Siemens Ltd
Siemens Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Overall business growth depends heavily on India's investment pattern, especially in infrastructure like airports, ports, hotels, malls, and private sector CapEx. Siemens India expects double-digit revenue growth in the Mobility segment over the next few years, driven by stepped-up deliveries and ramp-up of key projects (e.g., locomotive deliveries increasing from 40 to 160 units per year).
From Siemens Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Overall business growth depends heavily on India's investment pattern, especially in infrastructure like airports, ports, hotels, malls, and private sector CapEx.
- Smart Infrastructure (SI) growth will continue aligned with India's overall growth, with expectations of double-digit growth due to increasing privatization and modernization of Discoms.
- Mobility business to see significant growth due to ramp-up in locomotive deliveries and related service contracts; projected double-digit growth with stepped volume increases planned (40 to 160 locomotives over the years).
- Digital Industries (DI) growth tied to private sector CapEx expansion, projected to increase from ~5% to 8%+ as private investments pick up.
- Localization and volume scale in low and medium voltage products expected to drive cost efficiencies and volume growth.
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Profitability & Margins
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Capital Expenditure Plans
- Significant CapEx investments in Mobility segment include reopening and expanding the bogie factory, investing in the locomotive factory in Aurangabad, and ongoing investments in signaling (Kavach program) and electrification.
- Smart Infrastructure has ongoing manufacturing investments, including a vacuum interrupter factory in Goa and a gas-insulated switchgear factory with INR 3.3 billion investment for domestic and global markets.
- Focus on localization with continuous expansion of manufacturing footprint, including low and medium voltage GIS programs and vacuum interrupter localization.
- Evaluating make-or-buy strategy for product manufacturing to remain competitive and efficient.
- Strategic investments include adding hundreds of engineering personnel annually in areas like signaling.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Mobility order book is strong, reportedly more than INR 50 billion (Page 19).
- Fiscal year ’25 Mobility orders reached INR 50 billion with nearly 50% growth (Page 17).
- Q1 to Q4 2025 order inflow in Mobility was lumpy: Q1 - INR 8 billion, Q2 - INR 16 billion, Q3 - INR 19 billion, Q4 - INR 7 billion (Page 17).
- Approximately 33 billion INR revenue expected in Mobility for fiscal ’25, driven by project ramp-up (Page 17).
- Around 80% of future revenue for new fiscal years typically secured in backlog for Mobility (Page 17).
- Smart Infrastructure orders stood at INR 103 billion in fiscal ’25, showing 15% growth (Page 16).
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Siemens Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.6K Cr, net profit ₹370 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Siemens Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Siemens Ltd Q2 FY26 results?
Overall business growth depends heavily on India's investment pattern, especially in infrastructure like airports, ports, hotels, malls, and private sector CapEx. Siemens India expects double-digit revenue growth in the Mobility segment over the next few years, driven by stepped-up deliveries and ramp-up of key projects (e.g., locomotive deliveries increasing from 40 to 160 units per year).
What is Siemens Ltd share price analysis?
Siemens Ltd currently shows a neutral. The stock trades at a P/E of 93.3 with a market cap of ₹140,311 Cr. Investors should review the full earnings analysis for detailed insights.
Is Siemens Ltd planning capital expenditure?
Significant CapEx investments in Mobility segment include reopening and expanding the bogie factory, investing in the locomotive factory in Aurangabad, and ongoing investments in signaling (Kavach program) and electrification.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.