Altman Z″
Needs current assets and current liabilities, EBIT.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 100.7x earnings against its own median of 43.1x: 3.0 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Borrowings rose 69% over 3 years, but only about -99% of the new debt shows up as productive assets — worth understanding what the rest funded.
Why this reading: Kept at caution rather than flagged: the disproportion is real but not extreme, and part of the borrowing may fund working capital or intangibles that this view doesn't capture.
New borrowing ₹125 cr against an asset build of ₹-124 cr. Some gap is normal (working capital, dividends); a persistent or widening gap is where it becomes a concern.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-1,080 cr, negative in 2 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Other income is 58% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Trailing other income ₹2,178 cr against pre-tax profit ₹3,760 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Borrowings rose 75% over two years while the company also carries ₹1 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹307 cr from ₹175 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Both revenue and profit grew over the last year (13.2% and 33.7%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹18,063 cr, trailing profit ₹3,276 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Net margin improved from 7.3% to 18.1% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 18.1% vs 7.3% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities, EBIT.
Needs more balance-sheet detail (only 3 of 9 signals testable).
Needs trade receivables, revenue, current assets, depreciation, other expenses, net profit.
Free cash flow negative in 2 of 12 years.
cumulative operating cash flow ÷ cumulative net profit
₹9,816 cr ÷ ₹15,909 cr, over 11 years
0.62×
Below 1.0 and persistent means profit is being recognised before the cash arrives.borrowings ÷ net worth
₹307 cr ÷ ₹13,840 cr
0.02×
Read against the sector — infrastructure carries more than software.Needs more balance-sheet detail (only 1 of 6 flags testable).
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Capital Goods). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 75.00% to 75.00% across these quarters.
FII trimmed from 7.00% to 6.47% across these quarters.
MF rose from 3.69% to 3.92% across these quarters.
Other rose from 14.31% to 14.61% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 105 | 106 | 115 | 102 | 86 | 71 | 106 | 57 |
| Inventory days
How long stock sits before it sells | 74 | 73 | 101 | 104 | 99 | 95 | 101 | 60 |
| Payable days
How long the company takes to pay suppliers | 196 | 215 | 251 | 214 | 186 | 152 | 180 | 94 |
| Cash conversion cycle
Debtor + inventory − payable days | -17 | -36 | -36 | -8 | 0 | 14 | 27 | 23 |
| Working capital days | 49 | 44 | 42 | 31 | 16 | 31 | 40 | 71 |
| ROCE %
Return on capital employed | 18.0% | 19.0% | 11.0% | 14.0% | 16.0% | 21.0% | 17.0% | 21.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 6,120 | — | 5,464 |
| Order book (₹ cr) | 46,200 | — | — |
| Book to bill (×) | 1.07 | — | — |
| Execution rate | 5,734% | 4,714% | 4,900% |
| Working capital days (days) | 28.65 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|---|
| Revenue from operations | 13,084 | 9,946 | 13,198 | 16,138 | 19,554 | 15,146 |
| Other income | 398 | 315 | 321 | 487 | 496 | 1,633 |
| Depreciation | 199 | 252 | 297 | 317 | 321 | 246 |
| Finance cost | 12 | 30 | 24 | 36 | 23 | 70 |
| Profit before tax | 1,678 | 1,036 | 1,452 | 1,993 | 2,640 | 3,375 |
| Net profit (owners) | 1,099 | 769 | 1,089 | 1,543 | 1,962 | 2,718 |
| EPS (₹) | 30.87 | 21.58 | 30.57 | 43.33 | 55.07 | 76.29 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Mar 2026 18m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,710 | 4,152 | 3,763 | 4,457 | 3,360 | 4,029 | 4,108 | 4,900 | 3,831 | 4,618 | 4,714 | 24,846 |
| Other Income | 256 | 479 | 298 | 544 | 423 | 341 | 125 | 126 | 19 | 116 | 1,917 | 1,149 |
| Expenses | 3,256 | 3,516 | 3,277 | 3,912 | 2,974 | 3,584 | 3,590 | 4,291 | 3,409 | 4,174 | 4,283 | 21,982 |
| Depreciation | 60 | 63 | 70 | 62 | 66 | 66 | 69 | 69 | 71 | 74 | 78 | 415 |
| Finance cost | 3 | 21 | 5 | 18 | 3 | 2 | 5 | 4 | 6 | 14 | 7 | 73 |
| Profit before tax | 646 | 1,032 | 709 | 1,009 | 740 | 718 | 569 | 662 | 364 | 472 | 2,262 | 3,525 |
| Net Profit | 506 | 803 | 578 | 831 | 615 | 582 | 423 | 485 | 278 | 370 | 2,143 | 2,754 |
| EPS | 14.19 | 22.54 | 16.22 | 23.33 | 17.25 | 16.34 | 11.88 | 13.62 | 7.79 | 10.39 | 60.18 | 77.27 |
| Item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 71 | 71 | 71 | 71 | 71 | 71 |
| Reserves | 9,421 | 10,276 | 11,539 | 13,016 | 15,286 | 13,769 |
| Borrowings | 0 | 4 | 182 | 175 | 279 | 307 |
| Net block | 1,196 | 3,264 | 3,107 | 3,038 | 3,112 | 2,785 |
| CWIP | 88 | 35 | 52 | 50 | 103 | 250 |
| Investments | 0 | 3 | 1 | 1 | 1 | 1 |
| Total Assets | 15,860 | 18,015 | 20,109 | 21,646 | 25,170 | 21,213 |
| Line | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 720 | 1,422 | 978 | 1,400 | 1,655 | -535 |
| Cash from investing | 871 | -2,389 | -34 | -759 | -502 | 3,695 |
| Cash from financing | -386 | -502 | -392 | -450 | -508 | -3,302 |
| Free cash flow | 710 | 1,315 | 847 | 1,334 | 1,552 | -1,080 |
| Net change in cash | 1,205 | -1,469 | 552 | 191 | 644 | -142 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Siemens Ltd. reported revenue of ₹5,734 cr for July to September 2026, +17.0% on the year and +21.6% on the quarter. That is faster than this quarter has grown in recent years (−6.7% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹18,897 cr, +15.2% on the four before.
Operating profit (EBITDA) was ₹626 cr, a margin of 10.9%, −152 bps on the year and +177 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.1% to 12.6%, averaging 11.0%. Operating costs grew +19.0%, faster than revenue at +17.0%, so operating profit grew less than sales.
Net profit was ₹504 cr, +4.8% on the year and +46.8% on the quarter, with earnings per share of ₹14.16. Profit before other income, one-offs and tax fell 2.3%, so 7 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,496 cr, −28.8% on the four before.
Of the 30 companies in Capital goods and EPC that have reported Q2 FY27 so far, Siemens Ltd. ranks 18th on revenue growth; the sector median is +21.3%. Its margin moved −152 bps on the year against a sector median of +13 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹92.52 over the last four quarters, the stock at ₹3,626.20 trades at 39.2 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Operating margin slipped on the year.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Borrowing while holding cash, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹3,440 cr | ₹3,932 cr | ▼ 12.5% |
| Inventory | ₹2,376 cr | ₹2,589 cr | ▼ 8.2% |
| Cash | ₹1,021 cr | ₹1,694 cr | ▼ 39.7% |
| Bank balances | ₹7,477 cr | ₹3,918 cr | ▲ 90.8% |
| Trade payables | ₹4,176 cr | ₹4,077 cr | ▲ 2.4% |
| Net block | ₹862 cr | ₹744 cr | ▲ 15.9% |
| Capital work in progress | ₹315 cr | ₹249 cr | ▲ 26.4% |
| Equity | ₹15,800 cr | ₹13,840 cr | ▲ 14.2% |
| Total assets | ₹23,579 cr | ₹21,301 cr | ▲ 10.7% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹1,311 cr | ₹375 cr |
| Capital expenditure | −₹277 cr | −₹380 cr |
| Investing cash flow | −₹1,283 cr | ₹3,121 cr |
| Financing cash flow | −₹702 cr | −₹3,186 cr |
| Dividends paid | −₹640 cr | −₹428 cr |
Operating cash flow was 1.55× profit. Receivables at 60 days of sales (+2 days against the last year end). Inventory at 41 days of sales (+3 days).
No emphasis of matter.
Filing p. consolidated limited review report p.1-2
Board approved sale/transfer of Low Voltage Motors and Geared Motors business to Siemens Large Drives India Private Limited on a slump sale basis for Rs 2,200 crore cash consideration. (p. note 5 to consolidated results)
Ongoing Scheme of Amalgamation of Siemens Rail Automation Private Limited with Siemens Limited. (p. note 6 to consolidated results)
Tax: Consolidated tax expense of ₹171.40 crore (current tax ₹173.20 crore, deferred tax credit ₹1.80 crore) on Profit before tax of ₹675.60 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 6,120 | — | 5,464 |
| Order book (₹ cr) | 46,200 | — | — |
| Book to bill (×) | 1.07 | — | — |
| Execution rate | 5,734% | 4,714% | 4,900% |
| Working capital days (days) | 28.65 | — | — |
Worked out from filed numbers. Book to Bill Ratio: New orders (₹6,120 crore) / Revenue from operations (₹5,734 crore) = 1.07x · Net Working Capital Days: Receivable days (60.08) + Inventory days (41.50) - Payable days (72.93) = 28.65 days
Trade receivables reduced to ₹3,439.80 crore as of Sept 30, 2026 (vs ₹3,931.60 crore as of March 31, 2026), reflecting healthy cash collection and working capital management.
Billed receivables decreased while revenue executed grew 17.0% YoY, demonstrating improved working capital efficiency.
New orders (order inflow) stood at ₹6,120.00 crore in Q2 FY27 (+12% YoY), exceeding revenue execution of ₹5,734.00 crore (+17% YoY), maintaining a book-to-bill ratio of 1.07x.
Order inflow exceeds revenue execution, providing strong forward revenue visibility with a total order book of ₹46,200 crore.
not disclosed
Bank guarantee outstanding details are omitted from the quarterly results filing.
No liquidated damages or cost overruns reported in the financial notes for Q2 FY27.
No material contract provisions or liquidated damage write-offs were flagged in the financial notes.
Order book 46200 crore at quarter end, after inflows of 6120 crore in the quarter (1.07× trailing revenue).
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Slump Sale of Low Voltage Motors Business Cash Consideration | 2200.00 | Closing of slump sale transaction | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Smart Infrastructure | ₹3,281 cr | ▲ 20.4% | ₹385 cr | ▲ 8.4% |
| Mobility | ₹1,291 cr | ▲ 13.8% | ₹96.4 cr | ▼ 23.6% |
| Digital Industries | ₹1,150 cr | ▲ 8.0% | ₹57.9 cr | ▼ 22.7% |
| Others | ₹75.3 cr | ▲ 33.7% | ₹5.2 cr | ▲ 15.6% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,710 cr | ₹4,152 cr | ₹3,763 cr | ₹4,457 cr | ₹3,360 cr | ₹4,029 cr | ₹4,108 cr | ₹4,900 cr | ₹3,831 cr | ₹4,618 cr | ₹4,714 cr | ₹5,734 cr |
| YoY | — | — | −23% | −23% | −9% | −3% | +9% | +10% | +14% | +15% | +15% | +17% |
| EBITDA margin | 12.2% | 15.3% | 12.9% | 12.2% | 11.5% | 11.0% | 12.6% | 12.4% | 11.0% | 9.6% | 9.1% | 10.9% |
| Other income, % of PBT | 40% | 46% | 42% | 54% | 57% | 47% | 22% | 18% | 5% | 25% | 25% | 22% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 22% | 18% | 18% | 17% | 19% | 26% | 27% | 24% | 21% | 26% | 25% |
| Net profit | ₹506 cr | ₹803 cr | ₹578 cr | ₹831 cr | ₹615 cr | ₹582 cr | ₹423 cr | ₹481 cr | ₹278 cr | ₹370 cr | ₹343 cr | ₹504 cr |
| YoY | — | — | +27% | +45% | +22% | −28% | −27% | −42% | −55% | −36% | −19% | +5% |
| Core profit YoY | — | — | −13% | −25% | −19% | −32% | +8% | +15% | +9% | −6% | −22% | −2% |
| EPS | ₹14.19 | ₹22.54 | ₹16.22 | ₹23.33 | ₹17.25 | ₹16.34 | ₹11.88 | ₹13.63 | ₹7.79 | ₹10.39 | ₹60.18 | ₹14.16 |
| Flags | 1 | 1 | 2 | 2 | 2 | 1 | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.