Prabhudas Lilladher has upgraded Siemens Energy India from 'Accumulate' to 'BUY' rating with a revised target price of ₹3,655, up from the previous target of ₹3,434. According to the research report dated September 08, 2026, the brokerage rolled forward to September 2028 estimates and increased the valuation multiple to 53x PE from the earlier 55x PE for March 2028 estimates. The stock is currently trading at 55.8x/45.3x on SY27E/SY28E estimates.
The management interaction revealed that Siemens Energy India is well positioned to benefit from the structural power transmission and generation upcycle, supported by strong domestic demand and rising global opportunities. As reported by Prabhudas Lilladher, the transmission business offers a broad product suite across transformers, switchgear, substations and grid-stabilization solutions, with rising renewable integration and grid complexity driving demand for higher value solutions such as HVDC and STATCOM. Export opportunities are gaining traction, with the company increasingly serving as a global manufacturing base for Siemens Energy, particularly in transformers, while the US remains a key opportunity market.
On the generation side, gas services and engineering, research and development (ER&D) offer attractive growth potential, supported by a growing installed base, according to the research report. Steam turbines are benefiting from industrial decarbonization, waste-heat recovery and thermal power opportunities. The diversified exposure across products, solutions and services, coupled with higher margin export and service opportunities, should support healthy growth and margin resilience, as noted by Prabhudas Lilladher.
With capacity expansion underway in transformers and switchgear, and strong order visibility across transmission and generation, Siemens Energy India is well placed to capture the multi-year electrification and energy transition opportunity, as reported by Prabhudas Lilladher. However, execution and timing of large orders remain key monitorable factors for the company's performance.
