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The market expects Siemens India to do better than it ever has.
At today’s share price, buyers are assuming Siemens India grows about 35% a year, forever. Over the last ten years it actually grew about 14% a year. So the share price only makes sense if the business improves on its own track record. If it simply carries on as before, buyers today have paid for something they will not get.
- How it is valued: Discounted cash flow.
- What the price assumes: 35% growth, against 14% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, Siemens India's revenue went from ₹12,795 crore to ₹24,846 crore — it compounded at about 9% a year over 8 years.
- Biggest swing factor: Industrial capex. Main risk: Capex slowdowns.
01Automation, rail and infrastructure
Siemens Ltd is the Indian listed arm of Germany's Siemens AG, which owns the majority. It sells factory-automation systems, electrical and building products, smart-grid equipment and rail technology, including locomotives and signalling.
In 2025 its energy business was demerged into a separately listed company, Siemens Energy India, and shareholders received shares in it. Siemens Ltd's financial year ends in September.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Siemens India, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Siemens India's record, in plain numbers
Between FY2018 and FY2026, Siemens India's revenue went from ₹12,795 crore to ₹24,846 crore — it compounded at about 9% a year over 8 years. Net profit grew from ₹901 crore to ₹2,754 crore, about 15% a year — faster than revenue, so margins widened. In FY2026 it kept 11.1% of revenue as net profit — against a low of 7.0% in FY2018 and a high of 12.2% in FY2024. The latest year added 43.1% to revenue, well ahead of its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 12,795 | 901 | 7.0% |
| FY2019 | 13,767 | 1,099 | 8.0% |
| FY2020 | 9,946 | 769 | 7.7% |
| FY2021 | 13,639 | 1,090 | 8.0% |
| FY2022 | 16,138 | 1,543 | 9.6% |
| FY2023 | 19,554 | 1,962 | 10.0% |
| FY2024 | 22,240 | 2,718 | 12.2% |
| FY2025 | 17,364 | 2,106 | 12.1% |
| FY2026 | 24,846 | 2,754 | 11.1% |
04How Siemens India gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Siemens India's value
Industrial capex
Factory and infrastructure investment drives demand.
Rail orders
Large locomotive and signalling orders add long-term revenue.
Margins
A richer mix of software and automation lifts profitability.
Parent technology
Access to Siemens AG's products gives it an edge.
06What could go wrong
- Capex slowdowns. Weaker private investment hits orders.
- Related-party pricing. Dealings with the parent affect margins.
- The multiple. A high valuation assumes rapid growth.
07What the full Siemens India valuation shows
Sign in free to see the complete Siemens India valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Siemens' value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Larsen & Toubro, Bharat Electronics and Hindustan Aeronautics
- ✓Downloadable report — the full write-up, yours to keep
08Compare Siemens India with peers
The same valuation, run side by side.
Siemens India vs Larsen & ToubroProduct-led automation against project-led engineering.→Siemens India vs Bharat ElectronicsPrivate industrial against state defence electronics.→Siemens India vs Hindustan AeronauticsTwo order-book businesses, one commercial and one defence.→09Questions people ask about Siemens India
What is Siemens Energy India?
The energy business demerged from Siemens Ltd in 2025 and listed separately.
Who owns Siemens India?
Germany's Siemens AG holds the majority of Siemens Ltd.
Siemens or L&T — which is better value?
Product-led automation against project-led engineering, compared side by side on their own page.
Is Siemens India overvalued?
At ₹3,660 the market is pricing in roughly 35% sustained growth, against the ~14% its own record supports. That is more than it has delivered, so the price is justified only if the business can hold a rate it has not previously sustained.
What is the intrinsic value of Siemens India?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Siemens India carry?
Debt to equity stands at 0.00, against 0.00 at the start of the period — the balance sheet is a core input to the cost of capital used here.