Siemens Ltd. share price target

We believe Siemens’ earnings are likely to grow >15% over the next two years. Growth would likely be driven by electrification; Smart Infrastructure (SI) and Mobility (MO) will likely contribute ~70% and ~10% of EBIT, respectively.

Q4FY25 Performance: Siemens reported decent print for Q4FY25 results, order inflows up 10% YoY at 4800 crore taking the order book to 42253 crore. The company registered revenue of 5171 crore, up 16% YoY. EBITDA grew 13% to 617 crore, EBITDA margins down 30 bps YoY to 11.9%. Consequently, PAT came in at 485 crore, down 7% YoY on lower other income. PAT margins at 9.2% down 197 bps YoY. From a segmental perspective, Smart Infrastructure (53% of revenue mix), Mobility (22%), Digital (21%) and Low Voltage (5%) segment revenues grew by 20%,...

Siemens (SIEM) in its analyst meet highlighted healthy growth traction in the smart infrastructure segment and the possibility of improved revenue growth and margin profile for the mobility segment as locomotive delivery commences.

Siemens (SIEM) delivered a revenue beat, while profitability came in slightly below our estimate. Segment-wise, smart infra and mobility did well in terms of revenue, while the digital industry remained weak on both revenue and margin fronts.

EBITDA margin fell to 11.1% in Q3CY25, from 12.1% in Q3CY24, underscoring a marginal contraction of 100bps. Reported PAT fell 30.4% YoY to Rs. 369cr, primarily due to a fall in other income (23.8% YoY) and demerger of its energy business. Siemens India reported a solid financial performance in Q3CY25 because of significant revenue growth. The company has a robust order inflow, including two significant wins in the mobility business, despite uncertainties related to tariffs, trade agreements and supply chain disruptions. With a continued emphasis on solidifying its position as a leading technology-driven player in the industry,...

headwinds from demand normalization and pricing pressure. We revise our FY26/FY27 estimates by -3.9%/-1.2% factoring in the slower execution pace in the LV and Digital segments, which is impacting on the overall margin profile. We maintain Accumulate' rating with a TP of Rs3,431 (Rs3,233 earlier), valuing the stock at a PE of 53x Mar'27E (53x Sep-26E earlier). The stock is currently trading at a PE of 60.8x/51.8x on SY25/26E. Despite short term cautious stance on private/ industrial capex, we believe SIEM to sustain long-term growth given 1) continued traction in public capex in...

Siemens had an eventful Q3FY25; it concluded the demerger and separate listing of its energy business in the quarter. Further, it won a signalling and telecom contract worth INR 12bn for India’s first bullet train.

We attended the H1SY25 analyst meet of Siemens India Ltd., where management highlighted the ongoing macro tailwinds for its Mobility and Change in Estimates | Target | Reco Smart Infrastructure businesses while Digital Industries continue to be impact...

Siemens (SIEM) reported modest YoY revenue growth of 2.6%, while the EBITDA margin declined by 289bps to 12.4%. Revenue remained flat during the quarter, impacted by demand normalization in Digital Industries amid subdued private capex. However, order inflows rose sharply by 43.5%, supported by sustained public capex in the Mobility and Smart Infrastructure segments. A recovery in private capex, both locally and globally, is expected to drive growth in Siemens' automation and digitalization offerings. Continued investment in rail and metro infrastructure, including signaling, will support the Mobility...

Siemens India has demerged and transferred its energy business to the newly established Siemens Energy India Ltd. (SEIL). Siemens India (SIEM) will now focus on Smart Infra, Mobility and Digitization/automation while Siemens Energy will focus on the electrical equipment sector catering to the entire energy value chain. We expect the resultant...

Siemens (SIEM) in its FY24 annual report emphasized its strategy to capitalize on the opportunity potential that exists in India from diverse sectors and industries, spurred by favorable government policies, a relatively sanguine macroeconomic situation, and the ongoing global energy transition while also acknowledging the transient hiccups in select segments.

We attended Siemens Innovation Day, where the company highlighted its key products and solutions that it has established for its customers.

SIEM: Robust quarter, fresh capex announced. DIXON: Backward integration to fuel growth; maintain BUY. VSTT: Tepid performance; no major stress in the medium term. SOMC: Strong show in a challenging environment

SIEM’s 2QFY24 result was ahead of our estimates, aided by a strong margin
performance and higher other income leading to a sharp beat on PAT. The
company reported revenue/PAT growth of 18%/70% YoY in 2QFY24.