1. At a Glance – The ₹1.26 Lakh Crore Engineering Maharaja
₹5,987 per share. Market cap ₹1,26,870 Cr. Stock P/E 76.0. ROCE 29.9%. ROE 22.4%. Dividend yield 0.74%. Debt-to-equity 0.01.
And the latest quarterly result (Dec 2025):
Revenue ₹3,557 Cr (+5.71% YoY), PAT ₹433 Cr (–18.4% YoY), EPS ₹20.43.
So let me get this straight — the company made ₹1,668 Cr PAT in CY2025, is practically debt-free, has CRISIL AAA rating, ₹4,000 Cr cash sitting around… and the market still says, “Beta, 76 times earnings dena padega.”
Is this engineering excellence? Or valuation intoxication?
Let’s open the switchboard and check the wiring.
2. Introduction – The Swiss Parent, The Indian Cash Machine
ABB India is the desi child of global automation giant ABB Ltd. The parent holds 75%. That means when ABB India walks into a tender, it doesn’t go alone — it carries Swiss R&D, global tech, and a reputation built across 100+ countries.
The business operates across four segments:
- Electrification
- Motion
- Process Automation
- Robotics & Discrete Automation
Electrification contributes 43% in Q1 CY25. Motion 34%. Process Automation 18%. Robotics 5%.
Revenue mix tells another story:
- 74% Products
- 14% Projects
- 12% Services
90% domestic revenue. So this is not some export-dependent fairy tale. It’s deeply plugged into India’s infra and industrial capex cycle.
And then comes the order book: ₹9,958 Cr as of Q1 CY25. Orders worth ₹3,751 Cr received in the quarter.
This is not a sleepy PSU. This is a hyper-active capital goods machine.
But here’s the uncomfortable question:
When growth slows even slightly, does a 76x multiple blink?
3. Business Model – WTF Do They Even Do?
Imagine India’s entire industrial system as a giant body.
Who supplies the nerves and muscles? ABB.
They make:
- Motors & drives
- Switchgear
- Automation systems
- Robotics
- SCADA systems
- EV infrastructure
- Solar inverters
- Digital control systems
If a refinery runs without shutting down while modernising a 935 km pipeline (as they did for BPCL), ABB’s tech is probably inside.
If Mumbai Metro orders propulsion systems for 40 six-car trainsets, ABB shows up.
If a steel plant wants digital
