SIEMENS
Siemens share price & financials
- Price
- ₹3,759.6
- Market cap
- ₹1.4L Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Siemens Q4 FY26
What went well
- Order backlog increased to ₹45,000 crores, up 9.3% YoY, providing strong revenue visibility.
- New orders for Q6 were ₹6,730 crores, up 33% YoY, driven by double-digit growth in Smart Infrastructure and Mobility.
- Revenue for Q6 was ₹4,620 crores, up 14.6% YoY, with all three businesses (Digital Industries, Smart Infrastructure, Mobility) growing double-digit.
What to watch
- EBITDA margin for Q6 declined to 9.7% from 12.6% in the comparative period, a drop of 290 bps.
- Profit before tax for Q6 was ₹460 crores, down 13.6% YoY, primarily due to margin pressure.
What Siemens Limited does
Siemens Limited is the Indian listed subsidiary of Germany's Siemens AG, operating across factory automation and industrial digitalization (Digital Industries), power distribution, switchgear, electrical products and building technologies (Smart Infrastructure), and rail transport including locomotives, metro trains and signaling (Mobility). It earns through a mix of long-cycle project business and shorter-cycle product-and-service sales to industrial, infrastructure and railway customers, backed by in-house manufacturing plants and a pan-India sales network. In 2024 the company demerged its Energy business into the separately listed Siemens Energy India Limited, leaving three continuing businesses. It also runs Siemens Xcelerator, an open digital platform through which customers buy automation, edge, cybersecurity and grid/building software solutions.
Segments
- Smart Infrastructure (SI)
- Digital Industries (DI)
- Mobility (MO)
- Mobility manufacturing plants
- Factories at Nashik & Chhatrapati Sambhajinagar (Maharashtra) plus a locomotive plant at Dahod (Gujarat)
- Smart Infrastructure plant
- MV switchgear & vacuum interrupter plant in Goa
- Factories with digital learning labs
- 19
- Sales offices across India
- 20+ cities incl. Mumbai, Bengaluru, Chennai, New Delhi, Hyderabad, Kolkata, Pune
- Siemens Xcelerator reference cases
- 200+
- Key subsidiaries
- Siemens Rail Automation (rail signaling); C&S Electric (low-voltage products)
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 2 delivered 0 missed 5 open- Mobility EBITDA Margins at risk said Q4 FY24 Promised: Return to double-digit margins in a couple of years. Q4 FY26: EBIT improved to 7.6% in Q6. The 'couple of years' timeline is approaching, but the target has not yet been met.
- 9000 HP Locomotive Production Ramp-up on track said Q2 FY25 Promised: Ramp up to 100 units annually in the next 3 years. Q4 FY26: Successfully delivered the first 40 locomotives by March 31, 2026. New guidance details ramp-up to 80/year in '26-'27 and 100/year from 2028.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 15.6%, net profit up 475.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,974 | 2,948 | 3,579 | 3,629 | 4,363 +10% | 3,398 +15% | 4,109 +15% | 4,195 +16% |
| EBITDA | 453 | 299 | 364 | 424 | 513 +13% | 275 −8% | 357 −2% | 383 −10% |
| Net profit | 775 | 563 | 674 | 369 | 420 −46% | 209 −63% | 311 −54% | 2,122 +475% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +25.9% 1Y
1Y: ₹3,142.7 on 10 Sept 2025 → ₹3,957. High ₹4,114 (24 Aug 2026), low ₹2,848.6 (20 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.5%
- 3 Jun
- Q2 FY26
- −1.6%
- 12 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 11.0% a year over 2 years, FY23 to FY25. Operating margin narrowed to 11.0%.
| Year ending | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹18.3k Cr | ₹14.3k Cr | ₹14.5k Cr |
| Operating profit | ₹2.3k Cr | ₹1.8k Cr | ₹1.6k Cr |
| Operating margin | 12.5% | 12.4% | 11.0% |
| Interest | ₹18 Cr | ₹40 Cr | ₹10 Cr |
| Depreciation | ₹248 Cr | ₹156 Cr | ₹161 Cr |
| Net profit | ₹1.9k Cr | ₹2.7k Cr | ₹2.0k Cr |
| Net margin | 10.6% | 18.6% | 14.0% |
| Cash from operations | ₹1.2k Cr | ₹1.4k Cr | — |
| Free cash flow | ₹1.1k Cr | ₹1.3k Cr | — |
| ROCE | 21.0% | 16.0% | — |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹71 Cr | ₹71 Cr | ₹71 Cr | ₹71 Cr | ₹71 Cr | ₹71 Cr |
| Reserves | ₹10.3k Cr | ₹11.5k Cr | ₹13.0k Cr | ₹15.2k Cr | ₹13.0k Cr | ₹13.5k Cr |
| Borrowings | ₹196 Cr | ₹160 Cr | ₹152 Cr | ₹257 Cr | ₹98 Cr | ₹248 Cr |
| Other liabilities | ₹6.8k Cr | ₹7.8k Cr | ₹7.7k Cr | ₹8.7k Cr | ₹5.7k Cr | ₹6.0k Cr |
| Total liabilities | ₹17.4k Cr | ₹19.5k Cr | ₹20.9k Cr | ₹24.3k Cr | ₹18.8k Cr | ₹19.8k Cr |
| Fixed assets | ₹1.1k Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.2k Cr | ₹726 Cr | ₹882 Cr |
| Capital work in progress | ₹30 Cr | ₹49 Cr | ₹48 Cr | ₹99 Cr | ₹196 Cr | ₹239 Cr |
| Investments | ₹2.2k Cr | ₹2.2k Cr | ₹2.2k Cr | ₹2.2k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Other assets | ₹14.0k Cr | ₹16.2k Cr | ₹17.6k Cr | ₹20.8k Cr | ₹15.7k Cr | ₹16.4k Cr |
| Total assets | ₹17.4k Cr | ₹19.5k Cr | ₹20.9k Cr | ₹24.3k Cr | ₹18.8k Cr | ₹19.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.86 pp while FIIs trimmed −1.19 pp. The shareholder count shrank 12% to 2,57,203.
- Promoters
- 75.0%
- FIIs
- 6.5%
- DIIs
- 9.1%
- Public
- 9.4%
Since Jun 2025
- DIIs +1.86 pp
- FIIs −1.19 pp
- Public −0.64 pp
How it drifted, 12 quarters
Over this window FIIs fell from 7.9% to 6.5% — −1.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 7.9%, DIIs 7.6%, Public 9.4%.Dec '23: Promoters 75.0%, FIIs 7.9%, DIIs 7.7%, Public 9.4%.Mar '24: Promoters 75.0%, FIIs 8.3%, DIIs 7.4%, Public 9.3%.Jun '24: Promoters 75.0%, FIIs 8.6%, DIIs 7.0%, Public 9.4%.Sep '24: Promoters 75.0%, FIIs 8.7%, DIIs 6.9%, Public 9.4%.Dec '24: Promoters 75.0%, FIIs 8.8%, DIIs 6.8%, Public 9.4%.Mar '25: Promoters 75.0%, FIIs 8.2%, DIIs 7.3%, Public 9.5%.Jun '25: Promoters 75.0%, FIIs 7.7%, DIIs 7.2%, Public 10.1%.Sep '25: Promoters 75.0%, FIIs 7.0%, DIIs 8.0%, Public 10.0%.Dec '25: Promoters 75.0%, FIIs 6.8%, DIIs 8.3%, Public 9.8%.Mar '26: Promoters 75.0%, FIIs 6.8%, DIIs 8.6%, Public 9.6%.Jun '26: Promoters 75.0%, FIIs 6.5%, DIIs 9.1%, Public 9.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt Pension / PF newly disclosed 1.66% held
- Siemens International Holding B.V. +0.92 pp 53.70% held
- Life Insurance Corporation Of India Insurer +0.25 pp 2.36% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Siemens Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Siemens International Holding B.V. | 53.70% | +0.92 pp |
| Siemens Aktiengesellschaft, Germany | 18.00% | unchanged |
| Siemens Metals Technologies Vermogensverwaltungs GmbH | 3.30% | unchanged |
| Life Insurance Corporation Of India Insurer | 2.36% | +0.25 pp |
| NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt Pension / PF | 1.66% | newly disclosed |
| Siemens Energy Holdco B.V. | 0.00% | −0.93 pp |
| Siemens Energy Holding B.V. | 0.00% | unchanged |
| NPS Trust Pension / PF | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in SIEMENS
Filings to Aug 2026
1 new, 7 added, 2 trimmed, 0 sold out — net +2.01 L shares (+3.7%).
- Held by funds
- ₹2.2k Cr
- 24 schemes
- Biggest holder
- SBI Midcap Fund
- ₹565 Cr · 2.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Midcap Fund SBI Mutual Fund | ₹565 Cr | +2.30 L | Dec '25 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹397 Cr | held | Aug '21 |
| SBI MNC Fund SBI Mutual Fund | ₹202 Cr | held | Jun '25 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹202 Cr | held | May '25 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹135 Cr | held | Feb '26 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹126 Cr | +0.10 L | Jan '19 |
| SBI ESG Exclusionary Strategy Fund SBI Mutual Fund | ₹118 Cr | held | Apr '25 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹94 Cr | −0.50 L | May '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 2 trimmed — net +2.01 L shares (+3.7%)
- Funds are sitting on
- +4%
- vs est. average cost
- Held by funds
- ₹2.2k Cr
- 24 schemes · ≈ 1.5% of the company
- Biggest holder
- SBI Midcap Fund
- ₹565 Cr · 2.3% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 13y 6m · since Mar '13
Shares held by these funds +161%
Aug '23 53.10 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹3957, this stock must grow earnings at 50% every year for 7 years. Our analysis caps realistic growth at ~-12%. At that growth it is worth ₹169 — downside of 96%.
- Growth the price implies
- 49.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -12.2% a year
- net profit, FY23–FY26 · EPS -12.2%
- The gap
- 0.6 pp
- -96% downside if it only repeats history
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Siemens Limited
Guides on how to read this kind of business and the numbers that matter.