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Revenue
₹2,912 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
ABB India reported Q2 CY2025 revenue of INR 3,175 crore, up 12% YoY, driven by strong base order execution. However, EBITDA margin contracted due to a one-off provision of INR 39.5 crore in Electrification, higher import costs from QCO compliance, and adverse forex impact of INR 56 crore. Order backlog reached a record INR 10,064 crore, but total orders declined 9% YoY as large orders were absent. Management noted a cautious investment environment with delayed decision-making, though base orders grew 5%. Guidance remains qualitative: margins are expected to recover as QCO issues are resolved and mix improves. Key risk: sustained margin pressure from import dependency and competitive pricing in Motion.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects margins to improve as imported inventory is consumed and localized production ramps up, targeting a return to the 12-15% EBITDA margin band.
- Management sees a reasonable pipeline of medium-to-large projects in railways, metros, and process automation, expecting conversions in Q3 and Q4.
- Imported components will be used judiciously over the next 6 months, with full localization targeted by September 2026 for most products.
Risks flagged
- Higher import content due to QCO compliance and adverse forex movements (euro/CHF) compressed margins; impact may persist for 2-3 quarters.
- Management acknowledged Chinese manufacturers are participating in heavy industry projects with aggressive pricing, causing ABB to lose some orders.
- Customers are delaying investment decisions due to global uncertainty, leading to a sluggish large-order environment.
- Increased competition from new entrants (WEG, Nidec) and capacity expansions are pressuring pricing in motors and drives.
Key quotes
- We had a hard choice to make in terms of importing material to supply to the customers to meet the delivery requirements as well.
- We stay committed to the customers. There is a momentary impact in terms of using more of imported components to deliver to the customers.
- We do see participation from the Chinese manufacturers in the marketplace. Some of the corporates... are bringing them into the mix of buying as a possibility from Chinese players.
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