Hold Siemens: target of Rs 3150: ICICI Securities

ICICI Securities recommended hold rating on Siemens with a target price of Rs 3150 in its research report dated August 11, 2025.

Broker Research

August 14, 2025 / 11:00 IST

Hold

26 Aug, 2025 12:21

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ICICI Securities's research report on Siemens

Siemens had an eventful Q3FY25; it concluded the demerger and separate listing of its energy business in the quarter. Further, it won a signalling and telecom contract worth INR 12bn for India’s first bullet train. As a significant development, it has also kickstarted production of its 9,000HP railway locomotives in May’25 for its largest mobility order (~INR 263bn). The company’s order inflow (OI) in Q3 was INR 57bn (+13% YoY) aided by the bullet train signalling order; 9M OI stands at INR 152bn (+24% YoY). Order book (OB) remains strong at INR 428bn (+8% YoY); excluding the large railway order, OB is estimated at INR 165bn. Post carve-out of the energy business, we expect smart infrastructure (led by electrification and automation) + mobility segment (aided by railway and metro capex) to lead growth in the near-medium term. We resume coverage on the stock with HOLD and an SoTP-based TP of INR 3,150.

Outlook

We resume coverage on the stock with a HOLD rating and an SoTP-based target price of INR 3,150.

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