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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 57/100Rev +15% YoY · PAT +407% YoY · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Segment (12M ended Mar 2026)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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'.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
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.
"can we get to a 7-7.5% growth rate"
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.
"grow from around 5% to 8%, possibly more"
Outcome check: Revenue YoY averaged 14.6% across 1 later quarter(s).
First signs of consumption picking up and private sector CapEx recovery are expected to emerge starting April onwards.
"first signs will probably come starting April onwards"
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.
"kick-in now on revenues and margins will come in"
Outcome check: OPM moved from 11.0% to average 10.0% (-1.0 pp).
Trend score and candlestick chart
59NeutralSMA20 +7.4% / mo · MACD − · near 52W high
Technical chart
SIEMENSdaily · 1Y · AUTO+23.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 53. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.9% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 4% off 52W high · 41% 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.
Relative Strength & Trend Stage
- Price is 11.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.8%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -9.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 75%. Key concern: Operating cash flow is negative at ₹-535 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 83rd pctile, median 68 · Large: 65th pctile, median 73
56 documents have extracted text, but claim history is not strong enough yet.
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 94.20
- P/B
- 10.22
- EV/EBITDA
- 44.99
- Market Cap
- 141629.00Cr
Profitability
- ROE
- 19.20%
- ROCE
- 21.40%
- ROA
- 15.45%
- Dividend Y
- 0.45%
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
- 2.23%
- FCF Positive Y
- 10/5
- OCF
- -535.00 Cr
- EPS TTM
- 91.98
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 87%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
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.