NSE: SIEMENS · BSE: 500550
SIEMENS LTD
Manufactures electrical equipment, industrial automation software, and rail signalling and mobility equipment for Indian infrastructure, industrial, and rail transportation customers. Operates through three continuing segments: Smart Infrastructure (43.4% of segment revenue, Rs 11,468.1 cr) supplies electrical products, systems, and grid/building solutions; Digital Industries (22.2%, Rs 5,872.2 cr) provides automation, drives, and software for discrete manufacturing; and Mobility (17.9%, Rs 4,723.0 cr) delivers rail signalling, locomotives, and related rail systems, including a 9,000 HP locomotive project. Two businesses are classified as discontinued operations: Energy (9.7%, Rs 2,574.6 cr), which demerged into a separate listed entity in March 2025, and Low Voltage Motors (5.8%, Rs 1,530.8 cr), being sold to Innomotics India for Rs 22,000 million (CCI approval received). Order backlog stood at Rs 450.3 billion, with manufacturing contributing 93% of turnover and exports at 13%. Materials at 42.4% of revenue are the largest input cost, while employees add 10.2%. The wholly-owned subsidiary Siemens Rail Automation Private Limited (Rs 3,820 cr turnover) is being amalgamated into the parent. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Smart Infrastructure (43%), Digital Industries (22%), Mobility (18%), Energy - Discontinued operations (10%), Low Voltage Motors - Discontinued operations (6%), Others (1%). Capital goods manufacturer with multiple segments undergoing portfolio restructuring via demerger and divestment
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 7,506 | 8,873 | 10,575 | 7,846 | 24,846 |
| EBITDA (ex other income) | 848 | 1,220 | 1,474 | 868 | 2,750 |
| margin % | 11.3 | 13.8 | 13.9 | 11.1 | 11.1 |
| Owners' profit | 590 | 934 | 1,308 | 1,196 | 2,752 |
| EPS, as reported (₹) | 16.57 | 26.25 | 36.76 | 33.62 | 77.34 |
| ROE % · ROCE % | 5.5 · 7.3 | 7.7 · 10.1 | 9.4 · 12.5 | 9.7 · 8.1 | 19.9 · 20.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 19 | 1 | 188 | (70) | (535) |
| Capex | (75) | (73) | (79) | (190) | (553) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,461 | 3,587 | 4,259 | 4,347 | 5,171 | 3,831 | 4,618 | 4,714 |
| Profit before tax | 1,115 | 501 | 548 | 570 | 663 | 355 | 456 | 463 |
| Net profit | 831 | 615 | 583 | 423 | 485 | 278 | 370 | 2,143 |
| EPS (₹) | 23.35 | 17.26 | 16.36 | 11.89 | 13.63 | 7.80 | 10.40 | 60.18 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Smart Infrastructure | 9,821 | 52.3 |
| Mobility | 3,611 | 19.2 |
| Digital Industries | 4,058 | 21.6 |
| Others | 209 | 1.1 |
| Low Voltage Motors - Discontinued operations | 555 | 3.0 |
| Low Voltage Motors* | 513 | 2.7 |
| Total, before eliminations | 18,766 | 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) | 36.7 | 36.5 | 18 of 34 | 49% |
| P/B | 8.7 | 5.4 | 22 of 33 | 34% |
| ROCE | 20.6 | 16.6 | 14 of 36 | 63% |
| ROE | 19.9 | 14.7 | 12 of 34 | 67% |
| Debt / Equity | 0.0 | 0.1 | 1 of 34 | 67% |
| EBITDA margin | 11.6 | 16.4 | 25 of 35 | 29% |
| Revenue growth | 8.4 | 17.7 | 19 of 33 | 44% |
| Profit growth | 406.2 | 6.7 | 1 of 32 | 100% |
| Market cap | 120079 | 6267 | 5 of 35 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · C&S Electric becomes wholly owned after 0.78% capital reduction | corporate actions | high | — | — |
| 23 Oct 2026 · Final hearing set for Siemens Rail Automation merger | compliance | minimal | — | — |
| 7 Oct 2026 · Routine quarterly certificate on dematerialized securities filed | compliance | minimal | — | — |
| 1 Oct 2026 · Siemens AG nominee director exits, replacement appointed | management changes | medium | — | — |
| 28 Sept 2026 · Siemens trading window closed Sep 30 to Nov 8 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Reminder to physical shareholders to update KYC details | business updates | medium | — | — |
| 25 Sept 2026 · NCLT approves capital reduction at C&S Electric subsidiary | regulatory legal | high | — | — |
| 22 Sept 2026 · Siemens Ltd seeks reclassification of two entities from Promoter to Public category | ownership changes | high | — | — |
| 22 Sept 2026 · Siemens Ltd seeks reclassification of two entities from Promoter to Public | ownership changes | medium | — | — |
| 18 Sept 2026 · Board approves reclassification of two SE entities from promoter to public category | ownership changes | medium | — | — |
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.