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Model Note · SIEMENS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SIEMENS LTD Discounted cash flow · base FY26
SIEMENS LTD
Value per share, this model₹1,511
CMP 2026-09-10₹3,957.00
Difference(61.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SIEMENS 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
30% a year
FY26 216.7% · 5-yr CAGR 31.1%
EBITDA margin
11.1%
FY26 11.1% · 5-yr average 12.2%
Depreciation · capex, % of revenue
1.7% · 2.2%, fading to 1.2× depreciation
FY26 1.7% · 2.2%
Working capital, % of added revenue · tax
9.7% · 25.2%
36 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.15
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,693) · ₹0 · ₹0 cr
FY26 net debt ₹(1,694) 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
24,846
32,299
41,989
54,586
70,962
92,250
growth %
216.7
30.0
30.0
30.0
30.0
30.0
EBITDA
2,750
3,585
4,661
6,059
7,877
10,240
Depreciation
(415)
(549)
(714)
(928)
(1,206)
(1,568)
NOPAT
1,746
2,271
2,952
3,838
4,989
6,486
less capex
(553)
(711)
(907)
(1,157)
(1,476)
(1,882)
less working-capital build
—
(723)
(940)
(1,222)
(1,588)
(2,065)
Free cash flow to firm
—
1,387
1,819
2,387
3,131
4,108
Present value
1,316
1,556
1,839
2,173
2,568
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 LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,452
PV of the terminal value (82% of EV)
42,660
Enterprise value
52,112
less net debt
1,693
less non-controlling interest
0
add non-operating investments
0
Equity value
53,805
÷ 35.60 crore shares
₹1,511
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,562
1,681
1,824
2,000
2,219
10.5%
1,437
1,536
1,654
1,794
1,966
11.0%
1,330
1,414
1,511
1,627
1,765
11.5%
1,238
1,309
1,391
1,487
1,600
12.0%
1,158
1,219
1,288
1,369
1,463
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
