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Siemens Energy India Ltd.
NSE: ENRINUtilitiesUtilities - Renewable
- Last close
- ₹3,118.10
- Day change
- +₹17.10 (+0.55%)vs
- Market cap
- ₹1.11 lakh crIndian rupees
- Research updated
- 1 report
About Siemens Energy India
Siemens Energy India Ltd. is a leading energy technology company operating across the entire energy value chain in India. The company’s primary focus is on enabling a reliable, affordable, and sustainable energy ecosystem by supporting businesses and countries in reducing emissions while expanding energy supply. Siemens Energy India Ltd. provides a comprehensive portfolio of products, solutions, and services that encompass conventional and renewable power generation, grid technology, energy storage, and the electrification of complex industrial processes. With a pan-India presence, the company plays a significant role in modernizing and strengthening grid infrastructure to meet growing power demands and facilitate the integration of renewable energy sources. Its offerings include advanced solutions such as air-insulated and gas-insulated switchgear, high-capacity transformers, reactors, and traction transformers, as well as turnkey project management for high and extra-high voltage systems. Siemens Energy India Ltd. also provides extensive lifecycle services for grid assets, ensuring reliability and efficiency throughout their operation. As an integral part of India’s energy transition, the company is at the forefront of innovations that drive both the modernization of the power sector and progress towards national sustainability goals.
- Sector
- Utilities
- Industry
- Utilities - Renewable
- Listing
- NSE: ENRIN
- Chief executive
- Mr. Guilherme Vieira De Mendonca
- Employees
- 4,351
- Headquarters
- Mumbai, India
- ISIN
- INE1NPP01017
- Website
- siemens-energy-india.com
Public research · Report of
Business model & financial foundation
Siemens Energy India (NSE: ENRIN), Electrical equipment - power transmission and generation: revenue of ₹7,827 crore in FY25 (+23.3% on FY24), an EBITDA margin of 19.3%, net profit of ₹1,100 crore and net cash of ₹3,314 crore.
- Revenue, FY25 (₹ crore)
- 7,827
- consolidated
- Revenue growth, FY25
- +23.3%
- on FY24
- EBITDA margin, FY25
- 19.3%
- EBITDA (revenue less operating costs, excl. other income) / revenue
- Net profit, FY25 (₹ crore)
- 1,100
- to owners
- Return on equity, FY25
- 29.0%
- on average equity
- Net debt, FY25 (₹ crore)
- -3,314
- Net debt (lease liabilities less cash, bank balances and deposits)
- Market capitalisation (₹ crore)
- 1,14,482
- at the close of 12 Oct 2026
Company profile
Siemens Energy India makes and services power transmission equipment (power transformers, gas- and air-insulated switchgear, substations, HVDC and FACTS/STATCOM grid stabilisation) and power generation equipment (industrial steam turbines, generators, gas turbine packages and services) for Indian utilities, industry and Siemens Energy group export customers. It has eight factories, about 4,500 employees and no debt. It was demerged from Siemens Ltd in March 2025 and listed in June 2025.
| Item | Value |
|---|---|
| Legal name | Siemens Energy India Limited |
| Exchange and ticker | NSE: ENRIN; BSE: 544390 |
| ISIN | INE1NPP01017 |
| CIN | L28110MH2024PLC418770 |
| Sector | Industrials |
| Industry | Electrical equipment - power transmission and generation |
| Headquarters | Mumbai, India |
| Fiscal year end | September |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2025-02-12) |
| Market capitalisation | ₹1,14,482 crore (12 Oct 2026) |
| Shares outstanding | 35.61 crore shares (FY25) |
| Price | ₹3,101 (close, 12 Oct 2026) |
| 52-week range | ₹2,115 - ₹3,968 (to 12 Oct 2026) |
| Website | https://www.siemens-energy-india.com |
Corporate structure and shareholding
Parent: Siemens AG (via Siemens International Holding B.V.); Siemens Energy AG group holds 16.0% and must reach 51% by about mid-2028.
No subsidiary is recorded.
Demerged from Siemens Ltd effective 25 Mar 2025 (appointed date 1 Mar 2025), 1:1 entitlement, listed 19 Jun 2025. Promoter group 75.0%: Siemens AG group 59.0%, Siemens Energy group 16.0% after Dec 2025 and Jun 2026 inter-se transfers.
| Shareholding (% of shares) | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.16% | 7.20% | 7.59% | 7.72% |
| Domestic institutions | 8.04% | 6.71% | 6.62% | 6.45% |
| of which mutual funds | 4.89% | 3.44% | 4.04% | 3.77% |
| Retail | 7.95% | 8.14% | 8.01% | 8.02% |
| Other | 2.85% | 2.95% | 2.78% | 2.81% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Siemens Energy India makes power transmission equipment (power transformers, GIS/AIS switchgear, substations, STATCOM/FACTS and HVDC content) and power generation equipment (industrial steam turbines, generators, gas turbine packages and services) for Indian utilities, industry and Siemens Energy group export customers. Two segments: Power Transmission (FY25 revenue 4,189.6 cr, result 804.6 cr) and Power Generation (3,637.1 cr, 605.8 cr). Standalone only: there are no subsidiaries. Fiscal year ends 30 September. Demerged from Siemens Ltd (effective 25 Mar 2025, 1:1) and listed 19 Jun 2025. Technology is licensed from Siemens Energy Global (licence fees 92.7 cr in FY25; FY26 cap Rs 100 cr). Revenue is recognised over time on construction contracts (the key audit matter), so revenue is backlog execution. The company controls execution, local manufacturing (8 factories) and cost. It does not control technology, export allocation ("at the discretion of Siemens Energy") or the royalty.
| Segment | revenue, FY25 (₹ crore) | Share | ebit, FY25 (₹ crore) | Share |
|---|---|---|---|---|
| Power Transmission | 4,190 | 53.5% | 804.6 | 57.0% |
| Power Generation | 3,637 | 46.5% | 605.8 | 43.0% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hitachi Energy India (POWERINDIA) | Closest listed peer in transformers, GIS, HVDC and STATCOM for Indian utilities |
| GE Vernova T&D India (GVT&D) | MNC-parented transmission equipment peer (transformers, GIS, HVDC) with export hub model |
| CG Power and Industrial Solutions (CGPOWER) | Domestic power transformer and switchgear maker competing in utility T&D |
| ABB India (ABB) | |
| Siemens Ltd (SIEMENS) | Former parent of the business; same promoter and governance model |
| Bharat Heavy Electricals (BHEL) | Competes in steam turbines, generators, transformers and HVDC (with Hitachi) |
| Triveni Turbine (TRITURBINE) | Direct competitor in industrial steam turbines (Power Generation segment) |
Financial databook
| Profit and loss (₹ crore) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from operations | 6,080 | 6,345 | 7,827 |
| Cost of revenue (vendor classification) * | 2,927 | 4,584 | |
| Other operating costs (vendor classification) * | 695.4 | ||
| EBITDA (vendor classification) * | 870.6 | 1,647 | |
| Profit from operations (EBIT, company definition) | 687.3 | 910.1 | 1,410 |
| Finance costs | n.a. | 28.2 | |
| Profit before tax | n.a. | 1,488 | |
| Tax expense | n.a. | 387.4 | |
| Profit after tax | n.a. | 1,100 | |
| Diluted EPS (INR) | n.a. | 30.89 | |
| Materials, traded goods, inventory change and project/direct costs | 4,562 | ||
| Employee benefits expense | 985.4 | ||
| Other expenses | 765.8 | ||
| EBITDA (revenue less operating costs, excl. other income) | 1,513 | ||
| Other income | 105.3 | ||
| Depreciation and amortisation | 103.0 | ||
| Exceptional items (charge negative) | 0.00 | ||
| Profit to owners | 1,100 |
| Balance sheet (₹ crore) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Total equity | 3,217 | 4,381 | |
| Borrowings (excl. lease liabilities) | 0.00 | 0.00 | |
| Cash, bank balances and deposits | 0.00 | 3,462 | |
| Trade receivables (current + non-current) | 1,878 | 1,921 | |
| Inventories | 773.6 | 760.3 | |
| Trade payables (current + non-current) | 1,747 | 2,339 | |
| Net block (PPE + right-of-use assets) | n.r. | 535.6 | |
| Capital work-in-progress | 52.1 | 75.9 | |
| Total assets | 7,048 | 9,545 | |
| Lease liabilities (current + non-current) | 124.1 | 147.6 | |
| Net debt (lease liabilities less cash, bank balances and deposits) | 124.1 | -3,314 | |
| Contract assets (current + non-current) | 1,262 | 1,773 | |
| Contract liabilities (current + non-current) | 738.8 | 1,053 |
| Cash flow (₹ crore) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net cash from operating activities | 147.3 | 3,670 | |
| Free cash flow (vendor definition) * | 18.8 | 3,454 | |
| Purchase of PPE and intangibles (sign as reported) | -127.5 | -216.0 | |
| Dividends paid | 0.00 |
| Other reported lines (₹ crore) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Shares outstanding * | 35.61 | 35.61 |
| Quarterly profit and loss (₹ crore) | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,517 | 1,880 | 1,785 | 2,646 | 1,911 | 2,394 | 2,486 |
| Cost of revenue (vendor classification) * | 739.6 | 1,040 | 1,726 | 1,068 | 1,425 | 1,364 | |
| EBITDA (vendor classification) * | 336.9 | 392.8 | 516.1 | 510.1 | 544.2 | 643.0 | |
| Profit from operations (EBIT, company definition) | 314.6 | 334.2 | 313.7 | 447.9 | 428.5 | 463.6 | 545.3 |
| Finance costs | 4.40 | 3.30 | 14.2 | 6.30 | 7.40 | 7.30 | 9.20 |
| Profit before tax | 311.8 | 345.3 | 352.0 | 478.4 | 418.5 | 502.2 | 593.4 |
| Tax expense | 80.1 | 99.2 | 89.3 | 118.8 | 105.6 | 127.6 | 152.5 |
| Profit after tax | 231.7 | 246.1 | 262.7 | 359.6 | 312.9 | 374.6 | 440.9 |
| Diluted EPS (INR) | 6.51 | 6.91 | 7.38 | 10.09 | 8.79 | 10.52 | 12.38 |
| Other operating costs (vendor classification) * | 162.6 | ||||||
| Materials, traded goods, inventory change and project/direct costs | 739.6 | 1,079 | 1,040 | 1,704 | 1,068 | 1,425 | 1,364 |
| Employee benefits expense | 211.2 | 225.1 | 241.7 | 307.4 | 251.7 | 259.7 | 279.3 |
| Other expenses | 230.8 | 217.0 | 162.6 | 155.4 | 130.6 | 210.7 | 256.3 |
| EBITDA (revenue less operating costs, excl. other income) | 335.3 | 358.5 | 340.3 | 479.3 | 460.8 | 498.3 | 585.7 |
| Other income | 1.60 | 14.4 | 52.5 | 36.8 | 49.3 | 45.9 | 57.3 |
| Depreciation and amortisation | 20.7 | 24.3 | 26.6 | 31.4 | 32.3 | 34.7 | 40.4 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | -51.9 | 0.00 | 0.00 |
| Profit to owners | 231.7 | 246.1 | 262.7 | 359.6 | 312.9 | 374.6 | 440.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue growth | 4.4% | 23.3% | |
| EBITDA margin | 19.3% | ||
| Net margin | 14.1% | ||
| Return on equity | 29.0% | ||
| Return on capital employed | 28.3% | 37.1% | |
| Return on assets | 13.3% | ||
| Net debt (₹ crore) | 124.1 | -3,314 | |
| Net debt / EBITDA | -2.19x | ||
| Interest cover | 50.0x | ||
| Asset turnover | 0.90x | 0.94x | |
| Receivable days | 108 | 90 | |
| Inventory days (on revenue) | 45 | 35 | |
| Payable days (on revenue) | 101 | 109 | |
| Cash conversion | 3.34x | ||
| Capex intensity | 2.0% | 2.8% | |
| Free cash flow (₹ crore) | 19.8 | 3,454 | |
| Dividend payout | 0.0% | ||
| EPS, diluted (₹) | 30.89 | ||
| Book value per share (₹) | 90.33 | 123.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (lease liabilities less cash, bank balances and deposits); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating costs, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Siemens Energy India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Siemens Energy India
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Prices are the last close on the NSE, 12 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 13 Oct 2026.
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