Johnson Controls-Hitachi Air Conditioning India Ltd Q1 FY27 Results

Bosch Home Comfort India (formerly Johnson Controls-Hitachi Air Conditioning) reported standalone revenue from operations of ₹1,095.5 Cr for Q1 FY27 (quarter ended June 30, 2026), up 28.5% YoY from ₹852.6 Cr and up 13.5% QoQ from ₹965.3 Cr — both Q1 and Q4 are the company's own-declared seasonal peak quarters, with AC demand concentrated in the first and last quarters of its fiscal year. Standalone PAT was ₹22.8 Cr, up 49.4% YoY from ₹15.2 Cr but down 44.2% QoQ from ₹40.9 Cr. The YoY jump is partly a base effect: Q1 FY26 carried a ₹3.3 Cr one-off severance charge that Q1 FY27 does not, so on an adjusted basis (stripping that charge from the year-ago quarter) PAT grew a more modest ~23% YoY, broadly tracking revenue growth — that adjusted figure, not the reported +49%, is the cleaner read of underlying momentum.

The QoQ decline sits mostly on the cost-of-goods line rather than volumes. Cost of materials consumed was ₹580.3 Cr this quarter versus ₹584.3 Cr in Q4 FY26 (broadly flat), but the inventory-change line swung from a ₹55.5 Cr credit in Q4 FY26 to a ₹54.4 Cr charge in Q1 FY27 — a ~₹109.9 Cr adverse swing that is the single largest driver of the sequential profit drop. Q4 FY26 also carried a ₹2.8 Cr exceptional credit (reversal of an excess labour-code provision) that flattered that quarter's PBT, while Q1 FY27 has zero exceptional items — so the QoQ comparison sits against an inflated prior base on top of the inventory swing. Net profit margin was 2.08% versus 1.78% a year ago (modest YoY expansion) but versus 4.23% in Q4 FY26 (sharp QoQ compression).

The stock went into the print at ₹1,620, up 20.9% over the past month of trading.

For context: revenue is at a 6-quarter high.

Cooling products segment EBIT (before exceptional items) ₹30.2 Cr and Design & development services EBIT ₹3.5 Cr; combined segment PBT ₹31.7 Cr

EPS (basic/diluted, not annualized) ₹8.3 vs ₹5.6 a year ago and ₹15.0 in Q4 FY26

We found no analyst consensus estimates or a Q1 FY27 preview for this stock (thin street coverage for this small/mid-cap), so vsStreet is unknown; management has issued no formal guidance on record either, so beat/meet/miss framing does not apply. The quarter's other notable development was a stake sale: Bosch Global Software Technologies offloaded 7.70% of the company via OFS in June 2026 to meet minimum public shareholding norms, cutting promoter holding from 82.22% to 74.52% — a compliance-driven float event with no P&L impact. The company also re-appointed its statutory auditor (S R B C & CO LLP) and secretarial auditor, routine board business alongside the results; no press release or management commentary beyond the board-outcome letter accompanies this filing. Heading into Q2 FY27, a seasonally weaker quarter by the company's own disclosure, the read-through is whether the ~23% adjusted PAT growth pace holds without the seasonal tailwind, and whether the exceptional-item pattern seen in five of the last six quarters (severance, fire-related insurance settlement, labour-code impact, retention bonus) stays absent as it did this quarter.