Siemens Energy India (ENRIN IN) – Q1SY26 Result Update – Healthy Q1; macro tailwinds remain intact – ACCUMULATE
Published on 13 Feb 2026
The company’s strong positioning in STATCOMs, with ~50% market share and an annual tender pipeline of 8-10 projects, remains a key growth driver. However, the recent award of the Khavda-South Olpad VSC HVDC project to a competitor materially constrains ENRIN’s VSC HVDC opportunity set in the near to medium term, as the majority of upcoming HVDC orders are expected to be based on LCC technology. The stock is currently trading at a PE of 67.2x/53.8x on SY26/27E. We roll forward to Mar’28E and maintain our ‘Accumulate’ rating valuing the company at a PE of 55x Mar’28E (65x Sep’27E earlier) due to limited VSC HVDC opportunities in medium term, arriving at a TP of Rs3,145 (Rs3,312 earlier).
