Nuvama initiates coverage on SG Mart, Siemens Energy India with Buy; sees up to 21% upside

Nuvama has initiated coverage on SG Mart and Siemens Energy India with Buy ratings. SG Mart has a target price of Rs 777, offering about 18% upside, with projected revenue CAGR of 31 percent and EBITDA CAGR of 76 percent between FY26 and FY29E. Siemens Energy India has a target price of Rs 4,200, offering about 21 percent upside, with projected revenue CAGR of 27 percent and EPS CAGR of 28 percent between FY26E and FY28E, supported by an order backlog exceeding Rs 184 billion.