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Siemens Limited

SIEMENS.BO
41
Industrial - Machinery · Industrials
Price
₹3686.60
+4.05 (+0.11%)
Market Cap
₹1.31T
Exchange
Bombay Stock Exchange
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Siemens Limited, a subsidiary of Siemens Aktiengesellschaft, is a long-standing enterprise established in Mumbai, India, in 1867. The company is a key manufacturer and distributor of a wide array of electrical and industrial equipment, encompassing electric motors, generators, transformers, electricity distribution and control systems, and general-purpose machinery, catering to both Indian and global markets. Its business is segmented into four primary divisions. The Energy segment delivers integrated products, solutions, and services vital for oil and gas production, power generation, and transmission, serving utilities, independent power producers, and engineering, procurement, and construction companies. The Smart Infrastructure division supplies products, systems, and services for the transmission and distribution of electrical energy to power utilities, industrial clients, and infrastructure developments. This includes offerings for low and medium voltage distribution, smart grid and energy automation solutions, low voltage power supply, and intelligent, interconnected infrastructure for grids and buildings. The Mobility segment specializes in comprehensive solutions for passenger and freight transportation, featuring rail vehicles, rail automation and electrification systems, road traffic technology, and related IT solutions. Lastly, the Digital Industries segment provides automation, drive technology, and software solutions that span the entire product lifecycle, from design and production execution to ongoing services, for both discrete and process manufacturing sectors. Beyond its core manufacturing and distribution, Siemens Limited is also involved in the lease rental business and provides repair services for fabricated metal products, machinery, and various types of equipment. The company was formerly known as Siemens India Limited, adopting its current name in March 1987.

Winston Score History

Share count broadly stable

0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 356.1M (2021) → 355.7M (2025)

Score breakdown

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Quality

Gross Margin
26.2%
Modest — 26.2% gross margin
Operating Margin
8.0%
Modest — 8.0% operating margin
ROCE
2.7%
Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-7.9%
Shrinking sales (-7.9% YoY)
EPS YoY
-28.9%
Earnings shrinking (-28.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
61%
Modest — 61% of profit becomes cash
FCF Margin
3.2%
Thin free cash flow (3.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.01
Conservative — low debt load (0.01)
Interest Cover
58.98x
Comfortably covers interest (59.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
84.3x
Expensive — P/E 84.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+29.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (84.3 → 54.6)

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Dividends

Not applicable for this business.
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