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Siemens Energy India (ENRIN) achieved a 26% year-over-year revenue growth to Rs 19.1 billion and an EBITDA margin increase of 233 basis points to 20.5%. The Power Transmission segment saw a 34% growth, comprising ~59% of total revenue, while Power Generation grew by 16%.

The order book expanded by ~38% to Rs 176 billion. ENRIN announced the addition of 30,000 MVA in power transformer manufacturing capacity. Despite strong market positioning in STATCOMs, competition from a recent competitor award for the Khavda-South Olpad VSC HVDC project may limit future VSC HVDC opportunities. The stock is currently valued at a PE of 67.2x/53.8x for SY26/27E, with a revised target price of Rs 3,145 based on a PE of 55x for Mar'28E.