Prabhudas Lilladher's research report on Siemens
We attended the H1SY25 analyst meet of Siemens India Ltd., where management highlighted the ongoing macro tailwinds for its Mobility and Smart Infrastructure businesses while Digital Industries continue to be impact by inventory normalization amid lower demand. The Mobility segment is anticipated to be the primary growth driver amid growing public capex linked demand for bogies, locomotives, propulsion systems and signaling equipment while the Smart Infra segment will benefit from the traction in emerging verticals such as data centers, electronics and semiconductors. Although the Digital Industries segment showed early signs of order recovery, management remains cautious given the subdued pace of private capex. Meanwhile, the Low Voltage Motors (LVM) business continues to face challenges from demand normalization. In alignment with global developments, the company is exploring strategic options for the LVM business, potentially including divestment.
Outlook
We roll forward to Mar’27E and maintain ‘Accumulate’ rating with a revised TP of Rs3,497 (Rs3,233 earlier), valuing the stock at a PE of 53x Mar’27E (53x Sep’26E earlier).
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