ENRIN
Large CapSiemens Energy India Limited
Power
Siemens Energy India Limited (SEIL) is a pureplay energy company serving customers across the entire energy value chain. It provides low- or zero-emission power generation, transport and storage of energy, and solutions for reducing GHG emissions and energy consumption in industrial processes. SEIL has a large footprint in India, Bhutan, Nepal, Maldives & Sri Lanka.
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 acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/7 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +27% YoY · PAT +52% YoY · margin expansion · +25% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,394 Cr | +27.3% | +25.3% |
| EBITDA | ₹498 Cr | +39.1% | +8.0% |
| Operating margin | 21.0% | +200 bps | -300 bps |
| PAT | ₹375 Cr | +52.4% | +19.8% |
| PAT margin | 15.7% | +257 bps | -72 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SEIL reported robust H1 FY26 financial performance with Order Backlog up 22.2% YoY to INR 184.3 Bn, Revenue up 26.8% YoY to INR 43.1 Bn, and Profit from Operations up 160bps YoY to 20.7% of Revenue, driven by strong order pipeline and disciplined execution.
SEIL delivered strong H1 FY26 results, driven by robust order intake and execution across both Power Transmission and Power Generation segments. The company benefits from India's energy transition and infrastructure push, with significant market opportunities in generation, transmission, and industrial decarbonization. New investments signal confidence in future growth.
Revenue by Segment H1 FY26
Latest issuer-disclosed distribution across 2 reported categories.
India's Energy Transition
Government's drive for 1215 GW generation by 2036 (2.4x from 514 GW) and 3200 GVA transmission by 2036 (2.3x from 1407 GVA) creates significant opportunities.
Industrial Decarbonization
Opportunities in captive power, energy efficiency, electrification, automation, and Waste Heat Recovery (WHR) solutions for industries like cement.
Grid Stabilization & Modernization
Demand for products, substations, HVDC VSC, grid stabilization, and services for a reliable, sustainable, and digital grid.
Green Hydrogen Mission
National Green Hydrogen Mission targeting 5 MMTPA by 2032, creating opportunities for Power to X and Electrolysers.
Greenfield Transformer Factory
New investment of INR 20.6 Bn announced in Q1 for a greenfield transformer factory.
Kalwa Transformer Expansion
Ongoing expansion at Kalwa Transformer facility with an investment of INR 7.4 Bn.
Chhatrapati Sambhajinagar Switchgear Expansion
Ongoing expansion at Chhatrapati Sambhajinagar Switchgear facility.
India's Economic Resilience
Estimated GDP growth of 7.4% for FY26, strong macros, and public CAPEX support resilience amidst geopolitical turmoil.
Government Policy Support
Union Budget FY26, political stability enabling deeper reform agenda, and 'Make in India' initiatives.
Long-term Energy Market Clarity
Niti Aayog and CEA have outlined upgraded long-term and mid-term plans for electricity demand, generation, and transmission.
Focus on Energy Security
Middle East crisis accelerates focus on energy security and electrification, driving demand for SEIL's solutions.
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 document presents H1 FY26 results compared directly against H1 FY25, indicating a year-over-year comparison is most relevant for assessing performance trends over a half-year period.
Order Backlog
Order Backlog increased by 22.2% YoY to INR 184.3 Bn in H1 FY26 (H1 FY25: INR 150.8 Bn).
Revenue
Revenue grew by 26.8% YoY to INR 43.1 Bn in H1 FY26 (H1 FY25: INR 34.0 Bn).
Profit from Operations (% of Revenue)
Profit from Operations improved by 160bps YoY to 20.7% in H1 FY26 (H1 FY25: 19.1%).
New Orders
New Orders in H1 FY26 were INR 66.6 Bn (H1 FY25: INR 74.7 Bn).
Increased Order Backlog
In line with market opportunities, in H1 we have increased our Order Backlog by 22.2% YoY.
Project Delivery
We have delivered projects on ground, including large transformer supply for grid strengthening and turbine refurbishment for thermal plants.
New Investments
We have also announced new investment in addition to our current expansions, totaling INR 28 Bn.
Sustainability Leadership
We continue to execute our ESG agenda driven by our ambition to become a sustainability leader in the industry.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Backlog Growth | INR 184.3 Bn (+22.2% YoY) | Sustained growth in order backlog, especially from new energy segments and exports, to support future revenue. |
| New Order Intake | INR 66.6 Bn (H1 FY26) | Reversal of the YoY decline in new orders to ensure a healthy pipeline for long-term growth. |
| Capacity Expansion Progress | INR 28 Bn in announced/ongoing expansions | Timely commissioning and ramp-up of new transformer and switchgear capacities to meet growing demand. |
| Export Contribution | 28.5% of Revenue (H1 FY26) | Continued increase in export contribution, diversifying revenue streams and leveraging global opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Siemens Energy India is doubling the capacity of its transformer factory in Kalwa.
"doubling the capacity of the factory"
Siemens Energy India is doubling the capacity of its transformer factory in Kalwa.
"doubling the capacity of the factory"
Green hydrogen demand in India is expected to pick up significantly about five years down the line.
"hydrogen will pick more maybe five years down the line"
Outcome check: Revenue YoY averaged 27.3% across 1 later quarter(s).
Industrial electricity consumption in India is expected to triple in the years to come.
"industry electricity consumption tripling"
Outcome check: Revenue YoY averaged 27.3% across 1 later quarter(s).
India is planned to implement 500 gigawatts of renewable energy capacity by 2030.
"implementing 500 gigawatts of renewables until 2030"
India is planned to implement 500 gigawatts of renewable energy capacity by 2030.
"implementing 500 gigawatts of renewables until 2030"
India's power generation capacity is planned to double from 500 gigawatts to almost 1000 gigawatts.
"power generation from 500 to almost 1000 gigawatts"
India's power generation capacity is planned to double from 500 gigawatts to almost 1000 gigawatts.
"power generation from 500 to almost 1000 gigawatts"
Trend score and candlestick chart
59NeutralSMA20 +24.7% / mo
Technical chart
ENRINdaily · 3Y+9.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 rising (~9.3% over last month) — short-term momentum positive.
- RSI(14) at 54 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 68% 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, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 20/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -192.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 33% delivered/partly-delivered outcomes on 3 checked claims, with 2 adverse claim outcomes. It ranks around the 42nd percentile of the scored universe and 34th percentile within Power. No major sub-score weakness stands out.
Healthy Trust: 3/7 extracted management claims have outcome checks; 33% were fully delivered and 0 were partially delivered. 2 claim(s) were contradicted or failed.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 34th pctile, median 67 · Large: 22nd pctile, median 74
3/7 claims checked. Use as directional, not final.
3/7 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Mixed Trust · medium 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 0.1%.
- ▸Debt/equity is 0.04.
Trust risks
- ▸No major Trust Lite risk flags.
Intrinsic value
Fundamentals
Valuation
- P/E
- 96.40
- P/B
- 27.02
- EV/EBITDA
- 68.34
- Market Cap
- 129909.00Cr
Profitability
- ROE
- 50.50%
- ROCE
- 67.80%
- ROA
- 12.82%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- 78.97%
- Revenue 3Y
- —
- EPS 3Y
- 78.97%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 50.83×
- Altman Z
- 8.25
- Book Value
- 135.00
Cash Flow
- FCF Yield
- 0.14%
- FCF Positive Y
- 2/5
- OCF
- 3670.00 Cr
- EPS TTM
- 36.79
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — 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.