Siemens Energy India Limited (ENRIN)
₹2,889.00 -2.30% last close, 16 Oct
Latest quarterly results (Q3 FY26)
In its latest reported quarter, Q3 FY26, Siemens Energy's revenue was ₹1,911 Cr; the operating margin was 22.4%.
| Q3 FY26 (₹ Cr) | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,911 | — | — |
| Operating profit | ₹428 | — | — |
| Operating margin | 22.4% | — | — |
ENRIN delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.76% of the ENRIN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.69%. That is close to its usual level. In ENRIN futures, open interest rose 13.98% while the futures price fell 2.15%: short buildup (new short positions).
Delivery in the last 5 sessions: 46.8% · 35.9% · 52.1% · 42.6% · 48.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Chairman of the Supreme Court of Russia has rejected Siemens Energy India Limited's appeal against a July 17, 2025 arbitral court order, concluding all proceedings in Russia. Consequently, an order directing the company to pay ₹443.76 million ($5,165,129.62) plus 8% annual interest from May 30, 2025, remains in effect. The liability was transferred to the company pursuant to the demerger scheme from Siemens Limited. Siemens Energy India stated that it views the arbitral order as unsustainable and plans to resist any enforcement attempts before Indian courts.
- Supreme Court of Russia rejected the company's appeal vide decision dated October 7, 2026
- Arbitral order directs payment of ₹443.76 million (USD 5,165,129.62)
- Additional interest of 8% p.a. payable from May 30, 2025 until actual payment
- Court proceedings in Russia concluded; company intends to resist enforcement in Indian courts
Siemens Energy India has appointed Mr. Ajay Jain as Execution Unit Head (Grid Technologies - Transformers) in full-time employment, effective October 5, 2026. Mr. Jain brings over 30 years of experience in transformer manufacturing and operations, previously serving as Vice President – Transformer Business at CG Power and Industrial Solutions. Concurrently, interim head Mr. Ganesh Nadgouda stepped down from the Senior Management role effective October 4, 2026, but continues as General Manager - Plant Operations. The induction fills a key operational leadership role within the high-demand grid transmission business.
- Mr. Ajay Jain appointed Execution Unit Head (Grid Technologies - Transformers) effective October 5, 2026
- Mr. Jain brings over 30 years of industry experience across CG Power, Hitachi Energy India, and GE T&D India
- Associated with CG Power and Industrial Solutions Limited for over 3 years leading multi-plant operations
- Interim head Mr. Ganesh Nadgouda ceased from senior management on October 4, 2026, continuing as GM - Plant Operations
Siemens Energy India Limited presented at the J.P. Morgan India Conference on September 22, 2026, highlighting multi-year power sector tailwinds. The company reaffirmed a committed capex investment exceeding USD 300 million to expand its domestic manufacturing capacity. Industry projections shared by the company indicate India will require USD 250-300 billion in investments for grid expansion, stabilization, and storage by 2035-36. The presentation emphasizes opportunities in HVDC, high-voltage equipment, and grid stabilization where it currently holds strong market positions.
- Committed capex investment of >USD 300 million for manufacturing capacity expansion
- Highlights USD 250-300 billion estimated market investment required for Indian grid expansion, stabilization, and storage by 2035-36
- India power demand projected to rise sharply with peak demand expanding from 271 GW today to 459 GW by 2035-36
- Grid readiness requires ~2x growth with 830 GVA+ additions achieving 2,300+ GVA total transformation capacity by 2035-36
Siemens Energy India Limited has notified exchanges of its participation in the J.P. Morgan India Conference scheduled for September 21 and September 22, 2026. The interactions will be held in-person as group meetings in Mumbai. No financial updates, capex plans, or commercial orders were announced as part of this routine schedule intimation.
- Conference scheduled for September 21, 2026 and September 22, 2026
- Participation at the J.P. Morgan India Conference in Mumbai
- Meeting format confirmed as in-person group meetings
Siemens Energy India responded to an NSE surveillance query regarding an Economic Times article dated September 8, 2026, titled 'Siemens Energy India advances cleaner high-voltage grid infrastructure with its Blue portfolio'. The company clarified that the article is based entirely on a routine press release published on its website on September 7, 2026. The management stated that it was not engaged in any negotiations related to the article's subject matter and confirmed that there is no undisclosed information or material financial impact on the company.
- Clarification issued following an NSE inquiry dated September 8, 2026 (ref: NSE/CM/Surveillance/17507)
- News article pertains to a general capabilities press release published on the company's website on September 7, 2026
- Company confirmed zero ongoing negotiations and no material financial impact under Regulation 30
Siemens Energy India Limited has informed exchanges about its scheduled participation in an institutional investor conference. Company representatives are set to attend the Goldman Sachs Fireside Chat on 'India Energy Security & Grid Resilience' on August 28, 2026. The meeting will be conducted virtually in a group setting. This is a standard intimation under Regulation 30 of SEBI Listing Regulations with no price-sensitive disclosures made.
- Participation scheduled for August 28, 2026
- Event: Goldman Sachs Fireside Chat - India Energy Security & Grid Resilience
- Meeting format: Virtual group meeting
- Intimation filed pursuant to Regulation 30 of SEBI Listing Regulations
Siemens Energy India Limited (ENRIN) has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference in Mumbai. The in-person group meetings are scheduled for August 17 and 18, 2026. This interaction comes at a time when the company is capitalizing on the Indian electrification cycle, having recently reported a 49% YoY increase in order intake to INR 131.1 billion. Investors should monitor for any post-event presentations that might detail progress on their 39-40% growth target.
- Scheduled participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 17-18, 2026.
- Meetings will be conducted in-person as group sessions in Mumbai.
- Company maintains a dominant 50% market share in the Statcom and FACTS segment.
- Order intake recently reached INR 131.1 billion, representing a 49% year-on-year growth.
- High-margin service portfolio currently contributes 25.6% to total revenue.
Siemens Energy India reported a strong Q3 FY26 with revenue growing 39.3% YoY to ₹2,485.6 cr and PAT surging 67.8% to ₹440.9 cr. The performance was driven by robust execution in the Power Transmission segment and a significant increase in export contribution, which rose to 28.4% of total revenue for the 9-month period. The order backlog stands at a healthy ₹19,330 cr, providing strong revenue visibility. Operating margins improved by 250 bps YoY to 19.6% on an operational basis, reflecting better product mix and operational leverage.
- Revenue for Q3 FY26 increased by 39.3% YoY to ₹2,485.6 cr from ₹1,784.6 cr
- Net Profit (PAT) for the quarter grew by 67.8% YoY to ₹440.9 cr
- Order backlog reached ₹19,330 cr as of June 30, 2026, representing a 16.4% YoY growth
- Export contribution to revenue increased significantly to 28.4% in 9M FY26 from 21.4% in 9M FY25
- Power Transmission segment revenue grew 33.9% YoY in 9M FY26 to ₹3,789.2 cr
Siemens Energy India Limited (ENRIN) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar, MUFG Intime India Private Limited, confirmed that zero requests for dematerialization or rematerialization of equity shares were received during the quarter ended June 30, 2026. This is a standard administrative filing required for all listed entities to confirm the status of physical share certificates. It has no bearing on the company's operational performance or its significant order intake of INR 131.1 billion.
- Zero requests for dematerialization or rematerialization were received during the quarter.
- The filing covers the three-month period ending June 30, 2026.
- The certificate was issued by MUFG Intime India Private Limited on July 6, 2026.
Siemens Energy India Limited has announced the closure of its trading window starting June 30, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is ahead of the declaration of financial results for the third quarter and nine months ending June 30, 2026. The window will remain closed for all designated persons until 48 hours after the financial results are officially disclosed to the stock exchanges. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.
- Trading window closure begins on June 30, 2026.
- Closure pertains to the financial results for the quarter and nine months ending June 30, 2026.
- The window will reopen 48 hours after the results are announced to BSE and NSE.
- Notification is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
The Bombay High Court has dismissed a petition filed by Paharpur Cooling Towers Limited (PCTL) challenging an arbitral award related to the 1200 MW DGEN Mega Power Project. PCTL was seeking an additional entitlement of ₹664.90 million beyond the original 2019 award. The court upheld the original award, which Siemens Energy India (as the successor to the demerged Energy Business of Siemens Ltd) had already settled by paying ₹246.90 million in 2019-2020. This ruling confirms that the company faces no additional financial liability from this long-standing litigation.
- Bombay High Court dismissed PCTL's challenge under Section 34 of the Arbitration and Conciliation Act.
- The dispute involved a 2010 subcontract for the 1200 MW DGEN Mega Power Project where Siemens had asserted claims of ₹2605.40 million.
- PCTL was seeking an additional ₹664.90 million through the High Court petition which has now been rejected.
- Siemens Energy India has zero additional financial liability as the previous award of ₹246.90 million (including interest) was already paid in 2020.
Siemens Energy India Limited (ENRIN) has announced its participation in the ICICI Securities India Investor Conference scheduled for June 9, 2026. The meeting will be a group interaction held in-person in Mumbai, involving company representatives and institutional investors. This is a standard regulatory disclosure under SEBI Listing Regulations to inform the market about upcoming investor engagements. Such conferences are typically used by management to discuss the company's business outlook and industry trends.
- The investor meet is scheduled for June 9, 2026, in Mumbai.
- The event is a group meeting organized by ICICI Securities.
- The announcement was officially filed on June 4, 2026, under Regulation 30 of SEBI Listing Regulations.
- The meeting is subject to changes depending on the schedule of the company representatives.
Siemens Energy India Limited (ENRIN) reported a robust 22% year-on-year growth in its order backlog for H1 FY26, driven by domestic grid expansion and international demand from the US data center market. The company is strategically positioned to benefit from India's energy transition, with the CEA targeting a generation capacity of 1,200 GW by 2035-36. Management highlighted significant opportunities in power transmission, including a recent order for 13 large 765 kV transformers. To support this growth, the company is setting up a new greenfield factory for power transformers.
- Order backlog increased by 22% in H1 FY26 compared to H1 FY25, supported by both local and export markets.
- Secured a major order for 13 large power transformers (500 MVA, 765 kV) for India's grid expansion.
- India's power generation capacity is projected to reach 1,200 GW by 2035-36, requiring an additional 800 GVA of transformation capacity.
- Announced a new greenfield factory for power transformers to meet surging demand from data centers and utilities.
- Data center capacity in India is projected to grow from the current 1-2 GW to potentially 18 GW, driving demand for full energy solutions.
Siemens Energy India Limited (ENRIN) has made the audio recording of its Analyst and Institutional Investor conference call available to the public. The call was held on May 15, 2026, following the company's Q2 FY26 financial results. This disclosure is in compliance with SEBI Listing Regulations 30 and 46, ensuring transparency for all shareholders. Investors can access the recording via the company's official website to review management's commentary on operational performance.
- Audio recording of the Analyst/Institutional Investor call held on May 15, 2026, is now live.
- The call covers management insights and performance metrics for the Q2 FY26 period.
- Compliance maintained under SEBI Listing Regulations 30 and 46.
- Recording is accessible at www.siemens-energy-india.com/audio/analyst-call-audio-recording-q2-fy26.mp3.
Siemens Energy India Limited (ENRIN) reported a robust performance for H1 FY26, with revenue growing 26.8% year-on-year to ₹43.1 billion. The company's order backlog surged by 22.2% to reach ₹184.3 billion, providing strong revenue visibility for the future. Profitability also improved, with operational margins (excluding FX and one-time impacts) rising to 18.9% from 17.2% in the previous year. To meet rising demand, the company is executing a massive ₹28 billion total capex plan, including a new ₹20.6 billion greenfield transformer factory.
- Revenue increased by 26.8% YoY to ₹43.1 billion for the first half of FY26.
- Order backlog grew 22.2% to ₹184.3 billion, supported by major orders in power transmission and generation.
- Profit from operations improved to 20.7% of revenue, up from 19.1% in H1 FY25.
- Announced a significant ₹20.6 billion investment for a new greenfield transformer factory.
- Ongoing expansions at Kalwa and Chhatrapati Sambhajinagar total ₹7.4 billion to enhance manufacturing capacity.
Financial Performance
Revenue Growth by Segment
Total revenue grew 25% YoY to INR 78.3 billion in FY25. The Transmission segment grew 40% to INR 41.9 billion, driven by power evacuation needs, while the Generation segment grew 11% to INR 36.4 billion supported by order backlog execution.
Geographic Revenue Split
Domestic revenue accounts for 77% of the total, while Export revenue contributes 23%, representing a 300 basis point increase from 20.1% in FY24 as the company leverages its global manufacturing network.
Profitability Margins
EBITDA margins have shown consistent improvement, rising from 12.7% in FY23 to 15.7% in FY24, and reaching 19.3% in FY25. This trend is driven by a higher mix of services and improved operational efficiency.
EBITDA Margin
EBITDA margin stood at 19.3% for FY25, a 360bps increase YoY. Excluding a 1.3% one-time effect, the normalized EBITDA margin is 18%, reflecting strong core profitability from project execution and service mix.
Capital Expenditure
Not disclosed in absolute INR Cr, but the company is investing in local manufacturing and R&D facilities, maintaining 8 factories and 4 engineering centers to support a 49% growth in order intake.
Operational Drivers
Raw Materials
Specific raw materials like copper or steel are not quantified, but 'spare parts' and 'components' for turbines and transformers are critical, with the company emphasizing local manufacturing to manage costs.
Capacity Expansion
Currently operates 8 factories and 4 R&D centers. Scalability is planned through digitalization and operational leverage, ensuring employee costs do not grow linearly with the 25% revenue increase.
Raw Material Costs
Gross margins are reported as sustainable; the business mix has shifted with products increasing to 32% of revenue (up from 27.3%) and projects decreasing to 42.4% (down from 47%).
Manufacturing Efficiency
Operating leverage is expected to improve as volumes increase; the company aims to reduce the proportion of employee costs through a high accent on digitalization and R&D (1,500 employees).
Strategic Growth
Expected Growth Rate
39-40%
Growth Strategy
Growth will be achieved by capitalizing on the Indian 'electrification cycle' and a 49% YoY increase in order intake (INR 131.1 billion). Strategy includes expanding the high-margin service portfolio (25.6% of revenue), targeting a 50% market share in grid stabilization tech like Statcom/FACTS, and increasing export contributions which grew 300bps this year.
Products & Services
Gas turbines, steam turbines, transformers, switchgears, Statcom, FACTS, and specialized engineering/R&D services for global and domestic power plants.
Brand Portfolio
Siemens Energy.
New Products/Services
Statcom and FACTS products, which already hold a 50% market share, are expected to be significant contributors to future intake as renewable energy integration increases.
Market Expansion
Targeting India, Bhutan, Nepal, Maldives, and Sri Lanka, while serving as a global 'competence hub' for engineering and R&D.
Market Share & Ranking
Holds a 50% market share in the Statcom and FACTS segment.
Strategic Alliances
Licensed trademark and technology partnership with Siemens AG.
External Factors
Industry Trends
The industry is shifting toward 'Renewable plus Coal' solutions, requiring grid stabilization. Transmission demand is growing rapidly, evidenced by the company's 76% growth in transmission orders to INR 84.3 billion.
Competitive Landscape
Competes with GE Vernova and Hitachi, particularly in large-scale HVDC projects and power equipment expansion.
Competitive Moat
Sustainable moat through a 50% market share in specialized grid technology (Statcom) and a large installed base that secures recurring service revenue (25.6% of total revenue).
Macro Economic Sensitivity
Highly sensitive to India's GDP growth (6.6% projected) and the resulting electrification cycle, as industrial electricity consumption is expected to grow from 590 TWh to 1,650 TWh by 2035.
Consumer Behavior
Increased demand for 24/7 power and renewable energy evacuation is driving utilities toward advanced switchgears and transformers.
Geopolitical Risks
Export revenue (23%) is subject to global manufacturing network decisions made at the headquarters level, which considers lead times and factory qualifications globally.
Regulatory & Governance
Industry Regulations
Compliance with Ind AS 103 for financial reporting following the company's incorporation on February 7, 2024.
Environmental Compliance
Fully committed to 'Zero Harm' safety standards for all employees and contractors; focus on renewable energy evacuation supports national ESG goals.
Risk Analysis
Key Uncertainties
The timing of 'big ticket' HVDC orders remains uncertain, which could lead to lumpy order intake. Export growth is also uncertain as it depends on global parent company mandates.
Geographic Concentration Risk
77% of revenue is concentrated in the domestic Indian market, making the company highly dependent on local infrastructure spending.
Third Party Dependencies
Heavy dependency on the parent company for R&D direction, export market access, and the 'Siemens Energy' trademark license.
Technology Obsolescence Risk
Mitigated by employing 1,500 R&D engineers and focusing on digitalization to maintain a competitive edge in turbine and grid technology.
