Neutral Siemens; target of Rs 3250: Motilal Oswal

Motilal Oswal recommended Neutral rating on Siemens with a target price of Rs 3250 in its research report dated December 13, 2025.

Broker Research

December 15, 2025 / 11:21 IST

Neutral

Motilal Oswal's research report on Siemens

Siemens (SIEM) in its analyst meet highlighted healthy growth traction in the smart infrastructure segment and the possibility of improved revenue growth and margin profile for the mobility segment as locomotive delivery commences. Uncertainty persists about the timing of orders from the government, mainly railways, and private capex revival. We cut our estimates by 1%/4%/4% in 18MFY26E/12MFY27E/12MFY28E to factor in lower margin in digital industries. We expect revenue/EBITDA/PAT to grow at a CAGR of 11%/13%/8% over FY24 (Sep-ending)-FY28 (Mar-ending). The stock is currently trading at 50.4x/42.2x P/E on FY27/28E earnings.

Outlook

We reiterate our Neutral rating on the stock with a revised TP of INR3,250, (from INR3,350 earlier), based on 45x Dec’27E earnings. A broad-based capex revival and margin improvement will be the key drivers for earnings and valuation re-rating.

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