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Siemens Limited (SIEMENS) Fair Value & Analysis

Industrials · IN · Market cap ₹1.4T (≈ $14.8B) · ISIN INE003A01024

What is Siemens Limited really worth?

SL Siemens Limited SIEMENS · BSE
Price₹3,976
Fair Value₹929.72
Upside−76.6%
Quality64/100

A solid business, but trading 328% above our fair value of ₹929.72.

As of Aug 24, 2026, the fair value of Siemens Limited is ₹929.72 per share against a price of ₹3,976, so the fair value sits 77% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

Strengths

Solidly profitable · 10.7% net margin

Risks

!Expensive Growth (revenue 5y +11.8 %/yr)
!negative free cash flow
!Moderate moat 63/100
Evidence: High Range ₹650.81 – ₹1,209

Fair value as of: Aug 24, 2026

From 17 valuation models · updated 13 days ago

Share price −0.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (₹1,209). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹650.81 to ₹1,209) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

₹4,118 ₹931.27 Fair Value ₹929.72 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 24, 2026.

How to read this chart

60‑month range ₹931.27 – ₹4,118 · fair‑value band ₹650.81 – ₹1,209 · the ₹3,976 price screens above the ₹929.72 fair value. Dashed = 300-day average. As of Aug 24, 2026.

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Analysis

Siemens Limited (SIEMENS) currently trades at ₹3,976, while our model-based Fair Value estimate is ₹929.72, implying the stock looks roughly 327.7% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Industrials sector. Bull case: the Dividend Discount group reads highest at a median of ₹1,437 per share, and 0 of the 17 models we run sit above the ₹3,976 price. Bear case: the Asset-Based group reads lowest at ₹248.86, and 17 of the 17 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Siemens Limited generated revenue of ₹228B at a net margin of 10.7%. Revenue declined 20.0% year over year. It earns a return on equity of 18.6%. The stock trades on a trailing P/E of 83.9. Fundamentals as of Aug 24, 2026

Our scenario range runs from ₹650.81 (bear case) to ₹1,209 (bull case); at ₹3,976, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −52% fair-value upside, at −77%, SIEMENS screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ₹32.32 per share, which is 4.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Owner Earnings ₹767.68 ₹1,245 ₹2,042 72
Residual Income ₹400.27 ₹489.80 ₹1,034 71
EPV ₹418.94 ₹482.22 ₹538.46 70
All 17 models by family
DCF Models
Owner Earnings ₹767.68 ₹1,245 ₹2,042 72
Earnings-Based
Graham-Dodd ₹401.79 ₹1,446 ₹1,948 64
Lynch FV ₹341.64 ₹488.06 ₹634.47 61
PEG = 1.0 ₹341.64 ₹488.06 ₹634.47 57
EPV ₹418.94 ₹482.22 ₹538.46 70
Dividend Discount
Gordon GGM ₹803.73 ₹1,755 ₹2,952 65
DDM Multi-Stage ₹803.73 ₹1,437 ₹1,829 66
Multiples
P/E Multiple ₹930.62 ₹1,241 ₹1,551 63
P/S Multiple ₹731.39 ₹975.19 ₹1,219 58
P/B Multiple ₹753.36 ₹1,004 ₹1,256 55
EV/EBIT ₹678.59 ₹884.65 ₹1,091 63
EV/EBITDA ₹613.89 ₹798.40 ₹982.90 64
EV/Revenue ₹501.61 ₹690.71 ₹879.80 51
Asset-Based
NCAV (Graham) ₹185.72 ₹248.86 ₹371.44 51
Economic Profit
Residual Income ₹400.27 ₹489.80 ₹1,034 71
ROIC Compounder ₹435.96 ₹561.96 ₹737.94 70
Growth Earnings
Growth-Adj P/E ₹650.81 ₹929.72 ₹1,209 67

Widest divergence: Dividend Discount (₹1,437) versus Asset-Based (₹248.86). Highest evidence: Owner Earnings (72).

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Key figures & financial health

P/E ratio 83.9
P/S ratio 10.2 P/E × margin
EPS (TTM) ₹47.37 price ÷ EPS = P/E 83.9
Dividend yield 2.1% payout 179%
Net margin 12.1% FY2025
Return on equity 18.6% TTM
More key figures
Profitability
Return on assets (EBIT) 8.9% avg 5y
Operating margin 10.6% TTM
Growth
Revenue (TTM) ₹228B TTM
Revenue growth (YoY) −20.0% 3y avg +2.5%
EPS growth (YoY) −41.6%
Balance sheet & cash flow
Free cash flow −₹57.0M FY2025

Figures from reported company fundamentals · as of Aug 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 59 · Market factors (momentum, volatility) 74

Profitability 58
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 87
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Siemens Limited manufactures and sells electric motors, generators, transformers, electricity distribution and control apparatus, general purpose machinery, and other electrical equipment in India and internationally. The company operates through four segments: Energy, Smart Infrastructure, Mobility, and Digital Industries.

Full company description

Siemens Limited manufactures and sells electric motors, generators, transformers, electricity distribution and control apparatus, general purpose machinery, and other electrical equipment in India and internationally. The company operates through four segments: Energy, Smart Infrastructure, Mobility, and Digital Industries. The Energy segment provides integrated products, solutions, and services for oil and gas production, and power generation and transmission. This segment serves utilities, independent power producers, and engineering, procurement, and construction companies. The Smart Infrastructure segment supplies products, systems, solutions, and services for transmission and distribution of electrical energy for power utilities, industrial companies, and infrastructure segments. This segment offers systems for low and medium voltage distribution; solutions for smart grids and energy automation; and low voltage power supply systems, as well as intelligent and connected infrastructure for grids and buildings. The Mobility segment provides solutions for passenger and freight transportation, including rail vehicles, rail automation systems, rail electrification systems, road traffic technology, and IT solutions. The Digital Industries segment offers automation, drives, and software technologies covering the complete life cycle from product design and production execution to services for discrete and process industries. The company engages in the lease rental business. In addition, it engages in the repair of fabricated metal products, and machinery and equipment. The company was formerly known as Siemens India Limited and changed its name to Siemens Limited in March 1987. Siemens Limited was founded in 1867 and is based in Mumbai, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Siemens Limited reported revenue of ₹174B in FY2025 versus ₹132B in FY2021, a compound +7.1%/yr. Reported net income was ₹21.0B in FY2025, compounding +17.9%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
₹174B
Latest YoY
−21.9%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.8%
Avg. revenue growth/yr (9Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.9%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+16.2% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+14.1%
Dividend yield2.1%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 14.1% vs 10Y −3.2%, picking up
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.7.8% (2020) → 9.9% (2025) · rising
Worst earnings drop69% (2018) · in INR
Revenue +7.1%/yr
FY21 ₹132B
FY22 ₹161B
FY23 ₹196B
FY24 ₹222B
FY25 ₹174B
Net income +17.9%/yr
FY21 ₹10.9B
FY22 ₹15.4B
FY23 ₹19.6B
FY24 ₹27.2B
FY25 ₹21.0B

SIEMENS screens 328% overvalued. Compare with GE Vernova Inc →

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Cite: Fair Value Calculator (2026). "Siemens Limited Fair Value". https://www.fairvalue-calculator.com/stock/SIEMENS.BSE

Peer Group

Specialty Industrial Machinery · 792 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 62 · Above median
Fair Value upside −81% · Bottom 25%
Return on equity (TTM) 19% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 11% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth −20% · Bottom 25%
Dividend yield (TTM) 2.1% · Above median

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 83.9× · Pricier than 75% of peers
P/B 10.56× · Pricier than 75% of peers
P/S (TTM) 6.13× · Pricier than 75% of peers
EV/EBITDA 48.6× · Pricier than 75% of peers
PEG 17.37× · Pricier than 75% of peers

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Frequently asked questions

Is Siemens Limited (SIEMENS) overvalued or undervalued?
As of Aug 24, 2026, our model estimates a fair value of ₹929.72 versus a price of ₹3,976, about −77% upside (overvalued).
What is the fair value of SIEMENS?
Our model-based fair value for Siemens Limited is ₹929.72 (as of Aug 24, 2026), built from audited fundamentals. The current price: ₹3,976.
What is the quality score of SIEMENS?
Siemens Limited has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Siemens Limited (SIEMENS)?
Our model-based price target is the fair value of ₹929.72 (as of Aug 24, 2026) from 17 valuation models. Cautious scenario ₹650.81, optimistic scenario ₹1,209. It is a calculation from audited fundamentals, not an analyst target.
What is the Siemens Limited stock forecast for 2026?
Our models put fair value at ₹929.72, about −77% upside versus a price of ₹3,976 (overvalued). Cautious scenario ₹650.81, optimistic scenario ₹1,209. The calculation is refreshed regularly with new filings.
What is the revenue of Siemens Limited (SIEMENS)?
Siemens Limited reported trailing-twelve-month revenue of about ₹228B (latest available figure, as of Aug 24, 2026).
What is the net profit margin of SIEMENS?
The net profit margin of Siemens Limited is about 10.7%, meaning it keeps roughly 10.7% of revenue as net income. Based on the latest reported figures.
Does Siemens Limited pay a dividend?
Siemens Limited currently shows a dividend yield of about 2.13% relative to its recent price (as of Aug 24, 2026).
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