The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · SIEMENS ENERGY INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIEMENS ENERGY INDIA LTD Discounted cash flow · base FY26
SIEMENS ENERGY INDIA LTD
Value per share, this model₹404
CMP 2026-09-10₹3,178.30
Difference(87.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SIEMENS ENERGY INDIA LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
27% a year
FY26 26.8% · 5-yr CAGR —%
EBITDA margin
21.1%
FY26 21.1% · 5-yr average 20.8%
Depreciation · capex, % of revenue
1.6% · 2.2%, fading to 1.2× depreciation
FY26 1.6% · 2.2%
Working capital, % of added revenue · tax
30.5% · 25.3%
111 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(272) · ₹0 · ₹0 cr
FY26 net debt ₹(272) cr
Shares
35.60 crore
35.60 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
4,305
5,467
6,944
8,818
11,199
14,223
growth %
26.8
27.0
27.0
27.0
27.0
27.0
EBITDA
907
1,154
1,465
1,861
2,363
3,001
Depreciation
(67)
(87)
(111)
(141)
(179)
(228)
NOPAT
628
796
1,011
1,285
1,631
2,072
less capex
(94)
(120)
(148)
(182)
(223)
(273)
less working-capital build
—
(355)
(450)
(572)
(726)
(922)
Free cash flow to firm
—
409
524
672
861
1,104
Present value
388
448
518
598
690
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · SIEMENS ENERGY INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,643
PV of the terminal value (81% of EV)
11,466
Enterprise value
14,108
less net debt
272
less non-controlling interest
0
add non-operating investments
0
Equity value
14,380
÷ 35.60 crore shares
₹404
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
418
450
488
535
594
10.5%
384
411
442
480
526
11.0%
355
378
404
435
472
11.5%
330
350
372
397
428
12.0%
309
325
344
366
391
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
