25 — a 10.8% year-on-year growth. Full-year net profit rose 37.6% to ₹2,770.3 crore from ₹2,013.3 crore in FY25 — a standout annual performance driven by strong operating leverage and an exceptional item gain of ₹556 crore in FY26 against a negligible ₹1.4 crore in FY25. Total income for FY26 was ₹20,889 crore against ₹18,901.6 crore in FY25.
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