India Industrial & Infrastructure: UBS Expert call: Industrial motors - medium-term trends positive for MNCs

研报英文原文证据摘录

India Industrial & Infrastructure: UBS Expert call: Industrial motors - medium-term trends positive for MNCs

Global Research

26 June 2026ab

India Industrial & Infrastructure Equities

IndiaUBS Expert call: Industrial motors - medium-term

trends positive for MNCs Industrial

Amit Mahawar

Analyst

amit.mahawar@ubs.com

UBS hosted an industrial motor dealer to understand recent trends +91-22-6155 6030

We hosted a prominent dealer from West India with over 30 years of experience Akshay Gattani

partnering with major brands, such as ABB and Innomotics. We discussed demand, the Analyst

energy efficiency transition, the market outlook, pricing trends, the competitive akshay-kumar.gattani@ubs.com

landscape, and recent trends relevant to companies like CG Power and ABB . +91-22-6155 6044

Harshita Surana

Pricing-led recovery amid volatile cost environment; uptick in inquiry pipeline Associate Analyst

The expert noted that the industrial motors industry has witnessed a recovery in demand harshita.surana@ubs.com

since January, with inquiry pipelines strengthening in both the domestic and export +91-22-6155 6066

markets. However, the nature of this growth remains largely price-driven rather than

volume-led, although most of the dealers that missed their CY25 targets are currently on

track to meet current-year targets. Motor prices have risen by a sharp 30–35% since late

2025, driven by significant inflation in copper, aluminium and castings, as well as

currency depreciation. This has led to a highly volatile pricing environment, with OEMs,

such as ABB and Siemens/Innomotics, making multiple list price revisions and adjusting

discounts frequently. Annual rate contracts have been completely scrapped this year,

forcing every order to be renegotiated, increasing operational complexity.