SIEMENS
Large CapSiemens Limited
Industrials
Siemens Limited is an Indian engineering, electrical, and electronics company. It provides power distribution, facility management, automation, IT-OT integration, and cybersecurity systems. The company operates across Digital Industries, Smart Infrastructure, and Mobility segments, serving various industrial and infrastructure needs.
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 31 Mar 2026
Bad · 0/100PAT -36% YoY · margin compression · Rev +15% YoY · +21% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,618 Cr | +14.6% | +20.5% |
| EBITDA | ₹444 Cr | -0.2% | +5.2% |
| Operating margin | 10.0% | -100 bps | -100 bps |
| PAT | ₹370 Cr | -36.4% | +33.1% |
| PAT margin | 8.0% | -644 bps | +75 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
Q6 FY26 saw strong order growth (+32.6% YoY) and revenue growth (+14.6% YoY), but EBITDA declined by 11.5% YoY due to higher material costs and INR depreciation, impacting overall profitability.
Strong order intake and revenue growth across segments indicate robust demand. However, profitability is under pressure from commodity prices and currency depreciation, requiring close monitoring of margin recovery and project execution.
Revenue by Segment (12M ended Mar 2026)
Latest issuer-disclosed distribution across 3 reported categories.
Sustained Domestic Demand
Sustained domestic demand supported growth of all businesses.
Power Utilities, Renewables, Data Centers
Smart Infrastructure (SI) order growth was driven by Power Utilities, Renewables and Data center.
Metals & Mining, Cement, F&B
Digital Industries (DI) orders were driven by Metals & Mining, Cement and F&B.
9K HP Loco Project Execution
Mobility (MO) revenue growth was primarily on account of execution of the 9K HP Loco project.
India's Structural Growth Momentum
India’s structural growth momentum is on track despite global volatility.
Robust Domestic Growth
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 priority EU access for >99% export value.
High Material Cost
Profitability was impacted mainly due to high material cost on account of higher commodity prices.
Depreciating INR
Profitability was impacted mainly due to the depreciating INR.
Global Volatility
India’s structural growth momentum is on track despite global volatility, including the West Asia conflict.
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 explicitly compares Q6 FY2026 (Jan-Mar 2026) results with Q2 FY2026 (Jan-Mar 2025), indicating a year-on-year comparison for the quarter. Six-month comparisons are also provided on a YoY basis.
New Orders
New Orders grew +32.6% YoY to INR 67.3bn in Q6 FY26. For 6M FY26, New Orders grew +26.8% YoY to INR 115.6bn.
Order Backlog
Order Backlog increased +9.3% YoY to INR 450.3bn in Q6 FY26.
Revenue
Revenue grew +14.6% YoY to INR 46.2bn in Q6 FY26. For 6M FY26, Revenue grew +14.3% YoY to INR 84.5bn.
EBITDA
EBITDA declined -11.5% YoY to INR 4.5bn in Q6 FY26. For 6M FY26, EBITDA declined -3.9% YoY to INR 8.7bn.
Sustainability and Digitalization Relevance
Sustainability and Digitalization offerings are increasingly relevant for customers.
Low Voltage Motors Business Sale
The sale of the Low Voltage Motors business is on track.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 9.7% (Q6 FY26) | Recovery from commodity price and currency depreciation impacts. |
| Order Backlog Conversion | INR 450.3bn (Q6 FY26) | Continued strong conversion of backlog into revenue and timely project execution. |
| Mobility Project Execution | 9K HP Loco project on track | Timely completion and revenue recognition from large Mobility projects. |
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
56NeutralSMA20 +17.4% / mo
Technical chart
SIEMENSweekly · 6M+15.1%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 53.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 8% off 52W high · 28% 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 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -4.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 11/20; 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.
Healthy Trust: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 90th percentile of the scored universe and 89th percentile within Industrials. Main check: results consistency is weak at 47/100.
High Trust Lite: Promoter holding is 75%. Key concern: 4 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 89th pctile, median 68 · Large: 74th pctile, median 74
61 documents indexed, 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 0.9%.
- ▸9 years of positive FCF.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 54.40
- P/B
- 9.31
- EV/EBITDA
- 40.00
- Market Cap
- 129260.00Cr
Profitability
- ROE
- 16.30%
- ROCE
- 21.20%
- ROA
- 12.93%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 25.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 83.06×
- Altman Z
- 8.74
- Book Value
- 389.00
Cash Flow
- FCF Yield
- 0.90%
- FCF Positive Y
- 9/5
- OCF
- 1670.00 Cr
- EPS TTM
- 77.27
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.