Muted performance in the LV business (smart infrastructure, including discoms capex and private capex in digital infrastructure). Given the limited near-term catalysts in HVDC and railways, we are revising down our FY25E/26E/27E EPS estimates by 9%, 15%, and 11%, factoring in slower HVDC order inflows and operating margins of 14%. Consequently, we downgrade Siemens to 'Hold' with a TP of ₹7,000, valuing the stock at 65x FY27E EPS of ₹106.
A key trigger—chunky orders—now delayed.
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