Bosch's Q2 FY26 PAT at Rs 5.5 billion was in line with Motilal Oswal's estimates. The mobility business was the key growth driver in Q2, having posted 14% YoY growth, while the non-mobility segment posted a 17% decline.
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The auto segment's demand has picked up following the GST2.0 reforms and is likely to benefit players like Bosch. While the company 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 Bosch 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 target price of Rs 36,289 (based on ~36x Sep'27E EPS).
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