NSE: ENRIN · BSE: 544390
SIEMENS ENERGY INDIA LTD
Manufactures and services heavy electrical equipment for India's power sector through two segments. Power Transmission (55.8% of segment revenue at ₹2,402.9 crore) makes transformers, switchgear, STATCOMs and HVDC systems for utilities and renewable grid integration; Power Generation (44.2% at ₹1,902.1 crore) supplies gas turbines, industrial steam turbines and related services. The company operates eight factories in India and is undertaking ₹28 billion of capacity expansion — a doubling of transformer capacity at Kalwa to 30,000 MVA, a switchgear expansion at Sambhajinagar, and a proposed greenfield transformer plant (₹20.6 billion). Order backlog stood at ₹184.3 billion (H1 FY26), up 22.2% year-on-year, with a book-to-bill ratio of 1.5x. Services contribute 27% of H1 FY26 revenue at ₹12 billion, and exports include power transformers for US data center customers. The largest input cost is materials and components at 17% of revenue, with other operating expenses at 46.2% and employee costs at 11.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Power Transmission (56%), Power Generation (44%). Capital-goods manufacturer with long-cycle project execution, services annuity and export exposure
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 3,396 | 4,305 |
| EBITDA (ex other income) | 694 | 907 |
| margin % | 20.4 | 21.1 |
| Owners' profit | 478 | 688 |
| EPS, as reported (₹) | 13.42 | 19.31 |
| ROE % · ROCE % | 12.4 · 14.9 | 14.3 · 16.1 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | 188 | 34 |
| Capex | (92) | (94) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,785 | 2,646 | 1,880 | 1,785 | 2,646 | 1,911 | 2,394 | 2,486 |
| Profit before tax | 352 | 478 | 345 | 352 | 478 | 419 | 502 | 593 |
| Net profit | 263 | 360 | 246 | 263 | 360 | 313 | 375 | 441 |
| EPS (₹) | 7.38 | 10.10 | 6.91 | 7.38 | 10.10 | 8.79 | 10.52 | 12.38 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Power Transmission | 4,739 | 54.3 |
| Power Generation | 3,996 | 45.7 |
| Total, before eliminations | 8,735 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,41,563 | 58.2 | 5.41 | 47.1 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,37,523 | 46.0 | 14.72 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,087 | 85.8 | 15.99 | 71.3 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,820 | 110.2 | 24.50 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,20,079 | 36.7 | 8.67 | 33.8 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,04,269 | 79.9 | 38.76 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD ◆ | 1,01,282 | 68.1 | 21.05 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 51,299 | 16.4 | 5.42 | 15.9 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 68.1 | 36.5 | 27 of 34 | 21% |
| P/B | 21.1 | 5.4 | 30 of 33 | 9% |
| ROCE | 15.8 | 16.6 | 20 of 36 | 46% |
| ROE | 14.3 | 14.7 | 20 of 34 | 42% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 25.9 | 16.4 | 7 of 35 | 82% |
| Revenue growth | 39.3 | 17.7 | 10 of 33 | 72% |
| Profit growth | 67.8 | 6.7 | 8 of 32 | 77% |
| Market cap | 101282 | 6267 | 7 of 35 | 82% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Russia Supreme Court rejects Siemens Energy India appeal in arbitration case | regulatory legal | high | — | — |
| 6 Oct 2026 · RTA certifies no demat or remat requests in Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · New Execution Unit Head for Grid Technologies Transformers appointed | management changes | high | — | — |
| 28 Sept 2026 · Trading window closed from Sept 30 for FY26 results | compliance | minimal | — | — |
| 22 Sept 2026 · Siemens Energy India presents growth strategy at JP Morgan conference | investor communications | medium | — | — |
| 16 Sept 2026 · Siemens Energy India to attend J.P. Morgan India Conference | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Clarification on Blue portfolio news: no material impact or undisclosed info | business updates | low | — | — |
| 8 Sept 2026 · NSE seeks clarification from Siemens Energy India on Blue portfolio news | compliance | low | — | — |
| 25 Aug 2026 · Investor meet participation with Goldman Sachs on Aug 28 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Siemens Energy India to attend Motilal Oswal investor conference on Aug 17-18 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.