ABB India Limited — Q2 FY25
ABB India reported Q2 CY2025 revenue of INR 3,175 crore, up 12% YoY, driven by strong base order execution.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
46%Questions answered4Evaded / deflected12Questions audited
Partial answer
High priority
How is second half of current year panning out? What will drive private sector investment?
Asked by Renu Baid, IIFL Capital
Management gave qualitative outlook but no specific growth rates or order conversion timelines.
no specific timelinequalitative onlyno numbers
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Question
How are you seeing the second half of the current year panning out? Is the momentum being sustained, slowing further, or improving? In your view, what will drive back the positive investment sentiments from the private sector, especially large projects?
Sanjeev Sharma, Managing Director and CEO
Our take is that... we do have a pipeline of orders which are yet to be converted... on a normalized basis, it's a good market, but not as strong as we have witnessed in the past couple of years... we do believe that the government capex has started picking up...
Partial answer
High priority
How long will QCO impact margins?
Asked by Renu Baid, IIFL Capital
Management described actions but did not quantify margin impact or give a clear timeline for resolution.
no end datequalitative only
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Question
Sridhar, in your view, the QCO impact, how elongated could that be in terms of readjusting for the domestic standards and getting the qualification done? Probably the lingering impact of that on our margin profile.
Sridhar Trivikram, CFO and CIRO
We have imported quite a bit of material to meet these compliance requirements... we expect that we will have to use these imported components to supply in order to gain time... In the next six months, we will have a mix...
Evasive
Medium priority
Are you taking price hikes to offset inflation?
Asked by Renu Baid, IIFL Capital
Management gave conflicting signals (market can absorb vs. not easily accepting) without confirming price hikes.
no direct answercontradictory statements
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Question
The pricing impact in terms of inflation as well as big demand, any price hikes that you are taking or the market itself adjusting?
Sridhar Trivikram, CFO and CIRO
Whatever inflation is there, the market definitely should be able to absorb it... the volatility of the products is something the market may not be so easily accepting... this challenge of balancing the volatility risk vis-à-vis the margins we have committed on is going to be definitely a work to be done.
Answered
High priority
Are you impacted by US or India tariffs?
Asked by Mohit Kumar, ICICI Securities
Management clearly stated low exposure to US tariffs and high domestic focus.
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Question
Are you any way impacted by the tariffs announced by the U.S. or India, either on the revenue side or the cost side?
Sanjeev Sharma, Managing Director and CEO
90% of our business is domestic... we are not exporting a very high volume into the U.S. at the moment... That is not a very high mix of our overall orders and revenues at this point of time.
Partial answer
Medium priority
Explain the nature of hit in electrification and risks of further surge.
Asked by Mohit Kumar, ICICI Securities
Management described the issue but did not quantify the hit or assess future risk of similar issues.
no quantificationno risk assessment
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Question
Can you please explain the nature of hit you have taken on the electrification side? Why? Are there any risks of further surge? How are you mitigating it?
Sanjeev Sharma, Managing Director and CEO
It is a kind of a typical project topic wherein we have been executing a project wherein certain corrections had to be done into the installed equipment... We have already corrected those... anomalies that we detected.
Partial answer
High priority
Impact of tariffs on exports and competition in motors business.
Asked by Bhavin Vithlani, SBI Funds Management
Management gave qualitative assurance on tariffs but no specifics on competition impact or market share.
no quantificationgeneric on competition
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Question
What could be the impact on the exports given the tariff that we have seen and many products that ABB is the feeder factory for the global side? The second is, on the motors business, we have seen a significant increase in the competition...
Sanjeev Sharma, Managing Director and CEO
As far as the tariff is concerned... only a very minor part goes into the U.S. specifically... We don't see significant impact on us at this point of time. When it comes to competition... we deal with it and we know how it plays out.
Evasive
High priority
Can you recoup large orders in H2? Is 5-7% order growth likely?
Asked by Amit Mahawar, UBS
Management avoided giving any growth percentage and deflected to qualitative pipeline commentary.
no guidanceno numbersreframed to qualitative
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Question
Last year you had a very strong base of large orders also. In the second half, can you recoup? ... Is it safe to say this is going to be a 5% or maybe 5-7% growth year for orders?
Sanjeev Sharma, Managing Director and CEO
On the expansion side, I think we still have some play out in the market... We do see some good play there because the expansion by railways, metro... our base orders remain pretty strong... We are hoping to convert them in the third and fourth quarter of this year for us.
Answered
High priority
Are you seeing increased competition from Chinese imports?
Asked by Atul Tiwari, JPMorgan
Management confirmed Chinese competition is present and gave specific segment (process automation).
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Question
Whether you are seeing increased competition from Chinese imports in any of the product segments that you are presenting?
Sanjeev Sharma, Managing Director and CEO
We do see participation from the Chinese manufacturers in the marketplace... Chinese players' participation with the products which are manufactured in China and imported directly by the corporate has come into the mix now.
Answered
Medium priority
Are Chinese prices unrealistic? Do you compete?
Asked by Atul Tiwari, JPMorgan
Management clearly stated they do not compete on unrealistic pricing and explained their strategy.
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Question
All of us know about heavy industrial overcapacity in China and the prices, which are obviously totally unrealistic. Is the same situation here that the prices are way off the mark?
Sanjeev Sharma, Managing Director and CEO
I think the buyer is taking benefit of that sentiment... That's not the price level we'll participate just to keep the order and the revenue books going... If the decision is purely based on price and which is way out of fundamental expectation, I think we don't participate.
Evasive
High priority
Is this the bottom quarter for margins? Can we return to 12-15% from Q3?
Asked by Sameer Thakur, AMBIT Capital
Management refused to confirm bottom or timeline, only reiterated the 12-15% band as a target.
no guidanceno commitmentqualitative only
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Question
On the high import content... Is it safe to assume that this is the bottom quarter and we can maybe get back to that 20% - 15% pack margin in the quarter from Q3?
Sridhar Trivikram, CFO and CIRO
Sameer, we don't give any guidance... We will continue to have a judicious mix... The earlier sort of a band which we had given with 12% - 15% is something which we need to work out to be there.
Partial answer
High priority
Has the prospects pipeline reduced or just delayed? When will recovery happen?
Asked by Parikshit Kandpal, HDFC Securities
Management gave segment-wise views but no clear timeline for recovery across the board.
no specific quartermixed signals
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Question
My question is on the prospects pipeline... has it reduced or is it just timing delays? ... when do you think the recovery will happen in which quarter?
Sanjeev Sharma, Managing Director and CEO
Balaji: I would say that it's just picking up. There's been a general sort of a delay in decision-making. Sanjeev Arora: I don't see it reducing. Ganesh: base inquiries are still strong... some of the longer inquiries... is getting delayed. Subrata: It's a little bit of a time gap.
Evasive
High priority
Can you maintain lower end of 12-15% margin band?
Asked by Parikshit Kandpal, HDFC Securities
Management declined to confirm whether lower end is achievable, citing ongoing QCO issues.
no guidanceno commitmentqualitative only
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Question
On the margins earlier, you've been guiding about 12 %- 15%. Now, how do we pivot now, just given that H1 is over? Do you think now we will be able to maintain the lower end of the margins?
Sridhar Trivikram, CFO and CIRO
I also wish this was the lower end of the margins... Are we out of the QCO? The answer to that is no... To give you a bit of a qualitative direction, the quantitative direction is not possible, and we don't do it.