ABB India (ABB IN) (Reduce) - Weak results as EBITDA plunged 27% y-y (Erratum)

研报英文原文证据摘录

ABB India (ABB IN) (Reduce) - Weak results as EBITDA plunged 27% y-y (Erratum)

Global Markets Research

ABB India ABB.NS ABB IN 11 May 2026

EQUITY: ELECTRICAL EQUIPMENT

Weak results as EBITDA plunged 27% y-y (Erratum) Rating Remains Reduce

Target priceCut EPS by 2-6% due to weak margin outlook; estimate Reduced from INR INR 5,890EPS CAGR at 10% over CY25-28F; maintain Reduce 5,958

ABB India (ABB) reported 1QCY26 results by disclosing the Robotics business as discontinued Closing price INR 7,013 8 May 2026operations (as a part of slump sale with a net pre-tax gain of INR16.6bn), hence reported numbers

are not comparable with Nomura and consensus estimates.

Implied upside -16.0%

Order inflow grew 25% y-y, lower than implied growth indicated by its parent results

When ABB Global (ABBN SW, Not rated) declared its 1QCY26 results on 22 April 2026, it reported Market Cap (USD mn) 15,727.4

India business order inflow growth at 26% y-y. Adjusting for deviation and factoring in currency ADT (USD mn) 33.6

movement, ABB’s implied 1QCY26 order inflow (OI) growth was 30% y-y. However, ABB’s OI grew

25% y-y to INR42.8bn. Its base order inflow grew 9%/10% y-y/q-q as the intensity of private capex Relative performance chart

remained selective. Large order inflows were at INR7.6bn vs INR2bn/INR3.2bn in 1QCY25/

4QCY25 led by major contracts, such as: 1) INR3.6bn for low-tension panels, packaging and e-

house including UPS and auxiliary power equipment for data centers, and 2) INR4bn for propulsion

system and power distribution equipment for metro rail network. Excluding these large orders, we

think: 1) Electrification (EL) orders increased 16%y-y, primarily driven by pricing actions and

demand from the building segment, 2) Motion (MO) orders declined 10% y-y, 3) Automation (AM)