'Buy' Siemens Energy Shares Maintains Motilal Oswal Post Strong Q4 Numbers — Check Target Price

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Motilal Oswal Report

Siemens Energy India Ltd. reported a strong set of financials for full year FY25, with an outperformance in revenue and Ebitda. Lower-than-expected other income to some extent offset the strong performance in revenue, resulting in almost in-line PAT performance.

Q4 FY25 performance was impacted by lower-than-expected margin and other income. Order inflows for the full year stood strong at Rs 131 billion vs our estimate of Rs 101 billion, providing strong visibility for both power transmission and power generation segments.

We broadly maintain our estimates and target price of Rs 3,800, based on 60x two-year forward earnings.

We maintain our positive bias for Siemens Energy as we expect the company to benefit from a strong opportunity in power transmission segment, margin improvement, and ongoing capex going forward.

We will revisit our estimates after the analyst meet of the company.

Key risks and concerns

Key risks to our thesis can come from a slowdown in ordering and supply chain issues, thus impacting margin.

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