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livemint.com / 2 months ago
livemint.com / 2 months ago
Can the strong order inflow lift ABB’s earnings?
ABB India Ltd’s shares have risen over 7% in the past four trading sessions, led by better order inflow prospects and early signs of demand improvement.In the December quarter (Q4CY25) earnings call, the management said that demand is rebuilding after a slack in early 2025, supported by traction in emerging industries such as data centres and electronics, favourable macro environment led by the government’s capital expenditure, and a gradual pick up in private-sector investments. This bodes well for 2026.
The company follows a January-to-December fiscal year.“We expect large orders in Q1CY26 given wins in railway propulsion orders, and this can lead to 16-17% year-on-year order inflow growth (adjusted for robotics and automation) for 2026,” noted a JM Financial Institutional Securities report. However, the near-term impact on revenue could be lower as the large orders have slower execution timelines (sometimes 3-4 years), the report added.
Data centres, an important sub-segment, are growing rapidly, now contributing 10-11% to the total order book.Overall, Q4CY25 order inflow jumped 52% on-year to ₹4,100 crore even as ABB’s financial performance was disappointing. Inflow got a boost with over ₹700 crore of large orders, which are usually lumpy.
However, base orders are still in the ₹3,000-3,500 crore quarterly range, despite growing 27% on-year. Q4 inflow contrasts with an about 4% decline in the first nine months of 2025, taking the full-year figure to over ₹14,000 crore.Meanwhile, Q4 Ebitda declined 17% on-year to ₹546 crore despite 6% revenue growth to ₹3,557 crore.
Adjusted for labour code impact, Ebitda decline was lower at 7%. Earnings were impacted by higher import content to meet quality control orders (QCOs),
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