Siemens Ltd

- 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. - Partnerships and potential M&A being considered, especially in building-related portfolios to expand product offerings. - Cautious approach on timing and scale of investments due to private sector CapEx uncertainties but aligned with India's growth story and infrastructure project cycles.

- 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. - Export growth in Mobility expected to increase gradually, though sales are lumpy and project-driven. - Overall revenue growth seen as a volume game with dependency on macroeconomic factors, making precise long-term numbers uncertain.

- 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). - Mobility margins are expected to improve from current ~7.7%, aiming to match global business margins (~10%), supported by scale and operational efficiencies. - Smart Infrastructure anticipates sustained topline growth aligned with India’s growth and privatization of Discoms; margin expansion is targeted as localization improves (current global margin ~18%). - Digital Industries (DI) expects recovery and growth with a cautious outlook tied to private sector CapEx improvements; margins regulated in a 6-8% range due to transfer pricing. - Overall focus on profitable growth, investing in localization and manufacturing capacity to drive margin expansion and revenue growth. - Short-term visibility is limited due to dependency on India's infrastructure investments, but the medium-term outlook (2-3 years) is positive with sustained growth and margin improvement.

- 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). - DI business orders were INR 38 billion last fiscal year with 13% growth, indicating normalization (Page 14). - Order book visibility for Mobility covers next 2-3 years with some uncertainty beyond 6 months, especially for signaling and commuter rail tenders (Page 36).

- No explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. - The discussion highlights a strong cash position with around 70 billion cash and an additional 22 billion expected from a sale. - The company is generating around 20 billion PAT annually, which is expected to grow. - Capital allocation is primarily focused on strategic M&A and investments in localization and manufacturing. - M&A deals range from small to large, driven mainly by local market needs and margin hurdles. - No specific plans for debt or equity issuance were indicated; the emphasis is on utilizing existing cash and earnings for growth and investment.