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Informist, Monday, May 25, 2026

 

By Astha Oriel

 

MUMBAI/NEW DELHI – Siemens Ltd. is expected to report a significant year-on-year decline in its consolidated net profit despite a moderate increase in its top line for the March quarter, according to brokerages tracking the company. The end of commodity hedge contracts and higher working capital due to the shift of cash to the demerged energy business are expected to hit the company's net profit, Kotak Securities Ltd. said in an earnings preview report.

 

The company's consolidated net profit for the March quarter is likely to be INR 4.15 billion, down nearly 17% on year but up more than 21% on quarter, according to an average of estimates from 11 brokerages. Prabhudas Lilladher Pvt. Ltd. has the highest estimate for the company's net profit at INR 5.13 billion while the lowest estimate is INR 3.51 billion from Nuvama Wealth Management Ltd. This is likely to be the fifth consecutive quarter of a year-on-year decline in the company's net profit.

 

The company's consolidated net sales excluding low voltage motors are expected to be INR 44.73 billion, up more than 17% on year and nearly 17% on quarter, according to the average of estimates. Equirius Services Pvt. Ltd. has the highest estimate of INR 46.50 billion for the net sales whereas the lowest estimate is INR 43 billion from Nuvama.

 

Analysts expect the company's revenue to be driven by its mobility and smart infrastructure businesses. Motilal Oswal Financial Services Ltd. expects the revenues from the smart infrastructure business and the mobility business to grow, respectively, by 10% and 20% on year. The brokerage expects the revenues from digital industries to decline by 4% on year.

 

In the December quarter, smart infrastructure accounted for more than 55% of the company's total revenue from continuing operations. Digital industries contributed more than 23% and the mobility business accounted for more than 21% of the company's revenue.

 

The company's order inflows during the quarter are expected to be INR 57.1 billion, according to Nomura Equity Research. In the year-ago quarter, the order inflows stood at INR 53.05 billion.

 

The earnings before interest, tax, depreciation, and amortisation of Siemens are expected to be INR 5.14 billion, up nearly 10% on year, according to the average of estimates. The highest estimate for the EBITDA is INR 5.77 billion from JM Financial Institutional Securities Ltd. The lowest estimate is INR 4.59 billion from Nuvama.

 

Analysts will be watching the management's commentary on tendering and awarding of large projects, especially in the railway and metro sectors, performance of exports and services, plans to increase localisation, any pick-up in digital industries orders after several "soft" quarters, and impact on operations from the conflict in West Asia.

 

The company will detail its earnings for the March quarter Tuesday. Monday, its shares closed at INR 3,667.50, down nearly 4% on the National Stock Exchange. The stock has risen over 15% since the company reported its December quarter earnings on Feb. 6. 

 

Following are the March quarter earnings estimates for Siemens Ltd., in INR billion, from 11 brokerages in descending order of the net profit estimate:

 

Brokerage	Net Sales	Net Profit	EBITDA
Prabhudas Lilladher Pvt. Ltd.	45.19	5.13	5.74
JM Financial Institutional Securities Pvt. Ltd.	43.72	4.62	5.77
Equirus Securities Pvt. Ltd.	46.50	4.52	5.55
Kotak Securities Ltd.	45.86	4.22	4.96
HDFC Securities Ltd.	46.30	4.20	5.20
Nomura Equity Research	43.95	4.13	5.04
Emkay Global Financial Services Ltd.	43.73	4.09	4.94
YES Securities (India) Ltd.	44.94	3.92	5.16
Motilal Oswal Financial Services Ltd.	43.64	3.76	4.86
Elara Securities (India) Pvt. Ltd.	45.20	3.60	4.70
Nuvama Wealth Management Ltd.	43.00	3.51	4.59
Average	44.73	4.15	5.14

 

End

 

Edited by Rajeev Pai

 

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