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Siemens Limited

SIEMENS.NS
38
Industrial - Machinery · Industrials
Exchange
National Stock Exchange of India
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Weak
Dividends
Good

Winston Score History

The full picture

Siemens Limited is an Indian industrial company that makes equipment and systems used to generate, transmit, and manage electricity, as well as automation tools for factories. Its core products include power transformers, switchgear, motors, drives, and building technology systems. The company serves customers in industries like energy, infrastructure, transportation, and manufacturing, and is a subsidiary of the global German conglomerate Siemens AG.

The company earns money by selling industrial equipment, executing large engineering projects, and providing after-sales services and maintenance contracts. It operates primarily in India, with manufacturing plants in cities like Mumbai, Goa, and Aurangabad, making it one of the leading industrial technology companies in the country. Siemens Limited benefits from its parent company's global technology and brand reputation, which gives it an edge over local competitors. The key growth driver is India's ongoing push to expand its power infrastructure and manufacturing capacity, though the business faces risk from delays in government-funded infrastructure projects.

Score breakdown

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Quality

Profit per sale
Gross Margin
17.4%
Thin — 17.4% gross margin
Profit after running costs
Operating Margin
7.5%
Modest — 7.5% operating margin
Return on the money invested
ROCE
11.7%
Below par — 11.7% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-1.7%
Shrinking sales (-1.7% YoY)
Profit growth
EPS YoY
+61.0%
Earnings growing fast (+61.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
29%
Weak — only 29% of profit becomes cash
Spare cash per sale
FCF Margin
3.1%
Thin free cash flow (3.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
51.73x
Comfortably covers interest (51.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
42.6x
no trend
Pricey — P/E 42.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
-15.3
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
0.46%
no trend
Small dividend — 0.46% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+72.4%
no trend
Dividend growing fast (72.4% YoY)

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