SIEMENS’ topline hinges on private CapEx revival (DI) and Mobility project execution, while bottomline depends on SI localization and Mobility service margins; margins structurally capped by DI’s transfer pricing but leveraged to SI’s 65%+ localization and Mobility’s POC accretion.
1–2 minutes
3-Scenario Framework
📊 Base Case (50% Probability)
Private CapEx recovers: Consumption uptick by Apr–Jun 2026 drives DI revenue +7% CAGR; SI maintains 10%+ growth on Discom upgrades.
Mobility delivers: Loco ramp-up and Kavach wins lift segment revenue 12% CAGR; margins expand to 9% by FY28.
Outcome: Topline +9% CAGR, EBIT margins 11–12%, FCF normalizes to 30% of EBITDA by FY27.
