Siemens Shares' Target Price, Ratings Raised By ICICI Securities — Check Details

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ICICI Securities Report

ICICI Securities upgrades Siemens India Ltd. to 'Buy' from 'Hold' rating and raises target price to Rs 3,700, implying a potential upside of 18% from current market price of Rs 3,145.

Outlook and valuation

The brokerage believes Siemens may be one of the major beneficiaries of increasing investments in infrastructure, automation, digitisation, productivity and efficiency.

The government’s strong capex push in areas of renewables, water and waste water, manufacturing, infrastructure, warehouse and logistics, electrical vehicles, transport infrastructure, etc., augurs well for Siemens’ growth led by its highly diversified product portfolio.

Given its diversified offerings and access to parent’s technology, the brokerage expect the order inflow to be healthy from the industries it caters to.

The company has been able to build a strong order book from diverse-user industries while expanding product portfolio and localise manufacturing of key products.

Its order book stands at ~Rs 428 billion, as of June 2025.

Upside risks:

• Better-than-estimated order inflow and execution; and

• Better-than estimated margin improvement trajectory.

Downside risks:

• Lower-than estimated order execution; and

• Lower-than estimated margins.

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