Accumulate Siemens; target of Rs 2602: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Siemens

Siemens Ltd (SIEM) reported revenue growth of 8.2% YoY led by growth across all segments. During the quarter, revenue and margins were impacted due to supply chain disruption, delay in deliveries & higher commodity and logistics cost. Order inflow during the quarter stood at Rs53bn (up 61% YoY), led by strong growth across all business verticals, reflecting upswing in private as well as public capex. Order book stands strong at Rs172bn (1.3x TTM revenue), providing revenue visibility for coming quarters. We expect segment such as data center, e-commerce, waste heat recovery, smart infra, digitalization, automation, TBCB, hospitals, sub-station, etc. to be key growth drivers. Order inflow is likely to be driven by central government and private capex, while state government capex is expected to remain muted in near term. We remain positive on SIEM from a long-term perspective given its 1) strong and diversified presence across industries, 2) focused digitization, 3) product localization, 4) solid balance sheet and 5) high cash flow. With strong order book and enquiry pipeline, we expect SIEM to report revenue/PAT CAGR of 14%/23% between SY21-SY24E.

Outlook

The stock is currently trading at PE of 65x/50.4x/42.3x SY22E/23E/24E earnings. We maintain ‘Accumulate’ rating on stock with TP of Rs2,602 (same as earlier).

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