Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,871.70 last close on 30 Oct 2026 +0.90%
Research updated
Siemens Ltd.
NSE: SIEMENSIndustrialsSpecialty Industrial Machinery
- Last close
- ₹3,303.00
- Day change
- −₹63.00 (−1.87%)vs
- Market cap
- ₹1.20 lakh crIndian rupees
- Research updated
- 2 reports
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About Siemens
Siemens Ltd. is a global conglomerate that specializes in a broad range of engineering and electronics services. Its primary function is to design and manufacture innovative solutions in the fields of electrification, automation, and digitalization. By targeting sectors such as renewable energy, industrial manufacturing, building technologies, and healthcare, Siemens Ltd. plays a critical role in driving modernization and efficiency worldwide. Notable for its cutting-edge advancements in smart infrastructure and sustainable energy systems, the company has a profound impact on the industrial and urban landscape. Siemens Ltd. operates internationally, providing tailored solutions that enhance productivity and resource management for businesses and communities alike. With a heritage built on over a century of engineering excellence, Siemens Ltd. remains integral to technological evolution within key industries, contributing significantly to the global push towards digital transformation and sustainable development.
- Sector
- Industrials
- Industry
- Specialty Industrial Machinery
- Listing
- NSE: SIEMENS
- Chief executive
- Mr. Sunil Dass Mathur B.Sc.
- Employees
- 9,434
- Headquarters
- Mumbai, India
- ISIN
- INE003A01024
- Website
- siemens.com/in/en.html
Public research · Report of
Business model & financial foundation
Siemens Ltd (NSE: SIEMENS), Electrical equipment, electrification, automation and rail systems: revenue of ₹17,456 crore in FY26 (+6.5% on FY25), an EBITDA margin of 11.4%, net profit of ₹1,526 crore and net cash of ₹5,612 crore.
- Revenue, FY26 (₹ crore)
- 17,456
- consolidated
- Revenue growth, FY26
- +6.5%
- on FY25
- EBITDA margin, FY26
- 11.4%
- EBITDA (revenue less operating costs, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,526
- to owners
- Return on equity, FY26
- 10.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -5,612
- Net debt (borrowings less cash and bank deposits; negative = net cash)
- Market capitalisation (₹ crore)
- 1,35,468
- at the close of 23 Oct 2026
Company profile
Siemens Ltd is the Indian listed arm of Siemens AG. After demerging its energy business and selling low-voltage motors, it operates three businesses: Smart Infrastructure (electrification products, grid, buildings and data-centre solutions, about 56% of revenue), Mobility (rail signalling, rolling stock and the 1,200-unit 9,000 HP locomotive contract, about 21%) and Digital Industries (factory and process automation, drives and software, about 23%). It sells to utilities, data centres, railways, metros and private manufacturers, imports a large share of automation products from the parent, and holds a large net cash balance.
| Item | Value |
|---|---|
| Legal name | Siemens Limited |
| Exchange and ticker | NSE: SIEMENS; BSE: 500550 |
| ISIN | INE003A01024 |
| Sector | Capital Goods |
| Industry | Electrical equipment, electrification, automation and rail systems |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹1,35,468 crore (23 Oct 2026) |
| Shares outstanding | 35.60 crore shares (FY26) |
| Price | ₹3,381 (close, 23 Oct 2026) |
| 52-week range | ₹2,826 - ₹4,149 (to 23 Oct 2026) |
| Website | https://www.siemens.com/in/en.html |
Corporate structure and shareholding
Parent: Siemens AG (via Siemens International Holding B.V.), 75% promoter holding.
| Entity | Holding | Business |
|---|---|---|
| Siemens Rail Automation Pvt Ltd | 100% | Rail signalling and automation; amalgamation into Siemens Ltd approved by board May 2026, NCLT pending |
| C&S Electric Ltd | 99.22% | Low-voltage switchgear and electrical products; capital reduction to buy out minorities approved by NCLT Sep 2026 |
Energy business demerged into Siemens Energy India Ltd (appointed date 1 Mar 2025); Low Voltage Motors business sold to Innomotics India on 1 Jun 2026 for EV Rs 2,200 cr.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.85% | 6.80% | 6.47% | 6.76% |
| Domestic institutions | 8.36% | 8.59% | 9.09% | 9.04% |
| of which mutual funds | 3.55% | 3.75% | 3.92% | 3.58% |
| Retail | 7.62% | 7.42% | 7.26% | 6.95% |
| Other | 2.17% | 2.19% | 2.18% | 2.25% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Siemens Ltd is the 75%-owned Indian arm of Siemens AG. After the Energy demerger (appointed date 1 Mar 2025) and the sale of Low Voltage Motors to Innomotics (1 Jun 2026, EV Rs 2,200 cr), continuing operations are three businesses. Smart Infrastructure (SI) makes up 56% of FY26 segment revenue (Rs 9,821 cr): switchgear, electrical products, grid and data-centre electrification, building technology. Mobility is 20% (Rs 3,611 cr): signalling, rolling stock and the 1,200-unit 9,000 HP locomotive contract. Digital Industries (DI) is 23% (Rs 4,058 cr): factory and process automation, much of it imported from the parent. Customers are utilities, data centres, Indian Railways, metros and private manufacturers. The company has no borrowings and net cash of Rs 5,612 cr at 31 Mar 2026, before the LVM proceeds. It buys heavily from the parent: purchases from Siemens AG were Rs 5,501 cr over the 18 months (standalone). The year end moved from September to March through an 18-month year from Oct 2024 to Mar 2026. FY24A and FY25A in the dossier are therefore Oct-Sep years, and FY26A is Apr 2025-Mar 2026 built from re-presented quarters.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | result margin, FY26 (%) |
|---|---|---|---|---|---|
| Smart Infrastructure | 9,821 | 55.5% | 1,269 | 72.9% | 12.9% |
| Mobility | 3,611 | 20.4% | 247.3 | 14.2% | 6.8% |
| Digital Industries | 4,058 | 22.9% | 209.5 | 12.0% | 5.2% |
| Others | 208.7 | 1.2% | 15.5 | 0.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| ABB India (ABB) | Closest like-for-like: electrification, motion and automation for Indian industry and infrastructure under a European parent |
| CG Power and Industrial Solutions (CGPOWER) | Domestic electrical equipment (motors, switchgear, transformers) competitor in industrial and infrastructure capex |
| Hitachi Energy India (POWERINDIA) | Grid and electrification capex peer with MNC parent; competes in substations and T&D automation |
| Siemens Energy India (ENRIN) | Demerged former energy segment of Siemens Ltd; shares the parent heritage and T&D demand |
| GE Vernova T&D India (GVT&D) | Transmission and distribution equipment peer in the grid capex cycle |
| Schneider Electric Infrastructure (SCHNEIDER) | Medium-voltage switchgear and distribution automation competitor to Smart Infrastructure |
| Honeywell Automation India (HONAUT) | Process and building automation peer to Digital Industries and building technologies |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (continuing) | 15,146 | 16,397 | 17,456 | ||
| Cost of revenue (vendor classification) * | 8,984 | 10,926 | 13,391 | 14,993 | 12,069 |
| Other operating costs (vendor classification) * | 1,069 | 1,357 | 2,265 | 1,806 | 1,595 |
| EBITDA (vendor classification) * | 1,681 | 2,144 | 2,959 | 3,709 | 2,587 |
| EBIT * | 1,417 | 1,748 | 2,663 | 3,700 | 2,297 |
| Finance costs | 43.1 | 14.1 | 28.6 | ||
| PBT from continuing operations | 2,619 | 2,243 | 2,037 | ||
| Tax on continuing operations | 657.3 | 583.4 | 509.4 | ||
| Profit from continuing operations | 1,962 | 1,659 | 1,527 | ||
| Diluted EPS, continuing (INR) | 55.10 | 46.60 | 42.89 | ||
| Other income | 876.5 | 568.4 | 429.6 | ||
| Materials + traded goods + inventory change | 9,509 | 10,291 | 11,245 | ||
| Employee benefits expense | 1,398 | 1,638 | 1,741 | ||
| Other direct costs + other expenses | 2,207 | 2,510 | 2,477 | ||
| EBITDA (revenue less operating costs, excl. other income) | 2,032 | 1,958 | 1,993 | ||
| Depreciation and amortisation | 246.4 | 269.8 | 282.6 | ||
| Exceptional items (sign as reported) | 0.00 | 0.00 | -74.3 | ||
| Non-controlling interest | 1.50 | 1.70 | 1.70 | ||
| Continuing profit to owners | 1,960 | 1,658 | 1,526 | ||
| Basic EPS, continuing (INR) | 55.10 | 46.60 | 42.89 | ||
| Profit from discontinued operations (Energy, LVM) | 756.2 | 446.5 | 29.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 10,355 | 11,618 | 13,096 | 15,366 | 13,840 |
| Borrowings (non-current and current) | 221.9 | 182.1 | 175.2 | 279.4 | 0.00 |
| Cash and cash equivalents | 1,694 | ||||
| Trade receivables (current) | 3,902 | ||||
| Inventories | 2,589 | ||||
| Trade payables (current) | 4,073 | ||||
| Property, plant and equipment | 1,108 | ||||
| Capital work in progress | 248.9 | ||||
| Total assets | 21,301 | ||||
| Bank balances other than cash (deposits) | 3,918 | ||||
| Contract assets (current + non-current) | 2,883 | ||||
| Contract liabilities (customer advances) | 895.3 | ||||
| Lease liabilities | 306.6 | ||||
| Net debt (borrowings less cash and bank deposits; negative = net cash) | -5,612 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -535.4 | ||||
| Free cash flow (vendor definition) * | 1,305 | 822.5 | 1,198 | 1,327 | -5.70 |
| Dividends paid (an outflow is negative) | -249.3 | -284.9 | -356.1 | -356.8 | -428.6 |
| Capital expenditure (an outflow is negative) | -107.1 | -131.3 | -66.4 | -102.2 | -552.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 35.61 | 35.61 | 35.61 | 35.61 | 35.60 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (continuing) | 3,360 | 4,029 | 4,108 | 4,900 | 3,831 | 4,618 | 4,714 | |
| Cost of revenue (vendor classification) * | 4,370 | 2,421 | 2,961 | 3,035 | 3,653 | 2,716 | 3,406 | 3,352 |
| Other operating costs (vendor classification) * | -203.7 | 360.1 | 406.4 | 372.6 | 456.3 | 224.6 | 329.2 | 469.1 |
| EBITDA (vendor classification) * | 1,122 | 573.2 | 619.0 | 640.0 | 739.6 | 506.2 | 544.2 | 547.9 |
| EBIT * | 1,136 | 504.3 | 550.4 | 574.4 | 667.9 | 360.5 | 470.4 | 469.9 |
| Finance costs | 3.10 | 2.10 | 4.70 | 4.20 | 5.60 | 14.1 | 7.10 | |
| PBT from continuing operations | 489.1 | 528.2 | 568.0 | 657.5 | 354.9 | 456.3 | 462.8 | |
| Tax on continuing operations | 125.9 | 135.3 | 145.7 | 176.5 | 86.1 | 101.1 | 119.4 | |
| Profit from continuing operations | 363.2 | 392.9 | 422.3 | 481.0 | 268.8 | 355.2 | 343.4 | |
| Diluted EPS, continuing (INR) | 10.20 | 11.03 | 11.86 | 13.51 | 7.55 | 9.97 | 9.64 | |
| Other income | 172.0 | 151.4 | 123.9 | 121.1 | 84.3 | 100.3 | 116.9 | |
| Materials + traded goods + inventory change | 2,091 | 2,538 | 2,567 | 3,096 | 2,461 | 3,122 | 3,059 | |
| Employee benefits expense | 392.4 | 411.8 | 403.9 | 430.1 | 468.4 | 438.9 | 462.1 | |
| Other direct costs + other expenses | 489.9 | 634.7 | 619.6 | 765.4 | 479.7 | 612.3 | 761.8 | |
| EBITDA (revenue less operating costs, excl. other income) | 386.6 | 444.9 | 517.4 | 609.4 | 421.9 | 443.9 | 431.0 | |
| Depreciation and amortisation | 66.4 | 66.0 | 68.6 | 68.8 | 71.4 | 73.8 | 78.0 | |
| Exceptional items (sign as reported) | 0.00 | 0.00 | 0.00 | 0.00 | -74.3 | 0.00 | 0.00 | |
| Non-controlling interest | 0.30 | 0.50 | 0.40 | 0.50 | 0.50 | 0.30 | 0.10 | |
| Continuing profit to owners | 362.9 | 392.4 | 421.9 | 480.5 | 268.3 | 354.9 | 343.3 | |
| Basic EPS, continuing (INR) | 10.20 | 11.03 | 11.86 | 13.51 | 7.55 | 9.97 | 9.64 | |
| Profit from discontinued operations (Energy, LVM) | 251.4 | 189.6 | 1.10 | 4.40 | 9.00 | 15.2 | 1,800 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 8.3% | 6.5% | |||
| EBITDA margin | 13.4% | 11.9% | 11.4% | ||
| Net margin | 12.9% | 10.1% | 8.7% | ||
| Return on equity | 15.9% | 11.6% | 10.4% | ||
| Return on capital employed | 14.0% | 15.6% | 21.2% | 25.6% | 15.6% |
| Return on assets | 7.2% | ||||
| Net debt (₹ crore) | -5,612 | ||||
| Net debt / EBITDA | -2.82x | ||||
| Interest cover | 61.8x | 262.4x | 80.3x | ||
| Asset turnover | 0.82x | ||||
| Receivable days | 82 | ||||
| Inventory days (on revenue) | 54 | ||||
| Payable days (on revenue) | 85 | ||||
| Cash conversion | -0.35x | ||||
| Capex intensity | 0.4% | 0.6% | 3.2% | ||
| Free cash flow (₹ crore) | -1,088 | ||||
| Dividend payout | 18.2% | 21.5% | 28.1% | ||
| EPS, diluted (₹) | 55.10 | 46.60 | 42.89 | ||
| Book value per share (₹) | 290.8 | 326.2 | 367.7 | 431.5 | 388.8 |
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 (borrowings less cash and bank deposits; negative = 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, continuing (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 23 Oct 2026); market data at the close of 23 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 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
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- 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
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