Siemens Ltd(SIEMENS)

NSE: SIEMENSBSE: 500550

₹ 3,275+0.77%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1.17 L crWebsite: www.siemens.co.inUpdated: 24 Oct 2026

About

Siemens Ltd is an Indian industrial conglomerate operating across Smart Infrastructure, Digital Industries, and Mobility segments, with reported revenue of Rs 24,845.6 Cr in FY26. The company manufactures and supplies electrical equipment, automation systems, and rail traction systems, serving power utilities, railways, data centres, and industrial customers across India and export markets. Its consolidated order backlog reached a record INR 450.3bn in Q6 FY2026, reflecting strong demand across infrastructure and rail segments.^[1][2][3]

Business segments

Smart Infrastructure: 48.0% of FY26 revenue (Rs 14,039.7 Cr); supplies electrification, automation, power distribution, and building technology solutions.^[3]
Digital Industries: 20.1% of FY26 revenue (Rs 5,872.2 Cr); provides factory automation, motion control, and industrial software.^[3]
Mobility: 17.0% of FY26 revenue (Rs 4,977.8 Cr); supplies rail traction systems, locomotives, bogies, signaling, and rail electrification.^[3]
Energy (discontinued operations): 8.8% of FY26 revenue (Rs 2,574.6 Cr); demerged effective 1 March 2025, with Siemens Energy India Limited filing for listing on BSE and NSE.^[3][4]
Low Voltage Motors (discontinued operations): 5.2% of FY26 revenue (Rs 1,530.8 Cr); board approved slump sale to Innomotics India at enterprise value of Rs 22bn; contributed only 6% of revenue and 2% of profits in FY25.^[3][5]

Key operating numbers

Order backlog reached a record INR 450.3bn in Q6 FY2026, up 9.3% YoY.^[2]
New orders in Q6 FY2026 were INR 67.3bn, up 32.6% YoY; full-year FY2025 new orders were Rs 200.4bn, up 20.5% YoY.^[2][5]
Mobility book-to-bill stood at 3.37x in Q6 FY2026; SI book-to-bill was 1.15x and DI book-to-bill was 0.84x in the same period.^[2]
Smart Infrastructure EBIT margin was 13.2% in FY26; SI revenue grew +14% to Rs 92bn in FY2025 with EBIT margin of 13.6%.^[3][5]
Digital Industries EBIT margin was 5.2% in FY26; DI revenue fell ~7% YoY in FY2025, with margins at 7.3%, in line with transfer-price-driven 6 - 8% range.^[3][5]
Material cost rose to 74% of revenue in Q6 FY2026 from 69%, driven by higher commodity prices and a depreciating INR, compressing EBITDA margin by 287 bps YoY to 9.7%.^[2]
Export share of revenue rose from 2.8% in H1 FY24 to 11.4% in H1 FY25, with over 80% of exports from Smart Infrastructure and the balance from Mobility.^[4]

Products and portfolio

Smart Infrastructure covers power distribution, medium-voltage switchgear, building automation, electrification, and data centre power solutions; subsidiary C&S Electric posted volume growth of over 20% in FY2025.^[5]
Mobility portfolio includes 9,000 HP electric locomotives, bogies, traction motors, gearboxes, railway signaling (including ETCS and Kavach), and propulsion systems.^[5][2]
Digital Industries supplies factory automation and motion control; revenue is structurally constrained by transfer-pricing agreements with the Siemens AG parent, targeting a 6 - 8% EBIT range.^[5]

Operations and capacity

9,000 HP locomotive production is based at the Dahod factory; 40 locomotives were dispatched in Q6 FY2026 in record time, with deliveries ramping from 40 toward 80, 100, then 160 units per step.^[2][5]
A new MV GIS (medium-voltage gas-insulated switchgear) factory in Goa is targeted to commence commercial production around October 2026; the Vacuum Interrupter factory is targeted a couple of months earlier.^[5]

Customers and distribution

Smart Infrastructure order growth in Q6 FY2026 was driven by Power Utilities, Renewables, and Data Centre segments.^[2]
Mobility's primary customer is Indian Railways; key orders include 9,000 HP locomotives, the Ahmedabad-Mumbai high-speed rail ETCS signaling contract, and a Kavach developmental order from Indian Railways in Bangalore.^[5]
An INR 18bn export order was received for supply of bogies, traction motors, and gearboxes to a 'Global mobility factory', expanding Mobility's export presence.^[2]

Expansion and capex

MV GIS factory (Goa): new greenfield facility, targeted commercial production start around October 2026.^[5]
Vacuum Interrupter factory: new capacity investment, targeted commercial production start around mid-2026, a couple of months ahead of the Goa GIS factory.^[5]
Management is actively pursuing M&A in buildings and SI adjacencies; criteria include new products, new market access, or globally scalable technology meeting margin hurdles.^[5]

Recent developments

Siemens Energy demerger was effective 1 March 2025; Siemens Energy India Limited is filing an information memorandum with BSE and NSE for listing.^[4]
Board approved slump sale of Low Voltage Motors business to Innomotics India at Rs 22bn (50.5x FY25 EBITDA); sale was on track as of Q6 FY2026 with closure subject to regulatory approvals.^[5][2]
Siemens won the first high-speed rail signaling contract in India for the Ahmedabad-Mumbai corridor using ETCS technology, won in Q3 FY2025.^[5]
Received an INR 18bn export order in Q6 FY2026 for supply of bogies, traction motors, and gearboxes to a Global mobility factory.^[2]
First 9,000 HP prototype locomotive was delivered in May 2025 and flagged off by the Prime Minister; revenue from this project grew ~60% YoY in FY2025.^[5]

Market Cap

₹1,16,629 Cr

High / Low

₹4,149 / 2,827

Stock P/E

35.3

Price / Book

8.4

Book Value

₹389

EPS

₹77.3

No. of Shares

35.61 Cr

ROCE

22.9%

ROE

20.3%

OPM

12.3%

Debt / Equity

0.00

Sales

₹24,846 Cr

Net Profit

₹2,754 Cr

Promoter holding

75.0%

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Siemens Ltd(SIEMENS)

About

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Operations and capacity

Customers and distribution

Expansion and capex

Recent developments

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