ABB India Ltd — Q3 FY26
ABB India reported a strong Q4 CY2025 with orders surging 52% YoY to ₹14,115 crore, driven by delayed large project conversions and robust base order growth of 27%.
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.
59%Questions answered3Evaded / deflected11Questions auditedMixedNumbers vs filing
Partial answer
High priority
Order momentum and margin outlook for next 12-15 months.
Asked by Reu Begalia, IIFL Capital
Management gave qualitative optimism but no numeric margin or order growth guidance.
no specific margin guidancequalitative only on orders
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Question
how should we look at the order info momentum heading towards the next calendar year... how should we look at the margin environment for the next 12 15 months
Sanjiv (CFO) and SA (likely CEO)
demand outlook definitely looks positive... as far as margins, I think the profitability... we closed at 16.9%... trajectory at the pack level we're talking of between 12 to 15 percentage still feels good
Declined
Medium priority
Proportion of COGS imported from EU and weighted average tariffs.
Asked by Atul Tari, JP Morgan
Management gave import proportion but refused to disclose tariff details.
declined to disclose tariffonly gave import proportion
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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?
SA (likely CEO)
most of our imports are from EU... if we are 10% on exports... we are almost 20% on imports... weighted average tariff... sensitive information to disclose at this point.
Answered
High priority
Whether QCO impact continued this quarter or rolled back.
Asked by Atul Tari, JP Morgan
Management clearly explained QCO is not rolled back, only timelines extended.
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Question
QCO impact has it continued in this quarter because based on the news flows we gather that government has kind of rolled back most of the QCO orders
Kiran (likely business head)
there is nothing called roll back of a QC... it's actually the timelines which have been enhanced for testing... QCO for sure is going to be implemented.
Answered
Medium priority
Contribution of emerging industries, infrastructure, and core to volumes.
Asked by Omesh Ra, Namura, India
Management provided specific percentage breakdown of segment contributions.
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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
Sanjiv (CFO)
52%age is from the core sectors and the balance 25 20 23 percentage is between emerging sectors and the automated emerging sector.
Partial answer
High priority
Order prospects for data centers compared to early CY25.
Asked by Mohit Kumar, ICICI Securities
Management gave qualitative optimism but no numbers on pipeline size or growth.
no quantitative pipeline sizequalitative only
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Question
can you help us understand the order prospect for the data centers are you seeing larger prospects compared to let's say at the beginning of CI25
Ganesh Kotav (ELDS leader) and Kiran
we see a very strong which is coming from the data center... hypers skills... big Indian houses... very optimistic and three a very very strong demand and the inquiry pipeline
Partial answer
High priority
Whether 2026 will see significant shift in ordering run rate for base and large orders.
Asked by Amit Mahavar, UBS Securities
Management gave qualitative positive outlook but no quantitative shift or growth rate.
no specific growth ratequalitative only
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Question
Do you think 26 is a year of very significant shift in the ordering run rate? The last we saw was 3 four years ago. So any comments on both base and large orders with some color.
Balaji (process automation head)
2026 I would say that the momentum is there... we have a good pipeline of opportunities in power generation... refining... green field opportunities... overall I would say a positive outlook
Answered
High priority
Data center exposure in sales and backlog, and acceleration in interactions.
Asked by Samir Takur, Ambit Capital
Management provided specific percentage of backlog from data centers.
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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?
Sanjiv (CFO)
in the backlog which we have of 10,441 I think roughly 10 11 percentage would be data center
Answered
High priority
Clarify if 12-15% referred to margin or growth, and sustainable margin after QCO impact.
Asked by Shubad Metra, Noama
Management clarified that 12-15% refers to margin corridor.
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Question
I believe you mentioned 12 to 15% as the sustainable growth number. I'm not sure whether you mentioned that as a sustainable margin or the sustainable topline growth number
SA (likely CEO)
when I talked about 12 to 15 percentage I told about the path margin... that's something which should be the corridor in which we should move
Evasive
Medium priority
Whether process automation lost market share due to delayed decision making.
Asked by Harshett Patel, Equirus Securities
Management did not directly address market share loss, instead cited selectivity and cycles.
no direct answer on market shareattributed to cyclicality
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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
Sanjiv (CFO)
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, especially Chinese competition and European capacity expansion.
Asked by Mohit Pande, group (likely JM Financial)
Management directly addressed 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
Sanjiv (CFO)
competitive intensity at this point of time is largely domestic of the established players... we haven't seen any any direct impact yet from Chinese... European competitors already present
Evasive
Medium priority
Percentage of global data center portfolio serviced from India and new product introduction timeline.
Asked by Parikhit Kpal, HTSC securities
Management avoided giving specific percentage or timeline, instead said technology flows seamlessly.
no percentage givenno timeline for new products
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Question
what percentage of that we'll be servicing from India... when do we expect that kind of product to come into India
Ganesh Kotav (ELDS leader)
whenever any customer demands as per their design criteria any of ABB technology is seamlessly available... it automatically and seamlessly flows to us
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| PBT margin for 2025 closed at 16.9% excluding labor code impact | 16.9% | 15% | Overstated vs filing |
| PBT margin last year was 20.5% | 20.5% | 15% | Overstated vs filing |
| Revenue growth at ALSB 8% at this point of time | 8% | 8% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.