ABB India Ltd — Q4 FY26
ABB India reported Q1 CY26 revenue of ₹3,184 crore, up 6% YoY, missing internal targets due to last-minute West Asia crisis disruptions and supply chain issues.
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.
38%Questions answered6Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Impact of private sector investment revival on customer sentiment and order closure.
Asked by Renu Puggalia, Capital
Answer was cut off by technical glitch; no substantive response given.
technical glitch disrupted answerdid not address core question
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Question
do you see the customer sentiments um getting materially impacted on uh decision making and closure uh beyond the process automation to even the core business segment
Kiran (management)
what we are looking at is a quite a robust scenario in terms of investment in Hello.
Partial answer
High priority
Whether ordering momentum has been derailed by inflation or West Asia crisis.
Asked by Renu Puggalia, Capital
Management referenced order growth but did not directly answer whether momentum was impacted.
no direct confirmation or denialpointed to order growth without specifics
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Question
while you have seen execution headwinds because of the West Nature crisis, the ordering momentum or process has not seen any derailment or postponement from customers because of the ongoing inflationary trends or the West Nature crisis. Is that right or there is some impact?
Kiran (management)
You have looked at our order growth, right? So that itself very clearly reflects the way we are in the position now on electricity side we so that shows the kind of robustness in terms of India
Deflected
High priority
Will this year have lumpy orders and high double-digit order growth?
Asked by Amit Mahawar, UBS
Management deflected to parent profitability and did not answer the order growth question.
did not address order growth questiontalked about parent profitability instead
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Question
do you think this is going to be a year where um you know we will have a lot of lumpy orders um you know which is basically going to be part of the intake and uh more importantly uh uh and you can specify if this is going to be a strong uh you know high double growth year for orders.
Kiran (management)
There's no limited knowledge of how the parents are profitable. uh if you understand they have the balancing power of uh forex gain in countries which are exporting right to economies which have a weaker depreion currency
Partial answer
High priority
Can base business grow 15% top line this year?
Asked by Amit Mahawar, UBS
Management mentioned 9% but did not clearly confirm or deny 15% growth; answer was ambiguous.
gave a number (9%) but not clear if it's growth ratevague about timing
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Question
do you think this is a year where your base business can grow uh in in top line by 15% and large order I can already see last two quarters are very very strong
Kiran (management)
So I think based business we do 9% not the 15% of what we see right so that means we definitely see the channel partners I don't spoken to I think what we see is that there is an market velocity which is there
Declined
Medium priority
Quantify price hikes taken to mitigate inflation.
Asked by Parikhit Kandapal, HDFC securities
Management explicitly declined to provide the percentage increase.
refused to quantifycalled it sensitive
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Question
Can you point out how much the percentage increase?
Kiran (management)
So that's something which is very uh uh you know very sensitive for for us to diverse. I don't think it's an app uh answer which you could say please.
Declined
Medium priority
Data center per megawatt opportunity and substation content.
Asked by Parikhit Kandapal, HDFC securities
Management declined to provide the per megawatt opportunity figure.
refused to share per megawatt figurecalled it not publicly disclosed
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Question
on the substation side on the data center what is total content and why station of course is not total content of AB on data per megawatt per me if the capex is 80 90 crores or 50 to 50 to 100 crores what will be per megawatt opportunity there
Ganesh (management)
we do know what is a factored uh you know scope per megawatt but this is something we don't publicly talk about uh but yes uh it's a substantial scope
Answered
High priority
Percentage of order book from data centers.
Asked by Parikhit Kandapal, HDFC securities
Management provided a specific range (12-16%) for data center order book percentage.
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Question
What's the percentage of order book current order book in data center that data if you can share the total order book what is the percentage of data center orders
Ganesh (management)
data center orders about 12 to 13 percentage okay sure sir thank you thank you it's not a fixed percentage it does vary uh in a band based on when the order gets booked and what the size of the size of the orders and the and the book so it can vary between 12 to 12 to 12 to 12 to 16% of water.
Answered
High priority
Incremental weakness in short cycle orders in April-May vs March.
Asked by Atul Tari, JP Morgan
Management clearly stated robust demand and no incremental weakness from West Asia crisis.
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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 because of the customer sentiment around war and fuel prices etc.
Kiran (management)
we are really experiencing robust demand at the moment. uh quite frankly it is uh it is not adding to our concerns uh directly what's happening in the west Asia at the moment
Answered
Medium priority
Do long-cycle orders have escalation clauses for commodity inflation?
Asked by Mohit Kumar, ICSA securities
Management confirmed existence of escalation clauses, though noted they may have ceilings.
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Question
do we have escalation clauses in long cycle orders like metro rail which is signed in this quarter?
Kiran (management)
there are escalation classes there are price variation classes and all um contracts which we do uh on a long-term basis but we should understand these price escalation classes come may also come with a ceiling
Evasive
Medium priority
Impact of competition intensity on market share.
Asked by Punit, HSBC
Management did not provide specific color on competition intensity or the 1% impact mentioned earlier.
did not address the 1% impactgave generic statement about many businesses
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Question
in the beginning of the conversation you talked about 1% impact from competition intensity. Can you give some more color on what are you seeing in the market and in what segments?
Kiran (management)
We have 16 distinct businesses and if you pick up each and every business they have a very different profile of competitors. So if I collage it for the whole company it become a very large uh kind of a country.
Evasive
High priority
When can margins return to 18-19% or 16-17%?
Asked by Rahul Gazare, Mcquaryy Capital
Management avoided giving a timeline for margin recovery and deflected to current 12% level.
did not give timelinementioned 12% as current range instead of answering about 18-19%
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Question
when do you think we can see AB going back to uh you know 18 19% or if that is a two-step process when do we see uh you know the company going back to 16 17% uh margin
Kiran (management)
we also aspired to be um in the so-called once we have reached 15 percentage and uh we have been we said that we will be there 12 at 12 is what we ended up last year. So that it's um that is actually uh and good you know range to be in as what we see with the current challenges
Partial answer
High priority
Will margins recover as QCO impact tapers off?
Asked by Subit Metra, Noama
Management said 'yes' but did not provide any specifics on margin recovery magnitude or timing.
no specific timeline or quantificationvague affirmation
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Question
with a price hike that's already been taken and hopefully with the QCO impact going away probably over the next two months. Uh can we see some recovery in margins going on?
Kiran (management)
So yes, I think your answer is yes and that's why we come every every morning uh to office to make sure that that happens
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Base business growth is 9% not 15% | 9% | 6% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.