Siemens Q1 Results Review: Motilal Oswal Maintains 'Neutral' Stance, Lowers Target Price — Here's Why

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Motilal Oswal Report

Siemens Ltd. has reported demerged financials for Q1 FY25. For the combined entity, revenue was 9% below estimates and PAT was 3% above estimates. Revenue/PAT grew 4%/22% YoY, largely driven by the energy segment. The non-energy segments were impacted by a slowdown in the short-cycle private sector capex spending and the normalization of demand in digital industries business. The energy segment’s demerger is on track.

We lower our EPS estimates by 7%/8%/10% for FY25/FY26/FY27 to factor in a slower-than-expected pickup in the smart infrastructure, digital industries and mobility segments and slightly better growth in the energy segment.

We will revisit our numbers once we have full-year details of the demerged business; hence, our current estimates are consolidated estimates for Siemens as a combined entity.

We maintain Neutral rating on the stock with a revised target price of Rs 5,750, based on 55x Mar’27 estimates for the combined entity.

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