Bosch Home Comfort India Limited (formerly Johnson Controls-Hitachi Air Conditioning India Limited) has announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The air conditioning manufacturer reported widened losses despite revenue growth, with operational challenges impacting profitability during the seasonally important quarter.

Financial Performance Overview

The company's financial performance for Q3 FY26 showed mixed results with revenue growth offset by increased losses:

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, the company's performance deteriorated significantly compared to the previous year:

Exceptional Items Impact

The company's results were significantly affected by exceptional items totaling ₹211.6 million for the nine-month period. Key components included:

• Labour Code Compliance: ₹168.9 million impact due to the implementation of four new Labour Codes notified by the Government of India on November 21, 2025
• Severance Payments: ₹89.7 million paid to employees under realignment and voluntary retirement schemes
• Insurance Settlement Gain: Net gain from warehouse fire incident settlement and scrap sales
• Retention Bonus: ₹65.0 million one-time expense following the global acquisition by Robert Bosch GmbH

Segment-wise Performance

The company operates through two main business segments:

Cooling Products Segment

Design and Development Services

Corporate Developments

During the reporting period, the company underwent significant corporate changes. Robert Bosch GmbH completed the acquisition of the Residential & Light Commercial HVAC business globally, including Indian operations. The company was renamed from Johnson Controls-Hitachi Air Conditioning India Limited to Bosch Home Comfort India Limited, with shareholder approval on October 18, 2025, and regulatory approval effective November 4, 2025.

Following the open offer completion on November 26, 2025, Bosch Group's shareholding increased to 82.22%, resulting in public shareholding falling below the minimum 25% requirement. The company must restore minimum public shareholding within 12 months as per SEBI regulations.

Operational Highlights

The company's balance sheet showed total assets of ₹15,568.5 million as of December 31, 2025, compared to ₹16,676.1 million in the previous year. The paid-up equity share capital remained stable at ₹271.9 million with a face value of ₹10 per share.

The air conditioning business, being seasonal in nature, typically generates major demand during the first and last quarters of each financial year, making Q3 performance particularly significant for annual results assessment.

Johnson Controls Hitachi AC (formerly Johnson Controls-Hitachi Air Conditioning India Limited) has seen a significant stake acquisition by Bosch Global Software Technologies Private Limited, a part of the Bosch group, through a recently concluded open offer. This move further solidifies the Bosch group's position within the company.

Key Highlights of the Acquisition

• Shares Acquired: 21,66,628 equity shares
• Stake Percentage: 7.97% of Johnson Controls Hitachi AC
• Acquisition Method: Open offer
• Offer Conclusion Date: November 26

Bosch Group's Enhanced Position

The acquisition marks a strategic move by the Bosch group to strengthen its control over Johnson Controls Hitachi AC. Prior to this transaction, Robert Bosch GmbH already held indirect control of 74.25% of the company. With the additional 7.97% stake acquired through the open offer, the Bosch group's collective holding in the target company now stands at 82.22%.

Open Offer Details

The open offer, which was part of a larger transaction, was conducted in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The tendering period for the open offer opened on November 13 and closed on November 26.

Implications for Johnson Controls Hitachi AC

This increased stake by the Bosch group could potentially lead to tighter integration of Johnson Controls Hitachi AC within the larger Bosch ecosystem. Shareholders and market observers may be keen to see how this enhanced control might influence the company's strategic direction, operational synergies, and overall performance in the future.

As Johnson Controls Hitachi AC continues to operate in the air conditioning market, the strengthened backing from its parent group may provide additional resources and technological support to drive innovation and market expansion.

Investors and stakeholders will be watching closely for any forthcoming announcements regarding potential changes in management structure or business strategies that may result from this significant shift in ownership.