Against this backdrop, the stock trading at 65 times 2026 earnings estimates, according to Bloomberg consensus, appears steep. Note that despite the strong inflow, the order backlog of ₹10,471 crore translates to less than 0.8 times ABB’s 2025 revenue, providing limited earnings visibility. Besides, the robotics segment accounted for a significant part of Q4 orders, excluding which, inflow growth was 38%. “With the overhang of US tariffs seemingly behind us, we expect private capex to pick up in 2026 versus 2025, leading to better order prospects,” said ICICI’s analysts.
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