Siemens Limited (SIEMENS)
₹3,624.00 -1.20% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Siemens' revenue was ₹4,714 Cr (+8.4% year on year, +2.1% on the previous quarter), and net profit ₹2,143 Cr (+406.2% year on year); the operating margin was 9.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,714 | +8.4% | +2.1% |
| Operating profit | ₹431 | -17.3% | -2.9% |
| Net profit | ₹2,143 | +406.2% | +479.2% |
| EPS (₹) | 60.18 | +406.1% | +479.2% |
| Operating margin | 9.1% | — | — |
SIEMENS delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 32.62% of the SIEMENS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.77%. That is close to its usual level. In SIEMENS futures, open interest rose 1.74% while the futures price fell 1.25%: short buildup (new short positions).
Delivery in the last 5 sessions: 23.2% · 27.1% · 38.8% · 33.7% · 32.6%
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
Siemens Limited announced that the NCLT New Delhi bench approved the capital reduction of 343,948 equity shares of its subsidiary, C&S Electric Limited. These shares represent 0.78% of C&S Electric's paid-up share capital held by specified minority shareholders. Siemens currently holds 99.22% of C&S Electric and will own 100% upon completion of the capital reduction, turning it into a wholly owned subsidiary. The order was passed on September 24, 2026, and officially uploaded on September 25, 2026.
- NCLT approved capital reduction of 343,948 equity shares (INR 10 face value each) of C&S Electric
- Shares being reduced represent 0.78% of C&S Electric's total paid-up equity capital
- Siemens Limited currently owns 99.22% of C&S Electric
- C&S Electric will become a 100% wholly owned subsidiary upon implementation
- NCLT order dated 24th September 2026, uploaded 25th September 2026
The Board of Directors of Siemens Limited has approved the reclassification of two promoter group entities—Siemens Energy Holdco B.V. and Siemens Energy Holding B.V.—to the 'public' category under Regulation 31A of SEBI LODR. Both entities currently hold Nil shares (0.0% shareholding) in Siemens Limited. The company confirmed compliance with Regulation 31A conditions and will seek stock exchange approvals. The move aligns with the broader separation of Siemens and Siemens Energy operations and does not affect the core promoter holding or capital structure.
- Siemens Energy Holdco B.V. reclassified to public category; holds Nil equity shares (0% stake)
- Siemens Energy Holding B.V. reclassified to public category; holds Nil equity shares (0% stake)
- Board approval granted on 18th September 2026 pursuant to Regulation 31A of SEBI LODR
- Approval from stock exchanges to be sought in due course
Siemens Limited has issued notices to its equity shareholders and unsecured creditors regarding the Scheme of Amalgamation of its wholly owned subsidiary, Siemens Rail Automation Private Limited (SRAPL), into the company. By an order dated September 7, 2026, the NCLT Mumbai Bench dispensed with convening shareholder and creditor meetings, instead directing the issuance of notices for any representations. The record date for determining shareholders eligible to submit representations was September 4, 2026, and August 31, 2026, for unsecured creditors. This intra-group merger simplifies corporate structure and has no dilution impact as SRAPL is already wholly owned.
- NCLT Mumbai Bench order dated September 7, 2026, dispensed with shareholder and creditor approval meetings
- Notices issued to equity shareholders of record as of September 4, 2026
- Notices issued to unsecured creditors of record as of August 31, 2026
- Amalgamation involves wholly owned subsidiary Siemens Rail Automation Private Limited with parent Siemens Limited
Siemens Limited received an NCLT Mumbai Bench order dated September 07, 2026, dispensing with shareholder and unsecured creditor meetings for the merger of its wholly owned subsidiary, Siemens Rail Automation Private Limited (SRAPL), into Siemens Limited. This procedural clearance accelerates the internal corporate restructuring of its rail business. The scheme remains subject to final regulatory approvals, with certified copies of the order awaited. Given that SRAPL is already a 100% subsidiary, the amalgamation does not involve share dilution for existing public shareholders.
- NCLT Mumbai Bench issued order dated September 07, 2026 dispensing with shareholder and unsecured creditor meetings
- Scheme of Amalgamation covers wholly owned subsidiary Siemens Rail Automation Private Limited (SRAPL) into Siemens Limited
- Order received by Siemens Limited on September 08, 2026 at approximately 11:30 a.m.
- The transaction remains subject to final certified copy receipt and other regulatory approvals
Siemens Limited has announced the appointment of Mr. Aditya Ramkrishna as the Head of its Digital Industries business, effective 1st October 2026. He succeeds Mr. Suprakash Chaudhuri, who will step down as Interim Head effective 30th September 2026 but remain Executive Vice President & Head of Digital Industries for Asia Pacific. Mr. Ramkrishna has been with Siemens since 2008 and currently serves as Head of Customer Services for Digital Industries, Asia Pacific. The Digital Industries segment is a key strategic vertical for Siemens, which commands high market share in industrial automation.
- Aditya Ramkrishna appointed Head of Digital Industries effective 1st October 2026
- Suprakash Chaudhuri steps down as Interim Head on 30th September 2026, retaining Asia Pacific EVP role
- Ramkrishna has held leadership positions within Siemens automation divisions globally since 2008
Siemens Limited received a formal request on September 7, 2026, seeking reclassification from 'promoter' to 'public' category under Regulation 31A of SEBI LODR. The applicants are Siemens Energy Holdco B.V. and Siemens Energy Holding B.V., both holding nil shares (0.00% equity). The request will be presented to the Board of Directors at its upcoming meeting for review and subsequent approval steps.
- Reclassification request received on 7th September 2026 under Regulation 31A
- Siemens Energy Holdco B.V. holds Nil equity shares (0.0% shareholding)
- Siemens Energy Holding B.V. holds Nil equity shares (0.0% shareholding)
- Request will be reviewed by the Board of Directors at an ensuing meeting
Siemens Limited announced that the Hon'ble Supreme Court has dismissed a Special Leave Petition (SLP) filed by the Central GST Department. The dispute originated from a show cause notice proposing a GST levy of ₹34.83 crore plus interest and penalties regarding the transfer of leasehold property in Halol, Gujarat. The notice had previously been quashed by the Gujarat High Court, and with the Supreme Court's dismissal, the litigation has concluded entirely in favour of the company.
- Supreme Court dismissed the GST Department's SLP, concluding litigation in Siemens' favour.
- Disputed GST amount of ₹34,83,00,000 (₹34.83 crore) along with potential interest and penalty quashed.
- The dispute related to the transfer and assignment of leasehold interest in property at Halol, Gujarat.
- Order officially received by the company on 20th August 2026 at approximately 3:30 p.m.
Siemens Limited announced leadership changes within its Digital Industries Business effective August 16, 2026. Mr. Swapnil Deosthali is moving to a new role within Siemens, and Ms. Sapna Rawat has resigned as Finance Head of the division. Mr. Suprakash Chaudhuri (over 30 years of experience, currently Head of DI Asia-Pacific) will take charge as Interim Head, while Mr. Ashish Handa (over 25 years of experience, APAC Head of Finance for DI Automation) will take over as Interim Finance Head from August 17, 2026.
- Swapnil Deosthali steps down as Head of Digital Industries Business effective 16th August 2026 for an internal group role
- Suprakash Chaudhuri appointed Interim Head of Digital Industries Business effective 17th August 2026 bringing over 30 years of cross-industry experience
- Sapna Rawat resigns as Finance Head of Digital Industries Business effective 16th August 2026
- Ashish Handa appointed Interim Finance Head of Digital Industries Business effective 17th August 2026 with over 25 years of corporate finance experience
Siemens Limited has announced a leadership transition in its core Digital Industries (DI) segment. Mr. Swapnil Deosthali (Head of DI) is moving to a new internal role, while Ms. Sapna Rawat (Finance Head of DI) has resigned, both effective August 16, 2026. To maintain continuity, the company has appointed Mr. Suprakash Chaudhuri (30+ years experience) and Mr. Ashish Handa (25+ years experience) as interim heads for the business and finance functions of the DI segment, respectively. This segment is critical as Siemens holds a dominant market position, with 1 out of 3 industrial controllers in India being a Siemens product.
- Mr. Suprakash Chaudhuri, with over 30 years of experience, appointed as Interim Head of Digital Industries effective August 17, 2026.
- Mr. Ashish Handa, with 25+ years of experience, appointed as Interim Finance Head of Digital Industries.
- Outgoing heads Swapnil Deosthali and Sapna Rawat to vacate their positions on August 16, 2026.
- Digital Industries is a key segment for the company, which currently manages a total order backlog of ₹42,250 cr.
- The transition involves experienced internal leaders currently holding regional Asia-Pacific responsibilities.
Siemens Limited concluded its 68th Annual General Meeting on August 11, 2026, where shareholders approved all eight proposed resolutions with near-unanimous support. Key approvals included the audited financial statements for an extended 18-month financial year ending March 31, 2026, and the declaration of a dividend for the same period. The board also received approval for the appointment of two new directors and the continuation of related party transactions with the parent company, Siemens AG, Germany.
- Approval of audited financial statements for the extended 18-month financial year ended March 31, 2026.
- Dividend declaration for the 18-month FY 2024-26 passed with 100% of valid votes cast.
- Appointment of Mr. Michael Peter as Director approved with 99.37% of votes in favour.
- Transactions with parent company Siemens Aktiengesellschaft, Germany, approved with 100% support from voting members.
- Appointment of Parikh Parekh & Associates as Secretarial Auditors for a 5-year term confirmed.
Siemens Limited shareholders have approved all resolutions at the 68th Annual General Meeting held on August 11, 2026. Key approvals include the adoption of audited financial statements for the extended 18-month fiscal year ending March 31, 2026, and the declaration of a dividend for the same period. Shareholders also ratified the appointment of two new directors, Mr. Michael Peter and Ms. Veronika Bienert, and approved related party transactions with the parent company, Siemens AG Germany.
- Adoption of 18-month FY26 financial statements approved with 31,62,12,818 votes in favor (100%)
- Dividend declaration for the 2024-26 period passed with 100% of valid votes cast by 1,219 members
- Appointment of Mr. Michael Peter as Director approved with 99.37% majority
- Related party transactions with Siemens AG Germany approved with 4,91,47,173 votes in favor (100%)
- Appointment of Ms. Veronika Bienert as Special Director approved with 99.48% majority
Siemens Limited reported a 14.8% YoY revenue growth to ₹4,714 crore for the quarter ended June 30, 2026. New order inflows remained strong at ₹6,328 crore (up 16.5% YoY), taking the total order backlog to a robust ₹46,670 crore. However, operational profitability was pressured, with margins contracting to 7.6% from 11.0% due to volatile commodity prices and currency depreciation. A significant one-time provisional gain of ₹2,099 crore was recorded from the completed sale of the Low Voltage Motors business.
- New orders grew 16.5% YoY to ₹6,328 crore; excluding a large prior-year rail order, growth was 43.9%
- Order backlog reached ₹46,670 crore, representing approximately 3.2x of TTM revenue
- Profit from operations margin declined to 7.6% from 11.0% in the same quarter last year
- Recorded a one-time provisional gain of ₹2,099 crore from the sale of the Low Voltage Motors (LVM) business
- Smart Infrastructure segment showed robust growth across grid modernization and data centers
Siemens Limited has released its Business Responsibility and Sustainability Report (BRSR) for a transitional 18-month period ending March 31, 2026. The report confirms the successful demerger of the Energy business effective March 25, 2025, and the ongoing slump sale of the Low Voltage Motors (LVM) business. Manufacturing remains the dominant activity, accounting for 93% of turnover, while exports contributed 13%. The company has now aligned its financial year to the standard April-March cycle.
- Reporting period covers a one-time transitional 18-month cycle from October 1, 2024, to March 31, 2026
- Energy business demerger completed effective March 25, 2025, following NCLT approval
- Manufacturing activities (Electrical, Transport, and Machinery) contribute 93% of total turnover
- Exports accounted for 13% of total turnover during the reporting period
- Total workforce stood at 6,912 employees and workers as of March 31, 2026
Siemens Limited has announced its 68th Annual General Meeting (AGM) will be held on August 11, 2026, via video conferencing. The company has released its Annual Report for the 18-month financial period spanning October 1, 2024, to March 31, 2026. This filing specifically provides access links for shareholders whose email addresses are not registered. The cut-off date for determining member entitlement to receive the notice and report was July 3, 2026.
- 68th Annual General Meeting scheduled for August 11, 2026, at 3:00 p.m. IST
- Annual Report covers an extended 18-month period from October 1, 2024, to March 31, 2026
- Cut-off date for determining member entitlement was July 3, 2026
- Company is facilitating electronic access for members without registered email addresses
Siemens Limited has convened its 68th Annual General Meeting for August 11, 2026, following a transitional 18-month financial period (October 2024 – March 2026). The company reported a robust order backlog of ₹43,429.8 cr, representing approximately 302% of its TTM revenue, providing significant long-term visibility. A dividend of ₹18 per share (900% of face value) has been recommended for this period. Key operational milestones include the commencement of the 1,200-locomotive project for Indian Railways and securing signaling contracts for India's first high-speed rail project.
- Order backlog reached ₹43,429.8 cr as of March 31, 2026, providing multi-year revenue visibility.
- Recommended a dividend of ₹18 per equity share (900% of face value ₹2) for the 18-month period.
- New orders received during the 18-month period totaled ₹33,867.8 cr.
- Revenue from operations for the 18-month period stood at ₹26,107.4 cr with a PAT of ₹2,546 cr.
- Successfully flagged off the first 9,000 HP electric locomotive from the Dahod factory for Indian Railways.
Financial Performance
Revenue Growth by Segment
Overall revenue grew 8.0% YoY to INR 17,360 Cr in FY25. Over the FY21-25 period, Mobility revenue grew 3.6x, Smart Infrastructure grew 2.0x, and Digital Industries grew 1.9x.
Geographic Revenue Split
Not disclosed in available documents, though the company operates as the flagship listed entity of Siemens AG in India with a focus on domestic infrastructure and railway projects.
Profitability Margins
EBIT margin declined from 11.7% in FY24 to 10.5% in FY25, a contraction of 114 basis points. Adjusted PBT margin was impacted by exceptional items, including a INR 290 Cr gain on property sale in FY24 vs INR 10 Cr in FY25.
EBITDA Margin
Operational EBIT grew 2.9x between FY21 and FY25. However, FY25 EBIT of INR 1,830 Cr represented a 2.5% YoY decrease from INR 1,880 Cr in FY24 due to normalization in the Digital Industries cycle.
Capital Expenditure
Not disclosed in absolute INR Cr for future periods, but the company maintains a conservative financial policy with a healthy adjusted tangible net worth of INR 12,100 Cr as of March 2024.
Credit Rating & Borrowing
Maintains a 'CRISIL AAA/Stable' rating. The company has nil balance sheet debt as of March 2024, resulting in negligible borrowing costs and superior liquidity with cash equivalents of INR 7,650 Cr.
Operational Drivers
Raw Materials
Specific raw materials like copper, steel, and electronic components are utilized for switchgear and locomotives; however, the exact % of total cost for each is not disclosed in available documents.
Import Sources
Sourced globally with significant technical support and know-how from parent Siemens AG in Germany to maintain high-quality production standards.
Capacity Expansion
Acquisition of 99.22% stake in C&S Electric has established a manufacturing hub for low-voltage power distribution. The company is currently executing a massive Indian Railways order for locomotives to be delivered over 11 years.
Raw Material Costs
Susceptible to volatility in the power sector and capital goods industry; operating margins are sensitive to project implementation risks where cost hikes have limited pass-through flexibility.
Manufacturing Efficiency
High efficiency demonstrated by market leadership: >75% of distribution utilities use Siemens Switchgear and >50% of Metros are electrified by Siemens.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth is driven by a 20.5% YoY increase in new orders (INR 20,040 Cr in FY25) and a robust order backlog of INR 42,250 Cr. Strategy focuses on 'Viksit Bharat 2047' opportunities, railway infrastructure development, and the 'Industry Metaverse'.
Products & Services
Locomotives, switchgear, digital industrial controllers, smart building automation, and power grid resilience solutions.
Brand Portfolio
Siemens, C&S Electric.
New Products/Services
Expansion into Industry Metaverse and Digitalization offerings; localization of high-speed rail and metro electrification components.
Market Expansion
Targeting Indian Railways with a specific INR 26,000 Cr locomotive order and expanding the low-voltage export hub via C&S Electric to other developing countries.
Market Share & Ranking
Market leader in several segments: 1 out of 3 industrial controllers in India are Siemens; >75% market share in distribution utility switchgear.
Strategic Alliances
Technical collaboration with Siemens AG (69% shareholder) and a demerger of the Energy business into Siemens Energy India Limited (SEIL) to align with global corporate structure.
External Factors
Industry Trends
The industry is shifting toward sustainability and digitalization. Siemens is positioning itself to leverage the 'Viksit Bharat 2047' initiative, focusing on resilient supply chains and smart grids.
Competitive Landscape
Faces intense competition from both domestic players and international OEMs in the capital goods and power transmission sectors.
Competitive Moat
Strong moat derived from the 'Siemens' brand equity, 69% parent ownership providing distress support, and deep technical integration with Indian Railways and power utilities.
Macro Economic Sensitivity
Sensitive to private sector capex cycles; FY25 saw a slowdown in short-cycle private capex impacting the Digital Industries segment.
Consumer Behavior
Shift toward energy-efficient factories and smart infrastructure is increasing demand for Siemens' SI and DI portfolios.
Geopolitical Risks
Global headwinds including trade uncertainties and geopolitical conflicts are cited as factors the company must navigate while delivering shareholder returns.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI Listing Obligations and Disclosure Requirements (LODR) and Business Conduct Guidelines (BCGs). Compliance is monitored by a Regional Compliance Officer.
Environmental Compliance
Launched 'Zero Harm Culture' and recognized among 'India’s Most Sustainable Companies 2025'.
Legal Contingencies
Not disclosed in available documents; however, the company reported a 93% investor complaint redressal rate in fiscal 2023.
Risk Analysis
Key Uncertainties
The demerger of the Energy business (SEIL) introduces execution risk. Operating margins are susceptible to project implementation delays which could impact profitability by over 2-3% if sustained.
Geographic Concentration Risk
Highly concentrated in the Indian market, particularly in government-led infrastructure and railway projects.
Third Party Dependencies
High dependency on Siemens AG for technical know-how and global brand positioning.
Technology Obsolescence Risk
Mitigated by rapid adoption of Industry Metaverse and digitalization tools to stay ahead of domestic competitors.
Credit & Counterparty Risk
Exposure to Indian Railways and power utilities; however, the strong order book and parent support mitigate significant credit risks.
