01 — At a Glance
The German Technology Conglomerate That Demerged Its Energy Jewels
- 52-Week High / Low₹3,441 / ₹2,450
- FY25 Revenue (Full Year)₹17,337 Cr
- FY25 PAT (Full Year)₹1,635 Cr
- Full-Year EPS (FY25)₹49.6
- TTM EPS₹49.63
- Book Value₹371
- Price to Book8.80x
- Dividend Yield0.37%
- Debt / Equity0.01x
- Order Backlog₹4,23,000 Cr
Opening Remarks: Siemens India posted ₹17,337 crore revenue in FY25 (12M to Sep 2025) with ₹1,635 crore PAT, delivering 9.73% net profit margin. The Energy business was demerged post-March 2025; Siemens Energy India (SEIL) now listed separately. What’s left? Digital Industries, Smart Infrastructure, and Mobility — three segments with ₹4.23 lakh crore order backlog. The company is trading at 71x P/E, reflecting investor expectations for double-digit order growth and railway-led upside. LVM business sale to Innomotics at ₹2,200 crore pending regulatory closure.
02 — Introduction
When A German Conglomerate Decides “Let’s Get Focused”
Siemens Limited used to be the conglomerate of conglomerates. Power systems. Trains. Automation software. Industrial drives. Transformers. Gas turbines. Hybrid hydrogen plants. All under one roof. Kind of like Amazon, except Siemens actually knows what it’s doing.
Then March 2025 happened. The National Company Law Tribunal (NCLT) approved the demerger of the Energy business into Siemens Energy India Limited (SEIL), a subsidiary that will be separately listed. Why? Management’s thesis: “Two strong and independent listed entities will have sharper business focus, ability to execute their own strategy, and unlock shareholder value.” Translation: Energy was a 31% revenue machine, 35% of consolidated EBITDA, with a ₹10,050 crore order book—big enough to deserve its own CEO and capital allocation strategy.
What remains at Siemens Limited (post-demerger)? Digital Industries (17% of revenue, declining post-COVID normalization), Smart Infrastructure (40%, fastest growing), Mobility (13%, railways + urban transit + signaling), and the Low Voltage Motors business (4%, now being sold to Innomotics India at ₹2,200 crore). Combined, they generated ₹17,337 crore revenue in FY25 against a backdrop of ₹4.23 lakh crore order backlog. Crisil just reaffirmed AAA/Stable ratings. The stock is at 71x P/E, implying the market believes India’s CapEx supercycle will hit new highs by 2026–27.
Let’s parse the numbers, the order book nuance, and whether 71x is justified for a company selling “machines that make machines.”
Investor Positioning Note: Post-demerger, Siemens AG (parent) holds 75% of Siemens Ltd and 69% of Siemens Energy India. FIIs hold 6.85%, DIIs 8.35%, public 9.79%. LIC holds around 2.03%. The restructuring is complete. Momentum is real.
03 — Business Model: Three Vertical Bets in India’s Capex Supercycle
Smart Stuff. For Smart People. Who Build Other Smart Stuff.
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