Motilal Oswal's research report on Siemens Energy India
Siemens Energy India (ENRIN) reported a strong set of financials for 3QFY25 with 80% YoY improvement in PAT. Revenue growth improved 20% YoY, and EBITDA margin was strong at 19.1% for the quarter, driven by strong margins in the power transmission segment. Based on the 9MFY25 performance and announced capex, we raise our estimates by 3%/9% for FY26/FY27 to bake in improved execution and margin in the power transmission segment. We reiterate our BUY rating with a revised TP of INR3,600 (based on 60x Sep’27E).
Outlook
ENRIN is currently trading at 80.9x/54.7x P/E on FY26E/27E EPS. We raise our estimates and value the stock at 60x on Sep’27E EPS. We reiterate our BUY rating with a revised TP of INR3,600.
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