Hold Siemens; target of Rs 945: Axis securities

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26 Aug, 2025 12:21

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Axis securities's research report on SiemensSiemens’ Q1FY16 (Y/E Sep) adj. net profit at Rs 1.1 bn (up 8% YoY) missed both our and consensus expectations of Rs1.3 bn. Revenue at Rs 23 bn (up 6% YoY) was above our estimate but EBITDA at Rs 1.9 bn with OPM of 8.4% (down 20 bps YoY) was lower than our estimate of Rs 2.1 bn. EBITDA margin decline was due to increase in other expenses despite 70 bps expansion in gross margin. Order inflow at ~Rs 34 bn (up65% YoY) was driven by significant contribution from T&D and Railways segments. Management commented that government capex has begun in some segments but capex spending from private sector remainssubdued.Siemens’ stock has corrected by 26% andunderperformed the Sensex by 18% in last 3 months. Our TP stands at Rs 945 (30x FY17E).For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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