Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Equity Bottom-Up

<ul>
<li>ABB India closed CY2025 with its highest-ever annual orders of INR 14,115Crs and revenue of INR 13,203Crs, both up 8% YoY, while full-year PAT came in at INR 1,669Crs.</li>
<li>A historic order backlog of INR 10,471Crs provides solid revenue visibility into 2026, but EBITDA margins compressed sharply mid-year due to forex volatility and rising input costs.</li>
<li>Margin recovery in Q1–Q2 CY2026 is the key variable to watch.</li>
</ul>


ABB India closed CY2025 with its highest-ever annual orders of INR 14,115Crs and revenue of INR 13,203Crs, both up 8% YoY, while full-year PAT came in at INR 1,669Crs.
A historic order backlog of INR 10,471Crs provides solid revenue visibility into 2026, but EBITDA margins compressed sharply mid-year due to forex volatility and rising input costs.
Margin recovery in Q1–Q2 CY2026 is the key variable to watch.


ABB India: Record Orderbook but Margin Squeezed

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ABB India Ltd (ABB) reported a stable quarter with revenue/EBITDA/APAT beat/(miss) of +4.0/5%/in line respectively</li><li>ABB’s Q4CY25 order inflow (OI) stood at INR 40.9bn (+52%/+19.5%YoY/QoQ) and the backlog (OB) stood at INR 104.7bn as of Dec’25 (0.77x CY25 revenue)</li><li>ABB plans to expand across 23 segments with a strategic focus on renewables, electronics, data centers, and grid modernization, positioning itself to benefit from an anticipated resurgence in private capex in 2026 supported by favorable policies and trade agreements such as the India-EFTA deal</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABB India Ltd (ABB) reported a stable quarter with revenue/EBITDA/APAT beat/(miss) of +4.0/5%/in line respectivelyABB’s Q4CY25 order inflow (OI) stood at INR 40.9bn (+52%/+19.5%YoY/QoQ) and the backlog (OB) stood at INR 104.7bn as of Dec’25 (0.77x CY25 revenue)ABB plans to expand across 23 segments with a strategic focus on renewables, electronics, data centers, and grid modernization, positioning itself to benefit from an anticipated resurgence in private capex in 2026 supported by favorable policies and trade agreements such as the India-EFTA dealContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ABB India - Orders Surge; Margins Squeeze

Thematic (Sector/Industry)

<ul><li>NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target</li><li>This resulted in players like GR and KNR winning few projects but not enough to meet guidance</li><li>For our road coverage universe, awards win has been around 50% of the guidance</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km targetThis resulted in players like GR and KNR winning few projects but not enough to meet guidanceFor our road coverage universe, awards win has been around 50% of the guidanceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

<ul>
<li>India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.</li>
<li>India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.</li>
<li>With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.</li>
</ul>


India's PFBR at Kalpakkam achieved first criticality on April 6, 2026, marking the formal entry into Stage 2 of its three-stage nuclear programme.
India becomes only the second country after Russia to operate a commercial-scale fast breeder reactor, unlocking a pathway to its 508,000-tonne thorium reserve.
With the SHANTI Act, a Rs 20,000 crore SMR mission, and 100 GW nuclear ambitions by 2047, this milestone triggers a multi-decade capital deployment cycle.


India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

India

ABB India Limited is a leading technology company specializing in electrification, motion, process automation, and robotics. It provides industrial systems and solutions that optimize power, enhance industrial productivity, and enable a more sustainable future across factories, utilities, rail, and infrastructure. The company was incorporated in 1949 and is headquartered in Bengaluru, Karnataka, India.

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ABB India (ABB IN)

ABB India: Record Orderbook but Margin Squeezed

ABB India ended 2025 with record orders and revenue, but faces margin challenges due to forex and input costs. Margin recovery in 2026 is crucial.

Nimish Maheshwari

HSIE Results Daily: ABB India

ABB’s Q4CY25 order inflow (OI) stood at INR 40.9bn (+52%/+19.5%YoY/QoQ) and the backlog (OB) stood at INR 104.7bn as of Dec’25 (0.77x CY25 revenue)

HDFC Securities

ABB India - Orders Surge; Margins Squeeze

ABB’s Q4CY25 order inflow (OI) stood at INR 40.9bn (+52%/+19.5%YoY/QoQ) and the backlog (OB) stood at INR 104.7bn as of Dec’25 (0.77x CY25 revenue)

HDFC Securities

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target

HDFC Securities

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ABB India: Record Orderbook but Margin Squeezed

​ABB India ended 2025 with record orders and revenue, but faces margin challenges due to forex and input costs. Margin recovery in 2026 is crucial.

Nimish Maheshwari

HSIE Results Daily: ABB India

ABB’s Q4CY25 order inflow (OI) stood at INR 40.9bn (+52%/+19.5%YoY/QoQ) and the backlog (OB) stood at INR 104.7bn as of Dec’25 (0.77x CY25 revenue)

HDFC Securities

ABB India - Orders Surge; Margins Squeeze

ABB’s Q4CY25 order inflow (OI) stood at INR 40.9bn (+52%/+19.5%YoY/QoQ) and the backlog (OB) stood at INR 104.7bn as of Dec’25 (0.77x CY25 revenue)

HDFC Securities

Industrials (Q4FY26 Results Preview): Domestic recovery, geopolitical headwinds

NHAI awarding picks up pace, but subpar: In FY26, we saw some pick-up in awards but much lower than expectation at ~2,100km vs 4,500km target

HDFC Securities

India's Nuclear Sector: PFBR Achieved Criticality in Stage-2

​India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...

Nimish Maheshwari

ABB India ended 2025 with record orders and revenue, but faces margin challenges due to forex and input costs. Margin recovery in 2026 is crucial.

India's PFBR achieves first criticality, marking entry into Stage 2 of nuclear programme, unlocking pathway to thorium reserve and triggering...