ABB India Limited — Q1 FY26
ABB India reported a mixed Q2 CY2025 with revenue of ₹3,317.5 crore (+12% YoY), driven by strong execution and a record order backlog of ₹10,764 crore.
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.
54%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Impact of West Asia crisis on customer sentiment and order momentum.
Asked by Renu Baid Pugalia, IIFL Capital
Did not directly confirm or deny impact on customer sentiment; cited order growth as proxy.
no direct yes/noreframed to order growth
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Question
Do you see the customer sentiments getting materially impacted on decision-making and closure, beyond the process automation to even the core business segments?
Kiran Dutt, President of Electrification India
You have looked at our order growth, right? That itself very clearly reflects the way we are in the position now. On Electrification side, we are driven by the... That shows the kind of robustness in terms of investment in India.
Evasive
High priority
Will this year see high double-digit order growth and better profitability?
Asked by Amit Mahawar, UBS
Did not answer order growth or profitability outlook; spoke about pricing and volume levers.
no guidance givendeflected to pricing
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Question
Do you think this is gonna be a year where we will have a lot of lumpy orders... more importantly, can you specify if this is gonna be a strong, high double digits growth year for orders?
T. K. Sridhar, CFO
I think we need to work more on how the market develops in terms of accepting more price increases to the market. That which is more a color which I could give, at this point of time, Amit.
Answered
High priority
Can base business grow 15% this year?
Asked by Amit Mahawar, UBS
Provided specific base business growth figure (9%) and acknowledged timing uncertainty.
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Question
Do you think this is a year where your base business can grow in top line by 15%... any comment on base business?
T. K. Sridhar, CFO
I think, Amit, base business we grew only at 9%, not the 15% what you see, right? That means we definitely see the channel partners... It's not that market is bad, but I think it's more about the timing of it.
Declined
Medium priority
Quantify price increases taken to mitigate commodity inflation.
Asked by Parikshit Kandpal, HDFC Securities
Acknowledged price increases but refused to provide percentage.
refused to quantify
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Question
What kind of inflationary pricing actions we have taken across businesses to mitigate the impact... can quantify the price increase?
Kiran Dutt, President of Electrification India
We have already gone for 2 price increases... That's something which is very sensitive for us to divulge.
Declined
Medium priority
Data center TAM and per MW content for ABB.
Asked by Parikshit Kandpal, HDFC Securities
Acknowledged knowing the figure but declined to disclose.
refused to share per MW figure
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Question
What is our per megawatt opportunity there? On substation side, what are we exactly going to do?
T. K. Sridhar, CFO
Yes, we do know what is the factored scope for per megawatt, but this is something we don't publicly talk about. Yes, it's a substantial scope.
Answered
High priority
Percentage of order book from data centers.
Asked by Parikshit Kandpal, HDFC Securities
Provided a specific percentage range.
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Question
What is the percentage of data center order out of total order book?
T. K. Sridhar, CFO
Data center orders would be roughly around about 12%-13%.
Answered
High priority
Incremental weakness in short-cycle orders in April-May vs March.
Asked by Atul Tiwari, J.P. Morgan
Clearly stated no incremental weakness; demand robust.
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Question
In the month of April and May, have you noticed any incremental weakness over the month of March for your short cycle orders?
T. K. Sridhar, CFO
Starting last quarter of last year and so what we are experiencing, we are really experiencing robust demand at the moment. Quite frankly, it is not adding to our concerns directly what's happening in the West Asia.
Answered
Medium priority
Do long-cycle orders have escalation clauses for commodity inflation?
Asked by Mohit Kumar, ICICI Securities
Confirmed existence of escalation clauses.
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Question
Do you have escalation clauses in long cycle orders like Metro Rail, which you signed in this quarter?
T. K. Sridhar, CFO
Yes, we do have price escalation clauses in our contracts.
Partial answer
Medium priority
Color on competition intensity and segments affected.
Asked by Puneet Gulati, HSBC
Acknowledged competition but did not specify which segments or quantify impact.
no specific segments named
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Question
You talked about one percent impact from competition intensity. Can you give some more color on what are you seeing in the market and in what segments?
T. K. Sridhar, CFO
I would say, yes, you're right. There is a competition intensity as the size of the market grows. You have participation coming from Japanese, Koreans, Chinese... It's on the certain market segments wherein it is more prevalent.
Evasive
High priority
When can margins return to 18-19% or 16-17%?
Asked by Rahul Gajare, Macquarie Capital
Did not provide any timeline or specific margin target; referenced past 12%.
no timeline givendeflected to current challenges
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Question
When do you think we can see ABB going back to 18%, 19%? Or if that is a 2-step process, when do we see the company going back to 16%, 17% margin?
T. K. Sridhar, CFO
I think we need to deal with the problems one at a time... I think all efforts are on. We also aspire to be in the so-called ones we had reached 15%... At 12 is what we ended up last year.
Answered
High priority
Will margins recover as QCO impact tapers off?
Asked by Subhadip Mitra, Nuvama
Affirmed margin recovery expectation.
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Question
With the price hike that's already been taken and hopefully with the QCO impact going away, can we see some recovery in margins going ahead?
T. K. Sridhar, CFO
Yes, I think your answer is yes, and that's why we come every morning to office to make sure that happens.
Partial answer
Medium priority
Is annual data center ordering at 2 GW level?
Asked by Subhadip Mitra, Nuvama
Confirmed pipeline buildup but did not quantify current ordering level.
no specific MW figure given
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Question
Are you seeing the annual ordering now in that 2 gigawatt range? Because our understanding was that the current bidding pipeline is probably somewhere between 500 MW-700 MW.
T. K. Sridhar, CFO
We do see it in the project pipeline. That buildup is there, yes.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Base business grew only 9% | 9% | 12% | Understated vs filing |
| Last year margin ended at 12% | 12% | 13% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.