Siemens Energy India Limited

Utilities — Utilities - Renewable · NSE

₹2,889.00−₹68.00 (−2.30%)

DalalBaazaar Score

70 / 100

🟢 Good

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of Siemens Energy India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Siemens Energy India Limited engages in energy business.

IndustryUtilities - Renewable

SectorUtilities

Employees4,351

Annual revenue₹7,783 Cr

How does it make money?

Turns over ₹7,783 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 4,351 employees supports ₹1.79 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.79 Cr

Who are its competitors?

The closest listed comparisons in its industry are NTPC LTD, POWER GRID CORP. LTD., TATA POWER CO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 29.2% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE13.7%

What is the outlook?

15 analysts covering the stock expect revenue to grow about 22.9% and earnings to grow about 19.7% in the year to 2027. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+22.9%

Est. earnings growth+19.7%

Analysts15

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 1 years revenue moved +64% while net margin moved +12% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+64%

Margin effect+12%

DalalBaazaar Score

70/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 69.1x is demanding — it needs sustained high growth to justify
✓ P/E is 42% below its own historical median of 119.2x — cheap by its own standards
✗ P/B of 21.38x is a steep premium to book

Quality vs. Valuation

Company Quality

78/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

69.1x

2Y Median

119.2x

18 monthly readings · mean 133.9x · range 80.5x–203.7x

Sector Median

14.6x

median of 3 sector peers

🟢Current valuation is approximately 42% below its 2y median of 119.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 372% above the peer median of 14.6x.

vs. its own history

Cheap

119.2x median over 18 months · -42%

vs. sector peers

Expensive

14.6x median of 3 peers · +372%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

62.5x

PEG

0.83

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 18.3% to 21.2% over 1 years.
Cash generation is improving
Free cash flow is up 18273% over 1 years.
Return on equity is rising
ROE has improved from 18.7% to 25.1%.
Return on capital is rising
ROCE has improved from 21.8% to 29.2%.
High return on capital employed
ROCE of 29.2% is the mark of a business that converts capital into profit efficiently.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 4.48x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 29.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 18.3% to 21.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 42% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 4.48x. Interest is payable whether or not the business has a good year.
A premium to the sector to defend
It trades 372% above the peer median. That premium needs a reason that persists, or it closes.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 48% a year✓ 63.5% CAGR
Latest reported year was 39.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 21.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹3,454 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 26%✓ 29.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 1 neutral · 3 weak

Market Cap

₹1.03 L Cr

Large Cap

Large, widely-covered business — typically the steadiest of the bands

P/E (Trailing)

69.1x

Expensive

Expensive — verify against sector peers

P/B Ratio

21.38x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹41.79

Profitable

Profitable on a per-share basis

ROE

25.1%

Strong

Strong capital efficiency

ROCE

29.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

4.48x

High

High leverage

Revenue Growth (YoY)

39.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

67.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.14%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹3,454 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

51.6x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

21.9%

Good

Healthy core-business profitability

Net Margin

15.8%

Good

Strong bottom-line conversion

Current Ratio

1.97

Comfortable

Healthy short-term liquidity

52W Range Position

42%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

3192.1 / 3271.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

26.7

Oversold zone

Financial Trend (2-Year)

Metric	FY24	FY25	1Y CAGR
Revenue	₹4,760 Cr	₹7,783 Cr	+63.5%
EBITDA	₹871 Cr	₹1,647 Cr	+89.2%
EBITDA Margin	18.3%	21.2%	—
PAT (Net Profit)	₹600 Cr	₹1,100 Cr	+83.3%
EPS	₹16.85	₹30.89	+83.3%
ROE	18.7%	25.1%	—
ROCE	21.8%	29.2%	—
Total Debt	₹124 Cr	₹148 Cr	+18.9%
Free Cash Flow	₹19 Cr	₹3,454 Cr	+18272.9%

🟢 Revenue has grown at 63.5% a year over 1 years.

🟢 EBITDA has grown at 89.2% a year over 1 years.

🟢 EBITDA Margin has risen from 18.3% to 21.2% over 1 years (+2.9 pts).

🟢 PAT (Net Profit) has grown at 83.3% a year over 1 years.

🟢 EPS has grown at 83.3% a year over 1 years.

🟢 ROE has risen from 18.7% to 25.1% over 1 years (+6.5 pts).

🟢 ROCE has risen from 21.8% to 29.2% over 1 years (+7.4 pts).

🔴 Total Debt has grown at 18.9% a year over 1 years.

🟢 Free Cash Flow has grown at 18272.9% a year over 1 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹9,545 Cr

Total Liabilities

₹5,164 Cr

Cash & Equivalents

₹132 Cr

Operating Cash Flow

₹3,670 Cr

Capex

-₹216 Cr

Shareholding (proxy)

Institutional Holding

55.7%

Insider Holding

27.5%

Corporate Actions

Dividend Rate

₹4

Ex-Dividend Date

30 Jan 2026

Analyst Consensus

Recommendations

9 Buy · 3 Hold · 3 Sell

Target Price (Mean)

₹3,817.6

+32.1% vs CMP

Target Range

₹3,077 – ₹4,800

Peer Comparison

Company	P/E	ROE
NTPC LTD	11.0x	13.7%
POWER GRID CORP. LTD.	14.6x	15.8%
TATA POWER CO LTD	29.3x	9.8%

Recent News

1 positive3 mixed2 general

Siemens Energy India Share Price decline: valuation view

Univest, 15 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Post Q4 Showdown: Hitachi Energy vs Siemens Energy, Which Is The Best Power Infra Stock in 2026 For Investors?

Goodreturns, 12 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Siemens Energy India (NSEI:ENRIN) Stock Forecast & Analyst Predictions

Simply Wall Street, 09 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

ENRIN Stock Price and Chart — NSE:ENRIN

TradingView, 07 Aug

Siemens Energy zooms 12% on Q3 beat; MOFSL raises target, sees 26% upside

Business Standard, 07 AugAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

Siemens Energy India Ltd. Futures Price: Live NSE/BSE Futures Chart & Updates

HDFC Sky, 01 Oct

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingFinancial Health · Risk

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑