Siemens Energy's Indian arm, demerged from Siemens Ltd and listed in Jun 2025: power transformers, HVDC, switchgear and turbines (also in the energy sector)
Price
₹2,809
snapshot 6 Nov 2026
Strengths
Approved ~₹2,060 Cr in Feb 2026 to add ~30,000 MVA of large power transformer capacity
Access to the parent's HVDC and grid technology
Exposed to both grid and generation capex
Risks
Short listed history as a separate company
Rich valuation - see the figures
Capacity addition timing
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹99,971 Cr
Stock P/E
65.5x
Div Yield
0.14%
ROCE
67.8%
ROE
50.5%
P/B
20.8x
Revenue growth
—
Profit growth
—
Net margin
—
1Y vs Nifty
−10 ptsNifty −1.9%
Stock price return · as of 6 Nov 2026
1Y price return
−12%
3Y CAGR
—
5Y CAGR
—
Trend39th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 29% below its high
Note: standalone figures; years before its listing or not on Screener left blank
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.
Where it fits
Designs and builds the heaviest and slowest-to-make item in a substation: the core is stacked from CRGO steel, wound with copper, tanked, oil-filled and tested. Large units are made to order and take a year or more from order to delivery.
Why it matters
Transformers are the grid's tightest bottleneck worldwide. US large-transformer prices are up sharply since 2019 and lead times have more than doubled (BNEF, 2026), so Indian makers are exporting as well as serving a record domestic pipeline. Every major maker is adding capacity: Siemens Energy India approved ~₹2,060 Cr for 30,000 MVA (Feb 2026), and Hitachi Energy broke ground on a new factory at Karjan, Gujarat (Jun 2026).
Where the value pool sits
Margins have widened from high single digits to mid-teens or higher EBITDA for the leaders because demand exceeds capacity and pricing has reset. The pool is large and growing, but it is cyclical: new capacity arriving in FY27-FY28 and any export slowdown could bring pricing back down.
Key drivers
NEP plan to lift transformation capacity from ~1,251 GVA (2024) to ~2,342 GVA by 2032
Renewable pooling substations and BESS connections
US and European shortage pulling exports
Data-centre and industrial substations
Potential bottlenecks
CRGO electrical steel: India imports most of its need and supply is gated by BIS certification