ABB India Limited

“ABB India is a debt-free, high-ROCE industrial leader with a genuine multi-layered moat, a decades-long India capex runway, and clean financials — but at 87x trailing P/E with operating income in a down-leg, the market has priced in decades of compounding upfront, leaving probability-weighted intrinsic value approximately 9% below today's price, no margin of safety, and a base-case 10-year return of merely adequate (8–11% CAGR); the business earns a strong watch-list position but not fresh capital at current levels.”