ABB Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹3,311 Cr
verified against source
Revenue YoY
14%
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 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. Profit after tax declined 7% YoY, with margins pressured by unfavorable revenue mix, intensified competition, QCO-related import costs, and forex volatility. Management highlighted delayed investment decisions and sluggish capex formation, but noted green shoots in base orders and strong demand in renewables, data centers, and process industries. Guidance remains cautious: QCO headwinds may persist for 3-4 quarters, and margin recovery hinges on market normalization. Key risk: potential Chinese import surge could further pressure pricing and order conversion.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects QCO-related margin headwinds to continue for another 3-4 quarters as certification processes remain slow.
- Management aims to maintain double-digit revenue growth trajectory, supported by base orders and backlog execution.
- ABB India is actively pursuing bolt-on acquisitions to complement existing portfolio and enter new segments.
Risks flagged
- Mandatory BIS certification for locally manufactured products forces imports, increasing material costs and forex exposure.
- Easing India-China trade relations may lead to influx of cheaper Chinese goods, pressuring pricing and order conversion.
- Customers are deferring capex decisions, leading to sluggish large order inflows and potential revenue growth moderation.
- Shift toward lower-margin segments and intensified competition have compressed profitability, with no near-term recovery visibility.
Key quotes
- We are at the lower end of the percentage is what we want to operate in and we did were doing it at a pretty high levels of 15% dates that probably registered in the mind as a new normal for quite a few the markets but I think we are at the end of the day in engineering industry and so we have our cyclical impacts to be handled.
- So what used to be locally developed and which we are using at a cheaper cost which we now need to import. So the base cost itself increases number one. Number two is that you have a forex which is attached to this particular transaction.
- It is unclear what will be the impact of Chinese imports in the country. So I think all our customers who are in these process industry segment they will be also evaluating very closely how this will play out.
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