ICICI Securities research report on Bosch
Bosch India’s (BOS) Q4FY25 EBITDAM of 13.2% (flat YoY) was in line with consensus estimate. Gross margin improvement of ~300bps was offset by higher other expenses. Revenue grew 16% YoY in Q4 to INR 49bn led by growth in mobility segment (mainly in tractor and PC segments). EBITDA margin at 13.2% was largely in line with consensus estimates, with share of traded goods declining to ~40% in Q4, led by localisation efforts. In medium to long term, technological and regulatory changes, including TREM V norms, are expected to increase the company’s content per vehicle.
Outlook
Upgrade to HOLD from Reduce with DCF-based revised TP of INR 29,950 (earlier: INR 25,130), implying 35x FY27E EPS, with EPS CAGR of ~12% over FY25-27E.
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