Siemens India's order pipeline continues to strengthen, with infrastructure spending and higher private sector capital expenditure driving fresh orders. The growing backlog provides visibility for future revenue, while demand for data centres, renewables and industrial electrification offers additional opportunities. However, higher commodity costs and foreign exchange volatility remain concerns for operating profitability.
Brokerages broadly see the order momentum as supportive of medium-term growth. UBS retained Buy with a target price of Rs 4,850, while CLSA and Nomura raised their targets to Rs 3,944. HSBC, Macquarie and Citi maintained Neutral or Hold ratings, pointing to margin pressures and uneven performance across business segments.
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Siemens India Q2 highlights (YoY)
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- Revenue up 17% to Rs 5,734 crore from Rs 4,900 crore.
- Ebitda up 2.8% to Rs 626 crore from Rs 609 crore.
- Ebitda margin at 10.9% versus 12.4%.
- Net profit up 3.9% to Rs 504 crore from Rs 485 crore.
- New orders rose 37.8% to Rs 6,228 crore.
- Order backlog increased 12% to Rs 47,034 crore.
Here's what brokerages are saying after Siemens India announced Q2 results
CLSA
- Maintained 'Neutral'; target price raised to Rs 3,944 from Rs 3,757.
- Revenue and Ebitda were 8% and 17% above consensus estimates, respectively.
- Growth was broad-based across businesses.
- Order inflows rose 30% year on year to Rs 6,230 crore, in line with estimates.
- Raised FY27–FY29 Ebitda margin estimates by 4–45 basis points.
- Focus remains on higher-value products, software and services.
HSBC
- Maintained 'Hold'; target price at Rs 3,670.
- Revenue was 8% above consensus estimates.
- Execution remained resilient in Q2.
- Order inflows grew 38% year on year, led by infrastructure spending.
- Order book grew 12% year on year to Rs 47,000 crore.
- Higher commodity prices and foreign exchange charges weighed on margins.
Macquarie
- Maintained 'Neutral'; target price at Rs 3,650.
- Order backlog of Rs 470 billion provides strong medium-term revenue visibility.
- Smart Infrastructure and Mobility growth supported execution, while Digital Industries remained subdued.
- Higher material costs and weak segment margins remain key profitability risks.
Nomura
- Maintained 'Neutral'; target price raised to Rs 3,944 from Rs 3,757.
- Revenue and Ebitda were 8% and 17% above consensus estimates, respectively.
- Growth was broad-based across businesses.
- Order inflows rose 30% year on year to Rs 6,230 crore.
- Raised FY27–FY29 Ebitda margin estimates by 4–45 basis points.
- Focus remains on higher-value products, software and services.
Citi
- Maintained 'Neutral'; target price at Rs 3,875.
- Order backlog of Rs 470 billion provides strong medium-term revenue visibility.
- Smart Infrastructure and Mobility are expected to support growth, with pricing actions aiding margin recovery.
- Commodity inflation and foreign exchange volatility remain risks to sustained profitability improvement.
UBS
- Maintained 'Buy'; target price at Rs 4,850.
- Data centres, renewables and industrial electrification support sustained short-cycle order growth.
- Order backlog of Rs 470 billion provides medium-term revenue visibility.
- Smart Infrastructure pricing and margin recovery strengthen the earnings outlook; Digital Industries remained subdued.
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