Order Book Or Contract Wins
Expected: FY2026HIGH confidence
What: Order Backlog: ₹423 billion
“We have a huge backlog of 423 billion on our books. The revenue grew 8 %.”
Siemens Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +21.7%Weak9w StreakRe-Entry
In , Siemens Ltd (Capital Goods - Electric General) is outperforming Nifty 500 with +21.7% relative strength. Fundamentals: Weak. On a 9-week streak.
Siemens Ltd Key Facts
- PE Ratio
- 83.2x
- Market Cap
- ₹1,36,131 Cr
- PAT Growth YoY
- -55%
- Revenue Growth YoY
- +14%
- OPM
- 11.0%
- RS vs Nifty 500
- +21.7%
PE: At PeakDanger Bubble
What's Happening
⚠️PE rising despite falling earnings — price running ahead of reality
💪Debt reduced 48% YoY — balance sheet strengthening
🌐FII stake decreased 1.7% this quarter
🏛️DII accumulation — stake up 1.1%
💰Trading 78% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
FY2026HIGH
2. Demerger Spin Off Value Unlock
CompletedHIGH
3. Mandatory Industry Norms
Next 5-7 yearsMEDIUM
Key Risks
1. US tariffs and global trade tensions are creating uncertainty and impacting sent
MEDIUM2. Quality Control Orders (QCO) caused a temporary slowdown in the first quarter
LOWSector-Specific Signals
Order Backlog₹42,300 Cr+7.2%
Book-to-Bill Ratio1.25
Mobility Order Growth50%+50%
Smart Infrastructure Localization65%
Key Numbers
PAT Growth YoY
-55%
Stable
Revenue YoY
+14%
Stable
Operating Margin
11.0%
-100 bps YoY
PE Ratio
83.2
Current Price
₹3,823
Fundamental Score
27/100
Weak
3Y PAT CAGR
+11%
Market Cap
1.4L Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Siemens Ltd's Earnings Accelerating?
Based on Q2 FY26 earnings • Updated Apr 18, 2026
Demerger Spin Off Value Unlock
Expected: CompletedHIGH confidence
What: Shareholder Value: 40% increase
“completed the demerger of the energy business in record time... increased... shareholder value of plus 40%.”
Mandatory Industry Norms
Expected: Next 5-7 yearsMEDIUM confidence
What: Signaling Network: 67,000 kms
“The entire 67,000 kms. of network still needs the latest signaling operations... Kavach program is so critical.”
Mobility Order Growth of 50%
HIGH confidence
What: Mobility Order Growth of 50%
“So let me now come to the financials: 50 billion in fiscal year ’25; almost 50% growth.”
What Are the Key Risks for Siemens Ltd?
Earnings deceleration risks from management commentary
US tariffs and global trade tensions are creating uncertainty and impacting sent
MEDIUMTrigger: Uncertainty regarding how tariffs will impact the global economy leads to cautious capex decisions.
Management view: Monitoring sentiment; expecting an uptick once trade agreements are reached.
Monitor: geopolitical
Quality Control Orders (QCO) caused a temporary slowdown in the first quarter
LOWTrigger: Internal government processes for issuing licenses took longer than expected.
Management view: The company is now fully compliant and the impact has passed.
Monitor: regulatory
What Is Siemens Ltd's Management Saying?
Key quotes from recent conference calls
“Broadly, though, we expect that the levels of profitability will go back to the levels of normalization... in the range of 6-8%. [Previous EBITDA Margin (Digital Industries) guidance]”
“sale and transfer on a slump sale basis to Innomotics India at a purchase price of 22 billion. [Initiative: Innomotics (LVM) Divestment]”
“I believe for us, there's a greater challenge of an indirect impact rather than a direct impact over there. [Risk (geopolitical): MEDIUM]”
“we had one quarter where there was a slowdown because of QCO but then we picked up afterwards. [Risk (regulatory): LOW]”
What Did Siemens Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹92 billion
YoY +14%
Why: Growth was driven by investments in power grids, public transportation, and commercial buildings despite a slow start in the first quarter.
Revenue growth was supported by a strong Q4 performance which hit ₹27 billion, representing 19% growth.
EBITDA
₹12.5 billion
Margin 13.6%
Why: Profitability improved due to revenue increases, favorable product mix, and operational execution despite heavy competition.
The company expanded margins by 20 basis points during the fiscal year.
Other Highlights
• Order backlog reached ₹423 billion, providing high revenue visibility for the next fiscal year.
• Demerger of Siemens Energy India Limited completed in record time to unlock shareholder value.
• Mobility revenue for the 9,000 HP locomotive project increased by close to 60% year-on-year.
What Sector Metrics Matter for Siemens Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Order Backlog
₹42,300 Cr
YoY +7.2%
Why: Strong order inflows in Mobility and Smart Infrastructure segments.
Book-to-Bill Ratio
1.25
Why: Reflects strong order growth outpacing current revenue execution.
Mobility Order Growth
50%
YoY +50%
Why: Driven by high-speed rail and metro signaling contract wins.
Smart Infrastructure Localization
65%
Why: Ongoing strategy to manufacture locally to improve margins and meet price levels.
Digital Industries Service Mix
20%
Why: Focus on leveraging the installed base to grow high-margin services.
9,000 HP Loco Revenue Growth
60%
YoY +60%
Why: Ramp-up of project execution and delivery of the first locomotive.
Smart Infrastructure Export Share
20%
YoY Stable
Why: Consistent demand for power distribution products in global markets.
LVM Divestment Value
₹2,200 Cr
Why: Board approval for sale to Innomotics India on a slump sale basis.
What Is Siemens Ltd's Management Guidance?
Forward-looking targets from management for Next 5 years
OPM Guidance
6–8%
Revenue Outlook
10-plus percent growth
Margin Outlook
REAFFIRMED
Capex Plan
₹3.3 billion
Goa factory for gas-insulated switchgears and blue GIS
Volume
REAFFIRMED
Management Tone: BULLISH
Guidance Changes
REAFFIRMED
Financial Year Cycle: September Ending → March Ending
How Fast Is Siemens Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +14% | +2% | Stable |
| PAT (Net Profit) | -55% | +11% | Stable |
| OPM | 11.0% | -100 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Capital Goods - Electric General Stocks Beating Nifty 500
Frequently Asked Questions: Siemens Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Siemens Ltd's latest quarterly results?
Siemens Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: -54.8% (stable)
- Revenue Growth YoY: +14.0%
- Operating Margin: 11.0% (stable)
Is Siemens Ltd's profit growing or declining?
Siemens Ltd's profit is declining with an stable trend.
- PAT Growth YoY: -54.8% (latest quarter)
- PAT Growth QoQ: -42.7% (sequential)
- 3-Year PAT CAGR: +10.9%
- Trend: Stable — consistent growth pattern
What is Siemens Ltd's revenue growth trend?
Siemens Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +14.0%
- Revenue Growth QoQ: -21.8% (sequential)
- 3-Year Revenue CAGR: +2.5%
How is Siemens Ltd's operating margin trending?
Siemens Ltd's operating margin is stable.
- Current OPM: 11.0%
- OPM Change YoY: -1.0% basis points
- OPM Change QoQ: -1.0% basis points
What is Siemens Ltd's 3-year profit and revenue CAGR?
Siemens Ltd's long-term compounding rates
- 3-Year Profit CAGR: +10.9%
- 3-Year Revenue CAGR: +2.5%
Is Siemens Ltd's growth accelerating or decelerating?
Siemens Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: -13.2% bps
- Sequential Acceleration: -57.4% bps
What is Siemens Ltd's trailing twelve month (TTM) performance?
Siemens Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹2,000 Cr
- TTM PAT Growth: -37.5% YoY
- TTM Revenue: ₹17,000 Cr
- TTM Revenue Growth: +10.2% YoY
- TTM Operating Margin: 11.5%
Is Siemens Ltd overvalued or undervalued?
Siemens Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 83.2x
- Price-to-Book: 10.3x
What is Siemens Ltd's current PE ratio?
Siemens Ltd's current PE ratio is 83.2x.
- Current PE: 83.2x
- Market Cap: 1.4 Lakh Cr
How does Siemens Ltd's valuation compare to its history?
Siemens Ltd's current PE is 83.2x.
- Current PE: 83.2x
- Valuation Assessment: Significantly Overvalued
What is Siemens Ltd's price-to-book ratio?
Siemens Ltd's price-to-book ratio is 10.3x.
- Price-to-Book (P/B): 10.3x
- Book Value per Share: ₹371
- Current Price: ₹3823
Is Siemens Ltd a fundamentally strong company?
Siemens Ltd is rated Weak with a fundamental score of 26.68/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +14.0% (10% weight)
- PAT Growth YoY: -54.8% (10% weight)
- PAT Growth QoQ: -42.7% (10% weight)
- Margins stable (10% weight)
Is Siemens Ltd debt free?
Siemens Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹145 Cr
What is Siemens Ltd's return on equity (ROE) and ROCE?
Siemens Ltd's return ratios over recent years
- Sep 2023: ROCE 21.0%
- Sep 2024: ROCE 24.0%
- Sep 2025: ROCE 16.0%
Is Siemens Ltd's cash flow positive?
Siemens Ltd's operating cash flow is positive (Sep 2025).
- Cash from Operations (CFO): ₹375 Cr
- Free Cash Flow (FCF): ₹3,000 Cr
- CFO/PAT Ratio: 18% (weak cash conversion)
What is Siemens Ltd's dividend yield?
Siemens Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹3823
Who holds Siemens Ltd shares — promoters, FII, DII?
Siemens Ltd's shareholding pattern (Mar 2026)
- Promoters: 75.0%
- FII (Foreign): 6.8%
- DII (Domestic): 8.6%
- Public: 9.6%
Is promoter holding increasing or decreasing in Siemens Ltd?
Siemens Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 75.0% (Mar 2026)
- Previous Quarter: 75.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Siemens Ltd been outperforming Nifty 500?
Siemens Ltd has been outperforming Nifty 500 for 9 consecutive weeks, indicating consistent outperformance.
Is Siemens Ltd a new momentum entry or an established outperformer?
Siemens Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Siemens Ltd?
Siemens Ltd has 4 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Large multi-year projects in Mobility and Smart Infrastructure provide a stable revenue base.
- Demerger Spin Off Value Unlock — Separation of the Energy business allows for a pure-play focus on industrial automation and mobility.
- Mandatory Industry Norms — The government's Kavach program for railway safety creates a massive mandatory upgrade cycle.
- Mobility Order Growth of 50% — Driven by major wins in high-speed rail signaling for Ahmedabad-Mumbai and Metro Nagpur signaling.
What are the key risks in Siemens Ltd?
Siemens Ltd has 2 key risks worth monitoring
- [MEDIUM] US tariffs and global trade tensions are creating uncertainty and impacting sent — Uncertainty regarding how tariffs will impact the global economy leads to cautious capex decisions.
- [LOW] Quality Control Orders (QCO) caused a temporary slowdown in the first quarter — Internal government processes for issuing licenses took longer than expected.
What did Siemens Ltd's management say in the latest earnings call?
In Q2 FY26, Siemens Ltd's management highlighted
- "Broadly, though, we expect that the levels of profitability will go back to the levels of normalization... in the range of 6-8%. [Previous EBITDA Mar..."
- "sale and transfer on a slump sale basis to Innomotics India at a purchase price of 22 billion. [Initiative: Innomotics (LVM) Divestment]"
- "I believe for us, there's a greater challenge of an indirect impact rather than a direct impact over there. [Risk (geopolitical): MEDIUM]"
What is Siemens Ltd's management guidance for growth?
Siemens Ltd's management has provided the following forward guidance for Next 5 years
- Revenue outlook: 10-plus percent growth
- OPM guidance: 6–8%
- Capex plan: ₹3.3 billion for Goa factory for gas-insulated switchgears and blue GIS
- Management tone: bullish
- Milestone: [REAFFIRMED] Financial Year Cycle: September Ending → March Ending
What sector-specific metrics matter most for Siemens Ltd?
Siemens Ltd's most important sub-sector-specific KPIs from the latest concall
- Order Backlog: ₹42,300 Cr (YoY +7.2%) — Strong order inflows in Mobility and Smart Infrastructure segments.
- Book-to-Bill Ratio: 1.25 — Reflects strong order growth outpacing current revenue execution.
- Mobility Order Growth: 50% (YoY +50%) — Driven by high-speed rail and metro signaling contract wins.
- Smart Infrastructure Localization: 65% — Ongoing strategy to manufacture locally to improve margins and meet price levels.
- Digital Industries Service Mix: 20% — Focus on leveraging the installed base to grow high-margin services.
- 9,000 HP Loco Revenue Growth: 60% (YoY +60%) — Ramp-up of project execution and delivery of the first locomotive.
Is Siemens Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Siemens Ltd may be worth studying
- Cash flow is positive — CFO ₹375 Cr
What is the investment thesis for Siemens Ltd?
Siemens Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +14.0% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: US tariffs and global trade tensions are creating uncertainty and impacting sent
What is the future outlook for Siemens Ltd?
Siemens Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: stable
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: US tariffs and global trade tensions are creating uncertainty and impacting sent
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.