Siemens Q4 FY26 transcript: strong orders, margin hit by commodities

Siemens posted strong order growth in Q4 FY26 with new orders up 33 percent at INR 67.3 billion and revenue up 14.6 percent at INR 46.2 billion. Order backlog hit a record INR 450 billion, up 9.3 percent. However, EBITDA margin fell 290 basis points to 9.7 percent due to sharp commodity price rises (silver up 160 percent, copper up 45 percent) and 18 percent Euro depreciation against the rupee. Mobility surged 75 percent on rail orders. Management sees continued private and public CapEx momentum but is monitoring inflation and currency impact closely.