Gas-insulated and air-insulated switchgear, circuit breakers, protection relays and substation automation that switch and protect the grid.
Siemens Ltd after the 2025 energy demerger: smart infrastructure (GIS, switchgear, substation automation), digital industries and mobility (also in the railways sector)
Note: Fiscal year ends September: the FY22-FY25 columns hold Sep 2021-Sep 2024, and the 18-month period to Mar 2026 (after the Energy demerger) is left out; Grid exposure via smart infrastructure after the energy demerger
Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Supplies the breakers, disconnectors, instrument transformers and protection systems that isolate faults in milliseconds, plus the SCADA and automation that let operators run substations remotely. Gas-insulated switchgear (GIS) packs a substation into a fraction of the land, which is why cities and new pooling stations use it.
Every new substation and bay needs switchgear, and the MNC subsidiaries that dominate high-voltage GIS (Hitachi Energy, Siemens, GE Vernova) have full order books. Medium-voltage switchgear also rides the data-centre, metro and industrial build-out.
High-voltage GIS and automation earn mid-to-high teens EBITDA for the MNC leaders; medium-voltage products are more competitive. Royalties and technology fees to parent companies are part of the cost structure.