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Bosch Home Comfort India Ltd

BOSCH-HCIL
NSE
1,390.60
2.69%
Last Updated:
30 Apr '26, 4:00 PM
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Bosch Home Comfort India Ltd

BOSCH-HCIL
NSE
1,390.60
2.69%
30 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
3,781Cr
Close
Close Price
1,390.60
Industry
Industry
Consumer Electronics
PE
Price To Earnings
309.02
PS
Price To Sales
1.42
Revenue
Revenue
2,666Cr
Rev Gr TTM
Revenue Growth TTM
2.70%
PAT Gr TTM
PAT Growth TTM
-76.09%
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Quarterly Results

Upcoming Results on
19 May 2026
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
548567280300772996396432933853405476
Growth YoY
Revenue Growth YoY%
-21.1-43.9-9.1-42.240.975.641.544.120.8-14.42.210.2
Expenses
ExpensesCr
524603324303690939423422841816441477
Operating Profit
Operating ProfitCr
23-36-44-38157-27109236-36-1
OPM
OPM%
4.3-6.3-15.6-1.110.65.7-6.72.39.84.3-8.8-0.2
Other Income
Other IncomeCr
03-10-1111174421-6
Interest Expense
Interest ExpenseCr
355521111234
Depreciation
DepreciationCr
191616171617191718161515
PBT
PBTCr
2-54-75-356549-39-47621-53-25
Tax
TaxCr
3-13-18-81613-90206-13-6
PAT
PATCr
-1-41-56-274936-30-35615-40-19
Growth YoY
PAT Growth YoY%
-106.8-1,982.2-6.5-3.64,704.7188.146.787.714.9-57.8-33.0-469.8
NPM
NPM%
-0.2-7.2-20.1-9.16.33.6-7.6-0.86.01.8-9.9-4.0
EPS
EPS
-0.4-15.1-20.7-10.018.013.3-11.1-1.220.65.6-14.7-7.0

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
1,5731,6411,9172,1852,2412,1971,6472,1592,3841,9192,7562,666
Growth
Revenue Growth%
43.04.316.914.02.6-2.0-25.131.110.4-19.543.7-3.3
Expenses
ExpensesCr
1,4351,5181,7501,9872,0782,0251,5292,0632,4031,9202,6252,574
Operating Profit
Operating ProfitCr
13812316819916417211797-19-113291
OPM
OPM%
8.87.58.89.17.37.87.14.5-0.8-0.14.83.4
Other Income
Other IncomeCr
7277157157-4-17261
Interest Expense
Interest ExpenseCr
8104235149817610
Depreciation
DepreciationCr
364652534456757275647063
PBT
PBTCr
101691181511321184323-105-998220
Tax
TaxCr
231937514635106-23-23238
PAT
PATCr
78508110086843316-82-765912
Growth
PAT Growth%
866.1-35.762.723.1-14.2-2.8-60.4-51.3-609.57.8177.7-79.0
NPM
NPM%
4.93.04.24.63.83.82.00.8-3.4-4.02.10.5
EPS
EPS
28.618.429.936.831.630.712.25.9-30.2-27.821.64.5

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
272727272727272727272727
Reserves
ReservesCr
286331413508586661695713632556614450
Current Liabilities
Current LiabilitiesCr
7047166376728647997799311,0189961,073651
Non Current Liabilities
Non Current LiabilitiesCr
623643496297142123112788578
Total Liabilities
Total LiabilitiesCr
1,0781,1101,1211,2561,5391,5841,6431,7941,7891,6571,7991,206
Current Assets
Current AssetsCr
8088118159641,1561,1101,1401,3151,2991,1631,371753
Non Current Assets
Non Current AssetsCr
270299306292383474503479490494428453
Total Assets
Total AssetsCr
1,0781,1101,1211,2561,5391,5841,6431,7941,7891,6571,7991,206

Cash Flow

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
556217297-81140321-55-3125483
Investing Cash Flow
Investing Cash FlowCr
-51-69-41-32-95-107-26-46-43-320
Financing Cash Flow
Financing Cash FlowCr
06-110-53170-45-191965-172-18
Net Cash Flow
Net Cash FlowCr
4-22012-6-12104-92-85066
Free Cash Flow
Free Cash FlowCr
-22-812862-18328294-102-7722168
CFO To PAT
CFO To PAT%
70.3123.2210.997.1-94.3167.5970.5-340.837.5-336.0141.5
CFO To EBITDA
CFO To EBITDA%
39.650.1102.348.9-49.581.2273.5-56.9163.8-19,568.563.2

Ratios

Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
3,9373,2964,9446,7885,5755,8497,1964,8052,7722,5884,812
Price To Earnings
Price To Earnings
51.267.160.867.864.970.0217.4298.00.00.081.8
Price To Sales
Price To Sales
2.52.02.63.12.52.74.42.21.21.41.8
Price To Book
Price To Book
12.69.211.212.79.18.510.06.54.24.47.5
EV To EBITDA
EV To EBITDA
29.527.929.734.035.034.961.050.6-156.4-1,972.635.8
Profitability Ratios
Profitability Ratios
GPM
GPM%
39.038.336.435.135.636.437.330.325.029.729.7
OPM
OPM%
8.87.58.89.17.37.87.14.5-0.8-0.14.8
NPM
NPM%
4.93.04.24.63.83.82.00.8-3.4-4.02.1
ROCE
ROCE%
24.116.124.628.016.814.17.03.7-11.5-13.112.9
ROE
ROE%
24.914.018.518.714.012.14.62.2-12.5-13.09.2
ROA
ROA%
7.24.57.38.05.65.32.00.9-4.6-4.63.3
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**.