Bosch Limited Q2FY26 Concall Decoded: “Diesel Roars, EVs Creep, and GST Does the Heavy Lifting”
1. Opening Hook
When the world debates electric dreams, Bosch quietly made diesel cool again. While most auto players were busy drafting sustainability press releases, Bosch was busy selling sensors like samosas before Diwali. The company rode the GST 2.0 wave, flexed its hydrogen muscles, and dropped new toys for two-wheelers like it was MotoGP season.
But the real twist? The so-called “boring” power solutions business did the heavy lifting — again. Strap in, because Bosch’s quarter was more about torque than talk. Read on — it gets better (and occasionally electric).
2. At a Glance
Revenue up 9.1%: CFO swears it’s not diesel nostalgia, just strong demand and festive GST karma.
EBITDA up 10.1%: Margins powered by math, sensors, and maybe some Bangalore weather luck.
PAT up 3.4% (ex-one-off +11.2%): Profit played peekaboo with last year’s divestment gains.
Two-wheeler biz up 81.8%: OBD-2 norms just made emissions regulation Bosch’s best salesman.
Consumer goods up 1.8%: Growth so slow, even cordless drills needed a recharge.
Guruprasad Mudlapur: “India’s resilience stands out amid global tariff pressures and fiscal slippages.” (Translation: The world’s burning, India’s still buying SUVs — so we’re fine.)
“Passenger vehicles hit all-time highs thanks to GST 2.0 and festive cheer.” (Thank you, taxman — best marketing campaign ever.)
“Two-wheeler business grew 81.8%, driven by exhaust gas sensors post-OBD-2 norms.” (Turns out regulation is the new influencer marketing.)
“Power solutions and diesel components remain key growth drivers.” (EV talk can wait, diesel still pays the bills.)
Karin Gilges: “Material costs improved due to favorable mix and localization.” (Translation: Imported parts too pricey, so we went local — and it worked.)
“We’re making steady progress in EVs; margins are still under pressure.” (Because saving the planet isn’t cheap yet.)
“Hydrogen ICE pilots are under testing; 8–15% adoption by 2030.” *(Great — something to talk about till the next decade.) 🚗
