Despite nearly falling 20% in the last 1 month, domestic brokerage house Deven Choksey Research has initiated coverage on Siemens Energy India with a Buy rating and a target price of ₹4,554, implying a potential upside of 72% from the last closing price of ₹2,649.
The report said, “We assign multiple of 60x PE on FY28 EPS of 75.90 and arrive at TP of INR 4,554, implying 41% upside on Siemens Energy India Ltd. We have not factored HVDC into our TP, while new HVDC VSC orders and nuclear energy provide additional upside optionality.”
The brokerage expects the power equipment maker to benefit from India's multi-year transmission investment cycle, rising electricity demand, renewable energy integration and expansion in high-voltage grid infrastructure.
It highlighted the company's position in high-voltage direct current (HVDC) transmission, grid-stabilisation solutions, power generation equipment and engineering services. Its strong parentage through Siemens Energy Germany and opportunities in exports could further support growth.
Deven Choksey Research said, “We view Siemens Energy India as a high-potential play on the country’s power transmission and generation opportunity, with a diversified business model spanning grid infrastructure, power generation, services and engineering, research & development (ER&D).”