Reduce ABB India; target of Rs 5600: Emkay Global Financial

Emkay Global Financial recommended reduce rating on ABB India with a target price of Rs 5600 in its research report dated February 23, 2026.

Broker Research

February 24, 2026 / 11:48 IST

reduce

Emkay Global Financial' research report on ABB India

While adjusted EBITDA declined by 406bps YoY, it was ahead of our estimates by 50bps, at 15.5%. Overall order inflow grew 52% YoY to Rs41bn, on the back of 27% YoY growth in the base order and inflow of large orders during the quarter. The management indicated green shoots in core industries and expects order inflow to pick up going ahead. Also, it believes base orders will see sustained growth, bolstered by ABB’s diversified end-market exposure and increasing penetration into tier 3/4 markets. We raise CY26-27E revenue/earnings by 5%/2% on average, factoring in the order-inflow and backlog (+12% YoY).

Outlook

We downgrade ABB India to REDUCE from Add, while increasing our TP by ~6% to Rs5,600 from Rs5,300. Q4CY25 results were broadly in line with our estimates, supported by steady execution across segments.

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