At a Glance:ABB India is up 6x in 5 years and has turned into a capex-fuelled market darling. With 39% ROCE, debt-free status, and ₹12,000 Cr sales, it looks perfect on paper. But a 67x P/E, declining DII interest, and slowing growth momentum raise the question: is the engine overheating?
1. 🌍 The Business: Switzerland Meets Sanand
- ABB India Ltd is the desi arm of global powerhouseABB Ltd(Switzerland), operating acrossElectrification, Motion, Process Automation, and Robotics & Discrete Automation
- Focus areas:
- Industrials: Factory automation, robotics
- Utilities: Smart grids, substations, T&D infra
- EV ecosystem: Fast chargers, power conversion
- Operates via four major business verticals, servicing everything from Tatas to BHEL to Godrej
- Think of it as the nervous system for India’s
- manufacturing and power push
2. 🚀 FY25 Recap: Top Line Up, Margins Zoom
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue (Cr) | ₹8,568 | ₹10,447 | ₹12,268 |
| Net Profit (Cr) | ₹1,016 | ₹1,242 | ₹1,887 |
| OPM (%) | 11% | 14% | 19% |
| ROCE (%) | 23% | 31% | 39% |
| EPS (Rs) | 47.96 | 58.61 | 89.06 |
- Insane profit growth: PAT up85% in 2 years
- Margins rose from 11% → 19% despite rising costs
- ROCE touching 39%: That’s not a company, that’s a Swiss watch
3. 📊 13-Quarter Snapshot: Steady Climb, Peak Profits
| Quarter | Sales | OPM % | Net Profit | EPS |
|---|---|---|---|---|
| Mar 2022 | ₹1,968 Cr | 10% | ₹373 Cr | ₹17.61 |
| Mar 2023 | ₹2,411 Cr | 12% | ₹245 Cr | ₹11.56 |
| Mar 2024 | ₹3,080 Cr | 18% | ₹459 Cr | ₹21.67 |
| Mar 2025 | ₹3,160 Cr | 18% | ₹475 Cr | ₹22.40 |
- Sales rising, margins expanding, profits compounding
- Last four quarters: profit consistent but growth plateauing
4. ✨ 5-Year Journey: A CAGR Dream
- Stock price CAGR:
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