Siemens Energy India Reports 26% Revenue Growth; Target Price Set at Rs 3,145 by Prabhudas Lilladher
Siemens Energy India (ENRIN) reported a 26% year-over-year revenue increase to Rs 19.1 billion and an EBITDA margin of 20.5%. The Power Transmission segment grew by 34%, contributing ~59% to revenue, while Power Generation rose by 16%. The order book increased by ~38% to Rs 176 billion. ENRIN will expand power transformer capacity by 30,000 MVA. However, recent competition in VSC HVDC projects may limit future opportunities. Prabhudas Lilladher maintains an 'Accumulate' rating with a target price of Rs 3,145.
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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.
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