Electric Equipment · Founded 2024 · www.siemens-energy-india.com · BSE 544390 · NSE ENRIN · ISIN INE1NPP01017
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Business
Siemens Energy India Ltd. (ENRIN) is a key player in India's energy sector, focusing on products, systems, solutions, and services for power generation, transmission, and industrial applications. As a subsidiary of Siemens Energy AG, Germany, the company primarily provides advanced technologies and solutions for utilities, independent power producers, and industrial customers. This includes gas and steam turbines, generators, transformers, switchgear, grid control systems, and related services like maintenance, upgrades, and digitalization solutions. Its core business model involves securing large-scale projects and long-term service contracts, generating revenue through equipment sales, project execution, and recurring service income.
Revenue Mix
While specific revenue contribution percentages are not always publicly segregated, Siemens Energy India's operations align broadly with its global parent's structure, focusing on:
Gas and Power: Supplying components and solutions for thermal power plants (gas and steam turbines, generators), and providing services for their installed base. This segment also increasingly includes solutions for integrating new energy sources.
Grid Technologies: Providing products, systems, and solutions for electricity transmission and distribution, including high-voltage switchgear, transformers, and grid stabilization technologies.
Transformation of Industry: Offering electrification, automation, and digitalization solutions for industrial customers to improve energy efficiency and reduce carbon footprint.
The revenue mix typically comes from equipment sales for new projects, project engineering and execution, and a significant portion from long-term service agreements for its installed base.
Industry
The Indian electric equipment industry is highly competitive, characterized by the presence of both domestic players (e.g., BHEL, CG Power, KEC International) and other multinational corporations (e.g., GE Power, ABB, Hitachi Energy). The industry is undergoing a significant transition driven by India's energy demand growth, renewable energy targets, and grid modernization initiatives. Siemens Energy India positions itself as a technology leader, leveraging its parent's global R&D and engineering prowess to offer advanced, reliable, and sustainable energy solutions. It primarily competes in the high-technology, large-scale, and critical infrastructure segments, where quality, reliability, and long-term service capabilities are paramount. The company holds a strong position in high-voltage transmission and specialized power generation equipment.
MOAT
Technology & R&D: Leveraging Siemens Energy AG's extensive global R&D capabilities, ENRIN offers cutting-edge technologies and solutions, particularly in high-efficiency power generation, advanced grid solutions, and digitalization.
Brand Reputation & Trust: The "Siemens" brand carries significant weight, reputation, and trust among Indian customers, built over decades of reliable performance and large-scale project execution.
Global Scale & Expertise: As part of a global conglomerate, the company benefits from global best practices, supply chain efficiencies, and access to a vast pool of expertise.
Installed Base & Service Network: A large installed base of equipment across India provides a recurring revenue stream through long-term service and maintenance contracts, creating high switching costs for customers.
Complex Project Execution: Expertise in handling large, complex, and technically demanding energy infrastructure projects.
Growth Drivers
Energy Transition & Decarbonization: India's aggressive renewable energy targets and focus on grid modernization to integrate renewables, along with industrial decarbonization efforts, drive demand for smart grid technologies, energy storage solutions, and efficient power generation equipment.
Infrastructure Development: Continued investment in power generation, transmission, and distribution infrastructure across India to meet growing electricity demand from industrialization and urbanization.
Industrial Electrification & Efficiency: Growing demand from core industrial sectors for reliable, efficient, and sustainable power solutions and electrification products.
Modernization & Upgrades: Aging power infrastructure requires modernization, upgrades, and digital solutions, creating opportunities for ENRIN's service and technology offerings.
Government Initiatives: "Make in India" and production-linked incentive (PLI) schemes in areas like advanced energy technologies could potentially benefit the company.
Risks
Project Execution Risks: Large-scale projects are subject to delays, cost overruns, and complex regulatory approvals, impacting profitability and cash flow.
Economic Slowdown: A slowdown in industrial activity or overall economic growth can reduce capital expenditure by customers, impacting new order inflows.
Intense Competition: The presence of strong domestic and international players can lead to pricing pressure and reduced margins.
Technological Disruption: Rapid advancements in energy technologies (e.g., new battery technologies, hydrogen) could impact demand for existing product lines if not adequately addressed through R&D and adaptation.
Raw Material Volatility: Fluctuations in the prices of key raw materials (e.g., steel, copper) can affect project costs and profitability.
Regulatory & Policy Changes: Changes in government energy policies, environmental regulations, or import duties could impact business operations and project viability.
Management & Ownership
Siemens Energy India Ltd. is primarily owned and promoted by Siemens Energy AG, Germany, which holds a majority stake. This ownership structure implies strong strategic alignment with the global parent, leveraging its expertise, governance standards, and technological roadmap. The management team typically consists of experienced professionals with a deep understanding of the Indian energy market, guided by the global vision and policies of Siemens Energy AG. The company benefits from a well-defined corporate governance framework typical of a large multinational subsidiary.
Outlook
Siemens Energy India is strategically positioned to benefit from India's energy transition and significant infrastructure investments. The push towards renewable energy integration, grid modernization, and industrial decarbonization presents substantial long-term growth opportunities for its advanced technology solutions and services. The strong backing of its global parent provides a robust foundation in terms of R&D, brand, and project execution capabilities. However, the company operates in a highly competitive and capital-intensive industry, susceptible to economic cycles, project delays, and intense pricing pressures. Its ability to continuously innovate, manage complex projects efficiently, and adapt to evolving energy policies while maintaining strong customer relationships will be crucial for sustained success.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1197 | 1484 | 2079 | 1517 | 1880 | 1785 | 2646 | 1911 | 2394 |
| Other Income | 0 | 0 | 2 | 2 | 14 | 53 | 37 | 49 | 46 |
| Total Income | 1197 | 1484 | 2081 | 1519 | 1894 | 1837 | 2683 | 1960 | 2440 |
| Total Expenditure | 927 | 1271 | 1694 | 1182 | 1521 | 1444 | 2166 | 1450 | 1896 |
| Operating Profit | 270 | 213 | 387 | 337 | 373 | 393 | 516 | 510 | 544 |
| Interest | 15 | 1 | 2 | 4 | 3 | 14 | 6 | 7 | 7 |
| Depreciation | 10 | 16 | 19 | 21 | 24 | 27 | 31 | 32 | 35 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52 | 0 |
| Profit Before Tax | 244 | 196 | 366 | 312 | 345 | 352 | 478 | 419 | 502 |
| Provision for Tax | 64 | 50 | 92 | 80 | 99 | 89 | 119 | 106 | 128 |
| Profit After Tax | 181 | 146 | 274 | 232 | 246 | 263 | 360 | 313 | 375 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 181 | 146 | 274 | 232 | 246 | 263 | 360 | 313 | 375 |
| Adjusted Earnings Per Share | 5.1 | 4.1 | 7.7 | 6.5 | 6.9 | 7.4 | 10.1 | 8.8 | 10.5 |
| #(Fig in Cr.) | Sep 2024 | Sep 2025 | TTM |
|---|---|---|---|
| Net Sales | 4760 | 7827 | 8736 |
| Other Income | 22 | 140 | 185 |
| Total Income | 4781 | 7966 | 8920 |
| Total Expenditure | 3904 | 6337 | 6956 |
| Operating Profit | 877 | 1630 | 1963 |
| Interest | 25 | 39 | 34 |
| Depreciation | 46 | 103 | 125 |
| Exceptional Income / Expenses | 0 | 0 | -52 |
| Profit Before Tax | 806 | 1488 | 1751 |
| Provision for Tax | 206 | 387 | 442 |
| Profit After Tax | 600 | 1100 | 1311 |
| Adjustments | 0 | 0 | 0 |
| Profit After Adjustments | 600 | 1100 | 1311 |
| Adjusted Earnings Per Share | 0 | 30.9 | 36.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 64% | 0% | 0% | 0% |
| Operating Profit CAGR | 86% | 0% | 0% | 0% |
| PAT CAGR | 83% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 29% | 24% | 24% | 24% |
| ROCE Average | 40% | 33% | 33% | 33% |
| #(Fig in Cr.) | Sep 2024 | Sep 2025 |
|---|---|---|
| Shareholder's Funds | 3217 | 4381 |
| Minority's Interest | 0 | 0 |
| Borrowings | 0 | 0 |
| Other Non-Current Liabilities | 408 | 594 |
| Total Current Liabilities | 3264 | 4587 |
| Total Liabilities | 6888 | 9563 |
| Fixed Assets | 429 | 536 |
| Other Non-Current Assets | 179 | 221 |
| Total Current Assets | 6279 | 8806 |
| Total Assets | 6888 | 9563 |
| #(Fig in Cr.) | Sep 2024 | Sep 2025 |
|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 |
| Cash Flow from Operating Activities | 147 | 3670 |
| Cash Flow from Investing Activities | -128 | -3483 |
| Cash Flow from Financing Activities | -20 | -55 |
| Net Cash Inflow / Outflow | 0 | 132 |
| Closing Cash & Cash Equivalent | 0 | 132 |
| # | Sep 2024 | Sep 2025 |
|---|---|---|
| Earnings Per Share (Rs) | 0 | 30.9 |
| CEPS(Rs) | 0 | 33.79 |
| DPS(Rs) | 0 | 4 |
| Book NAV/Share(Rs) | 0 | 123.07 |
| Core EBITDA Margin(%) | 17.97 | 19.04 |
| EBIT Margin(%) | 17.46 | 19.51 |
| Pre Tax Margin(%) | 16.94 | 19.01 |
| PAT Margin (%) | 12.61 | 14.06 |
| Cash Profit Margin (%) | 13.57 | 15.37 |
| ROA(%) | 8.71 | 13.37 |
| ROE(%) | 19.07 | 29.23 |
| ROCE(%) | 25.84 | 40.19 |
| Receivable days | 143.98 | 88.56 |
| Inventory Days | 59.33 | 35.77 |
| Payable days | 530.76 | 341.66 |
| PER(x) | 0 | 111.01 |
| Price/Book(x) | 0 | 27.87 |
| Dividend Yield(%) | 0 | 0.12 |
| EV/Net Sales(x) | 0 | 15.16 |
| EV/Core EBITDA(x) | 0 | 72.81 |
| Net Sales Growth(%) | 0 | 64.44 |
| EBIT Growth(%) | 0 | 83.7 |
| PAT Growth(%) | 0 | 83.35 |
| EPS Growth(%) | 0 | 0 |
| Debt/Equity(x) | 0 | 0 |
| Current Ratio(x) | 1.92 | 1.92 |
| Quick Ratio(x) | 1.69 | 1.75 |
| Interest Cover(x) | 33.38 | 38.95 |
| Total Debt/Mcap(x) | 0 | 0 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 |
| FII | 8.42 | 4.8 | 6.16 | 7.2 | 7.59 |
| DII | 6.91 | 9.11 | 8.04 | 6.71 | 6.62 |
| Public | 9.67 | 11.09 | 10.8 | 11.09 | 10.79 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 26.71 | 26.71 | 26.71 | 26.71 | 26.71 |
| FII | 3 | 1.71 | 2.19 | 2.57 | 2.7 |
| DII | 2.46 | 3.24 | 2.86 | 2.39 | 2.36 |
| Public | 3.44 | 3.95 | 3.85 | 3.95 | 3.84 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 35.61 | 35.61 | 35.61 | 35.61 | 35.61 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +64% | — | — | — |
| Operating Profit CAGR | +86% | — | — | — |
| PAT CAGR | +83% | — | — | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +29% | +24% | +24% | +24% |
| ROCE Average | +40% | +33% | +33% | +33% |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 |
| FII | 8.42 | 4.8 | 6.16 | 7.2 | 7.59 |
| DII | 6.91 | 9.11 | 8.04 | 6.71 | 6.62 |
| Public | 25 | 25 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 26.71 | 26.71 | 26.71 | 26.71 | 26.71 |
| FII | 3 | 1.71 | 2.19 | 2.57 | 2.7 |
| DII | 2.46 | 3.24 | 2.86 | 2.39 | 2.36 |
| Public | 8.9 | 8.9 | 8.9 | 8.9 | 8.9 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 35.61 | 35.61 | 35.61 | 35.61 | 35.61 |
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