ABB
Large CapABB India Limited
Industrials
ABB India Limited focuses on electrification, motion, and automation solutions with a strong manufacturing footprint and 28 sales offices. It serves 23 market segments, exports to 30+ countries, and represents all ABB Group business divisions in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +6% YoY · PAT +276% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,184 Cr | +5.8% | -7.0% |
| EBITDA | ₹408 Cr | -27.1% | -22.6% |
| Operating margin | 13.0% | -600 bps | -200 bps |
| PAT | ₹1,784 Cr | +275.6% | +312.0% |
| PAT margin | 56.0% | +4025 bps | +4338 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q1 CY2026 saw robust 25% order growth, driven by data centers and railways, leading to a strong INR11,000 crore backlog. Revenue grew 6% but profitability was muted by West Asia crisis impacts, commodity price increases, and rupee depreciation.
Strong order intake and a growing backlog indicate resilient demand across core and emerging sectors, particularly data centers and railways. While Q1 profitability was impacted by external factors like geopolitical issues, commodity inflation, and currency depreciation, management views these as temporary. The company is expanding capacity to meet future demand.
Data Centers
Strong demand globally and in India, with 12-16% of current order book from data centers. Company is building capacity to meet demand.
Railways
Good order inflow from the rail segment, including rolling stocks and station development/innovation projects.
Renewables
Extremely promising, with great orders in Q1, especially for battery energy storage systems (BESS).
Building Infrastructure
Good numbers in commercial buildings and premium residential segments, though mid/lower-end residential is challenging.
Manufacturing & R&D Expansion
Announced $75 million investments to expand manufacturing and R&D in the country.
Data Center Capacity
Building up capacity to meet demand from hyperscalers, with delivery schedules for '26, '27, and '28 already in discussion.
New Product Localization
Dispatched first locally manufactured wind power converter from Nelamangala facility, opening new revenue streams.
Resilient Demand
Demand has become resilient with a good uptick across all segments, including core and emerging sectors.
Robust Order Pipeline
Customer interest and order pipeline formation are robust, giving good visibility for future revenue execution.
High-Quality Product Preference
Demand for high-quality products like ours is quite high, and customers appreciate it.
Geopolitical Issues
West Asia crisis 'stifled the offtake as well as the supplies' in Q1, impacting revenue and profitability.
Commodity Price Inflation
Metal prices (copper, silver, aluminum) increased, leading to higher material costs, especially in electrification and motion segments.
Currency Depreciation
Indian rupee depreciating sharply against European and U.S. dollar impacted profitability.
Competition Intensity
Increased competition from Japanese, Korean, and Chinese players in certain market segments, impacting margins by ~1%.
Geopolitical Instability
Ongoing West Asia issues could have temporary impacts, creating disturbances to business linearity.
Commodity & Forex Volatility
Commodity and rupee depreciation impacts are not in company's control and can offset volume-driven margin improvements.
Pricing Power Limitations
Market acceptance of price increases is saturated compared to previous periods, making it harder to pass on full cost increases.
Automation Decision Speed
Automation division sees a good opportunity pipeline but 'decision-making speed is slightly slower'.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly compares divisional performance YoY and discusses material cost changes relative to Q1 '25, indicating a focus on year-over-year trends for assessing business growth and cost impacts.
Order Inflow
25% order growth in Q1 CY2026, with base orders up 9%. Large orders came from data centers and railways.
Order Book
INR11,000 crores backlog, providing good visibility for coming quarters.
Revenue
INR3,184 crores, 6% revenue growth, but 'slightly subdued' due to West Asia crisis impacting offtake and supplies.
Profitability
Muted profit growth due to higher material costs (up 3-3.5% YoY), competition intensity, rupee depreciation, and revenue mix.
Market Resilience
Management believes the team knows to keep focus on customers and fulfilling demands to stay resilient despite uncertainties.
Risk Mitigation Efforts
Continuous efforts are on to mitigate risks from forex and material volatility, aiming to improve margins through volume and pricing.
Long-term Stability Needed
Requires a 'sustained period of stability' without variations every few quarters for good margin availability.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Backlog Conversion | INR11,000 crores backlog. | Increased velocity of revenue conversion from the strong order backlog. |
| Pricing Power | Two price increases taken, but market acceptance is 'saturated'. | Market's willingness to accept further price increases to offset input cost inflation. |
| Commodity & Forex Stability | Significant headwinds from commodity prices and rupee depreciation. | Stabilization or favorable movement in commodity prices and currency exchange rates. |
| Automation Order Conversion | Good opportunity pipeline but slow decision-making. | Acceleration in decision-making and conversion of automation pipeline into orders. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +24.2% / mo
Technical chart
ABBweekly · 3Y-1.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 57. Wait for confirmation.
- SMA20 rising (~19.5% over last month) — short-term momentum positive.
- RSI(14) at 57 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 49% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Fair-value margin of safety is negative at -9.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 94th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 94th pctile, median 68 · Large: 81st pctile, median 74
100 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸Debt/equity is 0.01.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 96.80
- P/B
- 18.81
- EV/EBITDA
- 73.66
- Market Cap
- 147525.00Cr
Profitability
- ROE
- 22.40%
- ROCE
- 29.90%
- ROA
- 21.83%
- Dividend Y
- 0.57%
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 97.37×
- Altman Z
- 8.41
- Book Value
- 370.00
Cash Flow
- FCF Yield
- 1.07%
- FCF Positive Y
- 2/5
- OCF
- 1220.00 Cr
- EPS TTM
- 140.50
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.