1. At a Glance – AC Lagao, Valuation Dekh Ke Shock Lagao
Bosch Home Comfort India Ltd, formerly Johnson Controls–Hitachi Air Conditioning India, is what happens when a global HVAC giant meets Indian seasonality and volatile margins. With a market cap of ₹3,773 crore, the stock is trading at ₹1,386, down nearly 20% in the last 3 months, while bravely sporting a trailing P/E of 117×. Yes, you read that right.
The company just reported Q3 FY26 revenue of ₹476 crore but ended the quarter with a net loss of ₹19 crore. Operating margin is hovering around 0%, ROE is still struggling at ~10%, and yet the stock trades at almost 8× book value.
Promoters now hold 82.22%, thanks to the Bosch acquisition, but 29.2% of promoter shares are pledged, which is not exactly soothing background music. This is a classic case of “global brand premium meets Indian financial reality.” Curious? You should be.
2. Introduction – From Hitachi Cool to Bosch Heat
This company has had more name changes than a Bollywood star reinventing himself. Started as Hitachi Home & Life Solutions India, then Johnson Controls–Hitachi, and now officially Bosch Home Comfort India Ltd after Bosch acquired control in 2025.
On paper, it sounds glamorous: Bosch, global HVAC expertise, India’s growing AC penetration story. But numbers tell a more sweaty story. Over the last decade, sales CAGR is just ~6%, profit growth is negative, and ROE over
the last five years is basically flatlining like a patient on bad Wi-Fi.
So the big question: Is Bosch here to fix the compressor… or just rebrand the outdoor unit?
3. Business Model – WTF Do They Even Do?
In simple words, they manufacture and sell air conditioners and HVAC systems. In complicated words, they do:
- Room Air Conditioners (RACs)
- VRF & VRV systems
- Ductable & package ACs
- Chillers
- Refrigerators & water purifiers
Manufacturing happens primarily at Kadi, Gujarat, with a capacity of:
- 900,000 RACs per year
- 120,000 tons of ductable units
- 9,000 VRF ODUs
- 300 chillers
Revenue mix is actually decent:
- 79% manufactured goods
- 14% traded goods
- 6% services
- 1% others
But here’s the roast: despite all this capacity, margins behave like Delhi weather—unpredictable and extreme.
4. Financials Overview – Quarterly Reality Check
📊 Quarterly Comparison (₹ Crore | Figures as reported)
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 476 | 432 | 405 | +10.2% | +17.5% |
| EBITDA | -1 | 10 | -36 | NA | Improved |
| PAT | -19 | -3 | -40 | Worse | Better |
| EPS (₹) | -7.00 | -1.23 | -14.70 | NA | Improved |
Annualised EPS (Q3
