Margin recovery awaited; hinges on localization and operating leverage Bosch (BOS)'s 1QFY22 performance was driven by higher revenues and better gross margins. We expect growth in BOS to rebound faster on account of (a) the revival of the CV cycle, (b) the addition of the 2W segment, and (c) content increase. BOS' stock price largely reflects all the negatives, but there are no major re-rating catalysts on the anvil. We upgrade our FY22/FY23E EPS by 4%, accounting for better sales growth. Maintain Neutral, with TP of INR16,650....