Siemens Energy India (ENRIN IN) – Q4FY26 Result Update – Healthy Q2; export tailwinds gathering pace – ACCUMULATE
Published on 16 May 2026
Siemens Energy India (ENRIN) reported strong revenue growth of 27.4% YoY, although EBITDA margin moderated to 21.3% due to lower gross margins. The Power Transmission segment remained a key growth driver (+26.2% YoY), supported by favourable macro tailwinds and execution ramp-up of a healthy order book of INR125.2bn. Upcoming capacity additions, including the Kalwa facility expansion (expected to be operational by Q2CY27) and a planned 30,000 MVA transformer capacity expansion with an investment of INR20.6bn, are expected to support the next phase of growth in the transmission business. Additionally, the Power Generation segment (+28.8% YoY) continued to benefit from an improving services mix while incremental opportunities are arising for the supply of steam turbines for combined cycle gas power plants in developed markets such as USA. ENRIN’s long-term growth outlook is further strengthened by its expanding presence in high-growth segments such as data centers and nuclear power. We revise our SY27/28E EPS estimates by +3.9%/+4.3% factoring in improving traction for and mix of services in the Power Generation segment. We maintain our ‘Accumulate’ rating valuing the stock at a PE of 55x Mar’28E (same as earlier) arriving at a revised TP of INR3,274 (INR3,145 earlier).
