Motilal Oswal's research report on Siemens Energy India
Siemens Energy India Limited will get listed on 19th Jun’25. This business was demerged from Siemens Ltd in April’25 and focuses on Traansmission and Distribution (T&D) as well as small-sized turbines. We expect the company to benefit from a strong addressable market in the T&D business. Based on the financial details available for FY24, we arrive at pro-forma financials for the energy business. We expect revenue/PAT CAGR of 25%/31% over FY25-27, with EBITDA margin expanding to 21.4% by FY27. Margins have already started expanding in 5MFY25.
Outlook
We ascribe a multiple of 60x to Siemens Energy and arrive at a TP of INR3,000 on Sep’27 estimates. We resume coverage with a BUY recommendation.
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