Siemens Energy India (ENRIN IN) – Q4SY25 Result Update – Robust quarter; all eyes on HVDC award – Upgraded to Accumulate

We revise our SY26/SY27E EPS estimates upward by 3.9%/6.1%, reflecting stronger-than-anticipated order intake momentum likely in Power T&D, and upgrade our rating on the stock from ‘Hold’ to ‘Accumulate’ following the recent correction in its price. Siemens Energy India (ENRIN) delivered a robust quarter, with revenue rising 27% YoY to Rs26.5bn, although EBITDA margin contracted by 40bps YoY to 18.1% due to a higher share of project revenues. Growth was led by the Power Transmission segment (+48% YoY) which accounted for ~51% of quarter’s revenue mix, while the Power Generation segment posted a moderate 11% YoY increase. Order intake was broadly stable, owing to the advancement of major order finalizations into the previous quarter. ENRIN’s medium-term outlook remains strong, supported by a robust order book position and strong prospects including a VSC HVDC project (Khavda–South Olpad). Furthermore, the upcoming operationalization of its power transformer capacity expansion, alongside phased capacity additions across other key transmission products through SY26 and SY27 and launch of Industrial Steam Turbine service center in Raipur, should meaningfully strengthen the company’s volume trajectory. The stock is currently trading at a PE of 80.1x/62.1x on SY26/27E. We value the company at a PE of 70x Sep’27E (same as earlier) arriving at a TP of Rs3,566 (Rs3,360 earlier). Upgrade to ‘Accumulate’.