AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 12 Sep - Siemens issues shareholder and creditor notice on SRAPL amalgamation scheme after NCLT order dated 7 September 2026.
Source: Bse
Siemens Limited (SIEMENS)
Large CapIndustrials stocks · Large cap · NSE
Siemens Limited is an Indian technology company focused on electrification, automation, and digitalization. It provides solutions across Digital Industries, Smart Infrastructure, and Mobility sectors, serving various industries including metals & mining, cement, F&B, power utilities, renewables, and data centers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 10:45 am ISTDetails
Quote21 Oct, 10:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
46NeutralSMA20 -5.5% / mo · MACD −
Stock trend: 46
Sector RS: 46
Sector 3M: -6.6% vs Nifty 500 -5.1%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SIEMENSD candles · FIT view-7.3%TODAY · PROVISIONALLatest price ₹3546.30 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-1.8%
RSI
37
MACD hist
-12.59
52W pos
54%
2026-10-21O ₹3610.00H ₹3623.00L ₹3502.20C ₹3546.30Vol 1.1L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SIEMENSNifty India ManufacturingNifty 500
- SIEMENS
- -1.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +4.1 pp
Chart stats
19 Oct 2026- From 52W high
- -12.7%
- 52W range position
- 60%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹74.9 Cr
- 20D price channel
- ₹3,502 - ₹3,954.3
₹4,149.4
₹2,826 - ₹4,149.4
₹106
Latest completed session
20-session average
32.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +14.8% · PAT +406.6% YoY
Technical
Neutral46
Price trend and sector-relative-strength timing.
Valuation
Legacy model+1.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +15% YoY · PAT +407% YoY · operating leverage · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,714 Cr | +14.8% | +2.1% |
| EBITDA | ₹431 Cr | -16.6% | -2.9% |
| Operating margin | 9.0% | -400 bps | -100 bps |
| PAT | ₹2,143 Cr | +406.6% | +479.2% |
| PAT margin | 45.5% | +3516 bps | +3745 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 89.20
- P/B
- 9.68
- EV/EBITDA
- 42.59
- Market Cap
- 134076.00Cr
Profitability
- ROE
- 19.20%
- ROCE
- 21.40%
- ROA
- 15.45%
- Dividend Y
- 0.48%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 92.35×
- Altman Z
- 8.44
- Book Value
- 389.00
Cash Flow
- FCF Yield
- 2.36%
- FCF Positive Y
- 10/5
- OCF
- -535.00 Cr
- EPS TTM
- 91.98
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 24.8k+64.0% vs prev
Net Profit
₹ CrLatest: 3,277+19.0% vs prev
Return on Equity
%Latest: 23.7+32.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth14/25
Quality14/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Balance sheet contributes 11/15 to the score.
- Quality contributes 14/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
- Quality is weaker at 14/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
89.2
PB
9.7
EV/EBITDA
42.6
ROE
19.2%
ROCE
21.4%
FCF Yield
2.4%
Debt/Equity
0.0
MoS
+1.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 49 (+2)
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+1.9%
Previous: -0.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
49
49
49
49
49
49
49
49
49
49
49
49
Factor attribution
Valuation
2+2
was 0
Modelled fair value
Graham Number
₹897.25
-295.2% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹3,614.81
+1.9% MoS
PEG
3.28
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ABB
Large
ABB India Limited
Industrial Machinery
match 167
49
93.5
22.4%
-26%
FAIR VALUE
ELECON
Large
Elecon Engineering Company Limited
Industrial Machinery
match 123
47
34.7
16.4%
-7%
FAIR VALUE
EMMIL
SME
Energy Mission Machineries (India) Ltd.
Industrial Machinery
match 102
53
11.4
13.1%
+56%
FAIR VALUE
BHEL
Mid
Bharat Heavy Electricals Limited
Power Equipment
match 89
31
52.6
6.2%
-31%
OVERVALUED
GVT&D
Mid
GE Vernova T&D India Limited
Electrical Equipment
match 84
64
74.9
57.4%
-96%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T08:23:34.383Z
Management commentary snapshot
Siemens Limited reports strong order and revenue growth in Q6 FY26, with new orders up 32.6% and revenue up 14.6% YoY. However, profitability was impacted by higher material costs and INR depreciation, leading to an 11.5% decline in EBITDA.
While order intake and revenue growth remain robust, indicating strong market demand and execution, the significant decline in EBITDA margin due to commodity prices and currency depreciation puts the profitability thesis under stress. The ability to pass on costs and improve margins will be key.
Current business mix
Revenue by Segment (12M ended Mar 2026)
Latest issuer-disclosed distribution across 3 reported categories.
Smart Infrastructure (SI)55.5%
Digital Industries (DI)22.7%
Mobility (MO)20.6%
Growth engines
Mobility Business Momentum
Business momentum continues with a 74.9% YoY increase in new orders, driven by the 9K HP Loco project execution and supply allocation of bogies & components.
Smart Infrastructure Orders
Order growth in Smart Infrastructure is driven by Power Utilities, Renewables, and Data center segments, contributing to a 17.6% YoY order increase.
Digital Industries Demand
Orders in Digital Industries are driven by Metals & Mining, Cement, and F&B sectors, with revenue growth from the factory automation segment.
Capacity and execution
Semiconductor OSAT Plant Project
Providing power distribution, facility management, automation systems, IT-OT integration & Cybersecurity for a leading Semiconductor OSAT plant at Gujarat.
Loco Dispatch from Dahod
Dispatched 40 locos from Dahod in record time for the 9000 HP project.
Global Mobility Factory Supply
Secured an INR 18 billion order for supplying bogies, traction motors, and gearboxes to a 'Global mobility factory'.
Tailwinds
India's Structural Growth
India's structural growth momentum is on track despite global volatility, with a robust domestic growth environment.
Private & Public Capex
Private capex uptick continues, and the tendering pipeline is supported by public capex.
India-EU FTA Opportunity
The India – EU FTA presents an opportunity window for the future, with potential GDP boost and priority EU access for exports.
Headwinds
High Material Costs
Profitability was impacted mainly due to high material cost on account of higher commodity prices.
Depreciating INR
Profitability was impacted mainly due to depreciating INR, contributing to higher costs.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company changed its financial year, and the reported Q6 FY26 (Jan-Mar 2026) is compared against Q2 FY26 (Jan-Mar 2025), making a year-over-year comparison the most relevant for assessing performance trends.
Sector KPIs management disclosed
New Orders
New Orders increased by 32.6% YoY to INR 67.3 billion in Q6 FY26.
Revenue
Revenue grew by 14.6% YoY to INR 46.2 billion in Q6 FY26.
Order Backlog
Order Backlog increased by 9.3% YoY to INR 450.3 billion in Q6 FY26.
EBITDA
EBITDA declined by 11.5% YoY to INR 4.5 billion in Q6 FY26.
Management forward view
Economy Resilience
Management states the economy is resilient amid geo-political tensions.
Sustained Domestic Demand
Sustained domestic demand supported growth across all businesses, including a large export order in Mobility.
Record Order Backlog
The company achieved a record order backlog, indicating future revenue visibility.
Sustainability & Digitalization Relevance
Sustainability and Digitalization offerings are increasingly relevant for customers.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 9.7% in Q6 FY26 (-287 bps YoY) | Signs of margin recovery or stabilization, indicating successful cost management or price pass-through. |
| Order Backlog Execution | INR 450.3 billion (+9.3% YoY) | Consistent conversion of the record order backlog into revenue and timely project execution, especially for large Mobility projects. |
| Commodity Price & FX Impact | Significant negative impact on profitability | Trends in commodity prices and INR exchange rate, and management's strategies to mitigate their adverse effects on costs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
macro expectationnot yet verifiablequantified
The Indian economy is expected to achieve 6.5% growth as a given, with potential to reach 7% to 7.5% growth if private CapEx picks up.
Timeframe: Near termDirection: upwardConfidence: high
"can we get to a 7-7.5% growth rate"
revenue outlookdeliveredquantified
Siemens content in Digital Industries (machine building, metals, automotive) is expected to grow from around 5% to 8% or more with the uptake in private sector CapEx.
Timeframe: FutureDirection: upwardConfidence: medium
"grow from around 5% to 8%, possibly more"
Outcome check: Revenue YoY averaged 14.6% across 1 later quarter(s).
demand outlooknot yet verifiable
First signs of consumption picking up and private sector CapEx recovery are expected to emerge starting April onwards.
Timeframe: Starting April onwardsDirection: upwardConfidence: medium
"first signs will probably come starting April onwards"
margin outlookcontradicted
Revenues and margins in the Mobility segment are expected to see a positive kick-in from past CapEx investments in rolling stock and bogie exports.
Timeframe: Near termDirection: upwardConfidence: high
"kick-in now on revenues and margins will come in"
Outcome check: OPM moved from 11.0% to average 10.0% (-1.0 pp).
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 83rd percentile of the scored universe and 83rd percentile within Industrials. Main check: results consistency is weak at 47/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
61 docs text-extracted · 26 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Industrials: 83rd pctile, median 68 · Large: 65th pctile, median 73
Evidence depth
Financial-only
61 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
50% delivered or partly delivered
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸10 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-535 Cr.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Siemens Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 9 Sep - NCLT Mumbai dispensed with meetings for Siemens Rail Automation amalgamation on September 7, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement Under Reg - 30 - Litigation Update 20 Aug - Supreme Court dismissed GST Department SLP over Rs 34.83 crore Halol lease dispute; Siemens wins on 20 Aug 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 11 Aug - Swapnil Deosthali and Sapna Rawat exit Digital Industries on 16 Aug 2026; interim heads appointed from 17 Aug.
Source: Bse
Annual report
Newspaper Publication - Post Dispatch Of Annual Report 16 Jul
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 13 Jul
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Apr - Please refer to the attached file.
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.