Bosch Revenue Segmentation: Which Segment Contributed the Highest Revenue in Q4?

Synopsis: A German-origin auto components giant closed FY26 with strong earnings growth and a new partnership that bets big on the future of commercial vehicles in India.

India’s automotive sector had a strong finish to FY26, with total vehicle production jumping 17% year-on-year in Q4. Passenger cars, two-wheelers, tractors, and commercial vehicles all posted healthy numbers, driven by rural demand, year-end buying, and supportive government policy including GST 2.0 reforms. This tailwind set the stage for one of the country’s leading auto components makers to post a standout year.

With a market cap of Rs.1,03,110 Crore, Shares of Bosch Ltd. are trading at a price of Rs. 34,975 per share i.e. 5.3% down from its previous closing price of Rs. 36,830. It is trading at a P/E ratio of 44.

Revenue Climbs on Two-Wheeler and Power Solutions Surge

Revenue from operations for the full year FY26 stood at ₹20,034.7 crore, compared to ₹18,087.4 crore in FY25, a growth of 10.8%. In Q4 alone, revenue from operations came in at ₹5,565.7 crore versus ₹4,910.6 crore in Q4 FY25, up 13.3% quarter-on-quarter.

The mobility business, which is the company’s largest segment, grew 16.9% for the full year. Within this, Power Solutions was the biggest driver, growing 17.6%, while the two-wheeler and powersports segment delivered exceptional growth of 69.1%. The Mobility Aftermarket business grew 3.7% for the year. The consumer goods segment, which includes power tools, also expanded, growing 6.4% for the full year

Profits Jump 37.6% in FY26

Profit After Tax (PAT) for FY26 came in at ₹2,770.2 crore, up from ₹2,013.3 crore in FY25, a growth of 37.6%. This sharp jump was driven by stronger operating performance as well as a one-time profit on the sale of the Video Solutions, Access and Intrusions, and Communication Systems business. EBITDA for the full year stood at ₹2,650.3 crore versus ₹2,309.7 crore in FY25, up 14.7%, reflecting both revenue growth and better expense management.

New Joint Venture Targets Commercial Vehicle Segment

On the strategic front, the company announced a significant joint venture with Brakes India Private Limited and Wheels India Limited to develop e-enabled air systems for commercial vehicles. The joint venture will be a 50:50 partnership between Bosch and TSF Group companies, represented by Brakes India and Wheels India, and aims to commence operations by the end of 2026.

The JV will develop four key products: an Electronic Air Processing Module, High Voltage Air Compressor, Electronic Air Suspension Axle Module, and Electronic Air Parking Brake Module. These products will target trucks and buses across both internal combustion engine and battery electric vehicle platforms. Bosch will contribute expertise in electronics, software, and application engineering, while the TSF Group brings its strengths in pneumatics, hydraulics, and mechanical components.

This partnership is significant given upcoming regulatory tailwinds. The company is already aligning with OEMs for CAFÉ Phase 3 norms likely from April 2027, and CV ADAS regulations taking effect from January 2027 for new models and October 2027 for all models.

About the Company

Bosch Limited is a subsidiary of Robert Bosch GmbH, Germany, and one of India’s leading auto components manufacturers. Headquartered in Bengaluru, the company operates across mobility solutions and consumer goods segments. Its key product areas include fuel injection systems, automotive aftermarket parts, power tools, and two-wheeler components, serving OEMs and the independent aftermarket across India and export markets.

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