
Siemens Energy India is set to debut on the BSE and NSE on Thursday, July 19. Multiple brokerages, including MOFSL, HDFC Securities, and Jefferies, have shared their perspectives on the company’s valuation and industry standing, especially in comparison to peers such as Hitachi Energy and GE Vernova T&D. Stock analysts have projected a share price target in the range of Rs 3,000 to Rs 3,350.
MOFSL assigned a price-to-earnings multiple of 60 times to Siemens Energy India and arrived at a target price of Rs 3,000, based on estimates for September 2027. This valuation was benchmarked against Hitachi Energy, which trades at 74 times P/E, and GE Vernova T&D, trading at 58 times.
“Hitachi Energy has gained from major HVDC contracts, and Siemens is also well-positioned to win future projects, supported by its superior margin profile,” it said in a note.
Jefferies stated that Siemens Energy India could become the largest listed pure-play power transmission and distribution (T&D) equipment company in India, with a potential market capitalisation of over 10 billion US dollars at the time of listing. This would place it ahead of Hitachi Energy and GE Vernova T&D, which are valued between 6.8 and 9.6 billion US dollars.
As one of the few players active in the high-voltage segment up to 765kV, Siemens Energy India is likely to benefit from upcoming infrastructure investments.
“We believe Siemens has taken a selective approach towards HVDC projects in the past. However, given the growing project pipeline and its technological strengths, we expect the company to participate more actively. Additionally, initiatives to strengthen the intra-state transmission system (ISTS) could drive investments worth Rs 12,000 crore in the sector,” MOFSL said.
According to HDFC Securities, Siemens Energy India stands out among peers due to its comprehensive offering, covering a broader market that includes decarbonisation, power generation, power evacuation, grid automation, EPC services, and clean energy solutions such as green hydrogen and battery storage.
“With an order backlog of Rs 15,000 crore—2.1 times the estimated revenue for FY25—the company has strong growth visibility. We project a 30 per cent compound annual growth rate in profit after tax for FY25 to FY27. On the back of strong cash flows, a solid order book, limited competition, and export potential, we rate Siemens Energy India a BUY with a target price of Rs 3,000 per share (60 times September 2027 estimated EPS), aligning with our valuation for Hitachi Energy,” the firm noted.
For Siemens India’s operations excluding the energy segment, Jefferies has set a target price of Rs 3,700 per share, valuing the business at 55 times PE for March 2027—consistent with valuation multiples used for ABB and Siemens before the demerger.
“This reflects an improved outlook for the railways sector and potential upside surprises in order inflows and margins. Risks include fixed costs rising faster than revenue and a further weakening of the capital expenditure cycle,” Jefferies added.
They further suggested that Siemens Energy India could trade at 60 times PE based on March 2027 estimates—a nine per cent premium over the multiple used for Siemens ex-Energy—resulting in a target price of Rs 3,350 per share.