ABB India Limited — Q4 FY25
ABB India reported a strong Q4 CY2025 with orders surging 52% YoY, driven by a 27% base order growth and large project wins in data centers, transport, and automation.
bullish
high
✓ 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.
67%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Ordering momentum and margin outlook for next 12-15 months.
Asked by Renu Baid Tugalia, IIFL Capital
Management gave qualitative optimism but no specific margin or order growth numbers.
no specific margin guidancedeferred to future quarters
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Question
how should we look at the ordering for momentum heading towards the next calendar year? ... how should we look at the margin environment for the next 12-15 months?
Sanjeev Sharma (Managing Director) and T.K. Sridhar (CFO)
demand outlook ... definitely looks positive ... it is never a good idea to declare a victory ... we shall continue to watch ... I think a trajectory in at the back level, we're talking of between 12%-15% still feels good
Partial answer
Medium priority
Impact of IE2 to IE3 motor efficiency standards.
Asked by Renu Baid Tugalia, IIFL Capital
Management discussed benefits but did not quantify revenue or margin impact.
no quantitative impact givendownplayed significance
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Question
Do you think there'll be a positive tail impact from rating change for motors from IE2 to IE3 standards towards the second half of the year?
Sanjeev Arora (President) and Sanjeev Sharma (Managing Director)
it is high time that we mature towards IE3 and IE4 efficiency levels ... more than 50% of our own production has already moved to IE3 and IE4 ... we are a INR 13,000 crore company, out of which motors is one portion
Declined
Medium priority
Proportion of COGS imported from EU and weighted average tariffs.
Asked by Atul Tiwari, JPMorgan
Management gave import percentage but refused to disclose tariff details.
declined to share tariff data
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Question
what proportion of your cost of goods is imported from EU as of now, and what is the weighted average tariffs that you pay on that?
T.K. Sridhar (CFO)
we are 10% on exports in terms of revenues, we are almost 20% on imports ... I think this is something which is quite sensitive information to disclose at this point.
Answered
High priority
QCO rollback status and impact.
Asked by Atul Tiwari, JPMorgan
Management clearly clarified no rollback, only timeline extension.
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Question
based on the news flows, we gather that government has kind of rolled back most of the QCO orders, or is that a wrong impression?
T.K. Sridhar (CFO) and Kiran Dutt (President of Electrification Business)
There is nothing called a rollback of a QCO. ... it's actually the timelines which have been enhanced for testing ... the government has given some more time, due to the availability of labs
Answered
High priority
Breakup of revenue by market segments and contribution from core industries.
Asked by Umesh Raut, Nomura India
Management provided specific percentage breakdown of revenue by segment.
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Question
within these three segments, if you can help us with the contribution from emerging industries and infrastructure and transport ... core industries contributing about 52% to total volumes
T.K. Sridhar (CFO) and Sanjeev Sharma (Managing Director)
90% of our revenues come from all these 23 market segments. Out of this 90%, I think 52% ... is from the core sectors. The balance, 25%, 23% is between emerging sectors and the auto segment.
Partial answer
High priority
Order prospects for data centers compared to earlier in CY2025.
Asked by Mohit Kumar, ICICI Securities
Management gave qualitative optimism but no specific order pipeline figures.
no quantitative pipeline numbers
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Question
can you help us understand the order prospects for the data centers? Are you seeing larger prospects compared to lesser than at the beginning of CY 2025?
Ganesh Kothawade (President and Division Leader of Electrification Distribution Solutions) and Kiran Dutt (President of Electrification Business)
we really see a very strong current which is coming from the data center ... we are very optimistic and see a very, very strong demand and inquiry pipeline
Partial answer
High priority
Pace of ordering in 2026 for base and large orders.
Asked by Amit Mahawar, UBS Securities
Management gave qualitative positive outlook but no quantitative forecast.
no specific growth rate or order value guidance
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Question
Do you think 2026 is a year of very significant shift in the ordering run rate ... any comment on both base and large orders with some colors.
G. Balaji (SVP of Energy Industries in Process Automation)
2026, I would say that the momentum is there. There are definitely movements. ... we see some very good opportunities in power generation ... a good pipeline of opportunities
Answered
High priority
Data center exposure in sales and backlog and pricing trends.
Asked by Sameer Thakur, Ambit Capital
Management gave specific backlog percentage and clear pricing commentary.
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Question
What is the data center exposure in sales and backlog? Have you seen any acceleration in interactions in data center market? ... what's happening in the price for different divisions?
Sanjeev Sharma (Managing Director)
in the backlog, which we have of INR 10,404, so I think roughly 10%-11% would be data center orders ... on the pricing side ... we don't see as such, any critical pressures at this point in time.
Answered
High priority
Clarify if 12%-15% refers to margin or growth, and sustainable margin after QCO.
Asked by Subhadip Mitra, Nuvama
Management clarified PAT margin corridor and revenue growth target.
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Question
I believe you mentioned 12%-15% as the sustainable growth number. I'm not sure whether you mentioned that as the sustainable margin or the sustainable top-line growth number.
T.K. Sridhar (CFO) and Sanjeev Sharma (Managing Director)
When I talked about 12%-15%, I told about the PAT margin. ... that's something which should be the corridor in which we should move. ... our target is always to have double-digit growth on the revenues as well.
Answered
Medium priority
Whether process automation lost market share due to delayed decision-making.
Asked by Harshit Patel, Equirus Securities
Management directly stated performance was in line with segment development.
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Question
Do you think we would have lost some market share in the two to three years, or we have performed in line with the CapEx environment in this industry?
Sanjeev Sharma (Managing Director)
We have performed in line with how the segment is developing. ... we are very selective what kind of projects we do. ... it's a cyclic area.
Answered
Medium priority
Competitive intensity from Chinese and European competitors.
Asked by Mohit Pandey, Citigroup
Management gave clear view on competitive landscape without evasion.
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Question
just wanted to get more color on competitive intensity in the market. Last two quarters, you have indicated Chinese competition as well ... some of your European competitors are setting up incremental capacities in India.
Sanjeev Sharma (Managing Director)
competitive intensity ... is largely domestic of the established players. ... we haven't seen any direct impact yet ... we know how to respond to such competitors.
Evasive
Medium priority
Data center portfolio: parent's global solutions and India's share.
Asked by Parikshit Kandpal, HDFC Securities
Management did not quantify India's share or provide product launch timeline.
no specific percentage or timeline given
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Question
what percentage of that will be servicing from India? ... when do we expect that kind of product to come into India?
Sanjeev Sharma (Managing Director)
whenever any customer demands as per their design criteria, any of ABB technology is seamlessly available. ... It basically depends upon how the demand is forming.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| PBT margin for 2025 closed at 16.9% | 16.9% | 19% | Understated vs filing |
| PBT margin last year was 20.5% | 20.5% | 19% | Overstated vs filing |
| Revenue growth at 8% currently | 8% | 8% | Matches filing |
| PAT margin corridor 12%-15% | 13.5% | 19% | Understated vs filing |
| Company revenue INR 13,000 crore | ₹13,000 cr | ₹3,010 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.