ABB · Capital Goods
ABB India Ltd. reported revenue of ₹3,184 cr for January to March 2026, +5.8% on the year and −7.0% on the quarter. Over the last four quarters revenue comes to ₹12,858 cr, +6.1% on the four before.
Operating profit (EBITDA) was ₹408 cr, a margin of 12.8%, −579 bps on the year and −258 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 12.8% to 19.5%). Operating costs grew +13.3%, faster than revenue at +5.8%, so operating profit grew less than sales.
Net profit was ₹1,784 cr, +275.6% on the year and +312.0% on the quarter, with earnings per share of ₹84.17. Profit before other income, one-offs and tax fell 30.3%, so 306 points of the headline growth came from outside the core business. The tax rate was 6% against an average of 25% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹2,978 cr, +57.9% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹140.50 over the last four quarters, the stock at ₹6,831.00 trades at 48.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,769 cr | ₹2,757 cr | ₹3,080 cr | ₹2,831 cr | ₹2,912 cr | ₹3,365 cr | ₹3,010 cr | ₹2,940 cr | ₹3,311 cr | ₹3,423 cr | ₹3,184 cr | ₹3,559 cr |
| YoY | — | — | — | +13% | +5% | +22% | −2% | +4% | +14% | +2% | +6% | +21% |
| EBITDA margin | 15.9% | 15.1% | 18.3% | 19.1% | 18.5% | 19.5% | 18.6% | 13.6% | 15.1% | 15.4% | 12.8% | 12.6% |
| Other income, % of PBT | 16% | 16% | 14% | 15% | 16% | 12% | 17% | 23% | 15% | 16% | 81% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 24% | 26% | 25% | 26% | 25% | 25% | 25% | 25% | 24% | 6% | 26% |
| Net profit | ₹363 cr | ₹339 cr | ₹459 cr | ₹443 cr | ₹440 cr | ₹528 cr | ₹475 cr | ₹352 cr | ₹409 cr | ₹433 cr | ₹1,784 cr | ₹362 cr |
| YoY | — | — | — | +50% | +21% | +56% | +3% | −21% | −7% | −18% | +276% | +3% |
| Core profit YoY | — | — | — | +59% | +24% | +65% | −2% | −29% | −9% | −22% | −30% | +12% |
| EPS | ₹17.12 | ₹15.98 | ₹21.67 | ₹20.93 | ₹20.79 | ₹24.94 | ₹22.40 | ₹16.60 | ₹19.30 | ₹20.43 | ₹84.17 | ₹17.10 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | 1 | 4 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
ABB India Ltd. reported revenue of ₹3,184 cr (+5.8% on the year) and net profit of ₹1,784 cr (+275.6% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −30.3% on the year, against +275.6% for reported profit.
4 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.