SIEMENS · Capital Goods
Siemens Ltd. reported revenue of ₹4,714 cr for April to June 2026, +14.7% on the year and +2.1% on the quarter. That is faster than this quarter has grown in recent years (−6.8% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹18,063 cr, +13.2% on the four before.
Operating profit (EBITDA) was ₹431 cr, a margin of 9.1%, −344 bps on the year and −47 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 9.1% to 12.6%). Operating costs grew +19.3%, faster than revenue at +14.7%, so operating profit grew less than sales.
Net profit was ₹343 cr, −18.8% on the year and −7.2% on the quarter, with earnings per share of ₹60.18. Profit before other income, one-offs and tax fell 22.1%, so 3 points of the headline growth came from outside the core business. The tax rate was 26% against an average of 21% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹1,472 cr, −39.9% on the four before.
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. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹91.99 over the last four quarters, the stock at ₹3,655.00 trades at 39.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Metric | Q1 FY27 | Q2 FY26 |
|---|---|---|
| Order inflow (₹ cr) | — | 5,464 |
| Execution rate | 4,714% | 4,900% |
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.
| 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.
Siemens Ltd. reported revenue of ₹4,714 cr (+14.7% on the year) and net profit of ₹343 cr (−18.8% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −22.1% on the year, against −18.8% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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