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 healthy revenue growth, while profitability was impacted due to higher commodity price and lower forex gain (compared to last year) in Q1SY22. Ordering activity continued to be robust and reported a 65% YoY growth at Rs53bn. OB stands strong at Rs155.6bn (1.2x TTM revenue) providing revenue visibility, going forward. We expect ordering momentum to continue from industries such as Cement, Chemicals, Pharma, F&B, Steel, Railways, Metro etc. while segment such as data center, ecommerce, waste heat recovery, smart infra, digitalization, automation, TBCB, hospitals, sub-station, etc. would be key growth drivers, in our view. Order inflow is likely to be driven by central government and private capex, while state government capex is expected to remainmuted 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. Given the 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 65x/53x/44.5x SY22E/23/24E earnings. We roll over our TP to Mar’24E EPS with TP of Rs2,602 (earlier Rs2,310) valuing it at 52x Mar’24E and maintain ‘Accumulate’ rating on stock.

More Info

At 17:30 Siemens was quoting at Rs 2,327.70, down Rs 74.75, or 3.11 percent.

It has touched an intraday high of Rs 2,369.40 and an intraday low of Rs 2,322.20.

It was trading with volumes of 15,983 shares, compared to its thirty day average of 20,877 shares, a decrease of -23.44 percent.

In the previous trading session, the share closed down 1.59 percent or Rs 38.85 at Rs 2,402.45.

The share touched its 52-week high Rs 2,577.45 and 52-week low Rs 1,718.00 on 13 December, 2021 and 12 April, 2021, respectively.

Currently, it is trading 9.85 percent below its 52-week high and 35.25 percent above its 52-week low.

Market capitalisation stands at Rs 82,894.11 crore.

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