Hold Siemens Energy India: target of Rs 2860: ICICI Securities

ICICI Securities recommended hold rating on Siemens Energy India with a target price of Rs 2860 in its research report dated February 15, 2026.

Broker Research

February 20, 2026 / 13:14 IST

Hold

ICICI Securities's research report on Siemens Energy India

Siemens Energy India (SEI)’s transmission segment continues to deliver strong growth. In the quarter ended Dec’25, SEI reported a good set of numbers – revenue/EBITDA/Adj. PAT growth of 26%/37%/52% YoY. Transmission segment delivered revenue growth of 34% YoY along with margin expansion (+408bps YoY). Generation segment’s revenue growth was also healthy at 16% YoY. Profit was also aided by higher other income and one-off gains. We expect EBITDA margins to sustain at ~20%. Order inflow (OI) was healthy in the quarter at ~INR 33bn. Order backlog (OB) stood at INR 176bn (+38% YoY); book-to-bill of 2.1x. We expect transmission bidding activity to be strong at INR 0.8 1trn/annum for the next three years, leading to equipment TAM of INR 360–500bn per annum. Maintain HOLD.

Outlook

We maintain HOLD with a revised TP of INR 2,860 (INR 3,125 earlier).

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