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Siemens Energy India reported a strong Q3FY26 performance

ICICIdirect Research 07 Aug 2026 DISCLAIMER

News: Siemens Energy India reported a strong Q3FY26 performance, with revenue from operations increasing 39.3% YoY to ₹2,486 crore, driven by robust execution across both businesses. EBITDA rose 72.1% YoY to ₹586 crore, while EBITDA margin expanded 449 bps YoY to 23.6%. PAT increased 67.8% YoY to ₹441 crore, with net margin improving 302 bps YoY to 17.7%. Power Transmission revenue grew 42.0% YoY to ₹1,386 crore (56% mix), while Power Generation revenue increased 36.0% YoY to ₹1,099 crore (44% mix). The company also reported a 16.4% YoY increase in order backlog to ₹19,331 crore, providing strong revenue visibility.

View: The quarter reflected strong execution and operating leverage, with margin expansion supported by a richer export mix and disciplined project execution. Growth was broad-based across both Transmission and Generation businesses, while the ₹19,331 crore order backlog provides healthy medium-term revenue visibility. Management highlighted sustained opportunities from renewable integration, grid modernization, data centres, industrial electrification and exports, supported by major wins in GIS substations, STATCOMs and industrial steam turbines. Overall, Siemens Energy India remains well positioned to benefit from India's accelerating power infrastructure capex cycle, backed by strong execution capabilities and a robust order pipeline.

Impact: Positive

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