To the Members of Bosch Limited
Report on the Audit of the Consolidated Financial Statements
OPINION
We have audited the consolidated financial statements of Bosch Limited (hereinafter referred to as the Holding Company), its subsidiaries (the Holding Company and its subsidiaries together referred to as the Group) its associates and jointly controlled entity comprising of the consolidated Balance sheet as at March 31 2026, the consolidated Statement of Profit and Loss, including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the consolidated financial statements).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate financial statements and on the other financial information of the subsidiaries, associate and jointly controlled entity, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013, as amended (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, its associates and jointly controlled entity as at March 31, 2026, their consolidated profit including other comprehensive income, their consolidated cash flows and the consolidated statement of changes in equity for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified
under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group, associates, jointly controlled entity in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year ended March 31, 2026. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of audit procedures performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.
| Key audit matters | How our audit addressed the key audit matter |
| Revenue recognition for sale of goods (as described in Note 7(b) and 32 of the consolidated financial statements) | |
| Revenue from sale of goods is recognized upon the transfer of control of the goods sold to the customer. The Holding Company uses a variety of shipment terms across its operating markets and this has an impact on the timing of revenue recognition. | Our audit procedures included the following: |
| \u2022 We evaluated the Companys accounting policies pertaining to revenue recognition in terms of Ind AS 115 - Revenue from Contracts with Customers. | |
| \u2022 We performed test of controls of managements process of recognizing the revenue from sales of goods with regard to the timing of the revenue recognition as per the sales terms with the customers and managements process and the assumptions used in calculation of price variations. | |
| Revenue is measured by the Holding Company at the transaction price of consideration received/ receivable from its customers and in determining the transaction price for the sale of products, the Holding Company considers the effects of various factors such as volume- based discounts, price adjustments to be passed on to the customers based on various parameters like negotiations savings on materials/ share of business, rebates etc provided to the customers. The Holding Company at the year end, provides for such price variations to be passed on to the customer. | \u2022 We performed audit procedures on a representative sample of the sales transactions to test that the revenues and related trade receivables are recorded taking into consideration the terms and conditions of the sale orders, including the shipping terms. Also, tested, on sample basis, debit/ credit notes in respect of agreed price variations passed on to the customers. |
| There is a risk that revenue could be recognized at incorrect amount on account of the significant judgement | \u2022 We performed audit procedures relating to revenue recognition by agreeing deliveries occurring around the year end to supporting documentation to establish that sales and corresponding trade receivables are recorded in the correct period. |
| and estimate involved in calculation of price variations to be recorded as at the year end and in the incorrect period on account for sales transactions occurring on and around the year end. Therefore, revenue recognition has been identified as a key audit matter. | \u2022 We tested completeness, arithmetical accuracy and plausibility of the data used in the computation of price adjustments as per customer contracts and tested, on sample basis, credit notes issued and payment made as per customer contracts / agreed price negotiations; |
| \u2022 We assessed the adequacy of revenue related disclosures in the consolidated Ind AS financial statements. |
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON
The Holding Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the consolidated financial statements and our auditors report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF MANAGEMENT FOR THE CONSOLIDATED FINANCIAL STATEMENTS
The Holding Companys Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement of changes in equity of the Group including its associates and jointly controlled entity in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entity are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entity are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors of the companies included in the Group and of its associates and jointly controlled entity are also responsible for overseeing the financial reporting process of their respective companies.
AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and jointly controlled entity to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Group and its associates and jointly controlled entity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities of the Holding Company and an associate of which we are the independent auditors and whose financial information we have audited, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the financial year ended March 31, 2026 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
OTHER MATTER
(a) We did not audit the financial statements and other financial information, in respect of two subsidiaries, whose financial statements include total assets of Rs. 5 million as at March 31, 2026, and total revenues of Rs. 0 million, total net profit/ (loss) after tax of Rs. (3) million, total comprehensive income/ (loss) of Rs. (3) million and net cash inflows/(cash outflows) of Rs. 0 million for the year ended on that date. These financial statement and other financial information have been audited by other auditors, which financial statements, other financial information and auditors reports have been furnished to us by the management. The consolidated financial statements also include the Groups share of net profit of Rs. 32 million and Groups share of total comprehensive income/(loss) of Rs. 32 million the year ended March 31, 2026, as considered in the consolidated financial statements, in respect of one associate and one jointly controlled entity, whose financial statements, other financial information have been audited by other auditors and whose reports have been furnished to us by the Management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, jointly controlled entity and associate, and our report in terms of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, jointly controlled entity and associates, is based solely on the reports of such other auditors.
Our opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements and other financial information certified by the Management.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of the subsidiaries, associate and jointly controlled entity, incorporated in India, as noted in the Other Matter paragraph we give in the Annexure 1 a statement on the matters specified in paragraph 3(xxi) of the Order.
As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries, associate and jointly controlled entity, as noted in the other matter paragraph we report, to the extent applicable, that:
We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;
In our opinion, proper books of accounts as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books of accounts except for the matter stated in the paragraph (i)(vi) below on reporting under Rule 11(g) for an associate as detailed in note 45 to the consolidated financial statements.
The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the consolidated financial statements;
In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;
On the basis of the written representations received from the directors of the Holding Company as on March 31, 2026 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under Section 139 of the Act, of its subsidiaries, associates and jointly controlled entity, none of the directors of the Groups companies, its associates and jointly controlled entity, incorporated in India, is disqualified as on March 31, 2026 from being appointed as a director in terms of Section 164 (2) of the Act;
The modification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph (b) above and modification relating to the maintenance of accounts and other matters connected therewith are as stated in paragraph (i)
(vi) below on reporting under Rule 11(g) as regards an associate.
With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiaries, associates and jointly controlled entity, incorporated in India, and the operating effectiveness of such controls, refer to our separate Report in Annexure 2 to this report;
In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, associate and jointly controlled entity incorporated in India, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Holding Company, its subsidiaries, associates and jointly controlled entity incorporated in India to their directors in accordance with the provisions of section 197 read with Schedule V to the Act;
With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,
as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other financial information of the subsidiaries, associate and jointly controlled entity, as noted in the Other matter paragraph:
The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Group, its associates and jointly controlled entity in its consolidated financial statements – Refer Note 37 to the consolidated financial statements;
Provision has been made in the consolidated financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts – Refer (a) Note 15 to the consolidated financial statements in respect of such items as it relates to the Group, its associates and jointly controlled entity and (b) the Groups share of net profit/loss in respect of its associates and jointly controlled entity;
There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company, its subsidiaries, associates and jointly controlled entity, incorporated in India during the year ended March 31, 2026.
a) The respective managements of the Holding Company and its subsidiaries, associates and jointly controlled entity which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, associate and jointly controlled entity respectively that, to the best of its knowledge and belief, as disclosed in the note 42(v) to the consolidated financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such subsidiaries, associates and jointly controlled entity to or in any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the respective Holding Company or any of such subsidiaries, associates and jointly controlled entity (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
The respective managements of the Holding Company and its subsidiaries, associate and jointly controlled entity which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, associate and jointly controlled entity respectively that, to the best of its knowledge and belief, as disclosed in the note 42(vi) to the consolidated financial statements, no funds have been received by the respective Holding Company or any of such subsidiaries, associates and jointly controlled entity from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries, associates and jointly controlled entity shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiaries, associates and jointly controlled entity which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditors notice that has caused us or the other auditors to believe that the representations under sub-clause (a) and (b) contain any material mis-statement.
The final dividend paid by the Holding Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
As stated in note 31(b) to the consolidated financial statements, the Board of Directors of the Holding Company, have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.
Based on our examination which included test checks and that performed by the respective auditors of the subsidiaries, associates and jointly controlled entity which are companies incorporated in India whose financial statements have been audited under the Act, the Holding Company, subsidiaries, associates and jointly controlled entity have used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except for an associate as detailed in Note 44 to the consolidated financial statements, wherein audit trail feature is not enabled for certain changes made, if any, using privileged/ administrative access rights and for the underlying database for the period from April 01, 2024 to May 25, 2024. Further, during the course of our audit, we and respective auditors of the above referred subsidiaries, associate and jointly controlled entity did not come across any instance of audit trail feature being tampered in respect of said accounting software. Additionally, based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiaries, associates and jointly controlled entity which are companies incorporated in India, the audit trail has been preserved as per the statutory requirements for record retention except for an associate as detailed in Note 44 to the consolidated financial statements, wherein audit trail backup in respect of the prior year has not been preserved as per the statutory requirements for record retention.
For S.R. Batliboi & Associates LLP Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka
Partner
Membership Number: 209567 UDIN: 26209567XCOMWQ1436
Place of Signature: Bengaluru Date: May 20, 2026
347
ANNEXURE 1 referred to paragraph on the report on Other legal and regulatory requirements of our report of even date
Re: Bosch Limited (the Holding Company)
Qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the consolidated financial statements are:
| S. No. | Name | CIN | Holding company/ subsidiary/ associate/ joint venture | Clause number of the CARO report which is qualified or is adverse |
| 1 | Bosch Limited | L85110KA1951PLC000761 | Holding Company | Clause \u2013 (iii)(e) |
| 2 | Bosch Limited | L85110KA1951PLC000761 | Holding Company | Clause \u2013 (xi)(a) |
For S.R. Batliboi & Associates LLP Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka
Partner
Membership Number: 209567 UDIN: 26209567XCOMWQ1436
Place of Signature: Bengaluru Date: May 20, 2026
ANNEXURE 2 to the Independent auditors report of even date on the Consolidated financial statements of Bosch Limited
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (THE ACT)
In conjunction with our audit of the consolidated financial statements of Bosch Limited (hereinafter referred to as the Holding Company) as of and for the year ended March 31, 2026, we have audited the internal financial controls with reference to Consolidated financial statements of the Holding Company, its subsidiaries (the Holding Company and its subsidiaries together referred to as the Group) its associates and jointly controlled entities incorporated in India, as of that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The respective Board of Directors of the Holding Company, subsidiaries, associates and jointly controlled entity, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the Companys internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement,
including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO CONSOLIDATED FINANCIAL STATEMENTS
A companys internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the consolidated financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO CONSOLIDATED FINANCIAL STATEMENTS
Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Group have maintained in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating effectively as at March 31,2026, based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.
OTHER MATTERS
Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to these consolidated financial statements of
the Holding Company, insofar as it relates to these subsidiaries, associate and jointly controlled entity, which are companies incorporated in India, is based on the corresponding reports of the auditors of such subsidiaries, associate and jointly controlled entity incorporated in India.
For S.R. Batliboi & Associates LLP Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka
Partner
Membership Number: 209567 UDIN: 26209567XCOMWQ1436
Place of Signature: Bengaluru Date: May 20, 2026
#ARCEnd#
#NACStart#
FOR THE YEAR ENDED MARCH 31, 2026
| NOTE - 1 CORPORATE INFORMATION |
Bosch Limited (the Company/ the Holding Company) is a public Company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. The registered office of the Company is located at Adugodi, Bengaluru. The Company has its key manufacturing facilities in Nashik, Naganathapura, Jaipur, Gangaikondan, Chennai and Bidadi with presence across automotive technology, industrial technology, consumer goods and energy and building technology. It manufactures and trades in products such as diesel and gasoline fuel injection systems, automotive aftermarket products, industrial equipment, electrical power tools, security systems and industrial and consumer energy products and solutions. The Companys shares are listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The Company, its subsidiaries (jointly referred to as the Group), associates and jointly controlled entity considered in these consolidated financial statements are mentioned below including the nature of interest:
| Relationship | Name of the Company | Country of Incorporation | % voting power held as at March 31, 2026 | % voting power held as at March 31, 2025 |
| Subsidiary | MICO Trading Private Limited | India | 100 | 100 |
| Subsidiary | Robert Bosch India Manufacturing and Technology Private Limited | India | 100 | 100 |
| Associate | Newtech Filter India Private Limited | India | 25 | 25 |
| Associate | AutoZilla Solutions Private Limited | India | 26 | 26 |
| Jointly Controlled Entity | PreBO Automotive Private Limited | India | 40 | 40 |
The consolidated financial statements are approved for issue by the Groups Board of Directors on May 20, 2026.
expenses, after fully eliminating intra-group balances and unrealized profits / losses on intra-group transactions as
Basis of preparation
The consolidated financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013 (the Act) [Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time)] and presentation requirements of Division II of Schedule III to the Companies Act, 2013 as applicable and other relevant provisions of the Act as applicable.
The consolidated financial statements have been prepared on a historical cost basis, except for the following assets and liabilities which have been measured at fair value:
Certain financial assets and liabilities that are measured at fair value (refer accounting policy regarding financial instrument) at the end of each reporting period and
Derivative financial instruments.
The Group has prepared the consolidated financial statements on the basis that it will continue to operate as a going concern.
This financial statement has been reported in Rs. Million (Mio INR), except for information pertaining to number of shares and earnings per share information. The functional and presentation currency of the Group is Indian Rupee (INR) which is the currency of the primary economic environment in which the Group operates.
Basis of consolidation:
In respect of subsidiaries, the financial statements have been consolidated on a line-by-line basis by adding together the book values of like items of assets, liabilities, income and
per Indian Accounting Standard - Ind AS 110 Consolidated Financial Statements.
The financial statements of associates and jointly controlled entity are prepared for the same reporting period as the Group. The accounting policies of associates and jointly controlled entity are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognizing the Groups share of the profit or loss of the investees after the date of acquisition.
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.
A jointly controlled entity is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of jointly controlled entity. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
Investment in associates and jointly controlled entity have been accounted under the equity method as per Indian Accounting Standard (Ind AS) 23 Investments in Associates and Joint Ventures, whereby the investment is initially recorded at cost, and adjusted thereafter to recognize the Groups share of the post acquisition profits or losses of the investee in profit and loss, and the Groups share of Other Comprehensive Income of the investee in Other Comprehensive Income.
The consolidated financial statements have been prepared using uniform accounting policies for like transactions and other events in similar circumstances.
Summary of material accounting policies
Current versus non-current classification:
The Group segregates assets and liabilities into current and non-current categories for presentation in the balance sheet after considering its normal operating cycle and other criteria set out in Ind AS 1, Presentation of Financial Statements. For this purpose, current assets and liabilities include the current portion of non-current assets and liabilities respectively.
Deferred tax assets and liabilities are classified as non- current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents. The Group has identified twelve months as its operating cycle.
Fair Value measurement
The Group measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
In the principal market for the asset or liability, or
In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participants ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
Revenue recognition:
Revenue from contracts with customers is recognized when control of the goods or services are transferred (performance obligation) to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer.Goods and Service Tax (GST) is not received by the Group on its own account. Rather, it is tax collected on value added to the commodity by the seller on behalf of the government. Accordingly, it is excluded from revenue.
Sale of goods:
Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer. The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration, the existence of significant financing components, non-cash consideration, and consideration payable to the customer (if any).
Sale of services:
Sale of services with respect to fixed price contracts are recognized upon transfer of control of promised services (performance obligations) to customers in an amount that reflects the consideration the Company has received or expects to receive in exchange for
these services (transaction price). Revenue on time-and-material and unit of work-based contracts are recognized as the related services are performed. When there is uncertainty associated with the variable consideration, revenue recognition is postponed until such uncertainty is resolved.
If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a provision.
An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities).
Rental income:
Rental income arising from operating lease of investment properties is accounted on accrual basis based on contractual terms with the lessee and is disclosed under other operating revenue in Statement of Profit and Loss. Refer to the accounting policy on leases under note (j) below.
Export incentive entitlement
Export incentive entitlements including duty drawbacks and duty credit scrips are recognized when there is a reasonable assurance that the Group has complied with the conditions attached to them and it is reasonably certain that the ultimate realization will be made. These are recognized in the period in which the right to receive the same is established, i.e., the year during which the exports eligible for incentives are made.
Warranty obligations
The Group typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for under Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets. Refer to the accounting policy on warranty provisions under note
(o) below.
Government grants
Government grants are recognized where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with.
Government grants relating to the purchase of property, plant and equipment are deducted while calculating the carrying amount of the asset resulting in
reduced depreciation over the life of property, plant and equipment.
Taxes
Tax expense comprises current tax expense and deferred tax:
Current Tax:
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in the country (i.e., India) where the Group operates and generates taxable income.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis.
Deferred Tax:
Deferred tax is provided using the balance sheet approach on temporary differences between the tax base of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized, or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets
and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Current and deferred tax is recognized in the Statement of Profit and Loss, except to the extent that it relates to items recognized in Other Comprehensive Income. In this case, the tax is also recognized in Other Comprehensive Income.
Property, plant and equipment:
Freehold land is carried at historical cost. Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, directly attributable cost of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
Capital work in progress (CWIP) is carried at cost, net of accumulated impairment loss, if any. All the direct expenditures related to the implementation including incidental expenditure incurred during the period of implementation of a project, till it is commissioned is accounted as Capital Work in Progress and such properties are classified as appropriate categories of Property, plant and equipment when completed and ready for the intended use.
Items of stores and spares that meet the definition of property, plant and equipment are capitalized at cost and depreciated over their useful life. Otherwise, such items are classified as a part of inventories.
Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item is depreciated separately. This applies mainly to components of machinery. When significant parts of plant and equipment are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. Depreciation is calculated on a written down value basis over the estimated useful lives of the assets as mentioned in note h below.
Subsequent costs are included in the assets carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred.
Advances paid towards acquisition of property, plant and equipment outstanding at each balance sheet date is classified as capital advances under other non-current assets.
An item of property, plant and equipment and any significant part initially recognized is de-recognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit and loss when the asset is derecognized.
Investment Property
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any.
The cost includes the cost of replacing parts if the recognition criteria are met. When significant parts of the investment properties are required to be replaced at intervals, the Group depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognized in profit or loss as incurred.
The Group depreciates the building (component of investment property) using the written down value method over estimated useful lives as mentioned in note h below.
Though the Group measures investment properties using cost-based measurement, the fair value of investment properties are disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer applying a valuation model recommended by the International Valuation Standards Committee.
Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. In determining the amount of consideration from the derecognition of investment properties the Group considers the effects of variable consideration, existence of a significant financing component, non-cash consideration, and consideration payable to the buyer (if any)
359
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026 (CONTD.)
Transfers are made to (or from) investment properties only when there is a change in use. Transfers between investment property, owner-occupied property and inventories do not change the carrying amount of the property transferred and they do not change the cost of that property for measurement or disclosure purposes
Depreciation
Depreciation on property, plant and equipment is provided using the written down value method. As required under Schedule II to the Companies Act 2013, the Group periodically assesses the estimated useful life of its property, plant and equipment based on the technical evaluation considering anticipated technological changes and actual usage of the assets.
The estimated useful life for various property, plant and equipment is given below:
| Assets | Useful lives estimated by the management (in years) | Useful lives under Schedule II of the Act (in years) |
| Buildings: | ||
| Residential | 59 | 60 |
| Factory/ Office | 29 | 30 |
| Plant and machinery: | ||
| General | 6 | 25 |
| Data processing equipment | 3 | 3 |
| Furniture and fixtures | 8 | 10 |
| Office equipment | 5 | 5 |
| Vehicles | 5 | 8 |
The Group, based on technical assessment of usage patterns made by the technical experts, believes that the useful lives as mentioned above best represents the period over which management expects to use these assets.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
In respect of additions, depreciation is provided on pro-rata basis from the quarter of addition and in respect of disposals, the same is provided up to the quarter prior to disposal. Cost of application software is expensed off on purchase.
Inventories
Inventories are valued at lower of cost and net realizable value. Cost of inventories is determined on weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale. Materials held for use in
the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. Obsolete/ slow moving inventories are adequately provided for.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
Raw materials, traded goods and indirect materials: Cost includes cost of purchase and other costs incurred in bringing the inventories to their present location and condition.
Work-in-progress: Cost includes direct materials and labor and a proportion of manufacturing overheads based on normal operating capacity.
Finished goods: Cost includes direct materials and labor and a proportion of manufacturing overheads based on normal operating capacity.
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Groups lease asset classes primarily consist of leases for land and buildings. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.
Right-of-use assets
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The useful life of Right-of-use assets varies from 3 to 7 years.
The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of the respective right-of-use asset if the recognition criteria for a provision are met.
The right-of-use assets are also subject to impairment. Refer to the accounting policies stated under note n below.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of the leases. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
Short term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low- value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset is classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned.
Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Group to the lessee. Amounts due from lessees under finance leases are recorded as receivables at the Groups net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.
Employee benefits
Defined contribution scheme
Contributions towards Superannuation Fund, Pension Fund and government administered Provident Fund are treated as defined contribution schemes. The Group has no obligation, other than the monthly contribution payable under the schemes. The Group recognizes contribution payable under the schemes as an expense, when an employee renders the related service. If the contribution payable under the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.
Defined benefit obligation
Provident Fund contributions made to Trusts administered by the Group are treated as defined benefit plan. The interest payable to the members of these Trusts shall not be lower than the statutory rate of interest declared by the Central Government under the Employees Provident Funds and Miscellaneous Provisions Act, 1952 and shortfall, if any, shall be made good by the Group. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method using actuarial valuation to be carried out at each balance sheet date.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Further, as required under Ind AS Schedule III, the Group
transfers those amounts recognized in other comprehensive income to retained earnings.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation as an expense in the statement of profit and loss:
Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and
Net interest expense.
The Group also provides for post-employment defined benefit in the form of Gratuity. The cost of defined benefit is determined using the projected unit credit method, with actuarial valuation being carried out at each balance sheet date. Actuarial gains and losses in respect of the same are charge to the Other Comprehensive Income (OCI)
Other employee benefits
All employee benefits other than post-employment benefits and termination benefits, which do not fall due wholly within twelve months after the end of the period in which the employees render the related service, including long term compensated absences, service awards, and ex-gratia. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the year end. Actuarial gains/ losses are immediately taken to the statement of profit and loss and are not deferred.
Accumulated leave, which is expected to be utilized within the next 12 months, is treated as short-term employee benefit. The Group measures the expected cost of such absences based on the actuarial valuation using the projected unit credit method at the year end. The Group presents the entire leave liability as a current liability in the balance sheet, since it does not have an unconditional right to defer its settlement for twelve months after the reporting date.
Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary retirement in exchange of these benefits. The Group recognizes termination benefits at the earlier of the following dates:
(a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that is within
the scope of Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets and involves the payment of termination benefits. The termination benefits are measured based on the number of employees expected to accept the offer in case of voluntary retirement scheme
Foreign currencies
Functional and presentation currency
Items included in the consolidated financial statements of the Group are measured using the currency of the primary economic environment in which the Group operates (the functional currency). The consolidated financial statements are presented in Indian Rupee (INR), which is the Groups functional and presentation currency.
Foreign currency transactions and balances
Initial recognition
Foreign currency transactions are recorded in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
Conversion
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
Exchange differences
The Group accounts for exchange differences arising on translation/ settlement of foreign currency monetary items as income or as expenses in the period in which they arise.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively).
Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial Assets
Initial recognition and measurement
Financial assets are classified, atinitialrecognition, as subsequently measured at amortized cost, fair value through other comprehensive income (OCI) and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial assets contractual cash flow characteristics and the Groups business model for managing them.
With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price as disclosed under Revenue recognition policy.
In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.
The Groups business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual cash flows and selling.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
Financial assets at amortized cost (debt instruments)
Financial assets at fair value through other comprehensive income (FVTOCI) (debt instruments)
Financial assets at fair value through OCI (equity instruments)
Financial assets at fair value through profit or loss
Financial assets at amortized cost (debt instruments)
Financial assets are subsequently measured at amortized cost if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. The EIR amortization is included in finance income in the profit or loss. The losses arising from impairment are recognized in the profit or loss.
The effective interest method is a method of calculating the amortized cost of a financial instrument and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period.
Financial assets at fair value through other comprehensive income (debt instruments)
Financial assets are measured at fair value through other comprehensive income if these financial assets are held within a business whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. For debt instruments, at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon
derecognition, the cumulative fair value changes recognized in OCI is reclassified from the equity to profit or loss.
Financial assets at fair value through other comprehensive income (equity instruments)
Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under Ind AS 32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an instrument-by- instrument basis. The Group elects to measure all equity investments at fair value through other comprehensive income, except for investments in subsidiary/ associate which is measured at cost. Equity instruments which are held for trading and contingent consideration recognized by an acquirer in a business combination to which Ind AS 103 applies are classified as at FVTPL.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized as other income in the statement of profit and loss when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognized in the statement of profit and loss. Financial assets are measured at fair value through profit or loss unless it is measured at amortized cost or at fair value through other comprehensive income on initial recognition. The transaction costs directly attributable to the acquisition of financial assets and liabilities at fair value through profit or loss are immediately recognized in statement of profit and loss.
Embedded derivatives
A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or
loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.
Impairment of financial assets
The Group recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
De-recognition of financial assets
The Group de-recognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire, or it transfers the financial asset and the transfer qualifies for de-recognition under Ind AS 109.
If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the assets and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred
financial asset, the Group continues to recognize the financial asset and recognizes a collateralized borrowing for the proceeds received.
On de-recognition of a financial asset in its entirety, the difference between the carrying amounts measured at the date of de-recognition and the consideration received is recognized in statement of profit or loss.
Financial Liabilities and equity instruments Initial recognition and measurement
Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Groups financial liabilities include trade and other payables, capital creditors, unpaid dividend and employee dues.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in two categories:
Financial liabilities at fair value through profit or loss
Financial liabilities at amortized cost
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments as defined by Ind AS 109. Gains or losses on liabilities held for trading are recognized in the profit or loss.
Financial liabilities at amortized cost
Financial liabilities are subsequently carried at amortized cost using the effective interest (EIR) method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.
De-recognition of financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit and loss.
Reclassification of financial assets and liabilities
The Group determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent.
Off-setting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously
Derivative financial instruments
The Group uses derivative financial instruments, such as forward currency contracts, to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value at the end of each reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the assets recoverable amount. An assets recoverable amount is the higher of an assets or cash-generating units (CGU) net selling price and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets
or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining net selling price, recent market transactions are considered, if available. If no such transactions can be identified, an appropriate valuation model is used.
Impairment losses are recognized in the statement of profit and loss. After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life.
For all non-financial assets, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the assets or cash-generating units recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.
Provisions
A provision is recognized when the Group has a present obligation (legal or constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as an interest expense.
Onerous Contracts
If the Group has a contract that is onerous, the present obligation under the contract is recognized and
measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognizes any impairment loss that has occurred on assets dedicated to that contract. An onerous contract is a contract under which the unavoidable costs (i.e., the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e., both incremental costs and an allocation of costs directly related to contract activities)
Warranty provisions
The Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually.
Restructuring provisions
Restructuring provisions are recognized only when the Group has a constructive obligation, which is when:
(i) a detailed formal plan identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs, and the timeline; and (ii) the employees affected have been notified of the plans main features.
Contingent liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent liability but discloses its existence in the consolidated financial statements.
Cash and cash equivalents
Cash and cash equivalents in the Balance Sheet comprise cash at bank and on hand and short-term investments with an original maturity of three months or less which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and bank
balances and short-term deposits, as defined above, net of outstanding bank overdrafts, if any, as they are considered an integral part of the Groups cash management.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (CODM). The executive directors are the chief operating decision maker of the Group, who assess the financial position, performance and make strategic decisions The Group identifies reportable segments based on the dominant source, nature of risks and return and the internal organization and management structure for which discrete financial information is available. Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment. Inter-segment revenue have been accounted for based on the transaction price agreed to between segments which is primarily market based. Revenue and expenses, which relate to the Group as a whole and are not allocable to segments on a reasonable basis, have been included under Unallocated corporate expenses/ income
Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Partly paid equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period.
The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all potential dilutive equity shares.
Dividend
The Group recognizes a liability to pay final dividend to equity holders when the distribution is authorized, and the distribution is no longer at the discretion of the Group. The Group recognizes a liability to pay interim dividends to equity holders on the date of declaration by the Groups Board of Directors. As per the corporate laws in India, a distribution is authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity.
Non-current assets held for sale
The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use.
Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded met only when the assets are available for immediate sale in its present condition, subject only to terms that are usual and customary for sales of such assets, its sale is highly probable; and it will genuinely be sold, not abandoned. The Group treats sale of the asset to be highly probable when:
The appropriate level of management is committed to a plan to sell the asset,
An active programme to locate a buyer and complete the plan has been initiated (if applicable),
The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value,
The sale is expected to qualify for recognition as a completed sale within one year from the date of classification, and
Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Changes in accounting policies and disclosures
The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after April 01, 2025. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Amendments to Ind AS 21 - Lack of exchangeability
The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Amendment Rules, 2025, which amend Ind AS 21, The Effects of Changes in Foreign Exchange Rates to specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments also require disclosure of information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entitys financial performance, financial position and cash flows.
The amendments are effective for annual reporting periods beginning on or after April 01, 2025. When applying the amendments, an entity cannot restate comparative information.
The above amendments had no impact on the Groups consolidated financial statements for the year ended March 31, 2026.
Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
In August 2025, the MCA notified amendments to paragraphs 69 to 76 of Ind AS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
What is meant by a right to defer settlement
That a right to defer must exist at the end of the reporting period
That classification is unaffected by the likelihood that an entity will exercise its deferral right
That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification
In addition, a requirement has been introduced to require disclosure when a liability arising from a loan agreement is classified as non-current and the entitys right to defer settlement is contingent on compliance with future covenants within twelve months.
If there is a breach of a material covenant of a long term loan arrangement on or before the end of the reporting period, resulting in the liability becoming payable on demand as at the reporting date, and the lender agrees— after the reporting period but before the financial statements are approved for issue—not to demand repayment for at least 12 months as a consequence of the breach, this shall be treated as an adjusting event. Accordingly, the entity is not required to classify the liability as current.
The amendments are effective for annual reporting periods beginning on or after April 01, 2025 retrospectively in accordance with Ind AS 8.
The amendments have not had an impact on the classification of Groups liabilities.
Amendments to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangements
In August 2025, the MCA notified amendments to Ind AS 7 Statement of Cash Flows and Ind AS 107 Financial Instruments: Disclosures to clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entitys liabilities, cash flows and exposure to liquidity risk.
As a result of implementing the amendments, the Company has provided additional disclosures about
its supplier finance arrangement. Please refer to Note 14(c).
International Tax Reform—Pillar Two Model Rules – Amendments to Ind AS 12
In August 2025, the MCA notified amendments to Ind AS 12 Income Taxes in response to the OECDs BEPS Pillar Two rules and include:
A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and
Disclosure requirements for affected entities to help users of the financial statements better understand an entitys exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date.
The mandatory temporary exception – the use of which is required to be disclosed – applies immediately. The remaining disclosure requirements apply for annual reporting periods beginning on or after April 01, 2025, but not for any interim periods ending on or before March 31, 2026.
The above amendments had no impact on the Groups consolidated financial statements for the year ended March 31, 2026.
| NOTE - 3 | SIGNIFICANT ACCOUNTING JUDGEMENTS, |
ESTIMATES AND ASSUMPTIONS
The preparation of the Groups consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Other disclosures relating to Groups exposure to risks and uncertainties includes:
Capital management Note 31
Financial risk management objectives and policies Note 30
Sensitivity analyses disclosures Notes 28 and 30.
Judgements
In the process of applying the Groups accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements.
Leases
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.
The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate
Furthermore, the periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
Inventory valuation:
The inventory is valued at the lower of the cost and net realizable value (NRV). The determination of the NRV involves estimates based on prevailing market conditions and taking into account the estimated future selling price and selling costs and involves significant estimates and judgement in the assessment. These estimates and judgement significantly affect the determination of the value of inventories.
Provision for expected credit losses (ECL) of trade receivables
The Group uses a provision matrix to calculate ECL for trade receivables. The provision rates are based on days past due for groupings of various customers that have similar loss patterns and involves significant estimates in the assessment. These estimates and judgement significantly affect the valuation of trade receivables.
Defined retirement benefit plans and other long-term employee benefits:
The cost of the defined benefit plans and other long-term employee benefits and the present value of the obligation thereon are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, obligation amount is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
The calculation is most sensitive to changes in the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds.
The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates and past trends. Further details about gratuity obligations are given in Note 28.
Useful life and residual value of plant, property equipment:
The useful life and residual value of plant, property equipment are determined based on evaluation made by the management of the expected usage of the asset, the physical wear and tear and technical or commercial obsolescence of the asset. Due to estimates involved, the useful life and residual value, the values are sensitive to the actual usage in future period.
Provision for litigations and contingencies:
The provision for litigations and contingencies is determined based on evaluation made by the management of the present obligation arising from past events the settlement of which is expected to result in outflow of resources embodying economic benefits, which involves estimating the ultimate outcome of such past events and measurement of the obligation amount. Due to the estimations involved in such estimations the provisions are sensitive to the actual outcome in future periods.
Provision for warranty:
The provision for warranty is determined based on evaluation made by the management of the past experience of the level of repairs and returns, which involves estimating the expected warranty claims on products sold. Hence, the provisions are sensitive to the actual outcome in future periods
Estimation of current tax expense and payable
Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the provisions of Income tax Act, 1961. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The recognition of deferred tax assets is premised on their future recoverability being probable.
Leases – Estimating the incremental borrowing rate
The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group would have to pay, which requires estimation when no observable rates are available. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates.
| NOTE - 4 | (A): PROPERTY, PLANT AND EQUIPMENT |
[ in Millions (Mio INR)]
| Gross Block | Accumulated Depreciation | Net Block | ||||||||
| Particulars | As at April 1, 2025 | Additions | Deductions/ Adjustments | As at March 31, 2026 | As at April 1, 2025 | For the year | Deductions/ Adjustments | As at March 31, 2026 | As at March 31, 2026 | As at March 31, 2025 |
| Land - Freehold | 180 | - | - | 180 | - | - | - | - | 180 | 180 |
| (180) | - | - | (180) | - | - | - | - | (180) | (180) | |
| Buildings [refer note (a) below] | 9,528 | 180 | 142 | 9,566 | 4,878 | 471 | 34 | 5,315 | 4,251 | 4,650 |
| (9,525) | (24) | (21) | (9,528) | (4,325) | (564) | (11) | (4,878) | (4,650) | (5,200) | |
| Plant and machinery [refer note (a) and (i) below] | 29,218 | 3,785 | 844 | 32,159 | 26,206 | 2,439 | 908 | 27,737 | 4,422 | 3,012 |
| (29,140) | (1,117) | (1,039) | (29,218) | (25,077) | (2,157) | (1,028) | (26,206) | (3,012) | (4,063) | |
| Office equipment | 471 | 54 | 119 | 406 | 382 | 56 | 117 | 321 | 85 | 89 |
| (477) | (15) | (21) | (471) | (332) | (70) | (20) | (382) | (89) | (145) | |
| Furniture and fixtures [refer note (i) below] | 391 | 11 | 147 | 255 | 324 | 30 | 147 | 207 | 48 | 67 |
| (443) | (5) | (57) | (391) | (341) | (39) | (56) | (324) | (67) | (102) | |
| Vehicles | 598 | 71 | 225 | 444 | 452 | 84 | 216 | 320 | 124 | 146 |
| (573) | (112) | (87) | (598) | (442) | (90) | (80) | (452) | (146) | (131) | |
| Total | 40,386 | 4,101 | 1,477 | 43,010 | 32,242 | 3,080 | 1,422 | 33,900 | 9,110 | 8,144 |
| (40,338) | (1,273) | (1,225) | (40,386) | (30,517) | (2,919) | (1,195) | (32,242) | (8,144) | (9,822) | |
| NOTE - 4 | (B): CAPITAL WORK IN PROGRESS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 3,961 | 2,240 |
| Add: Additions to Capital work in progress during the year | 3,533 | 3,087 |
| Less: Capitalization from Capital work in progress to Property, plant & equipment and Investment property during the year | (3,916) | (1,366) |
| Closing balance | 3,578 | 3,961 |
Capital work in progress (CWIP) Ageing Schedule As at March 31, 2026
| Particulars | Amount in CWIP for a period of | ||||
| Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total | |
| Projects in progress | 2,021 | 576 | 792 | 189 | 3,578 |
| Projects temporarily suspended | - | - | - | - | - |
| Total | 2,021 | 576 | 792 | 189 | 3,578 |
As at March 31, 2025
| Particulars | Amount in CWIP for a period of | ||||
| Less than 1 year | 1-2 years | 2-3 years | More than 3 years | Total | |
| Projects in progress | 2,221 | 1,203 | 155 | 382 | 3,961 |
| Projects temporarily suspended | - | - | - | - | - |
| Total | 2,221 | 1,203 | 155 | 382 | 3,961 |
Deductions/Adjustments includes Mio INR 20 (2024-25: Mio INR 7) of government grant.
Capital work-in-progress mainly comprises plant and machinery and building under construction.
Refer note 38 for disclosure of contractual commitment for the acquisition of property, plant and equipment.
There is no immovable property which is not held in the name of the Group.
There has been no revaluation of property, plant and equipment during 2024-25 and 2025- 26.
There are no CWIP projects as on March 31, 2026 which are either overdue or which have exceeded their budgeted costs.
Figures pertaining to the year ended March 31, 2025 are disclosed in brackets.
Robert Bosch GmbH, the Ultimate Holding Company has provided Bank guarantee for Capital work-in-progress of Mio INR 437 (2024-25 Mio INR 692), for plant and machinery in transit purchased from Bosch group Company. The same has been included in capital work-in- progress.
| NOTE - 5 | INVESTMENT PROPERTIES |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Gross carrying amount | ||
| Opening balance | 8,836 | 8,743 |
| Additions/(deletions) during the year | (4) | 93 |
| Closing balance | 8,832 | 8,836 |
| Accumulated depreciation | ||
| Opening balance | 2,822 | 2,171 |
| Depreciation on deletion during the year | (1) | - |
| Depreciation charge during the year (refer note 25) | 625 | 651 |
| Closing balance | 3,446 | 2,822 |
| Net block | 5,386 | 6,014 |
Information regarding income and expenditure of Investment Properties [ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Rental income derived from Investment Properties (refer note 18) | 1,693 | 1,655 |
| Direct operating expenses from property that generated rental income | (165) | (130) |
| Profit from investment properties before depreciation | 1,528 | 1,525 |
| Depreciation charge (refer note 25) | (625) | (651) |
| Profit from investment properties | 903 | 874 |
There is no immovable property which is not held in the name of the Group.
Refer note 34(f) for details with regard to assets given on operating lease.
Fair value of investment properties: [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Land | 15,116 | 13,598 |
| Building | 8,797 | 9,034 |
| 23,913 | 22,632 |
The above valuations are based on valuations performed by Colliers International India Property Services Private Limited , an accredited independent valuer. They specialise in valuing these types of investment properties and is a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. A valuation model in accordance with that recommended by the International Valuation Standards Committee has been applied.
Description of valuation techniques used and key inputs to valuation on investment properties:
| Investment properties Valuation | Technique |
| Land | Direct Comparison Approach for underlying land |
| Building | Depreciated Replacement Cost Method for built up structures |
Direct Comparison Approach for underlying land:
The Direct Comparison Approach involves a comparison of the property being valued to similar properties that have actually been sold in arms length transactions or are offered for sale. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in a competitive market and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. To ascertain the comparable transactions quotes, valuer would undertake an on ground market research exercise involving interactions with local market players such as real estate brokers, accumulators, etc. The data would be collated with respect to the general transaction activity in the subject regions. Post establishing the prevalent values in the subject micro markets, the value of the subject properties would be ascertained through an adjustment of the comparable collated.
Depreciated Replacement Cost Method for built up structures:
The Depreciated Replacement Cost Method involves assessing the current cost of replacing an asset with its modern equivalent asset less deductions for physical deterioration and all relevant forms of obsolescence and optimization. Depreciation refers to adjustments made to the cost of an equivalent asset to reflect any comparative obsolescence (such as physical deterioration, functional or economic obsolescence) that affects the subject asset over the remaining life of the subject asset at the valuation date with its expected total life (economic life of the property). The physical life is how long the asset, ignoring any potential for refurbishment or reconstruction, could be used before the asset would be completely worn out or beyond economic repair. The economic life is how long it is anticipated that the asset could generate returns or provide a financial benefit.
| NOTE - 6 | INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD |
[ in Millions (Mio INR)]
| Amount | ||
| As at March 31, 2026 | As at March 31, 2025 | |
| Unquoted equity investments | ||
| Jointly Controlled Entity: | ||
| PreBo Automotive Private Limited, equity shares of Rs.10/- each fully paid | 64 | 64 |
| Add: Share of profit for earlier years in Jointly Controlled Entity | 68 | 42 |
| Add: Share of profit/(loss) for current year in Jointly Controlled Entity | 28 | 26 |
| Associate (also a fellow subsidiary): | ||
| Newtech Filter India Private Limited, equity shares of Rs.10/- each fully paid | 175 | 175 |
| Less: Share of loss for earlier years in Associate | (55) | (61) |
| Add: Share of profit for current year in Associate | 8 | 6 |
| Associate: | ||
| AutoZilla Solutions Private Limited- Compulsory Convertible Preference Shares of Rs.10/- each fully paid | 132 | 132 |
| AutoZilla Solutions Private Limited- Equity shares of Rs.10/- each fully paid | 1 | 1 |
| Less: Share of loss for earlier years in Associate | (29) | (19) |
| Less: Share of loss for current year in Associate | (4) | (10) |
| 388 | 356 | |
| NOTE - 7 | (A): INVESTMENTS |
Non-current investments
| [ in Millions (Mio INR)] | |||||
| Number | Amount | ||||
| As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2026 | As at March 31, 2025 | ||
| (a) | Investments designated at FVOCI: | ||||
| (i) | Quoted investments - Equity Shares | ||||
| ICICI Bank Limited | 2,404,105 | 2,404,105 | 2,899 | 3,242 | |
| Equity shares of Rs.2/- each fully paid | |||||
| HDFC Bank Limited (refer note 1 below) | 12,194,128 | 6,097,064 | 8,923 | 11,148 | |
| Equity shares of Rs.1/- each fully paid | |||||
| (ii) | Unquoted investments | ||||
| Investments in Nivaata Systems Private Limited | |||||
| Equity Shares of Rs. 10/- each (refer note 2 below) | - | 1,298 | - | 17 | |
| Compulsory Convertible Preference Shares of Rs. 10/- each | - | 9,998 | - | 131 | |
| Investments in Zeliot Connected Services Private Limited | |||||
| Compulsorily Convertible Preference Shares of Rs. 100/- each | 2,100 | 2,100 | 37 | 37 | |
| Equity Share of Rs. 100/- each | 2,467 | 2,467 | 3 | 3 | |
| Investments in AMP Solar Infrastructure Private Limited | |||||
| Equity Shares of Rs. 10/- each | 128,460 | 128,460 | 1 | 1 | |
| Compulsory Convertible Debentures of Rs.1,000/- each | 71,738 | 71,738 | 72 | 72 | |
| Investments in AMP Energy C&I Eight Private Limited | |||||
| Equity Shares of Rs. 10/- each | 4,370,000 | 4,370,000 | 44 | 44 | |
| (b) | Investment in mutual funds at FVTPL: | ||||
| (i) | Quoted investments | ||||
| ICICI Prudential Mutual Fund | |||||
| ICICI Prudential Nifty SDL Sep 2027 Index Fund - Direct Plan - Growth | 19,999,000 | 19,999,000 | 258 | 241 | |
| [ in Millions (Mio INR)] | ||||
| Number | Amount | |||
| As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2026 | As at March 31, 2025 | |
| ICICI Prudential Short Term Fund - Direct Plan - Growth Option | 36,412,801 | 36,412,801 | 2,493 | 2,333 |
| ICICI Prudential Fixed Maturity Plan Series 88 - 1226 days plan F - Direct Plan - Growth | - | 9,999,500 | - | 118 |
| ICICI Prudential Corporate Bond Fund - Direct Plan - Growth | 96,223,072 | 96,223,072 | 3,124 | 2,940 |
| DSP Mutual Fund | ||||
| DSP Corporate Bond Fund-Growth -Direct plan | 72,367,665 | 72,367,665 | 1,225 | 1,148 |
| DSP Banking & PSU Fund-Growth -Direct plan | 13,223,633 | 13,223,633 | 338 | 323 |
| DSP Nifty SDL Plus G-Sec Jun 2028 30/70 Index Fund - Direct - Growth Option | 24,998,750 | 24,998,750 | 326 | 305 |
| DSP FMP Series - 267 - 1246 Days - Direct - Growth | - | 19,999,000 | - | 238 |
| HDFC Mutual Fund | ||||
| HDFC FMP 1861D March 2022 - Series 46 - Direct - Growth | 24,998,750 | 24,998,750 | 325 | 303 |
| HDFC Corporate Bond Fund Direct Growth | 16,369,009 | 16,369,009 | 558 | 533 |
| HDFC Floating Rate Debt Fund-Direct Plan-Wholesale Option-Growth Option units of Rs.10/- each (Formerly known as HDFC Floating Rate Income Fund - Short Term Plan - Growth - Direct Plan Units of Rs.10/- each) | 12,218,255 | 12,218,255 | 636 | 597 |
| HDFC Short Term Debt Fund-Direct Plan -Growth Option units of Rs.10/- each (Formerly known as HDFC Short Term Opportunities Fund - Direct Plan -Growth Option units of Rs.10/- each) | 110,556,079 | 110,556,079 | 3,799 | 3,569 |
| HDFC Nifty G Sec Dec 2026 Index Fund Direct Growth | - | 19,999,000 | - | 239 |
| HDFC Nifty G Sec Jun 2027 Index Fund Direct Growth | 9,999,500 | 9,999,500 | 128 | 119 |
| SBI Mutual Fund | ||||
| SBI Banking and PSU Fund Direct Growth | 185,974 | 185,974 | 636 | 602 |
| SBI Short Term Debt Fund - Direct Fund - Growth | 151,457,201 | 151,457,201 | 5,364 | 5,045 |
| SBI CPSE Bond Plus SDL Sep 2026 50:50 Index Fund - Direct Plan Growth | - | 30,024,922 | - | 362 |
| SBI Fixed Maturity Plan (FMP) - Series 55 (1849 days) Direct - Growth Option | - | 39,998,000 | - | 487 |
| SBI Fixed Maturity Plan (FMP)- Series 61 (1927 Days) - Direct - Growth Option | 24,998,750 | 24,998,750 | 324 | 303 |
| SBI Corporate Bond Fund - Direct Plan - Growth | 135,386,837 | 135,386,837 | 2,234 | 2,113 |
| SBI Fixed Maturity Plan (FMP) - Series 73 (1226 Days) - Direct - Growth | - | 14,999,250 | - | 177 |
| UTI Mutual Fund | ||||
| UTI Fixed Term Income Fund - Series XXXV - I (1260 days) - Direct Plan Growth | - | 19,999,000 | - | 238 |
| UTI Corporate Bond Fund - Direct Plan Growth | 51,240,787 | 51,240,787 | 888 | 839 |
| UTI Corporate Bond Fund Fund - Growth - Regular Plan | 6,963,537 | 6,963,537 | 118 | 112 |
| UTI Short Duration Fund - Direct - Growth | 112,459,462 | 112,459,462 | 3,932 | 3,709 |
| Bandhan Mutual Fund | ||||
| Bandhan Bond Fund-Short Term Plan-Growth-(Direct Plan) (Formerly known as IDFC Bond Fund-Short Term Plan-Growth-Direct Plan) | 33,012,345 | 33,012,345 | 2,097 | 1,973 |
| Bandhan Banking & PSU Debt Fund-Direct Plan- Growth (Formerly known as IDFC Banking & PSU Debt Fund- Direct Plan-Growth) | 53,476,582 | 53,476,582 | 1,403 | 1,325 |
| [ in Millions (Mio INR)] | ||||
| Number | Amount | |||
| As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2026 | As at March 31, 2025 | |
| Bandhan Corporate Bond Fund Direct Growth | 156,326,160 | 156,326,160 | 3,210 | 3,025 |
| Bandhan CRISIL IBX GILT April 2026 Index Fund - Direct - Growth (Formerly known as IDFC CRISIL IBX GILT April 2026 Index Fund - Direct - Growth Option of Rs.10/- each) | - | 24,998,750 | - | 299 |
| Tata Mutual Fund | ||||
| Tata Nifty SDL Plus AAA PSU Bond Dec 60:40 Index Fund - Direct Plan - Growth | - | 39,998,000 | - | 487 |
| Tata Short Term Bond Fund Direct Plan - Growth | 27,407,635 | 27,407,635 | 1,501 | 1,421 |
| Tata Crisil - IBX gilt index - April 2026 index fund - Direct Plan - Growth | - | 35,021,364 | - | 420 |
| Aditya Birla Sun Life Mutual Fund (Formerly known as Birla Sun Life Mutual Fund) | ||||
| Aditya Birla Sun Life Fixed Term Plan - Series TI (1837 days) - Direct - Growth | - | 59,997,000 | - | 751 |
| Aditya Birla Sun Life Fixed Term Plan - Series TQ (1879 days) - Direct - Growth | 19,999,000 | 19,999,000 | 259 | 242 |
| Aditya Birla Sun Life CRISIL IBX GILT - April 2026 Index Fund - Direct Growth | - | 14,999,250 | - | 180 |
| Aditya Birla Sun Life Corporate Bond Fund - Growth - Direct Plan | 30,101,457 | 30,101,457 | 3,549 | 3,385 |
| Aditya Birla Sun Life Nifty SDL Plus PSU Bond Sep 2026 60:40 Index Fund Direct Growth | - | 24,993,002 | - | 303 |
| Aditya Birla Sun Life CRISIL IBX 60:40 SDL + AAA PSU - Apr 2027 | 39,998,000 | 39,998,000 | 513 | 479 |
| Kotak Mutual Fund | ||||
| Kotak FMP Series 300 - Direct Plan - Growth | - | 14,999,250 | - | 177 |
| Kotak Nifty SDL Apr 2027 Top 12 Equal Weight Index Fund - Direct Plan - Growth | 20,070,652 | 20,070,652 | 260 | 242 |
| Kotak Bond (Short Term) - Direct Plan - Growth | 78,914,371 | 78,914,371 | 4,698 | 4,423 |
| Kotak Corporate Bond Fund - Direct Growth | 448,480 | 448,480 | 1,830 | 1,726 |
| Total | 58,005 | 62,546 | ||
| Aggregate amount of quoted investments (A) | ||||
| Investments carried at amortized cost | - | 0 | ||
| Investments carried at FVOCI | 11,822 | 14,390 | ||
| Investments carried at FVTPL | 46,026 | 47,851 | ||
| 57,848 | 62,241 | |||
| Aggregate amount of unquoted investments (B) | ||||
| Investments carried at cost (refer note 6) | 388 | 356 | ||
| Investments carried at FVOCI | 157 | 305 | ||
| 545 | 660 | |||
| Total amount of Non-current investments (A + B) | 58,393 | 62,902 | ||
| Aggregate amount of market value of quoted investments | 57,848 | 62,241 | ||
| Aggregate amount of impairment in the value of investments | - | - | ||
Notes:
Pursuant to the bonus issue announced by HDFC Bank Limited during the year, equity shares were allotted in the ratio of (1:1) (i.e., 1 bonus equity share(s) for every 1 existing equity share(s) held), without any additional consideration. Consequently, the number of shares held increased accordingly, while the aggregate carrying value/cost of investment remained unchanged.
During the current year, the Company sold its entire stake in Nivaata Systems Private Limited for a consideration of Mio INR 184 and accordingly recognized a profit of Mio INR 36 in Other Comprehensive Income
Current investments
| [ in Millions (Mio INR)] | |||||
| Number | Amount | ||||
| As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2026 | As at March 31, 2025 | ||
| Quoted investments | |||||
| (a) | Investments in bonds at amortized cost: | ||||
| Indian Railway Finance Corporation Limited | |||||
| 7.07% Tax Free secured bonds of Rs.1,000/- each | 0 | 90,600 | 0 | 91 | |
| National Highway Authority of India Limited | |||||
| 7.14% Tax Free secured bonds of Rs.1,000/- each | 0 | 85,709 | 0 | 86 | |
| National Thermal Power Corporation Limited | |||||
| 7.11% Tax Free secured bonds of Rs.1,000/- each | 0 | 37,474 | 0 | 37 | |
| (b) | Investments in mutual funds at FVTPL: | ||||
| ICICI Prudential Mutual Fund | |||||
| ICICI Pru Liquid Fund - Direct - Growth | 981,706 | - | 400 | - | |
| ICICI Prudential Savings Fund - Direct Plan - Growth | 5,445,037 | 5,450,343 | 3,144 | 2,941 | |
| ICICI Pru Money Market Fund - Direct - Growth | 1,762,880 | - | 708 | - | |
| ICICI Prudential Fixed Maturity Plan Series 88 - 1226 days plan F - Direct Plan - Growth | 9,999,500 | - | 126 | - | |
| SBI Mutual Fund | |||||
| SBI Magnum Ultra Short Duration Fund Direct Growth | 11,233 | 11,233 | 72 | 67 | |
| SBI Fixed Maturity Plan (FMP) - Series 55 (1849 days) Direct - Growth Option | 39,998,000 | - | 522 | - | |
| SBI Fixed Maturity Plan (FMP) - Series 73 (1226 Days) - Direct - Growth | 14,999,250 | - | 188 | - | |
| DSP Mutual Fund | |||||
| DSP Low Duration Fund - Direct Plan- Growth | 33,404,195 | 33,404,195 | 713 | 670 | |
| DSP FMP Series - 267 - 1246 Days - Dir - Growth | 19,999,000 | - | 254 | - | |
| Bandhan Mutual Fund | |||||
| Bandhan Low Duration Fund-Growth-(Direct Plan) (Formerly known as IDFC Low Duration Fund-Growth- Direct Plan) | 11,677,839 | 11,677,839 | 482 | 452 | |
| Bandhan Money Market Fund - Direct - Growth | 11,206,105 | - | 512 | - | |
| Tata Mutual Fund | |||||
| Tata Treasury Advantage Fund Direct Plan - Growth | 201,236 | 201,236 | 849 | 797 | |
| Tata Nifty SDL Plus AAA PSU Bond Dec 60:40 Index Fund - Direct Plan - Growth | 39,998,000 | - | 521 | - | |
| UTI Mutual Fund | |||||
| UTI Liquid Fund - Direct - Growth | 177,423 | - | 802 | - | |
| UTI Money Market Fund - Direct - Growth | 269,035 | - | 1,020 | - | |
| UTI Fixed Term Income Fund - Series XXXV - I (1260 days) - Direct Plan Growth | 19,999,000 | - | 253 | - | |
| HDFC Mutual Fund | |||||
| HDFC Low Duration Fund Direct Growth | 49,854,514 | 17,766,620 | 3,267 | 1,089 | |
| HDFC Money Market Fund - Direct - Growth | 166,275 | - | 1,015 | - | |
| Aditya Birla Sun Life Mutual Fund (Formerly known as Birla Sun Life Mutual Fund) | |||||
| Aditya Birla Sun Life Low Duration Fund Direct Growth | 3,271,294 | 1,358,473 | 2,489 | 967 | |
| ABSL Money Manager Fund - Direct - Growth | 1,020,108 | - | 400 | - | |
| Aditya Birla Sun Life Fixed Term Plan - Series TI (1837 days) - Direct - Growth | 59,997,000 | - | 802 | - | |
| [ in Millions (Mio INR)] | ||||
| Number | Amount | |||
| As at March 31, 2026 | As at March 31, 2025 | As at March 31, 2026 | As at March 31, 2025 | |
| Kotak Mutual Fund | ||||
| Kotak Low Duration Fund Direct Growth | 427,700 | 421,372 | 1,632 | 1,503 |
| Kotak Money Market Fund - Direct - Growth | 90,736 | - | 431 | - |
| Kotak FMP Series 300 (1233 days) - Direct Plan - Growth | 14,999,250 | - | 188 | - |
| Nippon Mutual Fund | ||||
| Nippon India Low Duration Fund - Regular - Growth | 245,020 | - | 1,018 | - |
| Total | 21,808 | 8,700 | ||
| Aggregate amount of quoted investments | ||||
| Investments carried at amortized cost | - | 214 | ||
| Investments carried at FVTPL | 21,808 | 8,486 | ||
| Total amount of Current investments | 21,808 | 8,700 | ||
| Aggregate amount of market value of quoted investments | 21,808 | 8,709 | ||
| Aggregate amount of impairment in the value of investments | - | - | ||
| NOTE - 7 | (B) : TRADE RECEIVABLES |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- Current | Current | Non- Current | |
| Trade receivables [refer note (b) below] | ||||
| - Related parties [refer note (a) & (b) below] | 3,331 | - | 2,893 | - |
| - Others | 24,716 | - | 21,045 | - |
| Unbilled revenue | ||||
| - Related parties | 65 | - | 91 | - |
| - Others | 91 | 485 | 155 | 804 |
| Less: Allowance for credit losses [refer note 30 (A)(i)] | (476) | - | (534) | - |
| 27,727 | 485 | 23,650 | 804 | |
Note:
Includes dues from private companies where directors are interested is Mio INR 758 (March 31, 2025: Mio INR 848) [refer note 36]
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
Details of secured and unsecured [ in Millions (Mio INR)]
| Trade receivables | As at March 31, 2026 | As at March 31, 2025 |
| Secured, considered good | - | - |
| Unsecured, considered good | 27,571 | 23,404 |
| Increase in credit risk | - | - |
| Credit impaired | 476 | 534 |
| Gross receivables | 28,047 | 23,938 |
| Unbilled revenue | 641 | 1,050 |
| Allowance for expected credit losses | (476) | (534) |
| Total trade receivables | 28,212 | 24,454 |
Trade receivables ageing As at March 31, 2026
[ in Millions (Mio INR)]
| Particulars | Current but not due | Outstanding for following periods from due date of payment | |||||
| < 6 Months | 6 Months \u2013 1 Year | 1-2 Years | 2-3 Years | > 3 years | Total | ||
| Undisputed trade receivables - considered good | 25,409 | 2,145 | 15 | 0 | 2 | 0 | 27,571 |
| Undisputed trade receivables - which have significant increase in credit risk | - | - | - | - | - | - | - |
| Undisputed trade receivables - credit impaired | - | 80 | 196 | 78 | 32 | 40 | 426 |
| Disputed trade receivables - considered good | - | - | - | - | - | - | - |
| Disputed trade receivables - which have significant increase in credit risk | - | - | - | - | - | - | |
| Disputed trade receivables - credit impaired | - | - | 0 | 1 | 6 | 43 | 50 |
| Gross receivables | 25,409 | 2,225 | 211 | 79 | 40 | 83 | 28,047 |
| Unbilled revenue | 641 | - | - | - | - | - | 641 |
| Less: Allowance for credit losses | (476) | ||||||
| Net receivables | 28,212 | ||||||
As at March 31, 2025
[ in Millions (Mio INR)]
| Particulars | Current but not due | Outstanding for following periods from due date of payment | |||||
| < 6 Months | 6 Months \u2013 1 Year | 1-2 Years | 2-3 Years | > 3 years | Total | ||
| Undisputed trade receivables - considered good | 21,067 | 2,255 | 78 | 4 | - | - | 23,404 |
| Undisputed trade receivables - which have significant increase in credit risk | - | - | - | - | - | - | - |
| Undisputed trade receivables - credit impaired | - | 98 | 210 | 50 | 70 | 25 | 453 |
| Disputed trade receivables - considered good | - | - | - | - | - | - | - |
| Disputed trade receivables - which have significant increase in credit risk | - | - | - | - | - | - | - |
| Disputed trade receivables - credit impaired | 0 | 1 | 1 | 2 | 5 | 72 | 81 |
| Gross receivables | 21,067 | 2,354 | 289 | 56 | 75 | 97 | 23,938 |
| Unbilled revenue | 1,050 | - | - | - | - | - | 1,050 |
| Less: Allowance for credit losses | (534) | ||||||
| Net receivables | 24,454 | ||||||
[ in Millions (Mio INR)]
| Movement of expected credit loss: | As at March 31, 2026 | As at March 31, 2025 |
| Expected credit loss allowance | ||
| At the beginning of the year | (534) | (586) |
| Provision made during the year (net) | (150) | (83) |
| Utilized/ reversed during the year (net) | 208 | 135 |
| At the end of the year | (476) | (534) |
| NOTE - 7 | (C) : LOANS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- Current | Current | Non- Current | |
| Secured, considered good (carried at amortized cost) | ||||
| Loan to related parties (refer note 36) | 9,500 | - | 13,695 | - |
| Unsecured, considered good (carried at amortized cost) | ||||
| Loan to directors (refer note 36) | 1 | 3 | 1 | 4 |
| Loan to employees | 107 | 103 | 79 | 126 |
| 9,608 | 106 | 13,775 | 130 | |
Disclosure required under Section 186(4) of the Companies Act, 2013
Included in loans and advances are certain intercorporate loans, the particulars of which are disclosed below as required by Sec 186(4) of the Companies Act, 2013.
[ in Millions (Mio INR)]
| Name of the loanee | Rate of Interest | Due Date | Secured/ unsecured | March 31, 2026 | March 31, 2025 |
| Bosch Rexorth (India) Private Limited | 9.10% - 9.55% | Multiple | Secured | 500 | 1,000 |
| BSH Household Appliances Manufacturing Private Limited | 8.90% - 9.55% | Multiple | Secured | 4,500 | 6,500 |
| Bosch Automotive Electronics India Private Limited | 9.10% - 9.55% | Multiple | Secured | 4,500 | 6,190 |
| Bosch Mobility Platform and Solutions India Private Limited | 9.40% - 9.40% | NA | Secured | - | 5 |
| Total | 9,500 | 13,695 |
Robert Bosch Gmbh, Federal Republic of Germany (Ultimate Holding Company) has guaranteed principal and interest amount for all the loans issued within the Bosch Group.
There are no loans that are granted to promoters, directors, KMPs and the related parties (as defined under the Companies Act, 2013), that are repayable on demand or without specifying any terms or period of repayment.
| NOTE - 7 | (D) : CASH AND CASH EQUIVALENTS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Balances with banks | ||
| - on current accounts | 95 | 214 |
| - on Exchange Earners Foreign Currency (EEFC) accounts | 115 | 342 |
| - deposit accounts with original maturity of less than 3 months | 3,754 | 2,973 |
| Cash on hand | 0 | 0 |
| 3,964 | 3,529 |
| NOTE - 7 | (E) : OTHER BANK BALANCES |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Deposit accounts with original maturities greater than 3 months but less than 12 months (refer note below) | 7 | 1,508 |
| Margin money* | 6 | 6 |
| Unpaid dividend accounts | 47 | 36 |
| Other bank balances** | 2 | - |
| 62 | 1,550 |
Note: Refer note 7(f) for Deposits having original maturity more than 12 months and remaining maturity greater than 12 months
* Margin money includes deposit with banks which is restricted for use in foreign exchange settlements towards merchanting trade transactions.
** Other bank balances of 2 MINR is held in a separate bank account designated as Unspent CSR Account in compliance with the requirements of Section 135 of the Companies Act, 2013 read with the Companies (CSR Policy) Rules, 2014. The balance in this account is restricted for use towards ongoing Corporate Social Responsibility (CSR) projects and is not available for general use by the Company.
| NOTE - 7 | (F) : OTHER FINANCIAL ASSETS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- Current | Current | Non- Current | |
| Interest accrued on financial assets at amortized cost | 1,366 | - | 1,456 | - |
| Others (include non-trade receivables) | 99 | - | 5 | - |
| Balance in deposit accounts with original maturity of more than 12 months* | 37,380 | 5,320 | 32,812 | 2,800 |
| Security deposits** | - | 363 | - | 488 |
| 38,845 | 5,683 | 34,273 | 3,288 | |
Note: * Balance shown under current reflects deposit accounts with original maturity of more than 12 months and remaining maturity less than 12 months as at reporting date.
** Includes deposits amounting to Mio INR 125 (PY: Mio INR 125) reclassed from other non-current assets
| NOTE - 8 | DEFERRED TAX ASSETS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Deferred tax relates to the following: | ||
| Written down value (WDV) of depreciable property, plant & equipment and investment properties | 2,479 | 2,439 |
| Carrying value of right of use assets | (264) | (269) |
| Carrying value of lease liabilities | 299 | 298 |
| Carrying value of investments | (2,820) | (2,232) |
| Expenses allowable for tax purposes when paid and other timing differences | 874 | 1,035 |
| Net deferred tax assets | 568 | 1,271 |
Reconciliation of deferred tax assets [ in Millions (Mio INR)]
| Carrying value of investments as per books and for the purpose of income tax* | Carrying value of right of use assets | Carrying value of lease liabilities | WDV of depreciable property, plant and equipment | Expenses allowable on payment basis and other timing differences | Total | |
| As at April 1, 2024 | (813) | (79) | 99 | 2,431 | 1,239 | 2,877 |
| (Charged)/ Credited | ||||||
| - to consolidated Statement of Profit and Loss | (889) | (190) | 199 | 8 | (204) | (1,076) |
| - to Other Comprehensive Income | (530) | - | - | - | - | (530) |
| As at March 31, 2025 | (2,232) | (269) | 298 | 2,439 | 1,035 | 1,271 |
| (Charged)/ Credited | ||||||
| - to consolidated Statement of Profit and Loss | (593) | 5 | 1 | 40 | (161) | (708) |
| - to Other Comprehensive Income | 5 | - | - | - | - | 5 |
| As at March 31, 2026 | (2,820) | (264) | 299 | 2,479 | 874 | 568 |
*Note: The Finance (No. 2) Act, 2024 (the Act), which was passed and enacted on August 16, 2024, announced changes to Capital Gains provision with effect 23 July 2024. The Act amended the long-term tax rate on Capital Gains from 20% (unlisted securities with indexation)/ 10% (listed securities without indexation) to 12.5% (without indexation). Pursuant to such amendment, the Company has remeasured the carrying value of deferred tax relating to capital gains and accounted for increase in deferred tax expenses amounting to Mio INR 356 through Statement of Profit and Loss and Mio INR 187 through other comprehensive income for the year ended March 31, 2025.
| NOTE - 9 | OTHER NON-CURRENT ASSETS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Capital advances | 198 | 71 |
| Gratuity Fund (Plan assets) [refer note 28] | 4 | 102 |
| Balances recoverable from tax authorities | 532 | 905 |
| 734 | 1,078 |
Note: Refer Note 7(f) regarding reclassification of security deposits during the current year
| NOTE - 10 | INVENTORIES |
(at lower of cost and net realizable value)
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Raw materials | 5,410 | 4,634 |
| Work-in-progress | 1,247 | 922 |
| Finished goods | 2,973 | 3,310 |
| Traded goods | 10,921 | 10,033 |
| Stores and spares | 290 | 238 |
| Loose tools | 401 | 286 |
| 21,242 | 19,423 |
Inventories include the following as goods-in- transit [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Raw materials | 1,934 | 1,488 |
| Traded goods | 4,301 | 3,700 |
| Loose tools | 15 | 15 |
| 6,250 | 5,203 |
Amount of inventories recognized as an expense on account of write-off is Mio INR 399 [2024-25: Mio INR 558].
Write-down/(reversal of write-down of earlier years) of the inventories to net realizable value amounted to Mio INR 81 [2024-25: Mio INR 65]. These were recognized as an expense/ (reversal of expense) during the year and included in note 20 and note 22 in the Standalone Statement of Profit and Loss.
| NOTE - 11 | OTHER CURRENT ASSETS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Balance with government authorities | 645 | 684 |
| Deferred expense | 76 | 61 |
| Contract Work-in-progress (refer note 32) | 3,584 | 2,602 |
| Advance to vendors | 260 | 280 |
| Others (includes balances from tax authorities, prepaid expenses and other advances) | 927 | 829 |
| 5,492 | 4,456 |
| NOTE - 12 | ASSETS HELD FOR SALE |
(a) On January 28, 2025, the Board of Directors of the Company approved to execute the Business Transfer Agreement with Keenfinity India Private Limited (the Purchaser) for transfer of its Video solutions, Access and Intrusions and Communication systems Business (Specified Business) with carrying value of net assets of Mio INR 506 as at March 31, 2025, by way of slump sale for the agreed purchase consideration of Mio INR 5,950 (with a purchase price adjustment). As at March 31, 2025, the Company had received consideration of Mio INR 4,463 for the said sale. The transfer of business is completed on May 01, 2025.
The specified business did not get qualified as a separate major line of business under IND AS 105 : Non current Assets held for sale and discontinued operations and accordingly had not considered the same as a discontinued operation for the purpose of the consolidated financial statements during the previous year.
The major classes of assets and liabilities held for sale as on the reporting date are, as follows: [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | ||
| A | Assets held for sale | ||
| Property, plant and equipment | - | 4 | |
| Inventories | - | 617 | |
| Trade receivables | - | 577 | |
| Other assets held for sale | - | 4 | |
| - | 1,202 | ||
| B | Liabilities directly associated with the assets held for sale | ||
| Trade payables | - | 584 | |
| Other financial liabilities | - | 58 | |
| Provision for employee benefits | - | 54 | |
| Advance consideration for assets held for sale | - | 4,463 | |
| - | 5,159 | ||
Refer Note 40 regarding the transfer of business during the current year and related disclosure under exceptional items
| NOTE - 13 | EQUITY SHARE CAPITAL AND OTHER EQUITY |
( Note 13(a) : Equity Share capital
Authorised equity share capital
| Equity Shares of Rs. 10/- each | No of shares | Amount |
| As at April 1, 2024 | 3,80,51,460 | 381 |
| Increase/ (decrease) during the year | - | - |
| As at March 31, 2025 | 3,80,51,460 | 381 |
| Increase/ (decrease) during the year | - | - |
| As at March 31, 2026 | 3,80,51,460 | 381 |
Movements in equity share capital (issued, subscribed and fully paid up) (with voting rights):
| No of shares | Amount | |
| As at April 1, 2024 | 2,94,93,640 | 295 |
| Increase/ (decrease) during the year | - | - |
| As at March 31, 2025 | 2,94,93,640 | 295 |
| Increase/ (decrease) during the year | - | - |
| As at March 31, 2026 | 2,94,93,640 | 295 |
Terms/rights attached to equity shares:
The Company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Group declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents legal ownership of shares.
Equity shares held by the holding Company and subsidiary of the holding Company (with voting rights):
| As at March 31, 2026 | As at March 31, 2025 | |||
| No. of shares | Amount | No. of shares | Amount | |
| Robert Bosch Internationale Beteiligungen AG, the Holding Company, also a subsidiary of the Ultimate Holding Company | 1,99,84,324 | 200 | 1,99,84,324 | 200 |
| Bosch Global Software Technologies Private Limited (formerly known as Robert Bosch Engineering and Business Solutions Private Limited), India, subsidiary of the Ultimate Holding Company | 8,20,900 | 8 | 8,20,900 | 8 |
Robert Bosch GmBH is the Ultimate Holding Company.
Details of Equity shares held by shareholders holding more than 5% of the aggregate equity shares in the Group (with voting rights):
| As at March 31, 2026 | As at March 31, 2025 | |||
| No. of shares | Shareholding % | No. of shares | Shareholding % | |
| Robert Bosch Internationale Beteiligungen AG, the Holding Company, also a subsidiary of the Ultimate Holding Company | 1,99,84,324 | 67.76% | 1,99,84,324 | 67.76% |
There are no shares reserved for issue under options and contracts/ commitments. Further, there are no shares that have been allotted during last 5 years pursuant to a contract without payment being received in cash, or by way of bonus shares.
The Group did not buy back any shares during the period of five years immediately preceeding the reporting date.
Details of shares held by promoter group For the year ended March 31, 2026
| S. No. | Promoter Name | No. of shares at the beginning of the year | Change during the year | No. of shares at the end of the year | % of Total Shares | % change during the year |
| 1 | Robert Bosch Internationale Beteiligungen AG | 1,99,84,324 | - | 1,99,84,324 | 67.76% | - |
| 2 | Bosch Global Software Technologies Private Limited | 8,20,900 | - | 8,20,900 | 2.78% | - |
For the year ended March 31, 2025
| S. No. | Promoter Name | No. of shares at the beginning of the year | Change during the year | No. of shares at the end of the year | % of Total Shares | % change during the year |
| 1 | Robert Bosch Internationale Beteiligungen AG | 1,99,84,324 | - | 1,99,84,324 | 67.76% | - |
| 2 | Bosch Global Software Technologies Private Limited | 8,20,900 | - | 8,20,900 | 2.78% | - |
Note 13(b) : Reserves and surplus [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Capital reserve [refer note (i)] | 39 | 39 |
| Securities premium [refer note (ii)] | 8 | 8 |
| Capital redemption reserve [refer note (iii)] | 86 | 86 |
| General reserve [refer note (iv)] | 190 | 190 |
| Retained earnings [refer note (v)] | 1,36,973 | 1,24,092 |
| 1,37,296 | 1,24,415 |
Capital reserve [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 39 | 39 |
| Changes during the year | - | - |
| Closing balance | 39 | 39 |
Securities premium [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 8 | 8 |
| Changes during the year | - | - |
| Closing balance | 8 | 8 |
Capital redemption reserve [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 86 | 86 |
| Changes during the year | - | - |
| Closing balance | 86 | 86 |
General reserve [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 190 | 190 |
| Changes during the year | - | - |
| Closing balance | 190 | 190 |
Retained earnings
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 1,24,092 | 1,08,923 |
| Net profit for the year | 27,732 | 20,152 |
| Dividends (refer note no. 31(b)) | (15,101) | (5,014) |
| Items of other comprehensive income recognized in retained earnings | 31 | - |
| - Remeasurement of gains on defined benefit plans, (net of tax) | 219 | 31 |
| Closing balance | 1,36,973 | 1,24,092 |
Note 13(c) : Other reserves
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Opening balance | 13,423 | 11,028 |
| Change in fair value of FVOCI equity instruments, net of tax | (2,531) | 2,395 |
| Items of other comprehensive income reclassified to retained earnings | (31) | |
| Closing balance | 10,861 | 13,423 |
Nature and purpose of reserves
Capital reserve: Capital reserve represents profit on sale of businesses of earlier years. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
Securities premium: Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
Capital redemption reserve: Reduction in nominal value of share capital on account of buy-back of shares is recorded as capital redemption reserve. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
General reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by transfer from one component of equity to another and is not an item of other comprehensive income, items included in General Reserve will not be reclassified subsequently to the Consolidated Statement of Profit and Loss.
Retained earnings: The cumulative gain or loss arising from the operations which is retained by the Group is recognized and accumulated under the heading of retained earnings. At the end of the year, the profit after tax is transferred from the Consolidated Statement of Profit and Loss to the Retained earnings.
FVOCI - equity instruments: The Group has elected to recognise changes in the fair value of investments in equity securities in other comprehensive income. These changes are accumulated within the other equity and are non-recyclable to the Consolidated Statement of Profit and Loss.
| NOTE - 14 (A) : OTHER FINANCIAL LIABILITIES |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- Current | Current | Non- Current | |
| Unpaid dividend [refer note (a) below] | 47 | - | 36 | - |
| Capital creditors | 855 | - | 200 | - |
| Other payables (includes employee dues etc.) | 5,474 | 40 | 5,463 | 78 |
| 6,376 | 40 | 5,699 | 78 | |
Note:
There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the Companies Act, 2013 as at the year end.
| NOTE - 14 (B) : TRADE PAYABLES |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Trade payables | ||
| - Dues of Micro Enterprises and Small Enterprises [refer note (a) below] | 2,318 | 1,349 |
| - Dues of creditors other than micro enterprises and small enterprises | ||
| Related parties (refer note 36) | 19,199 | 17,030 |
| Others | 12,828 | 11,174 |
| 32,027 | 28,204 | |
| 34,345 | 29,553 |
Note
Refer Note 17 regarding reclassification of Liability towards Corporate Social Responsibility of previous year amounting to Mio INR 29 under Other Current Liabilities
Trade payables include amounts payable under the supplier finance program. Refer Note 14(c) below
Disclosure under Micro, Small and Medium Enterprises Development Act, 2006. [ in Millions (Mio INR)]
| As at March 31, 2025 and for the year ended March 31, 2026 | As at March 31, 2024 and for the year ended March 31, 2025 | |
| (i) Principal amount remaining unpaid to Micro and small enterprise supplier as at the end of each accounting year | 2,318 | 1,349 |
| (ii) Interest due thereon remaining unpaid to Micro and small supplier as at the end of each accounting year | 11 | 4 |
| (iii) The amount of interest paid by the buyer in terms of section 16 of the MSMED Act 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year (Refer note below) | (47) | (52) |
| (iv) The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the period) but without adding the interest specified under the MSMED Act 2006. | 12 | 10 |
| (v) The amount of interest accrued and remaining unpaid at the end of each accounting year | 67 | 91 |
| (vi) The amount of further interest remaining due and payable even in the succeeding periods, until such date when the interest dues as above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under section 23 of the MSMED Act 2006 | - | - |
Note : Includes reversal of interest of Mio INR 47 (March 31, 2025: Mio INR 52) provided in earlier years.
| NOTE - 14 (C): TRADE PAYABLES - SUPPLIER CREDIT ARRANGEMENT |
The Company has established a supplier finance arrangement that is offered to some of the Companys key suppliers in India. Participation in the arrangement is at the suppliers own discretion. Suppliers that participate in the supplier finance arrangement will receive early payment on invoices sent to the Company from the Companys external finance provider. If suppliers choose to receive early payment, they pay a fee to the finance provider, to which the Company is not party. In order for the finance provider to pay the invoices, the goods must have been received or supplied and the invoices approved by the Company. Payments to suppliers ahead of the invoice due date are processed by the finance provider and, in all cases, the Company settles the original invoice by paying the finance provider in line with the original invoice maturity date described above. Payment terms with suppliers have not been renegotiated in conjunction with the arrangement. The Company provides no security to the finance provider and there is no change in the Companys original obligation towards the supplier.
Accordingly, the trade payables subject to the supplier finance arrangement are included in trade payables in the balance sheet and within trade payables in the table above [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Carrying amount of trade payables that are part of a supplier finance arrangement | 3,551 | 2,143 |
| Of which suppliers have received payment | 3,511 | 2,117 |
There were no significant non-cash changes in the carrying amount of the trade payables included in the Companys supplier finance arrangement.
Note: Terms and conditions of the above financial liabilities:
Trade payables are non-interest bearing and are normally settled on 60-day terms, including those trade payables that are included in the Companys supplier finance arrangement
For terms and conditions with related parties, refer to Note 36
For explanations on the Companys credit risk management processes, refer to Note 30
Trade payables ageing As at March 31, 2026
[ in Millions (Mio INR)]
| Particulars | Outstanding for following periods from due date of payment | |||||
| Unbilled or Not due | < 1 year | 1-2 years | 2-3 years | > 3 years | Total | |
| Undisputed dues of micro enterprises and small enterprises | 2,193 | 102 | 6 | 2 | 15 | 2,318 |
| Undisputed dues of creditors other than micro enterprises and small enterprises | 30,375 | 1,575 | 77 | 32,027 | ||
| Disputed dues of micro enterprises and small enterprises | - | - | - | - | - | - |
| Disputed dues of creditors other than micro enterprises and small enterprises | - | - | - | - | - | - |
| Total | 32,568 | 1,677 | 6 | 2 | 92 | 34,345 |
As at March 31, 2025
[ in Millions (Mio INR)]
| Particulars | Outstanding for following periods from due date of payment | |||||
| Unbilled or Not due | < 1 year | 1-2 years | 2-3 years | > 3 years | Total | |
| Undisputed dues of micro enterprises and small enterprises | 1,278 | 54 | 2 | 3 | 12 | 1,349 |
| Undisputed dues of creditors other than micro enterprises and small enterprises | 27,558 | 500 | 21 | 48 | 77 | 28,204 |
| Disputed dues of micro enterprises and small enterprises | - | - | - | - | - | - |
| Disputed dues of creditors other than micro enterprises and small enterprises | - | - | - | - | - | - |
| Total | 28,836 | 554 | 23 | 51 | 89 | 29,553 |
FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026 (CONTD.)
| NOTE - 15 PROVISIONS |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- Current | Current | Non- Current | |
| Provision for employee benefits [refer note (a) below] | 4,556 | 1,487 | 3,801 | 1,214 |
| Trade demand and others [refer note (a) below] | 12,596 | 14 | 11,037 | 12 |
| Warranty [refer note (a) below] | 947 | - | 1,100 | - |
| 18,099 | 1,501 | 15,938 | 1,226 | |
Disclosure under Indian Accounting Standard (Ind AS) 37 on Provisions, Contingent Liabilities and Contingent Assets :
| Description | Opening balance | Additions during the year | Less: Utilised/ reversed during the year | Closing balance |
| Provision for employee benefits includes: | ||||
| Provision towards restructuring and transformational costs [refer note (i), (ii), (iii) and (iv) below] | 1,489 | - | - | 1,489 |
| (1,397) | (628) | (536) | (1,489) | |
| Trade demand and others [refer note (i) and (iv) below] | 11,049 | 4,643 | 3,082 | 12,610 |
| (8,938) | (4,263) | (2,152) | (11,049) | |
| Warranty [refer note (i) and (iv) below] | 1,100 | 472 | 625 | 947 |
| (1,042) | (313) | (255) | (1,100) |
Nature of the provision has not been given on the grounds that it can be expected to prejudice the interests of the Group. Due to the very nature of such provisions, it is not possible to estimate the timing/ uncertainties relating to their outflows.
The Group is undergoing major transformation with regard to structural and cyclical changes in automotive market and emerging opportunities in the electro mobility and mobility segment. Owing to this, the Group has carried a provision towards various restructuring and transformational costs.
Refer note 40 as regards reversal of provision towards restructuring and transformational costs.
Figures in brackets relate to previous year.
| NOTE - 16 NON-CURRENT TAX LIABILITIES/(ASSETS) |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Non-current tax assets(net of provision for tax of Mio INR 20,498 (Mio INR 16,875 as at March 31, 2025)) | (1,961) | (2,196) |
| NOTE - 17 OTHER CURRENT LIABILITIES |
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Statutory dues | 1,252 | 1,272 |
| Legal claims outstanding (Indirect taxes) | 756 | 996 |
| Contract liabilities (refer note 32) | 4,287 | 2,771 |
| Advance from customers | 373 | 283 |
| Interest payable on MSME supplier [refer note 14(b)] | 67 | 91 |
| Liability towards Corporate Social Responsibility * | 61 | 29 |
| 6,796 | 5,442 |
Note: * Previous Year number amounting to Mio INR 29 has been reclassed from Trade Payable
| NOTE - 18 OTHER OPERATING REVENUE |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Scrap sales | 218 | 179 |
| Export incentives | 280 | 322 |
| Rental income (refer note 34) | 1,693 | 1,655 |
| Government grants | 359 | 113 |
| Miscellaneous income | 1,850 | 1,785 |
| 4,400 | 4,054 |
| NOTE - 19 OTHER INCOME |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Interest income | ||
| - On bank and inter corporate deposits | 2,963 | 2,604 |
| - On loans to related parties (refer note 36) | 1,115 | 1,208 |
| - On investment in bonds at amortized cost | 10 | 15 |
| - On refund of income tax | 19 | 94 |
| - On others (refer note below) | 376 | 26 |
| Amortization of deferred income | - | 25 |
| Dividend from equity investments designated at FVOCI | 191 | 143 |
| Net gain on financial assets measured at FVTPL | 3,850 | 3,923 |
| Provision/ liabilities no longer required (written back) | 16 | 85 |
| Others | - | 16 |
| 8,540 | 8,139 |
Note:
1) In the current year, the income included Mio INR 203 of interest expense reversal as Bosch has opted for amnesty scheme under GST Act, 2017.
| NOTE - 20 COST OF RAW MATERIAL AND COMPONENTS CONSUMED |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Inventory at the beginning of the year | 4,634 | 4,537 |
| Add: Purchases | 49,778 | 40,685 |
| Less: inventory at the end of the year | 5,410 | 4,634 |
| Cost of raw material and components consumed | 49,002 | 40,588 |
| NOTE - 21 PURCHASES OF TRADED GOODS |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Purchase of traded goods | 79,870 | 74,360 |
| 79,870 | 74,360 |
| NOTE - 22 (INCREASE)/ DECREASE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND TRADED GOODS |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Opening stock | ||
| Finished goods | 3,310 | 2,798 |
| Work-in-progress | 922 | 998 |
| Traded goods | 10,033 | 10,156 |
| Closing stock | ||
| Finished goods | 2,973 | 3,310 |
| Work-in-progress | 1,247 | 922 |
| Traded goods | 10,921 | 10,033 |
| (876) | (313) |
| NOTE - 23 EMPLOYEE BENEFITS EXPENSES |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Salaries, wages and bonus (refer note 46)* | 13,022 | 12,811 |
| Contributions to provident and other funds (refer note 28 and 46)** | 1,273 | 1,049 |
| Staff welfare expenses | 1,163 | 1,093 |
| 15,458 | 14,953 |
Note: Includes impact of changes in Labour Codes of Mio INR 206 (PY: NIL)
* Mio INR 40 (PY: NIL) pertaining to past service cost of leave encashment
** Includes Mio INR 166 (PY: NIL) pertaining to past service cost of gratuity
| NOTE - 24 FINANCE COSTS |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Interest expense on lease liabilities [refer note 34(c)] | 91 | 75 |
| Interest on taxes | 82 | 18 |
| Other finance costs (includes interest on security deposits received from dealers, Interest on MSME) | 94 | 78 |
| 267 | 171 |
| NOTE - 25 DEPRECIATION AND AMORTIZATION EXPENSES |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Depreciation of property, plant and equipment [refer note 4(a)] | 3,080 | 2,919 |
| Depreciation on investment properties (refer note 5) | 625 | 651 |
| Depreciation on right of use assets [refer note 34(a)] | 215 | 186 |
| 3,920 | 3,756 |
| NOTE - 26 OTHER EXPENSES |
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Consumption of stores and spares | 740 | 609 |
| Consumption of tools | 2,016 | 1,549 |
| Power and fuel | 1,107 | 1,160 |
| Repairs to plant and machinery | 1,151 | 962 |
| Repairs to building | 458 | 291 |
| Royalty and technical service fee | 4,781 | 3,720 |
| Rent (refer note 34) | 384 | 381 |
| Rates and taxes | 181 | 322 |
| Insurance | 118 | 126 |
| Expenditure towards Corporate Social Responsibility [refer note (a) below] | 415 | 348 |
| Packing, freight and forwarding | 3,336 | 3,116 |
| Warranty and service expenses | 170 | 292 |
| Travelling and conveyance | 953 | 1,014 |
| Professional and consultancy charges | 8,568 | 8,290 |
| Auditors Remuneration | 27 | 21 |
| Advertisement and sales promotion expenses | 856 | 786 |
| Computer expenses | 1,952 | 1,940 |
| Miscellaneous expenses [refer note (b) below] | 3,176 | 3,262 |
| 30,389 | 28,189 |
Expenditure towards Corporate Social Responsibility :
[ in Millions (Mio INR)]
| Details of CSR expenditure | For the year ended March 31, 2026 | For the year ended March 31, 2025 |
| 1 Gross amount required to be spent by the Group during the year | 415 | 348 |
| 2 Amount approved by the Board to be spent during the year | 413- 415 | 348- 350 |
| 3 Amount spent during the year ending on other than construction/ acquisition of any asset* | 356 | 319 |
| 4 Shortfall at the end of the year | 59 | 29 |
| 5 Total of previous year shortfall | 2 | - |
| 6 Reason for shortfall** | refer ** below | refer ** below |
* Includes amount paid to related parties amounting to Mio INR 280 (24-25: Mio INR 175) (Also refer note 36)
**The unspent balance is towards various ongoing projects and amount has been transferred to unspent CSR account for utilization in FY 2026-27 as per provision of the Companies Act 2013.
| In case of section 135(6) of the Companies Act, 2013 (Ongoing Project) | ||||||
| Opening Balance as on April 01, 2025 | Amount required to be spent during the year | Amount spent during the year | Closing Balance as on March 31, 2026 | |||
| With Company | In Separate CSR Unspent A/c | From Company\u2019s bank A/c | From Separate CSR Unspent A/c | With Company | In Separate CSR Unspent A/c | |
| 29 | - | 415 | 356 | 27 | 59 | 2 |
| In ca | se of section 135(6) | of the Companies Act, 2013 (Ongoing | Project) | |||
| Opening Balance as on April 01, 2024 | Amount required to be spent during the year | Amount spent during the year | Closing Balance as on March 31, 2025 | |||
| With Company | In Separate CSR Unspent A/c | From Company\u2019s bank A/c | From Separate CSR Unspent A/c | With Company | In Separate CSR Unspent A/c | |
| - | - | 348 | 319 | - | 29 | - |
Nature of CSR activities
All our CSR projects work towards holistic development of the individual and society as below:
To facilitate an enabling environment for underprivileged children to access quality education and health care services.
To enhance employability of the underprivileged youth through industry-relevant vocational trainings.
To engage in socially relevant local projects at Bosch Limited locations for an impactful intervention.
To optimize impact of its CSR activities, Bosch focuses its support and CSR spends on specific pre-determined causes and areas of interventions. The following CSR thrust areas of Bosch Limited are aimed to resolve specific social and community issues and enable the beneficiaries of these programs to secure a better tomorrow:
Vocational training focused on employable skills
Health, hygiene and education
Neighbourhood projects as per the local needs identified by Bosch plants/ offices.
Miscellaneous expenses include:
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| (i) Provision for expected credit loss allowance (written back) | (58) | (52) |
| (ii) Bad debts written off | 121 | 36 |
| (iii) Exchange difference on account of mark-to-market valuation of outstanding forward contracts | 1,350 | 496 |
| (iv) Gain/(Loss) on disposal of property, plant and equipment (net) | (0) | 3 |
| NOTE - 27 INCOME TAX EXPENSE |
This note provides an analysis of the Groups income tax expense, showing how the tax expense is affected by other adjustments and non- deductible items.
Income tax expense
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Tax Expense | ||
| Current tax | ||
| Current tax on profits for the year | 7,781 | 5,930 |
| Adjustments for current tax of prior periods | 226 | 187 |
| Total current tax expenses | 8,007 | 6,117 |
| Deferred tax | ||
| Decrease/ (Increase) in deferred tax assets | 710 | 1,076 |
| (Decrease)/ Increase in deferred tax liabilities | ||
| Total deferred tax expenses/(benefit) | 710 | 1,076 |
| Income tax expense | 8,717 | 7,193 |
Reconciliation of tax expenses and the accounting profit multiplied by tax rate:
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Profit before income tax expense | 36,420 | 27,326 |
| 36,420 | 27,326 | |
| Tax at the Indian tax rate of 25.168% | 9,166 | 6,877 |
| Effect of non-deductible expense | 212 | 194 |
| Effect of exempt other income/ weighted deduction | (48) | (54) |
| Effects of indexation benefits of investments | - | - |
| Effects of difference in tax rate on long term capital gains | (839) | (11) |
| Adjustments for current tax of prior periods | 226 | 187 |
| Income tax expense | 8,717 | 7,193 |
| NOTE - 28 | EMPLOYEE RETIREMENT BENEFITS |
Disclosure on Retirement Benefits as required in Indian Accounting Standard (Ind AS) 19 on Employee Benefits are given below:
Post Employment Benefit - Defined Contribution Plans
The Company has recognized an amount of Mio INR 389 (2024-25: Mio INR 382) as expense under the defined contribution plans in the Consolidated Statement of Profit and Loss.
Each year, the Board of Trustees review the level of funding in the India gratuity plan. Such a review includes the asset-liability matching strategy and investment risk management policy. The Board of Trustees ensure that the annual contributions are sufficiently made such that no plan deficits (based on valuation performed) will arise.
Post Employment Benefit - Defined Benefit Plans
The Company makes annual contributions to the Bosch Employees Gratuity Fund and makes monthly contributions to Bosch Employees (Bangalore) Provident Fund Trust and Bosch Workmens (Nashik) Provident Fund Trust, funded defined benefit plans for qualifying employees. The Gratuity Scheme provides for lumpsum payment to vested employees at retirement/ death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs only upon completion of five years of service, except in case of death or permanent disability. Gratuity is payable to all eligible employees of the Company as per the provisions of the Payment of Gratuity Act, 1972.
The Provident Fund Scheme provides for lumpsum payment/ transfer to the member employees at retirement/ death while in employment or on termination of employment of an amount equivalent to the credit standing in his account maintained by the Trusts. The present value of the defined benefit obligation and the related current service cost are measured using the projected unit credit method with actuarial valuation being carried out at each balance sheet date.
Total expense recognized in the Consolidated Statement of profit and loss
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Current service cost* | 500 | 479 | 233 | 212 |
| Past service cost | - | - | 166 | - |
| Net interest cost | ||||
| a. Interest expense on defined benefit obligation (DBO) | 1,104 | 1,000 | 313 | 302 |
| b. Interest (income) on plan assets | (1,104) | (1,000) | (328) | (326) |
| c. Total net interest cost/ (income) | - | - | (15) | (24) |
| Defined benefit cost included in Consolidated Statement of Profit and Loss | 500 | 479 | 384 | 188 |
* Total charge recognized in Standalone Statement of Profit and Loss is Mio INR 1,273 (2024-25: Mio INR 1,049) which includes Gratuity and Provident fund contributions (refer note 23).
Remeasurement effects recognized in other comprehensive income (OCI)
[ in Millions (Mio INR)]
| Gratuity | ||
| March 31, 2026 | March 31, 2025 | |
| a. Actuarial (gain)/ loss due to demographic assumption changes in DBO | - | - |
| b. Actuarial (gain)/ loss due to financial assumption changes in DBO | 76 | 162 |
| c. Actuarial (gain)/ loss due to experience adjustments on DBO | (392) | (125) |
| d. Return on plan assets (greater)/ less than discount rate | 23 | (78) |
| Total actuarial (gain)/ loss included in OCI | (293) | (41) |
[ in Millions (Mio INR)]
| Provident Fund | ||
| March 31, 2026 | March 31, 2025 | |
| a. Actuarial (gain)/ loss on liability | 549 | (496) |
| b. Actuarial (gain)/ loss on plan assets | (549) | 496 |
| Total actuarial (gain)/ loss included in OCI | - | - |
Total cost recognized in comprehensive income
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Cost recognized in Consolidated Statement of Profit and Loss | 500 | 479 | 384 | 188 |
| Remeasurement effects recognized in OCI | - | - | (293) | (41) |
| Total cost recognized in Comprehensive Income | 500 | 479 | 91 | 147 |
Change in defined benefit obligation
[ in Millions (Mio INR)]
| Gratuity | ||
| March 31, 2026 | March 31, 2025 | |
| Defined benefit obligation as at the beginning of the year | 4,833 | 4,460 |
| Current Service cost | 233 | 212 |
| Past Service cost | 166 | - |
| Interest cost | 313 | 302 |
| Payments from plan assets | (229) | (172) |
| Acquisition / Divestiture | (38) | (6) |
| Actuarial (gain)/ loss due to demographic assumption changes in DBO | - | - |
| Actuarial (gain)/ loss due to financial assumption changes in DBO | 76 | 162 |
| Actuarial (gain)/ loss due to experience adjustments on DBO | (392) | (124) |
| Defined benefit obligation as at the end of the year | 4,962 | 4,833 |
[ in Millions (Mio INR)]
| Provident Fund | ||
| March 31, 2026 | March 31, 2025 | |
| Defined benefit obligation as at the beginning of the year | 16,099 | 13,978 |
| Current service cost | 500 | 479 |
| Interest cost | 1,104 | 1,000 |
| Payments from plan assets | (1,329) | (948) |
| Transfer in (refer note below) | 201 | 147 |
| Participant contributions | 998 | 947 |
| Actuarial (gain)/ loss | 549 | 496 |
| Defined benefit obligation as at the end of the year | 18,122 | 16,099 |
Note: Transfer in pertains to transfer of PF accumulated balance to Bosch limited for new employees who have joined Bosch limited during the financial year from other Bosch group companies.
Change in fair value of plan assets
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Fair value of plan assets at beginning of the year | 16,099 | 13,978 | 4,936 | 4,699 |
| Expected return on plan assets | 1,104 | 1,000 | 328 | 326 |
| Employer contributions | 500 | 479 | - | - |
| Participant contributions | 998 | 947 | - | - |
| Benefit payments from plan assets | (1,329) | (948) | (229) | (172) |
| Acquisition/ divestiture | - | - | (45) | 5 |
| Transfer in/ transfer out | 201 | 147 | - | - |
| Actuarial gain/ (loss) on plan assets | 549 | 496 | (23) | 78 |
| Fair value of plan assets as at end of the year | 18,122 | 16,099 | 4,967 | 4,936 |
Net defined benefit liability/ (asset)
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Defined benefit obligation | 18,122 | 16,099 | 4,962 | 4,833 |
| Fair value of plan assets | 18,122 | 16,099 | 4,967 | 4,936 |
| (Surplus)/ deficit recognized in Consolidated Balance Sheet | - | - | (5) | (102) |
Expected Company contributions for the next year
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |
| March 31, 2026 | March 31, 2025 | |
| Expected Company contributions for the next year | 550 | 238 |
Reconciliation of amounts in Consolidated balance sheet [ in Millions (Mio INR)]
| Gratuity | ||
| March 31, 2026 | March 31, 2025 | |
| Net defined benefit liability/(asset) at beginning of the year | (102) | (239) |
| Defined benefit cost included in Consolidated Statement of Profit and Loss | 384 | 188 |
| Total remeasurements included in OCI | (293) | (41) |
| Acquisition/ divestment | 6 | (11) |
| Employer contributions | - | - |
| Net defined benefit liability/(asset) as at end of the year | (5) | (102) |
Current/non current liability/(asset) [ in Millions (Mio INR)]
| Gratuity | ||
| March 31, 2026 | March 31, 2025 | |
| Current liability/(asset) | - | - |
| Non current liability/(asset) | (5) | (102) |
| Total | (5) | (102) |
Assumptions
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Discount factor [refer note (i) below] | 7.20% | 6.70% | 7.20% | 6.70% |
| Weighted average rate of escalation in salary per annum [refer note (ii) below] | NA | NA | M&SS : 15% Bargainable : 5% for next 9 years, 4% thereafter (BidP & NaP - with increase of 15% once in 5 years commencing from Dec 01, 2021, JaP - with increase of 15% once in 5 years commencing from June 01, 2021, NhP2 - with increase of 15% once in 5 years commencing from August 01, 2023 and GanP - with increase of 15% once in 5 years commencing from April 01,2023) | M&SS : 13% for next year (2026), 10% thereafter Bargainable : 8.5% for 1 year (2026) , 7% for next 8 years & 5% thereafter (BidP & NaP - with increase of 15% once in 5 years commencing from December 01, 2021, Jap - with increase of 15% once in 5 years commencing from June 01, 2021, NhP2 - with increase of 15% once in 5 years commencing from January 01, 2023 and Other Plants - with increase of 15% once in 4 years commencing from Jan 01, 2017 and 5 years from January 01, 2021) |
| Mortality rate | IALM (2012- 14) Ultimate | IALM (2012- 14) Ultimate | IALM (2012- 14) Ultimate | IALM (2012- 14) Ultimate |
Notes:
The discount rate is based on the prevailing market yield on Government Bonds as at the balance sheet date for the estimated term of obligations.
(ii) The estimate of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.
Risk exposures
A large portion of assets consists of government and corporate bonds and rest of assets consists of mutual funds and special deposit account in banks. Through its defined plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Discount rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defined benefit obligation will tend to increase. Most of the plan asset investments is in fixed income government securities with high grades and public sector corporate bonds. A small portion of the funds are invested in equity securities.
Salary inflation risk : Higher than expected increases in salary will increase the defined benefit obligation.
Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a shorter career employee typically costs less per year as compared to a long service employee.
Changes in bond yields: The overall expected rate of return on assets is determined based on the market prices prevailing on that day, applicable to the period over which the obligation is to be settled. The change in expected rate of return on asset and discount rate is due to change in market scenarios. Although this will be partially offset by an increase in the value of the plans bond holdings.
Sensitivity analysis on defined benefit obligation [ in Millions (Mio INR)]
| Gratuity | ||
| March 31, 2026 | March 31, 2025 | |
| Discount rate | ||
| a. Discount rate - 50 basis points | 5,157 | 5,037 |
| b. Discount rate + 50 basis points | 4,780 | 4,643 |
| Weighted average increase in salary | ||
| a. Rate - 50 basis points | 4,869 | 4,710 |
| b. Rate + 50 basis points | 5,078 | 4,952 |
The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analysis is based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analysis may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another
Plan assets
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| % Invested | % Invested | % Invested | % Invested | |
| Government Securities (Central and State) | 47 | 49 | 51 | 52 |
| Corporate Bonds (including Public Sector bonds) | 40 | 40 | 40 | 41 |
| Others | 13 | 11 | 9 | 7 |
| Total | 100 | 100 | 100 | 100 |
Expected future cashflows
The weighted average duration of the defined benefit obligation is 8.90 years (2024-25: 13.63 years). The expected maturity analysis is as follows:
[ in Millions (Mio INR)]
| Provident Fund | Gratuity | |||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Within 1 year | 2,549 | 958 | 302 | 316 |
| Between 1-2 years | 1,157 | 1,067 | 396 | 313 |
| Between 2-5 years | 4,717 | 4,206 | 1,464 | 1,252 |
| From 6 to 10 years | 10,349 | 9,340 | 2,917 | 2,636 |
| Total | 18,772 | 15,571 | 5,079 | 4,517 |
| NOTE - 29 FAIR VALUE MEASUREMENTS |
Financial instruments by category and hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognized and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard.
An explanation of each level follows underneath the table.
[ in Millions (Mio INR)]
| Level | March 31, 2026 | March 31, 2025 | |||||
| FVPL | FVOCI | Amortized cost | FVPL | FVOCI | Amortized cost | ||
| Financial assets | |||||||
| Investments | |||||||
| - Equity instruments (Quoted) | 1 | - | 11,822 | - | - | 14,390 | - |
| - Equity instruments (Unquoted)** | 2 | - | 48 | - | - | 65 | - |
| - Bonds | 3 | - | - | - | - | - | 214 |
| - Compulsory Convertible Debentures | 2 | - | 72 | - | - | 72 | - |
| - Compulsory Convertible Preference Shares | 2 | - | 37 | - | - | 168 | - |
| - Mutual funds | 1 | 67,834 | - | - | 56,337 | - | - |
| Interest accrued on financial assets at amortized cost | 3 | - | - | 1,366 | - | - | 1,456 |
| Trade receivables | 3 | - | - | 28,212 | - | - | 24,454 |
| Loans | 3 | - | - | 9,714 | - | - | 13,905 |
| Cash and cash equivalents | - | - | 3,964 | - | - | 3,529 | |
| Other bank balances | - | - | 62 | - | - | 1,550 | |
| Balance in deposit accounts with original maturity of more than 12 months | - | - | 42,700 | - | - | 35,612 | |
| Derivative contracts - Foreign exchange forward contracts | 2 | 51 | |||||
| Others (include non-trade receivables, security deposits etc.) | 3 | - | - | 411 | - | - | 493 |
| Total financial assets | 67,885 | 11,979 | 86,429 | 56,337 | 14,695 | 81,213 | |
[ in Millions (Mio INR)]
| Level | March 31, 2026 | March 31, 2025 | |||||
| FVPL | FVOCI | Amortized cost | FVPL | FVOCI | Amortized cost | ||
| Financial liabilities | |||||||
| Financial lease liabilities | 3 | - | - | 1,188 | - | - | 1,183 |
| Trade payables | 3 | - | - | 34,345 | - | - | 29,553 |
| Unpaid dividend | 3 | - | - | 47 | - | - | 36 |
| Other payables (includes employee dues, etc.) | 3 | - | - | 5,514 | - | - | 5,519 |
| Capital creditors | 3 | - | - | 855 | - | - | 200 |
| Derivative contracts - Foreign exchange forward contracts | 2 | - | - | - | 22 | - | - |
| Total financial liabilities | - | - | 41,949 | 22 | - | 36,491 | |
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, tax free bonds and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market (for market, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
** Equity instruments designated at fair value through OCI include investments in equity shares of non-listed companies. The Company holds non-controlling interests (between 2% to 9%) in these companies. These investments were irrevocably designated at fair value through OCI as the Company considers these investments to be strategic in nature.
Note: There have been no transfers between Level 1 and Level 2 during the year ended March 31, 2026 and during the year ended March 31, 2025.
Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date
the fair value of remaining financial instruments is determined using the discounted cash flow analysis
Valuation process
The finance and accounts department of the Company performs the valuation of financial assets and liabilities required for financial reporting purposes, and report to the Executive Director (ED). Discussions on valuation processes and results are held between the ED and valuation team at least once every three months, in line with the Companys quarterly reporting periods.
The main level 3 inputs are derived and evaluated as follows:
Discount rate for loans to employees are determined using prevailing bank lending rate.
The fair values of financial assets and liabilities are determined using the discounted cash flow analysis.
Fair value of financial assets and liabilities measured at amortized cost [ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Carrying amount | Fair value | Carrying amount | Fair value | |
| Financial assets | ||||
| Trade receivable [refer note 7(b)] | 485 | 485 | 804 | 804 |
| Loans [refer note 7(c)] | 106 | 106 | 130 | 130 |
| Balance in deposit accounts with original maturity of more than 12 months [refer note 7(f)] | 5,320 | 5,320 | 2,800 | 2,800 |
| Security Deposits [refer note 7(f)] | 363 | 363 | 488 | 488 |
| Total financial assets | 6,274 | 6,274 | 4,222 | 4,222 |
| Financial liabilities | ||||
| Lease liabilities [refer note 34(b)] | 1,095 | 1,095 | 980 | 980 |
| Other financial liabilities [refer note 14(a)] | 40 | 40 | 78 | 78 |
| Total financial liabilities | 1,135 | 1,135 | 1,058 | 1,058 |
With respect to trade receivables, other receivables, inter-corporate deposit, current portion of loans, cash and cash equivalents, other bank balance, interest accrued, trade payables, capital creditors, employee payables, the carrying amount is considered to be the same as their fair value due to their short-term nature.
| NOTE - 30 FINANCIAL RISK MANAGEMENT |
The Companys activities exposes it to market risk, liquidity risk and credit risk. In order to minimize any adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts and foreign currency option contracts are entered into by the Company to hedge certain foreign currency exposure. Derivatives are used exclusively for hedging and not as trading or speculative instruments.
Credit Risk
Credit risk arises from cash and cash equivalents, instruments carried at amortized cost and deposits with banks, as well as credit exposures to customers including outstanding receivables.
Credit risk management
Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks which have high credit ratings assigned by external agencies. Investments primarily include investment in debt based mutual funds whose portfolios have instruments with high credit rating and government bonds. The Board of Directors periodically review the investment portfolio of the Company. Credit risk on loans given to fellow subsidiaries is guaranteed by the Ultimate Holding Company. Credit risk with respect to trade receivable is managed by the Company through setting up credit limits for customers and also periodically reviewing the credit worthiness of major customers.
Expected credit loss for trade receivables under simplified approach
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Less than 6 months | More than 6 months | Less than 6 months | More than 6 months | |
| Gross carrying amount | 27,634 | 413 | 23,421 | 517 |
| Expected credit losses (Loss allowance provision) | (80) | (396) | (99) | (435) |
| Unbilled revenue | 156 | 485 | 246 | 804 |
| Carrying amount of trade receivables (net of impairment) | 27,710 | 502 | 23,568 | 886 |
The gross carrying amount of trade receivables as on March 31, 2026 is Mio INR 28,047 (March 31, 2025 - Mio INR 23,938). During the year, the Company has written off trade receivables amounting to Mio INR 121 (March 31, 2025: Mio INR 36) and it does not expect to receive future cash flows or recoveries from trade receivables previously written off.
(ii) Reconciliation of loss allowance provision - Trade Receivables [ in Millions (Mio INR)]
| Loss allowance as at April 01, 2024 | 586 |
| Changes in loss allowance | (53) |
| Loss allowance as at March 31, 2025 | 534 |
| Changes in loss allowance | (58) |
| Loss allowance as at March 31, 2026 | 476 |
Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of internal financing by way of daily cash flow projection to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company treasury maintains flexibility in funding by maintaining availability of funds.
Management monitors daily and monthly rolling forecasts of the Companys liquidity position and cash and cash equivalents on the basis of expected cash flows. This is generally carried in accordance with standard guidelines. The Company has liquidity reserves in the form of highly liquid assets like cash and cash equivalents, debt based mutual funds, deposit accounts, etc.
Financing arrangements: The Company does not have borrowings as at March 31, 2026 and March 31, 2025. The Company has undrawn borrowing facilities of Mio INR 580 as at March 31, 2026 (March 31, 2025: Mio INR 580) [ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Floating rate | ||
| Fund Based | ||
| - Expiring within one year (bank overdraft and other cash facilities) | 580 | 580 |
| - Expiring beyond one year (bank loans) | - | - |
| 580 | 580 |
Maturity of Financial liabilities:
The table below summarizes the Groups financial liabilities into relevant maturity groupings based on their contractual maturities for:
all non-derivative financial liabilities
net and gross settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows [ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |||
| Less than 1 year | More than 1 year | Less than 1 year | More than 1 year | |
| Trade payables [refer note 14(b)] | 34,345 | - | 29,553 | - |
| Financial Lease liabilities [refer note 34(b)] | 166 | 1,691 | 203 | 980 |
| Other financial liabilities [refer note 14(a)] | 6,376 | 40 | 5,699 | 78 |
| Total non-derivative liabilities | 40,887 | 1,731 | 35,485 | 1,058 |
| Foreign exchange forward contracts | 1,980 | - | 4,138 | - |
| Total derivative liabilities | 1,980 | - | 4,138 | - |
Market risk
Foreign currency risk
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to USD and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the Companys functional currency (INR). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimize the volatility of the INR cash flows of highly probable forecast transaction.
The Company imports and exports goods and services which are predominantly denominated in USD and EUR. This exposes the Company to foreign currency risk. To minimize this risk, the Company hedges using forward contracts and foreign currency option contracts on a net exposure basis.
Foreign currency risk exposure: The Companys exposure to foreign currency risk at the end of the reporting period expressed in Mio INR and in Foreign currency are as follows: [ in Millions (Mio INR)]
| in Mio INR | ||||
| March 31, 2026 | March 31, 2025 | |||
| USD | EUR | USD | EUR | |
| Trade receivables | 1,346 | 1,556 | 1,069 | 1,318 |
| Exposure to foreign currency risk - assets | 1,346 | 1,556 | 1,069 | 1,318 |
| Other financial liabilities | 0 | 578 | 0 | 10 |
| Trade payables | 5,017 | 11,228 | 3,521 | 8,474 |
| Exposure to foreign currency risk - liabilities | 5,017 | 11,806 | 3,521 | 8,484 |
| Net exposure to foreign currency risk | 3,671 | 10,250 | 2,452 | 7,166 |
[ in Millions (Mio INR)]
| in Foreign currency (in millions) | ||||
| March 31, 2026 | March 31, 2025 | |||
| USD | EUR | USD | EUR | |
| Trade receivables | 14 | 14 | 12 | 14 |
| Exposure to foreign currency risk - assets | 14 | 14 | 12 | 14 |
| Other financial liabilities | 0 | 5 | 0 | 0 |
| Trade payables | 53 | 103 | 41 | 92 |
| Exposure to foreign currency risk - liabilities | 53 | 108 | 41 | 92 |
| Net exposure to foreign currency risk | 39 | 94 | 29 | 78 |
Sensitivity: The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments: [ in Millions (Mio INR)]
| in Mio INR | ||
| Impact on profit & consequential impact on pre-tax equity | ||
| March 31, 2026 | March 31, 2025 | |
| USD Sensitivity | ||
| INR/USD - Increase by 1%* | (37) | (25) |
| INR/USD - Decrease by 1%* | 37 | 25 |
| EUR Sensitivity | ||
| INR/EUR - Increase by 1%* | (103) | (72) |
| INR/EUR - Decrease by 1%* | 103 | 72 |
* Holding all other variables constant
Derivative instruments:
In order to minimize any adverse affects on the financial performance of the Company, derivative instruments in the nature of foreign exchange forward contracts are entered to hedge certain foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments. The financial instruments outstanding is as below.
| Category | As at March 31, 2026 | As at March 31, 2025 | Buy/Sell | Purpose |
| Foreign exchange forward contracts: | ||||
| - USD | 8 | 38 | Buy | Underlying import |
| - EUR | 11 | 9 | Buy | Underlying import |
The Company enters into derivative contracts to hedge its foreign currency risk exposures and the Company does not expect any significant impact from such foreign currency risk exposures.
Cash flow and fair value interest rate risk
Interest rate risk exposure: The Company does not have interest bearing borrowings and interest rate risk is towards opportunity cost on investment in tax free bonds. Company analyzes it based on the sensitivity analysis and manages it by portfolio diversification.
Sensitivity: Profit or loss is sensitive to changes in interest rate for tax free bonds. A change in the market interest level by 100 basis points would have the following effect on the profit before tax:[ in Millions (Mio INR)]
| Impact on profit | ||
| March 31, 2026 | March 31, 2025 | |
| Interest rates - Increase by 100 basis points* | - | (16) |
| Interest rates - Decrease by 100 basis points* | - | 16 |
* Holding all other variables constant
Price risk
Exposure: The Company has invested in equity securities and the exposure is equity securities price risk from investments held by the Company and classified in the balance sheet as fair value through OCI.
Sensitivity: The table below summarizes the impact of increase/decrease of the index in the Companys equity and impact on OCI for the period. The analysis is based on the assumption that the equity index had increased/ decreased by 10% with all other variables held constant, and that all the Companys equity instruments moved in line with the index.
[ in Millions (Mio INR)]
| Impact on other components of equity | ||
| March 31, 2026 | March 31, 2025 | |
| Price - increase by 10% | 1,182 | 1,439 |
| Price - decrease by 10% | (1,182) | (1,439) |
Other components of equity would increase/decrease as a result of gains/ (losses) on equity securities classified as fair value though Other Comprehensive Income.
| NOTE - 31 CAPITAL MANAGEMENT |
Risk management
The Company has equity capital and other reserves attributable to the equity shareholders, as the only source of capital and the Company does not have any interest bearing borrowings/ debts.
Dividends [ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| (i) Dividends recognized | ||
| Final dividend for the year ended March 31, 2025 of INR 512/- (March 31, 2024 - INR 170/-) per fully paid share | 15,101 | 5,014 |
| 15,101 | 5,014 | |
| (ii) Dividends not recognized at the end of the reporting period | ||
| In addition to the above dividends, since the year ended, the Directors have recommended the payment of a final dividend of INR 270/- per fully paid equity share (March 31, 2025 - INR 512/-). This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting. | 7,963 | 15,101 |
| 7,963 | 15,101 |
| NOTE - 32 REVENUE FROM CONTRACTS WITH CUSTOMERS |
The Company derives revenues primarily from sale of goods and sale of services.
The Company recognizes revenue under the core principle to depict the transfer of control to the Companys customers in an amount reflecting the consideration the Company expects to be entitled.
Product revenues consist of sales to original equipment manufacturers (OEMs). The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. In situations where sales are to a distributor, the Company has concluded that its contract is with the distributor as the Company holds contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customers ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations.
Revenue from sales to distributors is recognized upon the transfer of control to the distributor. Discounts and sales incentives that are payable to distributors are netted-off with revenue.
In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Companys performance obligation is satisfied). Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership been transferred to the customer.
Cost to obtain a contract with a customer is recognized as an asset and amortized over the period of fulfillment of contract.
| Description | Opening balance | Deferred cost | Cost transferred to the Consolidated Statement of profit and loss account | Closing balance |
| Contract Work-in-progress (Refer note 11) | ||||
| 2,602 | 2,868 | (1,886) | 3,584 | |
| (4,086) | (602) | (2,086) | (2,602) |
| Description | Opening balance | Deferred cost | Revenue transferred to the Consolidated Statement of profit and loss account | Closing balance |
| Contract liabilities (Refer note 17) | ||||
| 2,771 | 3,530 | (2,014) | 4,287 | |
| (3,940) | (805) | (1,974) | (2,771) |
401
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2026 (CONTD.)
(i) Figures in brackets relate to previous year.
| Revenue at disaggregated level | March 31, 2026 | March 31, 2025 | ||||
| Automotive | Consumer Goods | Others | Automotive | Consumer Goods | Others | |
| Sale of Products | 170,618 | 18,356 | 1,879 | 145,963 | 17,249 | 6,104 |
| Sale of Services | 5,082 | 1 | 11 | 7,492 | 1 | 11 |
| Other operating revenue | 2,374 | 3 | 2,023 | 2,034 | 1 | 2,019 |
Set out below is the disaggregation of the Companys revenue from contracts with customers by timing of transfer of goods or services:
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Timing of revenue recognition: | ||
| - control transferred at a point in time | ||
| Sale of Products | 190,853 | 169,316 |
| Sale of Services | 3,416 | 6,501 |
| - control transferred over a period of time | ||
| Sale of Services | 1,678 | 1,003 |
| 195,947 | 176,820 |
Reconciling the amount of revenue recognized in the statement of profit and loss account with the contracted price
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Revenue as per contracted price | 5,097 | 7,681 |
| Less: Significant financing component | (3) | (177) |
| Revenue from contracts with Customers | 5,094 | 7,504 |
| NOTE - 33 SEGMENT INFORMATION |
Description of segments and principal activities
The Company has its presence across automotive technology, industrial technology, consumer goods and energy and building technology. The Company has bifurcated its operations into Automotive Products, Consumer Goods and Others segment. The Companys operations in the automotive business consists of diesel systems, gasoline systems and automotive aftermarket products and services and are aggregated into one reportable segment as Automotive Products in accordance with the aggregation criteria. Aggregation is done due to the similarities of the products and services provided to the customers, similar production processes and similarities in the regulatory environment. The Companys Consumer Goods segment predominantly consists of trading activities in power tools and consumables. The Company also operates in other businesses consisting of Industrial technology, building technology products and services which do not meet the threshold criteria for reporting as separate segments. Therefore, the reportable segment consists of Automotive Products, Consumer Goods and Others. The Companys Management team is the Chief Operating Decision Maker (CODM) and it monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements.
Revenue by geographical areas is stated on the basis of origin and there are no non-current assets located outside India.
The accounting principles and policies adopted in the preparation of the consolidated financial statements are also consistently applied to record income/ expenditure and assets/ liabilities in individual segments.
The inter-segment revenue have been accounted for based on the transaction price agreed to between segments which is primarily market based.
Details of operating segment
[ in Millions (Mio INR)]
| Automotive Products | Consumer Goods | Others | Total | |||||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Revenue | ||||||||
| Sale of products | 170,618 | 145,963 | 18,356 | 17,249 | 1,879 | 6,104 | 190,853 | 169,316 |
| Sale of services | 5,082 | 7,492 | 1 | 1 | 11 | 11 | 5,094 | 7,504 |
| Other operating revenue | 2,374 | 2,034 | 3 | 1 | 2,395 | 2,371 | 4,772 | 4,406 |
| Total Revenue | 178,074 | 155,489 | 18,360 | 17,251 | 4,285 | 8,486 | 200,719 | 181,226 |
| Inter-Segment turnover | - | - | - | - | (372) | (352) | (372) | (352) |
| External turnover | 178,074 | 155,489 | 18,360 | 17,251 | 3,913 | 8,134 | 200,347 | 180,874 |
| Cost of materials* | 113,435 | 97,333 | 13,492 | 12,842 | 1,069 | 4,460 | 127,996 | 114,635 |
| Employee benefits expenses | 11,820 | 11,004 | 972 | 900 | 303 | 582 | 13,095 | 12,486 |
| Depreciation and amortization expenses | 2,563 | 1,821 | 85 | 153 | 632 | 659 | 3,280 | 2,632 |
| Other expenses (net of other income) | 24,686 | 22,864 | 2,595 | 2,226 | 770 | 1,140 | 28,051 | 26,230 |
| Total Expense | 152,504 | 133,022 | 17,144 | 16,121 | 2,774 | 6,840 | 172,422 | 155,983 |
| Result | ||||||||
| Segment result | 25,570 | 22,467 | 1,216 | 1,130 | 1,139 | 1,294 | 27,925 | 24,891 |
*Note: Cost of materials includes Cost of raw material and components consumed, Purchases of traded goods and (Increase) / decrease in inventories of finished goods, work-in-progress and traded goods
**Note: Segment result for Others Segment is after considering effect of Inter-segment revenue elimination.
[ in Millions (Mio INR)]
| Revenue from external customers | March 31, 2026 | March 31, 2025 |
| India | 184,057 | 165,475 |
| Other countries | 16,290 | 15,399 |
| Total | 200,347 | 180,874 |
Reconciliation of profit
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Segment results | 27,925 | 24,891 |
| Less: Unallocable depreciation and amortization expense | (640) | (1,124) |
| Less: Unallocable corporate expenditure | (4,682) | (4,393) |
| Add: Unallocable income | 8,521 | 8,106 |
| Less: Finance costs (refer note 24) | (267) | (171) |
| Add: Exceptional items (refer note 40) | 5,560 | 14 |
| Profit before tax | 36,417 | 27,323 |
Details of segment assets and liabilities
[ in Millions (Mio INR)]
| Segment assets | March 31, 2026 | March 31, 2025 |
| Automotive Products | 59,533 | 53,811 |
| Consumer Goods | 6,488 | 5,895 |
| Others | 6,355 | 6,620 |
| Total segment assets | 72,376 | 66,326 |
| Segment liabilities | ||
| Automotive Products | 59,703 | 50,680 |
| Consumer Goods | 4,231 | 3,793 |
| Others | 868 | 655 |
| Total segment liabilities | 64,802 | 55,128 |
Reconciliation of assets
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Segment assets | 72,376 | 66,326 |
| Property, plant and equipment and ROU assets | 1,766 | 1,776 |
| Capital work-in progress | 1,121 | 734 |
| Investments accounted for using the equity method | 387 | 356 |
| Investments other than above | 79,813 | 71,246 |
| Other non-current assets | 18 | 493 |
| Deferred tax assets | 568 | 1,271 |
| Cash and cash equivalents | 3,964 | 3,529 |
| Bank balance other than cash and cash equivalents | 63 | 1,550 |
| Loans | 9,556 | 13,703 |
| Other financial assets | 44,253 | 37,141 |
| Other current assets | 951 | 888 |
| Assets classified as held for sale (refer note 12) | - | 1,202 |
| Income tax assets | 1,961 | 2,196 |
| Total assets | 216,797 | 202,411 |
Reconciliation of liabilities
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Segment liabilities | 64,802 | 55,128 |
| Trade payables | 1,162 | 1,177 |
| Provisions | 459 | 605 |
| Unpaid dividend | 47 | 36 |
| Other current liabilities | 833 | 1,058 |
| Liabilities directly associated with assets classified as held for sale (refer note 12) | - | 5,159 |
| Other financial liabilities | 1,042 | 1,116 |
| Total liabilities | 68,345 | 64,278 |
Geographical location of Non-current assets**
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| (i) Located in Companys country of domicile - India | ||
| Property, plant and equipment | 9,110 | 8,144 |
| Capital work in progress | 3,578 | 3,961 |
| Investment properties | 5,386 | 6,014 |
| Right-of-use assets | 2,045 | 2,065 |
| Capital advances | 198 | 71 |
| Gratuity Fund (Plan assets) | 4 | 102 |
| 20,321 | 20,357 | |
| (ii) Located in foreign countries | - | - |
| - | - |
**Non-current assets above excludes Investment in subsidiaries, associates and jointly controlled entity, Financial assets, Deferred tax assets, Income tax assets and Balances with Government authorities
Other Information
[ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |||||||
| Automotive Products | Consumer Goods | Others | Unallocated | Automotive Products | Consumer Goods | Others | Unallocated | |
| Capital Expenditure (excluding capital advance, capital creditors and ROU) | 2,145 | 109 | - | 496 | 2,374 | 45 | - | 735 |
| Depreciation and amortization expense | 2,478 | 85 | 632 | 510 | 1,751 | 152 | 659 | 1,008 |
| NOTE - 34 LEASES |
Information on leases as per Ind AS 116 on Leases:
The Company has entered into various lease contracts for building premises used in its operations, which have lease term ranging from 2 years to 4 years. There are several lease contracts that include extension and termination options. The Company applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset).
Following are the changes in the carrying value of right of use assets:
| Right of Use Assets (Land) | Right of Use Assets (Buildings) | Total | |
| As at March 31, 2024 | 996 | 312 | 1,308 |
| Additions/modifications | - | 943 | 943 |
| Deletions/adjustments | - | - | - |
| Depreciation expense | (1) | (185) | (186) |
| As at March 31, 2025 | 995 | 1,070 | 2,065 |
| Additions/modifications | - | 195 | 195 |
| Deletions/adjustments | - | - | - |
| Depreciation expense | (1) | (214) | (215) |
| As at March 31, 2026 | 994 | 1,051 | 2,045 |
The aggregate depreciation is included under depreciation and impairment expense in the Consolidated Statement of Profit and Loss.
The following is the break-up of current and non-current lease liabilities:
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- Current | Current | Non- Current | |
| Lease Liabilities | 93 | 1,095 | 203 | 980 |
The following is the movement in the lease liabilities for the year ended March 31, 2026 and March 31, 2025: [ in Millions (Mio INR)]
| Lease Liabilities | |
| As at April 01, 2024 | 393 |
| Additions/Modifications | 943 |
| Deletions | - |
| Accretion of interest | 75 |
| Lease rentals paid | (228) |
| As at March 31, 2025 | 1,183 |
| Additions/Modifications | 195 |
| Deletions | - |
| Accretion of interest | 92 |
| Lease rentals paid | (282) |
| As at March 31, 2026 | 1,188 |
The table provides details regarding contractual liabilities of lease liabilities as at March 31, 2026 and March 31, 2025 on an undiscounted basis:
[ in Millions (Mio INR)]
| Undiscounted future cash outflows | As at March 31, 2026 | As at March 31, 2025 |
| - Not later than 1 year | 166 | 269 |
| - Later than 1 year and not later than 5 years | 504 | 441 |
| - Later than 5 years | 1,187 | 1,168 |
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.
Rental expense recorded for short-term leases and for leases without fixed contractual commitment was Mio INR 384 for the year ended March 31, 2026 (2024-25: Mio INR 381).
Operating Lease Income :
The Company has leased out certain office spaces that are renewable on a periodic basis. All leases are cancellable with 3 months notice. Rental income received during the year in respect of operating lease is Mio INR 1,693 (2024-25: Mio INR 1,655). Details of assets given on operating lease as at respective year end are as below. [ in Millions (Mio INR)]
| Gross Block | Accumulated Depreciation | Written down value | Depreciation for the year | |||||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | March 31, 2026 | March 31, 2025 | |
| Land | 38 | 38 | - | - | 38 | 38 | - | - |
| Buildings | 8,793 | 8,798 | 3,446 | 2,822 | 5,347 | 5,976 | 625 | 651 |
| Total | 8,831 | 8,836 | 3,446 | 2,822 | 5,385 | 6,014 | 625 | 651 |
The table provides details regarding future lease recievables as at March 31, 2026 and March 31, 2025 on an undiscounted basis:
[ in Millions (Mio INR)]
| Undiscounted future cash inflows | March 31, 2026 | March 31, 2025 |
| - Upto 5 years | 929 | 2,501 |
| - Later than 5 years | 46 | 168 |
| NOTE - 35 Earnings Per Share |
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.
Diluted EPS are amounts calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares outstanding during the year that would be issued on conversion of all the dilutive potential equity shares into Equity shares.
The Company does not have any dilutive potential equity shares.
Basic and diluted earning per share [ in Millions (Mio INR)]
| For the year ended March 31, 2026 | For the year ended March 31, 2025 | |
| Profit attributable to Equity Shareholders | 27,732 | 20,152 |
| Weighted average number of Equity Shares outstanding during the year | 29,493,640 | 29,493,640 |
| Nominal value of Equity Shares (Rs.) | 10 | 10 |
| Basic earnings per Share (Rs.) | 940.27 | 683.25 |
| Diluted earnings per Share (Rs.) | 940.27 | 683.25 |
| NOTE - 36 | RELATED PARTY DISCLOSURES |
Names of related parties and description of relationship:
Parties where control exists:
| i. | Ultimate Holding Company | Robert Bosch GmbH, Federal Republic of Germany | |||
| ii | Intermediate Holding Company | Robert Bosch Internationale Beteiligungen AG | |||
| iii. | Associate | Newtech Filter India Private Limited (also a fellow subsidiary) | |||
| AutoZilla Solutions Private Limited | |||||
| iv. | Jointly controlled entity | PreBo Automotive Private Limited | |||
| Name of investee | Relationship with the Company | Principal place of business | Holding percentage | ||
| As on March 31, 2026 | As on March 31, 2025 | ||||
| Newtech Filter India Private Limited | Associate | India | 25% | 25% | |
| AutoZilla Solutions Private Limited | Associate | India | 26% | 26% | |
| PreBo Automotive Private Limited | Jointly controlled entity | India | 40% | 40% | |
Parties under common control with whom transactions have taken place during the year or the previous year:
| Related Party Name | |
| i. Fellow Subsidiaries: | Bosch Global Software Technologies Private Limited |
| Bosch Chassis Systems India Private Ltd. | |
| Bosch Automotive Electronics India Private Ltd. | |
| Automobility Services and Solutions Private Limited | |
| Bosch Mobility Platform and Solutions India Private Limited | |
| Bosch Rexroth (India) Private Limited | |
| MIVIN Engineering Technologies Private Ltd. | |
| BSH Household Appliances Manufacturing Private Limited | |
| Precision Seals Manufacturing Ltd. | |
| ETAS Automotive India Private Ltd. | |
| Robert Bosch Automotive Steering Private Limited | |
| Robert Bosch Manufacturing Solutions GmbH | |
| Robert Bosch Power Tools GmbH | |
| Bosch Technology Licensing Administration GmbH | |
| Robert Bosch LLC | |
| Bosch Corporation | |
| Robert Bosch Korea Limited Company | |
| Bosch Powertrain s.r.o. | |
| Robert Bosch (Bangladesh) Ltd. | |
| Bosch Automotive Service Solutions LLC | |
| Tecnologie Diesel S.p.A. Societ Unipersonale | |
| ROBERT BOSCH ESPAA FBRICA MADRID S.A.U. | |
| Robert Bosch AG | |
| Bosch Sanayi ve Ticaret A.S. | |
| ROBERT BOSCH S.R.L. | |
| Robert Bosch, S. de R.L. de C.V. | |
| Robert Bosch Ltda. | |
| KB Wiper Systems Co., Ltd | |
| Bosch Rexroth Ltda. | |
| Bosch Automotive Products (Changsha) Co., Ltd. | |
| Bosch Automotive Systems (Wuxi) Co., Ltd. | |
| Bosch Diesel s.r.o. | |
| Bosch Automotive Service Solutions Inc. | |
| Bosch (Ningbo) E-Scooter Motor Co Ltd | |
| Robert Bosch Automotive Technologies (Thailand) Co., Ltd. | |
| Koller + Schwemmer GmbH |
| Related Party Name |
| Robert Bosch Lanka (Pvt.) Ltd. |
| Bosch Automotive Service Solutions GmbH |
| Robert Bosch Fahrzeugelektrik Eisenach GmbH |
| Bosch Automotive Products (Suzhou) Co., Ltd. |
| Robert Bosch (Pty.) Ltd. |
| Bosch Automotive Service Solutions Ltd. |
| Bosch Engineering GmbH |
| Moehwald GmbH |
| Bosch Sicherheitssysteme GmbH |
| Robert Bosch (France) S.A.S. |
| Bosch Security Systems B.V. |
| Freud S.p.A. |
| ARESI S.p.A. |
| sia Abrasives Industries AG |
| Robert Bosch, spol. s.r.o. |
| Bosch Power Tools (China) Co., Ltd. |
| United Automotive Electronic Systems Co., Ltd. |
| ROBERT BOSCH POWER TOOLS SDN. BHD. |
| Bosch Automotive Service Solutions (Suzhou) Co., Ltd. |
| Centro Studi Componenti per Veicoli S.p.A. |
| Robert Bosch Kft. |
| Robert Bosch (South East Asia) Pte. Ltd. |
| Bosch Car Multimedia Portugal, S.A. |
| Bosch Powertrain Systems Co., Ltd. |
| Bosch Security Systems LLC |
| Bosch Service Solutions GmbH |
| ROBERT BOSCH ESPAA FBRICA ARANJUEZ S.A.U. |
| Bosch Power Tools (Chengdu) Co., Ltd. |
| Bosch Vietnam Co., Ltd. |
| Bosch Automotive Service Solutions Pty. Ltd. |
| ROBERT BOSCH (MALAYSIA) SDN. BHD. |
| Bosch.IO GmbH |
| Bosch Global Software Technologies Co. Ltd. |
| Robert Bosch d.o.o. Beograd |
| Bosch Global Software Technologies Ltd |
| Robert Bosch Automotive Steering GmbH |
| Bosch Automotive Service Solutions S.r.l. |
| Robert Bosch Semiconductor Manufacturing Penang Sdn. Bhd. |
| Bosch Automotive S.R.L. |
| BSH Hausgerte GmbH |
| Robert Bosch Elektronika Gyrt Kft. |
| Robert Bosch Elektronik GmbH |
| Bosch Transmission Technology B.V. |
| Robert Bosch Middle East FZE |
| Bosch (China) Investment Ltd. |
| Bosch (Zhuhai) Security Systems Co., Ltd. |
| Bosch Power Tools Engineering Sdn. Bhd. |
| Robert Bosch AB |
| Robert Bosch Limited |
| ETAS GmbH |
| Bosch Rexroth Otomasyon Sanayi ve Ticaret A.S. |
| Scintilla AG |
| Related Party Name | |
| Robert Bosch Automotive Steering Kft. | |
| BSH Home Appliances Co., Ltd. | |
| Bosch Global Business Services S.R.L. | |
| BSH Hi\u0161ni Aparati d.o.o. Nazarje | |
| BSH Ev Aletleri Sanayi ve Ticaret A.S. | |
| Robert Bosch Ltd. | |
| Bosch Global Software Technologies GmbH | |
| SIA Abrasives Polska Sp. z o.o. | |
| Robert Bosch Mxico Sistemas Automotrices, S.A. de C.V. | |
| Bosch Hydrogen Powertrain Systems (Chongqing) Co., Ltd. | |
| Bosch Automotive Products (Chengdu) Co., Ltd. | |
| Bosch Rexroth Ltd. | |
| Robert Bosch odbytova s.r.o. | |
| Robert Bosch Mxico, S.A. de C.V. | |
| Bosch Management Support GmbH | |
| Robert Bosch Taiwan Co., Ltd. | |
| Robert Bosch Energy and Body Systems Kft. | |
| Bosch Car Multimedia Portugal SA | |
| Robert Bosch Co. Ltd. | |
| Bosch Engineering K.K. | |
| AB Bosch | |
| Bosch Global Software Technologies Ltd. | |
| Bosch Rexroth Aktiengesellschaft | |
| OOO BSH Bytowije Pribory | |
| Bosch Home Comfort India Litd | |
| Bosch Termotecnologia S.A. | |
| Keenfinity India Private Limited(Up to June 30, 2025) | |
| C Whole time directors (Key Management Personnel): | Mr. Guruprasad Mudlapur, Managing Director |
| Mr. Sandeep Nelamangala, Joint Managing Director | |
| D Independent directors: | Ms. Hema Ravichandar |
| Dr. Pawan Kumar Goenka | |
| Ms. Padmini Bhalchandra Khare | |
| Dr. Sakalespur Visweswaraiya Ranganath(up to June 30,2024) | |
| Mr. Gopichand Katragadda | |
| E Non Executive directors: | Mr. Stefan Grosch |
| Mr. Soumitra Bhattacharya, Chairman | |
| F Chief Financial Officer (Key Management Personnel): | Ms. Karin Gabriele Gilges, Chief Financial Officer |
| G Company Secretary & Compliance Officer (Key Management Personnel): | Mr. V. Srinivasan |
| H Other related entities: | Bosch India Foundation |
| Bosch Superannuation Fund Trust, India | |
| Bosch Employees (Bangalore) Provident Fund Trust, India | |
| Bosch Workmens (Nashik) provident Fund Trust India | |
| Mico Bangalore Workmens Pension Fund Trust India | |
| Bosch Nashik Workmens Pension Fund | |
| Sun Mobility Private Limited | |
| Myelin Foundry Pvt Ltd | |
| Shiva and Shiva Orthopaedic Hospital Private Limited | |
| Indian Foundation for Quality management | |
| Tata Indian Institute of Skills | |
| Feedback Advisory Services Private Limited |
Particulars of transactions with related parties during the year (party-wise disclosure for fellow subsidiaries is given where the transactions value is more than 10% of total transactions)
[ in Millions (Mio INR)]
| Sl No Name of the related party | Relationship | For the Year ended March 31, 2026 | For the Year ended March 31, 2025 | |
| 1 | Net sale of products | |||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 11,227 | 10,868 | |
| Newtech Filter India Private Limited | Associate and fellow subsidiary | 12 | - | |
| PreBo Automotive Private Limited | Jointly controlled entity | - | - | |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 315 | 990 | |
| Others | Fellow Subsidiaries | 3,282 | 2,129 | |
| Total | 14,836 | 13,987 | ||
| 2 Sale of services | ||||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 1,038 | 1,039 | |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 75 | 35 | |
| Others | Fellow Subsidiaries & Other related entities | 414 | 324 | |
| Total | 1,527 | 1,398 | ||
| 3 Other Operating Revenue | ||||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 832 | 752 | |
| Bosch Chassis Systems India Private Ltd. | Fellow Subsidiary | 230 | 121 | |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 236 | 212 | |
| Bosch Global Software Technologies Private Limited | Fellow Subsidiary | 104 | 218 | |
| Others | Fellow Subsidiaries & Other related entities | 224 | 313 | |
| Total | 1,626 | 1,616 | ||
| 4 Reimbursement of Expenses | ||||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 313 | 692 | |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 36 | 45 | |
| Keenfinity India Private Limited | Fellow Subsidiary(Up to June 30, 2025) | 372 | - | |
| Bosch Chassis Systems India Private Ltd. | Fellow Subsidiary | 101 | 117 | |
| Bosch Global Software Technologies Private Limited | Fellow Subsidiary | 303 | 231 | |
| Others | Fellow Subsidiaries & Other related entities | 26 | 24 | |
| Total | 1,151 | 1,109 | ||
| 5 Rental Income | |||
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 191 | 190 |
| Bosch Global Software Technologies Private Limited | Fellow Subsidiary | 1,376 | 1,353 |
| 6 Others | Fellow Subsidiaries | 68 | 57 |
| Total | 1,635 | 1,600 | |
| Interest earned | |||
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 569 | 633 |
[ in Millions (Mio INR)]
| Sl No Name of the related party | Relationship | For the Year ended March 31, 2026 | For the Year ended March 31, 2025 |
| BSH Household Appliances Manufacturing Private Limited | Fellow Subsidiary | 461 | 466 |
| Bosch Rexroth (India) Pvt Ltd. | Fellow Subsidiary | 85 | 107 |
| Others | Fellow Subsidiaries | - | 2 |
| Total | 1,115 | 1,208 | |
| 7 Purchases of Property, plant and equipment | |||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 614 | 154 |
| Robert Bosch LLC | Fellow Subsidiary | - | 270 |
| 8 Robert Bosch Manufacturing Solutions GmbH | Fellow Subsidiary | 304 | 11 |
| Others | Fellow Subsidiaries | 132 | 71 |
| Total | 1,050 | 506 | |
| Purchases of Goods | |||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 42,524 | 36,361 |
| Newtech Filter India Private Limited | Associate and fellow subsidiary | 1,285 | 1,172 |
| PreBo Automotive Private Limited | Jointly controlled entity | 316 | 376 |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 14,040 | 12,853 |
| Robert Bosch Power Tools GmbH | Fellow Subsidiary | 9,657 | 9,009 |
| Others | Fellow Subsidiaries | 10,036 | 10,725 |
| Total | 77,858 | 70,496 | |
| 9 Royalty & technical service fee | |||
| Bosch Technology Licensing Administration GmbH | Fellow Subsidiary | 4,748 | 3,705 |
| Others | Fellow Subsidiaries | 36 | 15 |
| Total | 4,784 | 3,720 | |
| 10 Professional and other charges | |||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 5,606 | 4,002 |
| Newtech Filter India Private Limited | Associate and fellow subsidiary | 0 | 0 |
| PreBo Automotive Private Limited | Jointly controlled entity | 3 | 0 |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 201 | 280 |
| Bosch Global Software Technologies Private Limited | Fellow Subsidiary | 4,028 | 3,613 |
| Others | Fellow Subsidiaries & Other related entities | 1,132 | 937 |
| Total | 10,970 | 8,832 | |
| 11 Dividend paid | |||
| Robert Bosch Internationale Beteiligungen AG | Intermediate Holding Company | 10,232 | 3,397 |
| Bosch Global Software Technologies Private Limited | Fellow Subsidiary | 420 | 140 |
| Total | 10,652 | 3,537 | |
[ in Millions (Mio INR)]
| Sl No Name of the related party | Relationship | For the Year ended March 31, 2026 | For the Year ended March 31, 2025 |
| 12 Loans given to related parties | |||
| Bosch Automotive Electronics India Pvt. Ltd. | Fellow Subsidiary and a material related party | 1,000 | 2,000 |
| BSH Household Appliances Manufacturing Pvt Ltd | Fellow Subsidiary | 1,500 | 2,500 |
| Total | 2,500 | 4,500 | |
| 13 Loans repaid by related parties | |||
| Bosch Automotive Electronics India Pvt. Ltd. | Fellow Subsidiary and a material related party | 2,690 | 3,710 |
| BSH Household Appliances Manufacturing Pvt Ltd | Fellow Subsidiary | 3,500 | 1,500 |
| Bosch Rexroth (India) Pvt Ltd. | Fellow Subsidiary | 500 | 300 |
| Others | Fellow Subsidiaries | 5 | 43 |
| Total | 6,695 | 5,553 | |
| 14 Loans to related parties renewed | |||
| Bosch Automotive Electronics India Pvt. Ltd. | Fellow Subsidiary and a material related party | 7,000 | 7,900 |
| BSH Household Appliances Manufacturing Pvt Ltd | Fellow Subsidiary | 3,000 | 4,500 |
| Bosch Rexroth (India) Pvt Ltd. | Fellow Subsidiary | 750 | 1,000 |
| Others | Fellow Subsidiaries | 5 | 45 |
| 10,755 | 13,445 | ||
| 15 Sale of Specified Business (refer note 40) | |||
| ETAS Automotive India Private Ltd. | Fellow Subsidiary | - | 456 |
| Keenfinity India Private Limited* | Fellow Subsidiary(Up to June 30, 2025) | 5,989 | - |
| Total | 5,989 | 456 | |
*Sale of Keenfinity India Private limited includes INR 1,526 million received in Current FY and INR 4,463 received as advance consideration received in previous FY
16 Advance consideration received for sale of specified business (refer note 12)
| 17 Keenfinity India Private Limited | Fellow Subsidiary(Up to June 30, 2025) | - | 4,463 |
| Total | - | 4,463 | |
| Transfer of assets pursuant to sale of specified business | |||
| ETAS Automotive India Private Ltd. | Fellow Subsidiary | - | 72 |
| Keenfinity India Private Limited | Fellow Subsidiary(Up to June 30, 2025) | 1,251 | - |
| Total | 1,251 | 72 | |
| 18 Transfer of liabilities pursuant to sale of specified business | |||
| ETAS Automotive India Private Ltd. | Fellow Subsidiary | - | 101 |
| Keenfinity India Private Limited | Fellow Subsidiary(Up to June 30, 2025) | 823 | - |
| Total | 823 | 101 | |
| 19 Guarantees given by related parties | |||
| Robert Bosch GmbH | Ultimate Holding Company and a material related party | 16,100 | 15,500 |
| Total | 16,100 | 15,500 | |
Particulars of transactions with KMPs
[ in Millions (Mio INR)]
| Name of the related party | Relationship | For the Year ended March 31, 2026 | For the Year ended March 31, 2025 |
| 1 Key Managerial Personnel Remuneration: | |||
| Short-term employee benefits | 178 | 176 | |
| Post-employment benefits | 8 | 7 | |
| 186 | 183 | ||
| Mr. Guruprasad Mudlapur | Whole time directors | 49 | 48 |
| Mr. Sandeep Nelamangala | Whole time directors | 47 | 44 |
| Ms. Karin Gabriele Gilges | Chief Financial Officer | 82 | 82 |
| Mr. V. Srinivasan | Company Secretary & Compliance Officer | 8 | 9 |
| 186 | 183 |
(*) Provisions for contribution to gratuity, leave encashment and other defined benefit are determined by actuary on an overall Company basis at the end of each year and, accordingly, have not been considered in the above information. The amount is disclosed only at the time of payment. Refer note 28 for information on transactions with post employment benefit plans. Further, perquisites paid to Directors are included as per Income tax valuation.
| 2 Sitting fees/ commissions to non-executive directors | ||
| Directors sitting fees | 7 | 6 |
| Commission to Directors | 22 | 28 |
| Total | 29 | 34 |
Transactions with other entities
[ in Millions (Mio INR)]
| Name of the related party | Nature | For the Year ended March 31, 2026 | For the Year ended March 31, 2025 |
| Bosch India foundation | Donation | 280 | 175 |
| Bosch Superannuation Fund Trust | Contributions to Employee benefit fund | 178 | 171 |
| Bosch Employees (Bangalore) PF Trust | Contributions to Employee benefit fund | 430 | 389 |
| Bosch Employees (Nashik) PF Trust | Contributions to Employee benefit fund | 73 | 70 |
| Nashik Workmens Pension Fund | Contributions to Employee benefit fund | 3 | 3 |
| Bangalore Workmens Pension Fund | Contributions to Employee benefit fund | 17 | 18 |
| Total | 981 | 826 |
Balances as on March 31, 2026 (party-wise disclosure for fellow subsidiaries is given where the balance is more than 10% of related outstanding)
[ in Millions (Mio INR)]
| Name of the related party | Relationship | As at March 31, 2026 | As at March 31, 2025 |
| 1 Trade receivables : | |||
| Robert Bosch GmbH | Ultimate Holding Company well as material related party | 2,000 | 1,640 |
| Newtech Filter India Private Limited | Associate and fellow subsidiary | 17 | 1 |
| PreBo Automotive Private Limited | Jointly controlled entity | 1 | 6 |
| Bosch Global Software Technologies Private Limited | Fellow Subsidiary | 377 | 526 |
| Bosch Automotive Electronics India Private Ltd | Fellow Subsidiary and a material related party | 152 | 142 |
| Others | Fellow Subsidiaries | 849 | 669 |
| Total | 3,396 | 2,983 | |
| 2 Trade payables | |||
| Robert Bosch GmbH | Ultimate Holding Company well as material related party | 11,316 | 10,119 |
[ in Millions (Mio INR)]
| Name of the related party | Relationship | As at March 31, 2026 | As at March 31, 2025 |
| Newtech Filter India Private Limited | Associate and fellow subsidiary | 140 | 130 |
| PreBo Automotive Private Limited | Jointly controlled entity | 67 | 45 |
| Robert Bosch Power Tools GmbH | Fellow Subsidiary | 1,555 | 1,852 |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 1,955 | 1,595 |
| Others | Fellow Subsidiaries | 4,373 | 3,289 |
| Total* | 19,406 | 17,030 |
*Note: Current year trade payable includes 207 Mio INR which pertains to MSME payables
| Other financial liabilities | |||
| Robert Bosch GmbH, Germany | Ultimate Holding Company and a material related party | 518 | - |
| Bosch Automotive Electronics India Private Ltd. | Fellow Subsidiary and a material related party | 5 | - |
| Others | Fellow Subsidiaries | 2 | - |
| Total | 525 | - | |
| Loan to related parties | |||
| Bosch Automotive Electronics India Pvt. Ltd. | Fellow Subsidiary and a material related party | 4,500 | 6,190 |
| BSH Household Appliances Manufacturing Private Limited | Fellow Subsidiary | 4,500 | 6,500 |
| Others | Fellow Subsidiaries | 500 | 1,005 |
| Total | 9,500 | 13,695 | |
| Loan amount outstanding at the year end from directors | 4 | 5 | |
| Total | 4 | 5 | |
| Other Financial Assets | |||
| Bosch India Foundation | Other related entity | 40 | - |
| Total | 40 | - | |
Notes:
Refer note 4(b)(h) and note 7 (c) as regards guarantees provided by Robert Bosch GmbH with respect to plant & machinery in transit and loans given to fellow subsidiaries respectively.
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognized as a liability as at the year end.
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |
| Proposed dividends on Equity Shares: | ||
| Proposed dividends for the year ended on 31 March 2026: INR 270 per share (31 March 2025: INR 512 per share) | 7,963 | 15,101 |
| Total | 7,963 | 15,101 |
0 represents amounts which is rounded off to nearest Million.
Refer note 40(1) for details on the sale of specified business.
Terms and conditions of transactions with related parties
The transactions entered into with related parties by the Company are in the ordinary course of business and on those terms and conditions which are on arms length basis.
| NOTE - 37 CONTINGENT LIABILITIES |
Claims against the Company not acknowledged as debts:
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Income Tax Act, 1961 | 453 | 445 |
| Goods and Service Tax Act, 2017 | 3,984 | 3,679 |
| The Customs Act, 1962 | 3,458 | - |
| NOTE - 38 CAPITAL COMMITMENTS |
Estimated amount of contracts remaining to be executed on capital accounts and not provided for (net of advances):
[ in Millions (Mio INR)]
| March 31, 2026 | March 31, 2025 | |
| Property, plant and equipment | 2,459 | 1,044 |
| NOTE - 39 OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES |
The Company provides incentives to selected customers under the terms of the agreements. The amounts payable by the Company are offset against receivables from the customers and only the net amounts are settled. The amounts offset as at March 31, 2026 is Mio INR 1,463 (March 31, 2025: Mio INR 860) which is disclosed under note 7(b).
| NOTE - 40 | EXCEPTIONAL ITEMS |
On January 28, 2025, the Board of Directors of the Company approved to execute the Business Transfer Agreement with Keenfinity India Private Limited (the Purchaser) for transfer of its Video solutions, Access and Intrusions and Communication systems Business (Specified Business) for a consideration of Mio INR 5,950 (excluding purchase price adjustment). The transfer of business was completed on May 01, 2025 and accordingly, the Company has recognized a total gain on sale of the said Specified Business in the financial statements amounting to Mio INR 5,560 and the same has been disclosed as exceptional item in these consolidated financial statements.
The specified business did not qualify as a separate major line of business under IND AS 105 : Non current Assets held for sale and discontinued operations and accordingly was not considered as a discontinued operation for the purpose of these consolidated financial statements.
Pursuant to the approval of the Board of Directors of the Company on May 24, 2024, the Company entered into a Business Transfer Agreement dated June 05, 2024 with ETAS Automotive India Private Limited (the Purchaser) for transfer of its OE/OES Diagnosis Business (Specified Business) for a consideration of Mio INR 456. The transfer of business was completed on July 01, 2024 and accordingly, the Company has recognized a total gain on sale of the said Specified Business in the financial statements amounting to Mio INR 485 and the same has been disclosed as exceptional item in these consolidated financial statements.
The Specified Business did not qualify as a separate major line of Business under IND AS 105 - Non Current Assets held for Sale and Discontinued Operations and accordingly was not considered as a discontinued operation for the purpose of these consolidated financial statements.
The Company is in the process of restructuring its operations in order to be competitive in the mobility business. Towards this, an amount of Mio INR 471 has been provided in the consolidated financial statements for the respective period and has been disclosed as an exceptional item.
| NOTE - 41 DISCLOSURES MANDATED BY SCHEDULE III TO COMPANIES ACT, 2013 BY WAY OF ADDITIONAL INFORMATION |
| Net assets (total assets minus total liabilities) | Share in profit or (loss) | Share in other comprehensive income | Share in total comprehensive income | |||||
| As a % of consolidated net assets | Amount in Million INR | As a % of profit or (loss) | Amount in Million INR | As a % of other comprehensive income | Amount in Million INR | As a % of total comprehensive income | Amount in Million INR | |
| Parent | ||||||||
| Bosch Limited | ||||||||
| March 31, 2026 | 100% | 148,467 | 100% | 27,703 | 100% | (2,312) | 100% | 25,391 |
| March 31, 2025 | (100%) | (137,900) | (100%) | (20,133) | (100%) | (2,426) | (100%) | (22,559) |
| Subsidiaries | ||||||||
| Mico Trading Private Limited | ||||||||
| March 31, 2026 | 0% | 1 | 0% | 0 | - | - | - | 0 |
| March 31, 2025 | (0%) | (1) | (0%) | (- ) | (- ) | (- ) | (- ) | (- ) |
| Robert Bosch India Manufacturing and Technology Private Limited | ||||||||
| March 31, 2026 | 0% | (30) | 0% | (3) | - | - | 0% | (3) |
| March 31, 2025 | (0%) | (27) | (0%) | (3) | (- ) | (- ) | (0%) | (3) |
| Associates | ||||||||
| [Investment as per the Equity method] | ||||||||
| Newtech Filter India Private Limited | ||||||||
| March 31, 2026 | 0% | 127 | 0% | 8 | 0% | (0) | 0% | 8 |
| March 31, 2025 | (0%) | (119) | (0%) | (6) | (0%) | (0) | (0%) | (6) |
| AutoZilla Solutions Private Limited | ||||||||
| March 31, 2026 | 0% | 4 | 0% | (4) | 0% | (0) | 0% | (4) |
| March 31, 2025 | (0%) | (8) | (0%) | (10) | (0%) | (0) | (0%) | (10) |
| Joint Venture | ||||||||
| Prebo Automotive Private Limited | ||||||||
| March 31, 2026 | 0% | 160 | 0% | 28 | 0% | 0 | 0% | 28 |
| March 31, 2025 | (0%) | (133) | (0%) | (26) | (0%) | (0) | (0%) | (26) |
| NOTE - 42 | OTHER STATUTORY INFORMATION |
The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.
The Group does not have any transactions with companies struck off.
The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
The Group does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
| NOTE - 43 SUBSEQUENT EVENTS |
The Group evaluated all events or transactions that occurred after March 31, 2026 up through May 20, 2026, the date the consolidated financial statements were approved for issue by the Board of Directors. Based on this evaluation, the Group is not aware of any events or transactions that would require recognition or disclosure in the consolidated financial statements.
| NOTE - 44 AUDIT TRAIL |
The Holding Company, subsidiaries, associates and jointly controlled entity have used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, there are no instances of audit trail feature being disabled at any time during the year. Additionally, the audit trail of prior year has been preserved as per the statutory requirements for record retention.
| NOTE - 45 PHYSICAL SERVER OF BOOKS OF ACCOUNTS INCLUDING AUDIT TRAIL |
As per the MCA notification dated August 05, 2022, the Central Government has notified the Companies (Accounts) Fourth Amendment Rules, 2022. As per the amended rules, the Companies are required to maintain back-up of the books of account and other relevant books and papers in electronic mode that should be accessible in India at all times. Also, the Companies are required to maintain such back-up of accounts on servers which are physically located in India, on a daily basis.
The books of account along with other relevant records and papers of the Group are currently maintained in electronic mode. The back-up of books of account are kept in servers physically located in Chennai, India on a daily basis.
| NOTE - 46 THE CODE ON SOCIAL SECURITY, 2020 (\u2018CODE\u2019) |
On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, (Labor Codes) which consolidate twenty-nine existing labor laws into a unified framework governing employee benefits during employment and post employment. The Labor Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced employee benefits. The Holding Company has assessed and disclosed the incremental impact of these changes on the basis of legal opinion obtained and consistent with the guidance provided by the Institute of Chartered Accountants of India and included impact amounting to Mio INR 206 under employee benefits expense in these consolidated financial statements for the year ended March 31, 2026. The Holding Company continues to monitor the developments pertaining to Labor Codes and will evaluate impact, if any, on the measurement of liability pertaining to employee benefits as and when develpments arise.
| NOTE - 47 NOTE ON IDENTIFIED MISAPPROPRIATION OF FUNDS |
The management of the Holding Company noted that certain employees of the Holding Company had misappropriated funds in collusion with certain vendors during the current year and earlier years for an amount aggregating to Rs 16 million, basis the Holding Companys best estimates. Such amounts have been expensed off during the respective years. The Holding Company has completed its investigation and is evaluating the options for recovery of the said amount from the concerned parties.
| NOTE - 48 EXTENDED PRODUCER RESPONSIBILITY (EPR) |
The Extended Producer Responsibility (EPR) obligations have been imposed on the Holding Company being producer of Battery, E-Waste, Used Oil and brand owner & Importer of Plastic. The EPR obligations require the Holding Company to re-cycle the content generated in the production process in the plant, as per thresholds prescribed in the rules for products sold in the domestic market including self-use. The Rules require the Holding Company to meet its obligations for the past years from the date of EPR registration. Considering this, the Holding Company has provided for product recycling obligation of all products sold till the reporting date. Given below is the movement of the EPR obligation during the year:
[ in Millions (Mio INR)]
| As at March 31, 2026 | As at March 31, 2025 | |||
| Current | Non- current | Current | Non- current | |
| At beginning of the year | 19 | - | - | - |
| Recognized during the year | 74 | - | 19 | - |
| Amount utilized during the year | 19 | - | - | - |
| Unused amounts reversed | - | - | - | - |
| Balance as at the end of the year | 74 | - | 19 | - |
| NOTE - 49 PROPOSED ACQUISITION OF FELLOW SUBSIDIARY |
On April 08, 2026, pursuant to the approval of the Board of Directors, the Holding Company has entered into Share Purchase Agreement for 100% acquisition of Bosch Chassis Systems India Private Limited (RBIC), a fellow subsidiary, for a total consideration not exceeding Rs.90,686.80 Million, subject to the approval of the shareholders and necessary regulatory approvals. Subsequently, on May 08, 2026, the Holding Company obtained the approval of the shareholders. The Holding Company will be completing the acquisition by July 2026.
| NOTE - 50 STANDARDS ISSUED BUT NOT EFFECTIVE |
The new and amended standards that are notified by the Ministry of Corporate Affairs (MCA), but not yet effective, up to the date of issuance of the Groups financial statements are disclosed below. The Company will adopt these amendments to the standards, when they become effective.
Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants
In accordance with Ind AS 1 currently applicable, breach of an immaterial covenant is ignored in deciding current vs. non-current classification of liabilities. Also, in case of breach of a material covenant of a non-current loan on or before the reporting date, the entity can obtain waiver from the lender after the reporting date and continue to classify the loan as non-current liability.
In accordance with changes to Ind AS 1 already notified by the MCA, the above relaxations to classify loan as non-current liability will not be available from 2026-27 onward and need to be applied retrospectively. Consequently:
A breach of either material or immaterial covenant will trigger current classification of liability.
To continue classifying loan as non-current liability, entities will need to obtain waiver from the breach on or before the reporting date.
The Group is currently assessing the impact the amendments will have on its financial statements.
| NOTE - 51 ROUNDING OFF |
The consolidated financial statements are presented in Mio INR. All items below INR 5 lakhs has been rounded down to 0 to the nearest Million (Mio INR).
| As per our report of even date | |||
| For S.R. Batliboi & Associates LLP Chartered Accountants (ICAI Firm registration number: 101049W/E300004) | For and on behalf of the Board of Directors of Bosch Limited | ||
| Guruprasad Mudlapur | (DIN: 07598798) | Managing Director | |
| Sandeep Nelamangala | (DIN: 08264554) | Joint Managing Director | |
| per Adarsh Ranka Partner Membership No.: 209567 | Karin Gilges | (DIN: 09615158) | Chief Financial Officer |
| Srinivasan Venkataraman | (M. No. A16430) | Company Secretary & Compliance Officer | |
| Place: Bengaluru, India | Place: Bengaluru, India | ||
| Date: May 20, 2026 | Date: May 20, 2026 | ||
#NACEnd#
#ARStart#
To the Members of Bosch Limited
Report on the Audit of the Standalone Financial Statements OPINION
We have audited the standalone financial statements of Bosch Limited (the Company), which comprise the Balance sheet as at March 31 2026, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone financial statements, including a summary of material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013, as amended (the Act) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
BASIS FOR OPINION
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements for the financial year ended March 31, 2026. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the Auditors responsibilities for the audit of the standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.
| Key audit matters | How our audit addressed the key audit matter |
| Revenue recognition for sale of goods (as described in Note 7(b) and 32 of the standalone financial statements) | |
| Revenue from sale of goods is recognized upon the transfer of control of the goods sold to the customer. The Company uses a variety of shipment terms across its operating markets and this has an impact on the timing of revenue recognition. | Our audit procedures included the following: |
| \u2022 We evaluated the Companys accounting policies pertaining to revenue recognition in terms of Ind AS 115 - Revenue from Contracts with Customers. | |
| Revenue is measured by the Company at the transaction price of consideration received/ receivable from its customers and in determining the transaction price for the sale of products , the Company considers the effects of various factors such as volume-based discounts, price adjustments to be passed on to the customers based on various parameters like negotiations savings on materials/ share of business, rebates etc provided to the customers. The Company at the year end, provides for such price variations to be passed on to the customer. | \u2022 We performed test of controls of managements process of recognizing the revenue from sales of goods with regard to the timing of the revenue recognition as per the sales terms with the customers and managements process and the assumptions used in calculation of price variations. |
| \u2022 We performed audit procedures on a representative sample of the sales transactions to test that the revenues and related trade receivables are recorded taking into consideration the terms and conditions of the sale orders, including the shipping terms. Also, tested, on sample basis, debit/ credit notes in respect of agreed price variations passed on to the customers. | |
| There is a risk that revenue could be recognized at incorrect amount on account of the significant judgement and estimate involved in calculation of price variations to be recorded as at the year end and in the incorrect period on account for sales transactions occurring on and around the year end. Therefore, revenue recognition has been identified as a key audit matter. | \u2022 We performed audit procedures relating to revenue recognition by agreeing deliveries occurring around the year end to supporting documentation to establish that sales and corresponding trade receivables are recorded in the correct period. |
| \u2022 We tested completeness, arithmetical accuracy and plausibility of the data used in the computation of price adjustments as per customer contracts and tested, on sample basis, credit notes issued and payment made as per customer contracts / agreed price negotiations; | |
| \u2022 We assessed the adequacy of revenue related disclosures in the Standalone financial statements. |
INFORMATION OTHER THAN THE FINANCIAL STATEMENTS AND AUDITORS REPORT THEREON
The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the standalone financial statements and our auditors report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
RESPONSIBILITIES OF THE MANAGEMENT FOR THE STANDALONE FINANCIAL STATEMENTS
The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Companys financial reporting process.
AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements for the financial year ended March 31, 2026 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditors Report) Order, 2020 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report, to the extent applicable, that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31,2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2026 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to these standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in Annexure 2 to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2026 has been paid / provided by the Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer Note 37 to the standalone financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 15 to the standalone financial statements;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company;
iv. a) The management has represented that,
to the best of its knowledge and belief, as disclosed in the note 42(v) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b) The management has represented that, to the best of its knowledge and belief, as disclosed in the note 42(vi) to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (Funding Parties), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The final dividend paid by the Company during the year in respect of the same declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.
As stated in note 31(b) to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.
vi. Based on our examination which included test checks, the Company has used accounting
software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software, refer note 44 to the standalone financial statements. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with . Additionally, the audit trail has been preserved as per the statutory requirements for record retention.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka
Partner
Membership Number: 209567 UDIN: 26209567LMNLUF4510
Place of Signature: Bengaluru Date: May 20, 2026
ANNEXURE1 referred to paragraph on the report on Other legal and regulatory requirements of our report of even date
Re: Bosch Limited (the Company)
In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that:
(i) (a) A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property,
plant and equipment, capital work-in-progress, investment properties and relevant details of right-of-use assets.
B) The Company has not capitalized any intangible assets in the books of the Company and accordingly, the requirement to report on clause 3(i)(a)(B) of the Order is not applicable to the Company.
(b) All property, plant and equipment have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
(d) The Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets during the year ended March 31,2026.
(e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.
(ii) (a) The management has conducted physical verification of inventory including inventory lying with third parties at reasonable
intervals during the year. In our opinion the coverage and the procedure of such verification by the management is appropriate. The Discrepancies of 10% or more in aggregate for each class of inventory were not noticed on such physical verification.
(b) The Company has not been sanctioned working capital limits in excess of Rs. Five crores in aggregate from banks or financial institutions during any point of time of the year on the basis of security of current assets. Accordingly, the requirement to report on clause 3(ii)(b) of the Order is not applicable to the Company.
(iii) (a) During the year, the Company has provided loans to Companies and other parties as follows:
| Guarantees | Security | Loans | Advances in nature of loans | |
| Aggregate amount granted/ provided during the year: | ||||
| - Subsidiaries | 35 | |||
| - Others | 13,289 | |||
| Balance outstanding as at balance sheet date in respect of above cases: | ||||
| - Subsidiaries | 35 | |||
| - Others | 9,780 |
During the year, the Company has not provided loans, advances in the nature of loans, stood guarantee and provided security to Limited Liability Partnerships.
(b) During the year, the investments made, guarantees provided, security given and the terms and conditions of the grant of all loans and advances in the nature of loans, investments and guarantees to companies and other parties are not prejudicial to the Companys interest.
(c) The Company has granted loans during the year to companies and other parties where the schedule of repayment of principal and payment of interest has been stipulated and the repayment or receipts are regular.
(d) There are no amounts of loans and advances in the nature of loans granted to companies and other parties which are overdue for more than ninety days.
(e) The Company had granted loans to companies which had fallen due during the year and the Company had renewed those existing loans during the year. The aggregate amount of such dues renewed and the percentage of the aggregate to the total loans are as follows:
| Name of Parties (A) | Aggregate amount of loans or advances in the nature of loans granted during the year (B) | Aggregate dues settled by renewal or extension or by fresh loans granted to same parties (C) | Percentage of the aggregate to the total loans or advances in the nature of loans granted during the year (D=C/B) |
| BSH Home appliance manufacturing | 4,500 | 3,000 | 67% |
| Private Limited | |||
| Robert Bosch India Manufacturing & | 35 | 31 | 90% |
| Technology Private Limited | |||
| Name of Parties (A) | Aggregate amount of loans or advances in the nature of loans granted during the year (B) | Aggregate dues settled by renewal or extension or by fresh loans granted to same parties (C) | Percentage of the aggregate to the total loans or advances in the nature of loans granted during the year (D=C/B) |
| Bosch Mobility Platform and Solutions India Private Limited | 5 | 5 | 100% |
| Bosch Automotive Electronics India Private Limited | 8,000 | 7,000 | 88% |
| Bosch Rexroth (India) Private Limited | 750 | 750 | 100% |
(f) The Company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment to companies and other parties. Accordingly, the requirement to report on clause 3(iii)(f) of the Order is not applicable to the Company.
(iv) Loans, investments, guarantees and security in respect of which provisions of sections 185 and 186 of the Companies Act, 2013 are applicable have been complied with by the Company.
(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of Sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacture of goods and are of the opinion that prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
(vii) a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including goods and service
tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess and other statutory dues applicable to it. Accordingly, to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year end, for a period of more than six months from the date they become payable.
b) According to the records of the Company, the dues of goods and services tax, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax and cess on account of any dispute, are as follows:
| Name of the statute | Nature of the dues | Amount demanded ( in million) | Amount paid under protest ( in million) | Period to which the amount relates | Forum where the dispute is pending |
| Central Excise Act, 1944 | Excise Duty, interest and penalty | 33 | 2 | 1998-01,2005-12, 2013-17 | Customs, Excise and Service Tax Appellate Tribunal |
| 12 | 0 | 1992-94, 2009-11,2012-14, 2015-17 | Up to Commissioner level | ||
| Customs Act, 1962 | Customs duty and interest | 1 | 2009-10 | Supreme Court | |
| 1,180 | 124 | 2008-13, 2014-15, 2017-18, 2019-24 | Customs, Excise and Service Tax Appellate Tribunal | ||
| 5,277 | 46 | 2004-05, 2009-10, 201112, 2014-15, 2019-26 | Up to Commissioner level | ||
| Central Sales Tax Act, 1956 and VAT laws | Sales Tax, interest and penalty | 26 | 9 | 1996-97, 2002-03, 2005-11,2012-15, 2017-18 | Sales Tax Appellate Tribunal |
| 110 | 17 | 1997-99, 2000-01, 2002-05, 2007-12, 2013-18 | Up to Commissioner level | ||
| Goods and Services Tax Act, 2017 | Goods and service tax transitional credit | 2,905 | 108 | 2016-23 | Up to Commissioner level |
| Income Tax Act, 1961 | Income tax and interest | 1,087 | 1,050 | 1979-80, 2011-12, 2013-16, 2019-22 | Commissioner of Income Tax (Appeals) |
| 159 | 1983-84, 2022-23 | Up to Commissioner level |
(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.
(ix) a) The Company did not have any outstanding loans
or borrowings or interest thereon due to any lender during the year. Accordingly, the requirement to report on clause ix(a) of the Order is not applicable to the Company.
b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
c) The Company did not have any term loans outstanding during the year hence, the requirement to report on clause (ix)(c) of the Order is not applicable to the Company.
d) The Company did not raise any funds during the year hence, the requirement to report on clause (ix)(d) of the Order is not applicable to the Company.
e) On an overall examination of the standalone financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures.
f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries, joint ventures or associate companies. Hence, the requirement to report on clause (ix)(f) of the Order is not applicable to the Company.
(x) a) The Company has not raised any money during the
year by way of initial public offer / further public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.
b) The Company has not made any preferential allotment or private placement of shares / fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company.
(xi) a) No material fraud by the Company or no material fraud
on the Company has been noticed or reported during the year. However, we have been informed that certain employees of the Company had misappropriated funds amounting to 16 million as estimated by management in collusion with certain vendors during the year under audit and earlier years. Such amounts have been expensed off in the respective years. The Company is evaluating the options for recovery of the said amount from the concerned parties. Refer note 46 to the standalone financial statements.
b) During the year, no report under section (12) of section 143 of the Companies Act, 2013, has been filed by cost auditor/ secretarial auditor or by us in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014, with the Central Government.
c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining the nature, timing and extent of audit procedures.
(xii) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.
(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the standalone financial statements, as required by the applicable accounting standards.
(xiv) (a) The Company has an internal audit system
commensurate with the size and nature of its business.
(b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.
(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.
(xvi) a) The provisions of section 45-1A of the Reserve Bank
of India Act, 1934 are not applicable to the Company. Accordingly, the requirement to report on clause (xvi) (a) of the Order is not applicable to the Company.
b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause 3(xvi)(b) of the Order is not applicable to the Company.
c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi)(c) of the Order is not applicable to the Company.
d) There is no Core Investment Company as part of the Group. Hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.
(xvii) The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and accordingly the requirement to report on clause 3(xviii) of the Order is not applicable to the Company.
(xix) On the basis of the financial ratios disclosed in note 41 to the standalone financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. This matter has been disclosed in note 26(a) to the standalone financial statements.
(b) All amounts that are unspent under section (5) of section 135 of Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance of with provisions of sub section (6) of section 135 of the said Act. This matter has been disclosed in note 26(a) to the standalone financial statements.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka
Partner
Membership Number: 209567 UDIN: 26209567LMNLUF4510
Place of Signature: Bengaluru Date: May 20, 2026
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (THE ACT)
We have audited the internal financial controls over financial reporting of Bosch Limited (the Company) as of March 31,2026 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (the Act).
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the Companys internal financial controls with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these standalone financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to these standalone financial statements included obtaining an understanding of internal financial controls with reference to these standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to these standalone financial statements.
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESE STANDALONE FINANCIAL STATEMENTS
A companys internal financial control with reference to these standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the standalone financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to these standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the standalone financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THESE STANDALONE FINANCIAL STATEMENTS
Because of the inherent limitations of internal financial controls with reference to these standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to these standalone financial statements to future periods are subject to the risk that the internal financial control with reference to these standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls with reference to these financial statements and such internal financial controls with reference to these financial statements were operating effectively as at March 31, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.
For S.R. Batliboi & Associates LLP
Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka
Partner
Membership Number: 209567 UDIN: 26209567LMNLUF4510
Place of Signature: Bengaluru Date: May 20, 2026
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
