ABB India Margin Trend — Quarter by Quarter

ABB India's EBITDA margin moved from 19.0% in Q2 FY24 to 19.0% in Q2 FY25 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q2 FY25	19.0%	—
Q4 FY25	19.0%	—
Q2 FY24	19.0%	—

What management said about ebitda margin

Q1 FY26 · Volume growth to offset cost pressures

Management expects higher revenue volume from the strong order backlog to mitigate the impact of forex and commodity volatility on margins.

Q1 FY26 · Price increases to manage inflation

Two price increases have been implemented to pass on commodity cost inflation, though there is a lag before full impact.

Q3 FY25 · QCO impact to persist 3-4 quarters

Management expects the QCO certification bottleneck to last another 3-4 quarters, during which higher import costs will continue to pressure margins.

Q2 FY25 · Margin recovery expected as QCO issues resolve

Management expects margins to improve as imported inventory is consumed and localized production ramps up, targeting a return to the 12-15% EBITDA margin band.

Q4 FY25 · PAT margin corridor of 12-15%

Management expects PAT margin to remain in the 12-15% range, factoring in QCO-related material costs for the next two quarters.

Q4 FY24 · PAT margin corridor of 12%-15%

Management expects PAT margins to settle in the 12%-15% range as pricing normalizes and market conditions stabilize.

Q2 FY24 · Margin tailwinds from commodity stability to thin

CFO indicated that benefits from stable/falling commodity costs between order booking and execution will reduce going forward.

Q1 FY24 · Sustain 12%+ profitability

Management aims to maintain PBIT margin at or above 12% for FY2024, with efforts to improve further.