Continuing with stellar order inflow trend, SIEMENS (SIEM IN) surprises us. Led by T&D; and railways, order inflows are up by 44%YoY at Rs.32bn. True, operational performance, at a cursory glance, were a tad below expectations. And true again, gross margins, compressed relative to base year, looks disappointing. However, currency gyrations for gross margins, and overheads for EBITDA margins might be the explanation. With increased order inflows, overheads can be absorbed. Currency gyrations are anybody's guess. Thereby, nobody can deny a robust CAGR in earnings. And hence, we upgrade SIEM IN to BUY from our earlier ACCUMULATE....