Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹3,781Cr
Rev Gr TTM
Revenue Growth TTM
2.70%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

BOSCH-HCIL
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -21.1 | -43.9 | -9.1 | -42.2 | 40.9 | 75.6 | 41.5 | 44.1 | 20.8 | -14.4 | 2.2 | 10.2 |
| 524 | 603 | 324 | 303 | 690 | 939 | 423 | 422 | 841 | 816 | 441 | 477 |
Operating Profit Operating ProfitCr |
| 4.3 | -6.3 | -15.6 | -1.1 | 10.6 | 5.7 | -6.7 | 2.3 | 9.8 | 4.3 | -8.8 | -0.2 |
Other Income Other IncomeCr | 0 | 3 | -10 | -11 | 1 | 11 | 7 | 4 | 4 | 2 | 1 | -6 |
Interest Expense Interest ExpenseCr | 3 | 5 | 5 | 5 | 2 | 1 | 1 | 1 | 1 | 2 | 3 | 4 |
Depreciation DepreciationCr | 19 | 16 | 16 | 17 | 16 | 17 | 19 | 17 | 18 | 16 | 15 | 15 |
| 2 | -54 | -75 | -35 | 65 | 49 | -39 | -4 | 76 | 21 | -53 | -25 |
| 3 | -13 | -18 | -8 | 16 | 13 | -9 | 0 | 20 | 6 | -13 | -6 |
|
Growth YoY PAT Growth YoY% | -106.8 | -1,982.2 | -6.5 | -3.6 | 4,704.7 | 188.1 | 46.7 | 87.7 | 14.9 | -57.8 | -33.0 | -469.8 |
| -0.2 | -7.2 | -20.1 | -9.1 | 6.3 | 3.6 | -7.6 | -0.8 | 6.0 | 1.8 | -9.9 | -4.0 |
| -0.4 | -15.1 | -20.7 | -10.0 | 18.0 | 13.3 | -11.1 | -1.2 | 20.6 | 5.6 | -14.7 | -7.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 43.0 | 4.3 | 16.9 | 14.0 | 2.6 | -2.0 | -25.1 | 31.1 | 10.4 | -19.5 | 43.7 | -3.3 |
| 1,435 | 1,518 | 1,750 | 1,987 | 2,078 | 2,025 | 1,529 | 2,063 | 2,403 | 1,920 | 2,625 | 2,574 |
Operating Profit Operating ProfitCr |
| 8.8 | 7.5 | 8.8 | 9.1 | 7.3 | 7.8 | 7.1 | 4.5 | -0.8 | -0.1 | 4.8 | 3.4 |
Other Income Other IncomeCr | 7 | 2 | 7 | 7 | 15 | 7 | 15 | 7 | -4 | -17 | 26 | 1 |
Interest Expense Interest ExpenseCr | 8 | 10 | 4 | 2 | 3 | 5 | 14 | 9 | 8 | 17 | 6 | 10 |
Depreciation DepreciationCr | 36 | 46 | 52 | 53 | 44 | 56 | 75 | 72 | 75 | 64 | 70 | 63 |
| 101 | 69 | 118 | 151 | 132 | 118 | 43 | 23 | -105 | -99 | 82 | 20 |
| 23 | 19 | 37 | 51 | 46 | 35 | 10 | 6 | -23 | -23 | 23 | 8 |
|
| 866.1 | -35.7 | 62.7 | 23.1 | -14.2 | -2.8 | -60.4 | -51.3 | -609.5 | 7.8 | 177.7 | -79.0 |
| 4.9 | 3.0 | 4.2 | 4.6 | 3.8 | 3.8 | 2.0 | 0.8 | -3.4 | -4.0 | 2.1 | 0.5 |
| 28.6 | 18.4 | 29.9 | 36.8 | 31.6 | 30.7 | 12.2 | 5.9 | -30.2 | -27.8 | 21.6 | 4.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 | 27 |
| 286 | 331 | 413 | 508 | 586 | 661 | 695 | 713 | 632 | 556 | 614 | 450 |
Current Liabilities Current LiabilitiesCr | 704 | 716 | 637 | 672 | 864 | 799 | 779 | 931 | 1,018 | 996 | 1,073 | 651 |
Non Current Liabilities Non Current LiabilitiesCr | 62 | 36 | 43 | 49 | 62 | 97 | 142 | 123 | 112 | 78 | 85 | 78 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 808 | 811 | 815 | 964 | 1,156 | 1,110 | 1,140 | 1,315 | 1,299 | 1,163 | 1,371 | 753 |
Non Current Assets Non Current AssetsCr | 270 | 299 | 306 | 292 | 383 | 474 | 503 | 479 | 490 | 494 | 428 | 453 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 55 | 62 | 172 | 97 | -81 | 140 | 321 | -55 | -31 | 254 | 83 |
Investing Cash Flow Investing Cash FlowCr | -51 | -69 | -41 | -32 | -95 | -107 | -26 | -46 | -43 | -32 | 0 |
Financing Cash Flow Financing Cash FlowCr | 0 | 6 | -110 | -53 | 170 | -45 | -191 | 9 | 65 | -172 | -18 |
|
Free Cash Flow Free Cash FlowCr | -22 | -8 | 128 | 62 | -183 | 28 | 294 | -102 | -77 | 221 | 68 |
| 70.3 | 123.2 | 210.9 | 97.1 | -94.3 | 167.5 | 970.5 | -340.8 | 37.5 | -336.0 | 141.5 |
CFO To EBITDA CFO To EBITDA% | 39.6 | 50.1 | 102.3 | 48.9 | -49.5 | 81.2 | 273.5 | -56.9 | 163.8 | -19,568.5 | 63.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 3,937 | 3,296 | 4,944 | 6,788 | 5,575 | 5,849 | 7,196 | 4,805 | 2,772 | 2,588 | 4,812 |
Price To Earnings Price To Earnings | 51.2 | 67.1 | 60.8 | 67.8 | 64.9 | 70.0 | 217.4 | 298.0 | 0.0 | 0.0 | 81.8 |
Price To Sales Price To Sales | 2.5 | 2.0 | 2.6 | 3.1 | 2.5 | 2.7 | 4.4 | 2.2 | 1.2 | 1.4 | 1.8 |
Price To Book Price To Book | 12.6 | 9.2 | 11.2 | 12.7 | 9.1 | 8.5 | 10.0 | 6.5 | 4.2 | 4.4 | 7.5 |
| 29.5 | 27.9 | 29.7 | 34.0 | 35.0 | 34.9 | 61.0 | 50.6 | -156.4 | -1,972.6 | 35.8 |
Profitability Ratios Profitability Ratios |
| 39.0 | 38.3 | 36.4 | 35.1 | 35.6 | 36.4 | 37.3 | 30.3 | 25.0 | 29.7 | 29.7 |
| 8.8 | 7.5 | 8.8 | 9.1 | 7.3 | 7.8 | 7.1 | 4.5 | -0.8 | -0.1 | 4.8 |
| 4.9 | 3.0 | 4.2 | 4.6 | 3.8 | 3.8 | 2.0 | 0.8 | -3.4 | -4.0 | 2.1 |
| 24.1 | 16.1 | 24.6 | 28.0 | 16.8 | 14.1 | 7.0 | 3.7 | -11.5 | -13.1 | 12.9 |
| 24.9 | 14.0 | 18.5 | 18.7 | 14.0 | 12.1 | 4.6 | 2.2 | -12.5 | -13.0 | 9.2 |
| 7.2 | 4.5 | 7.3 | 8.0 | 5.6 | 5.3 | 2.0 | 0.9 | -4.6 | -4.6 | 3.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Company Overview**
Johnson Controls-Hitachi Air Conditioning India Limited (JCH-IN) is a leading joint venture between **Johnson Controls (USA)** and **Hitachi Global Life Solutions (Japan)**, combining Hitachi’s technological innovation and Japanese engineering excellence with Johnson Controls’ global industry leadership and extensive network. The company operates under the brand **“Hitachi Cooling & Heating India”** and has over 30 years of presence in India, deeply rooted in the **“Make in India”** philosophy.
JCH-IN manufactures and sells a wide range of air conditioning systems and also trades in premium **Hitachi refrigerators** imported for the Indian market. It has a strategic focus on **residential, light commercial, and commercial HVAC solutions**, with a strong emphasis on **energy efficiency, smart technologies, design innovation, and sustainability**.
The company operates a state-of-the-art **manufacturing facility in Kadi, Mehsana, Gujarat**, which stands as the **largest single-roof air conditioner manufacturing plant in India**, with an annual capacity of 900,000 units. Adjacent to this facility is the **Global Development Center (GDC)**, a $20 million R&D hub supporting product development for global markets.
---
### **Core Business Segments**
#### 1. **Residential Air Conditioning**
- Offers a comprehensive portfolio of **Split ACs** (inverter and fixed-speed) and **Window ACs**, with over **100 SKUs**.
- Flagship product lines:
- **airHome Series**: Inspired by Japanese design and the **“duality” concept**, featuring dual-panel aesthetics, wave-pattern detailing, and a **UV-coated Star White finish** for durability.
- **Kiyora & Shizen**: Premium inverter AC ranges with **Ambience Light** (color-coded display for temperature feedback), Wi-Fi connectivity, and nature-inspired designs.
- **SUMO**: A **heavy-duty residential AC** launched in June 2025, designed for extreme Indian summers. Available in **1.5 Ton (5-star)** and **2 Ton (3-star)** variants with cooling capacities up to **7350 W**. Features include **24-meter airthrow**, **SmartView Display**, and **4-Way Swing** for enhanced coverage.
- **Shizuka**: An upgraded inverter window AC with **twin-rotary compressor**, **silent operation (44 dB)**, and **Xpandable technology**.
- Transitioned all new models to **R32 refrigerant**, supporting eco-friendly, low-GWP alternatives.
#### 2. **Commercial & Light Commercial HVAC**
- Market leader in **VRF (Variable Refrigerant Flow)** systems, with a rapidly growing share in the high-potential commercial HVAC segment.
- Key VRF product lines:
- **air365 Max**: Launched in June 2025 at the Kadi plant, this **cutting-edge VRF system** offers **up to 40% higher efficiency** than leading Japanese models. Features include a **30 HP outdoor unit (largest in India for cooling-only models)** and **NFC-based on-site configuration** for easy serviceability.
- **SET FREE ∑ (Sigma) Series**: Offers **single-module capacity up to 24 HP**, scalable to **96 HP** through module combinations. Uses **0.1 Hz frequency control** with 110 steps for **optimal partial-load efficiency** and operates reliably at **ambient temperatures up to 52°C**. Equipped with **∑-shaped heat exchangers** and dual-fan technology.
- **SET FREE mini**: A **compact VRF system (3–7 HP)** for premium homes and small commercial spaces. Supports **indoor unit oversizing up to 130%** via load diversity.
- **SideSmart™**: World’s first **side-flow VRF** with **slim modular design** (up to 72 HP), ideal for space-constrained installations (e.g., balconies). Awarded **iF Design, Good Design, and Red Dot Best of the Best** in 2020–2021.
- **Ductable & Cassette Solutions**:
- **Takumi Smart**: Inverter ductable AC with **AHU connectivity**, BMS compatibility, and self-diagnosis features.
- **Flexi Split**: One outdoor unit connects to **multiple indoor types (ductable, Hi Wall, cassette)**.
- **Inverter Cassette Range**: Expanding from **1.5 TR to 4 TR**, using **R32 refrigerant** and featuring **high Sensible Heat Factor (SHF)**.
#### 3. **Packaged Air Conditioners (PAC)**
- Strong market position in **PAC segment**, especially for **telecom tower cooling**, where it is the **largest provider in India**.
- Inverter PAC models gaining traction in **government, retail, banking, and healthcare sectors**.
- PACs enhanced with **AHU connectivity** for use in **operation theaters, clean rooms, and pharma facilities**.
- Light commercial PAC and cassette volumes grew **over 53% (tonnage)** post-pandemic.
#### 4. **Refrigerators (Traded Product)**
- Offers premium **Hitachi refrigerators** (2-door, 3-door, French-door, 6-door) with:
- **Dual-fan cooling** for independent refrigerator/freezer control.
- **Flexi Mode**: Switch between fridge and freezer functions.
- **Amino acid preservation technology** to retain food nutrients.
- Capacity range: **385 to 700 liters**.
- Models feature **Easy-View compartments** and **scientific storage technology** tailored to Indian food habits.
---
### **Strategic Growth Initiatives (As of June 2025)**
#### **1. Product Innovation & Sustainability**
- **Eco-Friendly Transition**: Full shift to **R32 refrigerant** in VRF, cassette, and residential ACs to reduce **Global Warming Potential (GWP)**.
- Launched **R32-based Inverter Cassette** and **Spacemaker** units for **unmanned telecom shelters**.
- **Smart Technology Integration**:
- **airCloud Home**: Wi-Fi-enabled ACs with **remote control, voice integration (Alexa/Google), and Smart-Fence geolocation**.
- **airCloud Pro**: IoT-based platform for **remote VRF monitoring, energy tracking, and fault diagnostics**.
- **Thought Leadership**:
- Launched **Hitachi Xchange**, a platform hosting **workshops with architects and consultants** in major cities to promote **sustainable cooling solutions**.
#### **2. Market Expansion**
- **Domestic**:
- Expanding distribution in **Tier 2 and Tier 3 cities**.
- Strengthening presence in **modern retail stores** and digitizing partner experience.
- Targeting infrastructure-led demand in **healthcare, education, transportation, and data centers**.
- **International**:
- Aggressive growth in **SAARC countries**: **Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives**.
- Appointed **9 new channel partners** in South Asia (FY2024–2025), adding **50+ new customers** across **commercial, healthcare, government, and hospitality sectors**.
- **Bangladesh**: Introduced **32 HP VRF outdoor units (highest in market)**; partners with **local manufacturers** for CKD assembly.
- **Bhutan**: Opened a **Hitachi-branded Customer Satisfaction Center**.
- Also exports to **Southeast Asia (Vietnam, Indonesia)** and **Middle East (UAE, Saudi Arabia, etc.)** through associate companies.
#### **3. Operational & Manufacturing Excellence**
- Invested in **local manufacturing** of **air365 Max VRF** at Kadi plant.
- Joined India’s **PLI (Production Linked Incentive) scheme** to **indigenize critical components** (compressors, motors, PCBs).
- **Global Development Center (GDC)** in Kadi:
- Employs over **120 engineers**.
- Supports **product development for Middle East, EU, and Southeast Asia**.
- Features **semi-anechoic and reliability labs** for advanced R&D.
#### **4. Channel & Brand Development**
- Conducted **“Harmony – Grow Together”** channel partner meetings to promote **Cassette ACs** and strengthen relationships.
- Participated in **HVACR expos and renewable energy conferences** in **Bangladesh and Bhutan**.
- Launched **new Hitachi-branded products** in Sri Lanka and Maldives.
- Maintains a **digitized distribution network** and conducts **regular training for partners**.
---
### **Market Position & Performance**
- **VRF Segment**: Achieved **44% YoY value growth** in 2024. Overtook PAC in **market value** due to rising adoption in **offices, hospitals, retail, and high-end residences**.
- **Residential AC**: Strong growth driven by **hotter summers and energy-conscious consumers**. Over **72% of inverter portfolio is 5-star rated**.
- **Seasonality Management**: Mitigates demand fluctuations via **3-year product roadmap, agile demand planning**, and **enhanced supply chain agility**.
- **Service Network**:
- 4 Regional Offices, 15 Branches.
- 600+ **exclusive sales & service partners**.
- 100+ **exclusive showrooms**, 10,000+ **sales points**, 1,500+ **service points**.
- **24x7 customer care** for nationwide support.
---
### **Parent Company – Hitachi, Ltd. (as of Jul 2024)**
- Operates under **Digital Systems & Services**, **Green Energy & Mobility**, and **Connective Industries**.
- Annual Revenue (FY2023): **¥8,564.3 billion**.
- Global Workforce: **~270,000 employees** across **573 consolidated subsidiaries**.
- Drives innovation through **Lumada**, integrating **IT, OT, and product solutions**.