ABB India Limited — Q2 FY26
ABB India reported 14% YoY revenue growth in Q3 FY2025-26, driven by a 13% base order growth across divisions, though total orders fell 3% due to absence of large contracts.
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.
25%Questions answered6Evaded / deflected10Questions auditedConsistentNumbers vs filing
Partial answer
High priority
Why are margins at lower end of 12-15% band and is this the new normal?
Asked by Sumit Kishor, Access Capital
Acknowledged lower end but gave no specific timeline or quantitative outlook for margin recovery.
no specific margin guidanceattributed to cyclical factorsdeferred QCO resolution
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Question
Your profit margins for the quarter are closer to the lower end of the wide band of 12 to 15% that you wish to operate in... can this be the new normal for profitability in coming quarters after the record highs?
Sanjay (CFO)
we are at the lower end of the percentage is what we want to operate in... we are at the end of the day in engineering industry and so we have our cyclical impacts to be handled... QCO should be addressed in another three to four quarters
Evasive
High priority
Will base order levels persist before a breakout from capex cycle?
Asked by Sumit Kishor, Access Capital
Did not answer whether base orders will persist; gave generic cyclical commentary.
no timeline givenvague on durationno quantitative forecast
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Question
is it right for us to interpret that... this level of base orders absolute terms... likely to persist for some time before we see a breakout because of a more diversified capex cycle playing out?
SJ (CEO)
this is a cycle which comes as a correction after a strong growth whether it takes one quarter two quarter... this is going to come back the growth is going to come back
Evasive
High priority
Expect pick-up in investment cycle and large orders? Can ABB manage double-digit growth in CY26?
Asked by Reub, Capital
Did not answer whether double-digit growth is possible; gave qualitative market color.
no growth guidancedeferred to market conditionsno commitment on double-digit
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Question
do you expect pick up in the investment cycle or broad base pick up in large order finalizations... would you think it would be possible for ABB to manage double digit growth in CY 26?
Kiran (EL/MO head) and Sanjiv (Sharma)
the markets will be a bit dynamic price pressures will be there but the good part is that demand will also be sustained... we feel that the market would be at similar levels as what we see at this point of time the next one or two quarters
Evasive
Medium priority
When will Nvidia partnership products be available in India and impact on data center market?
Asked by Reub, Capital
Did not answer availability or impact; claimed lack of knowledge.
no details givendeferred to parentno timeline
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Question
the engagement with Nvidia for solid state cooling solution... in your view can the solutions be available to ABB in India when the products are prepared and ready?
Sanjie (CEO)
at this point of time I don't have the complete details of this particular deal... if there is no geographical restrictions of application of those technologies all technologies ABB develops they are naturally available to our customers here in India
Answered
High priority
What is the nature of QCO order leading to higher imports and how long will impact continue?
Asked by Atul Tari, JB Morgan
Clearly explained QCO and gave a timeline of 3-4 quarters for resolution.
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Question
could you elaborate a little more on what exactly is the nature of this QCO order... which is leading to higher imports and how long this impact will continue before you adjust to the QCO fully.
Sanjay (CFO)
what is QCO... the government... has made it mandatory... all the products have to go through testing and certification... it takes lot of time... how long will it continue? which could continue as what I said to another three to four quarters
Partial answer
High priority
How will Indian shareholders be compensated for robotics arm sale to SoftBank?
Asked by Lavina Cordros, Jefferies
Explained process but gave no specifics on valuation or compensation for shareholders.
no valuation detailssubject to board approvalno timeline
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Question
on the robotics arm given the parent has sold it at a valuation... how the Indian shareholders is going to get compensated for it... will the arm be separated out or will the valuation be in line?
Sanjie (CEO)
these assets will be evaluated by the board independent directors included and we will follow the due process of evaluating it... separation of this asset will be done into a new company but subject for ABB India limited board approvals
Evasive
Medium priority
Is pipeline for process industries converting to orders or is there demand/market share issue?
Asked by Samir Takul, Ambit Capital
Did not address conversion rate or market share; spoke generally about OPEX and greenfield.
no direct answer on conversionno market share commentvague on demand
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Question
you said that the pipeline for energy industries and process industries is still there... is this just a problem of conversion to orders or is there an underlying issue with the demand or any loss of market share there?
Sanjiv (Sharma)
our typical drum beat 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... when it comes to the major expansion the green field expansions... it is not widespread
Evasive
High priority
Can ABB achieve 10-12% revenue growth in CY26 given order mix?
Asked by Amit Mahavar, UBS
Did not confirm or deny 10-12% growth; gave qualitative comments on segments.
no specific growth guidanceno commitment on 10-12%deferred to cycle
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Question
do you think in cy 26 we can touch a 10 12% revenue growth given that mobility orders will take some time... a collective assessment Sanjie which will help us.
Sanjie (CEO)
in the made to order made to store and ETO I think the business is quite robust... we will see an uptick of revenue growth with that as we go forward... PA goes through the cycle
Declined
Medium priority
Can you quantify large orders expected over next 3-4 quarters?
Asked by Rahul Kajar, Makpuri Capital
Explicitly declined to provide any quantification of future large orders.
refused to give projectionpolicy not to guide
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Question
in the last four quarters we've got only 400 crores of large orders... if you could highlight discussion with clients and quantify the kind of large orders that we are looking at over the next maybe three to four quarters.
Sanjay (CFO)
normally we don't give those particular future projections as such... we cannot give a direct sort of an projection or a number to this particular question
Partial answer
Medium priority
How actively is ABB thinking about inorganic portfolio expansion?
Asked by Adita Monia, Kotch Institution Equities
Confirmed active M&A focus but gave no specifics on deals or timing.
no specific targetsno timelinevague on pipeline
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Question
from an inorganic perspective, how actively are you thinking about your portfolio at this point of time?
Sanjie (CEO)
ABB is looking for large ticket inorganic options around the world... we also have the similar focus in India for India in an organic approach... we do have a list and it takes two to tango
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Base orders up 13% year on year | 13% | 14% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.