ABB India Limited — Q3 FY25
ABB India reported a 14% YoY revenue growth in Q3 CY2025, driven by 13% base order growth across electrification and motion segments.
neutral
medium
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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.
54%Questions answered3Evaded / deflected12Questions audited
Evasive
High priority
Are margin pressures from material costs and market dynamics the new normal?
Asked by Sumit Kishore, Axis Capital
Management said it was already answered and gave no new specifics on margin outlook.
refused to repeatno new specifics
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Question
Qualitatively, if you could elaborate, you know, whether margin pressures around material cost, the market dynamics, post-COVID correction are all factored in, or we still have some room to go, can this be the new normal for profitability in coming quarters after the record highs that we saw in the last calendar year?
T.K. Sridhar, CFO
So I think that's already answered. So I don't want to repeat it again because that's the thing. So now question is, and as rightly, even in the last calls which we had said, so we are at the lower end of the percentages what we want to operate in.
Partial answer
High priority
Will base orders persist at current levels given deferred decisions?
Asked by Sumit Kishore, Axis Capital
Gave qualitative color but no specific timeline or persistence forecast.
no quantitative guidance
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Question
Is it right for us to sort of interpret that, given the decision-making is a bit deferred in the backdrop of the macro environment, geopolitical tensions? Is this level of base orders, absolute terms, likely to persist for some time before we see a breakout?
Sanjeev Sharma, Country Managing Director and CEO
At this point of time, for last few quarters, now there is tentativeness in the market in terms of CapEx formation as well as expansion projects. They are good. They're at a good level, but they are not in a very strong expansionary mode.
Partial answer
High priority
Will tariff settlement and green shoots lead to broad-based large order revival?
Asked by Renu Baid, IIFL Securities
Discussed sector trends but did not directly address large order revival or tariff impact.
no direct answer on large orders
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Question
Given that the team has mentioned that they're seeing some green shoots in base orders, and if tariff settlement is near, do you expect pickup in the investment cycle or broad-based pickup in large order finalizations?
Kiran Dutt, President of Electrification
When I look at the way renewable sector is behaving, what we see is a good expansion in terms of the renewable market, specifically when it comes to renewable. I'm also looking at something known as Battery Energy Storage Systems, which we call it as BESS.
Declined
Medium priority
When will NVIDIA solid-state cooling products be available in India and TAM impact?
Asked by Renu Baid, IIFL Securities
CEO stated he had no details on the deal, effectively declining to answer.
no details available
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Question
In your view, by when you think the product for this market would be available and ready? In case if that product is available in India for ABB, to what extent it can increase the TAM for us in the DC market?
Sanjeev Sharma, Country Managing Director and CEO
At this point of time, I don't have the complete details of this particular deal. I know as much as you know in terms of intent of ABB Express with NVIDIA.
Answered
High priority
What is the nature of QCO leading to higher imports and how long will it last?
Asked by Atul Tiwari, JPMorgan
Provided a clear explanation of QCO and a specific timeline of 3-4 quarters.
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Question
Could you elaborate a little more on, you know, what exactly is the nature of this QCO order, you know, which is leading to higher imports and how long this impact will continue before you adjust to the QCO fully?
T.K. Sridhar, CFO
It could continue as what I said to another, three to four quarters is what I mentioned.
Answered
Medium priority
Is the industry representing to government that QCO is causing opposite effect?
Asked by Atul Tiwari, JPMorgan
Confirmed that industry is representing to authorities.
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Question
So as an industry, are you guys not representing the government that it is serving the opposite purpose of whatever was intended?
T.K. Sridhar, CFO
So you think that we will not do it, Atul? So we have done it through a lot of other associations everywhere. Every industry is making sure that it is complying, it is representing itself to the right authorities to do it.
Answered
High priority
How will Indian shareholders be compensated for Robotics sale? Will it be listed?
Asked by Lavina Quadros, Jefferies
Explained the process for separation and valuation of India assets.
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Question
On the Robotics arm, given the parent has sold it at a valuation, earlier there was a thought that maybe the Robotics arm gets listed separately. I mean, how is, how are the Indian shareholders going to get compensated for it?
Sanjeev Sharma, Country Managing Director and CEO
As for India assets are concerned, these assets will be evaluated by the board, independent directors included. We will follow the due process of evaluating it. After the valuations are done, like we have done in the past, and the local board is satisfied, based on that valuation, separation of this asset will be done into a new company.
Partial answer
Medium priority
Is the pipeline for process industries not converting to orders due to demand or market share loss?
Asked by Sameer Thakur, Ambit Capital
Discussed robustness of OpEx but did not address conversion issues or market share loss.
no direct answer on conversion or market share
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Question
You said that the pipeline for Energy Industries and process industries, that is still there. And, is this just a problem of converging to orders? And, are you seeing that pipeline is increasing or, is there an underlying issue with the demand or the loss of market share there?
Sanjeev Sharma, Country Managing Director and CEO
Our typical drumbeat and our rhythm is around OpEx as well as the expansion in the normal course of the business, and that we see is quite robust at this point of time. And that continues to be robust because these are substantial industries.
Answered
Medium priority
Will QCO-related imports continue until certifications are obtained?
Asked by Sameer Thakur, Ambit Capital
Confirmed that imports will continue if certifications are delayed.
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Question
Just I also wanted to check if I understand clearly that imports, the QCO-related imports, that will keep on going. Is that the right way to think of?
T.K. Sridhar, CFO
In case if we see that there is a delay, we have no other option but to make sure that we have to import more for the future requirements.
Partial answer
High priority
Can ABB achieve 10-12% revenue growth in CY26 given order book composition?
Asked by Amit Mahawar, UBS
Gave qualitative optimism but did not commit to a specific growth number.
no specific growth guidance
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Question
Do you think in CY 2026 we can touch 10-12% revenue growth, given that mobility orders will take some time, given that energy is not a large basket for us, and the discrete portfolio for us is growing more in just short of teens or less than that?
Sanjeev Sharma, Country Managing Director and CEO
I think if you net that out, I think rest of the book-to-bill orders as well as in the EL and MO will continue to push the revenues upwards.
Declined
High priority
Can you quantify large orders expected over next 3-4 quarters?
Asked by Rahul Kachari, Nagpuri Capital
Explicitly refused to provide quantitative projections.
no projections given
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Question
If you could highlight, you know, discussion with clients and, you know, if it is further possible to quantify, you know, the kind of large orders that we are looking at over the next maybe three to four quarters.
T.K. Sridhar, CFO
So normally we don't give those particular future projections as such, right? So we just only give a color on how the markets are.
Partial answer
Medium priority
How actively is ABB thinking about inorganic portfolio additions?
Asked by Aditya Mongia, Kotak Institutional Equities
Confirmed active pursuit but gave no specifics on targets or timing.
no specific details on pipeline
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Question
From an inorganic perspective, how actively are you thinking about your portfolio at this point of time?
Sanjeev Sharma, Country Managing Director and CEO
We do have a pipeline. We will let you know soon we succeed either globally or locally with these opportunities we see in the marketplace.