Bosch’s (BOS) 2QFY26 PAT at INR5.5b was in line with our estimates. The mobility business was the key growth driver in 2Q, having posted 14% YoY growth, while the non-mobility segment posted a 17% decline. The auto segment’s demand has picked up following the GST 2.0 reforms and is likely to benefit players like BOS. While BOS continues to work toward the localization of new technologies, given the long gestation of projects, its margin remains under pressure with no visibility of material improvement, at least in the near term. We factor in BOS to post revenue/EBITDA/PAT CAGR of 11%/14%/18% over FY25-28E. At ~44x FY26E/38x FY27E EPS, the stock appears fairly valued. We reiterate our Neutral rating with a TP of INR36,289 (based on ~36x Sep’27E EPS).
OutlookWe factor in BOS to post revenue/EBITDA/PAT CAGR of 11%/14%/18% over FY25-28E. At ~44x FY26E/38x FY27E EPS, the stock appears fairly valued. We reiterate our Neutral rating with a TP of INR36,289 (based on ~36x Sep’27E EPS).
For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Bosch_12112025_Motilal OswalDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
