Company Overview
Bosch Home Comfort India Limited (formerly Johnson Controls-Hitachi Air Conditioning India Limited) submitted its Annual Report for FY 2025-26 pursuant to SEBI Listing Regulations. The 41st Annual General Meeting is scheduled for 22nd September 2026 via Video Conferencing.
Financial Performance Highlights
Revenue from operations declined to ₹26,986.9 million (FY25: ₹27,564.6 million) with a net loss of ₹28.6 million compared to a profit of ₹588.3 million in FY25. The company reported exceptional items of ₹183.5 million, including insurance gains from a fire incident offset by termination benefits and retention bonuses. An interim dividend of ₹36 per share was paid, but no final dividend was recommended due to margin pressures and planned capital expenditure.
Strategic Acquisition and Name Change
On 1st August 2025, Robert Bosch GmbH completed the acquisition of 100% of the Johnson Controls-Hitachi air conditioning joint venture globally, including the 74.25% controlling stake in the Indian entity. The company name was changed effective 4th November 2025, with Robert Bosch securing a long-term licensing agreement to use the 'Hitachi Cooling & Heating' brand.
Business Segment Performance
The Cooling products segment reported revenue of ₹26,355.1 million, facing challenges from delayed summer, tariff uncertainty, GST revisions, and inflationary pressures. The Design and development services segment grew to ₹631.8 million revenue. The company successfully transitioned to revised BEE standards and launched new premium AC products while expanding its VRF manufacturing capabilities.
Contingent Liabilities and Provisions
Significant contingent liabilities include ₹1.05 billion from various tax disputes (Service Tax, Sales Tax, Income Tax, Excise Duty, GST) and ₹307 million related to E-waste Rules compliance. Total provisions stood at ₹1,017.3 million, primarily for warranty expenses (₹744.4 million) and litigations (₹272.9 million).
Manufacturing and Sustainability
The Kadi, Gujarat facility maintained ISO certifications with renewable sources contributing 31% of energy requirements. The company commissioned a 30 KVA solar plant and secured a 4.5 MW renewable power purchase agreement. The Global Development Center houses 170 engineers and 21 testing laboratories.
Board and Management Changes
Mr. Marcel Heese was appointed as Director and Chairman, while Mr. Rishi Mehta was appointed as Executive Director-Finance and CFO. Several directors from the previous ownership resigned during the transition.
Key Financial Ratios
Significant deterioration was observed in key ratios: Debt-Equity Ratio increased to 0.2 (149% increase), Return on Equity turned negative at -0.5% (105% decrease), Net Profit Ratio declined to -0.1%, and Operating Profit Margin decreased to 3.2% (43% decrease).
Corporate Governance
Promoters' holding increased to 82.223% following the acquisition, requiring restoration of minimum public shareholding within 12 months. The company reported one complaint of sexual harassment received and disposed during the year, with no material fraud reported by auditors.