ABB India’s Q3 call felt like that gym guy who still lifts heavy—but complains about joint pain. Orders are growing, revenue is moving, cash is overflowing, yet margins are sulking in the corner like they didn’t get invited to the afterparty.
While India Inc debates geopolitics, tariffs, and certification nightmares, ABB calmly reminds everyone it still sits on ₹4,500+ crore cash and nearly ₹9,900 crore backlog. Not bad for a “cyclical” business having an “off quarter.”
Management insists this is just a phase—post-COVID sugar rush fading, QCO-induced indigestion kicking in, and customers suddenly discovering the joy of delayed decision-making.
But beneath the polite corporate optimism lies a more interesting story: base orders quietly humming, premium products rolling out, and a portfolio so diversified it practically hedges itself.
Stick around. The numbers talk louder than the optimism—and they’re far more entertaining.
2. At a Glance
Revenue up 14% – Backlog did the heavy lifting while new orders took a coffee break.
Base orders up 13% – Small-ticket customers clearly didn’t get the slowdown memo.
Overall orders down 3% – Large orders ghosted this quarter, again.
PBT margin at 16.4% – Down from last year; QCO and forex sent the bill.
Cash ~₹4,500 Cr – CFO casually mentions this like it’s spare change.
Order backlog ₹9,895 Cr – Visibility secured, anxiety postponed.
3. Management’s Key Commentary
“Base orders grew 13% across all businesses.” (Translation: The engine is fine; the turbo just didn’t kick in 😏)
“Profitability is down year-on-year due to mix, forex, and QCO.” (Translation: Everything except incompetence is responsible.)
