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Siemens Limited

SIEMENS.NS
41
Industrial - Machinery · Industrials
Price
₹3667.80
-10.60 (-0.29%)
Market Cap
₹1.31T
Exchange
National Stock Exchange of India
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Siemens Limited is an Indian industrial company that makes equipment and systems used to generate, transmit, and manage electricity, as well as automation tools for factories. Its core products include power transformers, switchgear, motors, drives, and building technology systems. The company serves customers in industries like energy, infrastructure, transportation, and manufacturing, and is a subsidiary of the global German conglomerate Siemens AG.

The company earns money by selling industrial equipment, executing large engineering projects, and providing after-sales services and maintenance contracts. It operates primarily in India, with manufacturing plants in cities like Mumbai, Goa, and Aurangabad, making it one of the leading industrial technology companies in the country. Siemens Limited benefits from its parent company's global technology and brand reputation, which gives it an edge over local competitors. The key growth driver is India's ongoing push to expand its power infrastructure and manufacturing capacity, though the business faces risk from delays in government-funded infrastructure projects.

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)
83.9x
Expensive — P/E 83.9

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

P/E vs Forward
+30.0
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (83.9 → 53.9)

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Dividends

Not applicable for this business.
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