Siemens Energy India Limited reported a robust financial performance for the second quarter of FY2026, with revenue from operations rising 27.4% year-on-year to INR 2,394 crore for the quarter ended March 31, 2026. Profit after tax surged 52.4% year-on-year to INR 375 crore, while the company's order backlog expanded 22.2% year-on-year to INR 18,433 crore. The unaudited financial results were reviewed and approved by the Audit Committee and Board of Directors at their meeting held on May 14, 2026. On May 15, 2026, the company hosted an Earnings Call with Analysts and Institutional Investors for H1 FY26, led by Guilherme Mendonca, MD & CEO, and Harish Shekar, ED & CFO.

Analyst View

JPMorgan has maintained a Neutral rating on Siemens Energy with a target price of ₹2600, citing an in-line headline performance but softer transmission segment numbers. The brokerage highlighted strong operating leverage with a 140 bps year-on-year EBIT margin expansion, along with better-than-expected revenue growth and margins in the generation segment.

Financial Highlights

The following table summarises the key financial metrics for the quarter and half year ended March 31, 2026:

Profit from operations (%) improved by 160 basis points year-on-year to 19.4%, primarily driven by better operating leverage, higher export contributions, and disciplined order execution. Excluding forex, commodity gains, and one-time impacts, Q2 FY2026 profit from operations stood at 18.9%, up from 17.5% in Q2 FY2025.

Segment Performance

The company operates through two segments—Power Transmission and Power Generation—both of which recorded year-on-year revenue growth in Q2 FY2026. The H1 FY26 segment performance, as presented at the analyst call, is summarised below (in ₹ Bn):

Power Transmission

Power Generation

The Power Generation segment recorded a notable increase in segment results, rising from Rs. 1,288 million in Q2 FY25 to Rs. 2,493 million in Q2 FY26—a trend consistent with JPMorgan's observation of better-than-expected revenue growth and margins in the generation segment.

Capacity Expansions and Investments

The company highlighted ongoing and newly announced investments at the analyst call. Ongoing expansions worth ₹7.4 Bn include a Transformer Expansion at Kalwa and a Switchgear Expansion at Chhatrapati Sambhajinagar. In addition, a Greenfield Transformer factory announced in Q1 represents a further investment of ₹20.6 Bn. The company operates 08 factories, 06 sales offices, 04 Engineering/R&D Centres, and 04 Service Centres across India, with sales rights extending to Bhutan, Nepal, Maldives, and Sri Lanka.

Management Commentary

Commenting on the Q2 FY2026 results, Guilherme Mendonca, Managing Director and Chief Executive Officer, Siemens Energy India Limited, stated: "We delivered another strong quarter with a focus on profitable growth and value creation. Despite current global scenario, Siemens Energy India Limited kept its high performance through disciplined execution of its healthy backlog. Demand momentum in India remains strong, driven by electrification, decarbonization and energy security priorities, as well as export opportunities. Our company is fully committed to supporting India's growth journey with our capacity expansions and talent development."

Siemens Energy India Limited has announced changes in its Senior Management Personnel, as approved by the Board of Directors at its meeting held on May 14, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board Meeting commenced at 2.30 p.m. (IST) and concluded at 5.24 p.m. (IST).

Key Management Change

Effective June 1, 2026, Ms. Manvi Arora will take over the responsibility of Execution Unit Finance Head (Grid Technologies - Grid Solutions) in full-time employment. Ms. Arora is already a Senior Management Personnel of the Company and will simultaneously continue her existing role as Execution Unit Finance Head (Gas Services Service) until further announcement. The following table summarises the key details of this appointment:

Profile of Ms. Manvi Arora

Ms. Arora is a seasoned finance leader with over 18 years of experience across business finance, strategic partnering, M&A advisory, and assurance, spanning both industry and consulting domains. She has been associated with the Company / Siemens group for over 3 years. In her current role as Execution Unit Finance Head (Gas Services Service), she holds end-to-end responsibility for financial performance, strategic planning, stakeholder management, internal controls, and compliance for the business unit.

Prior to her association with the Company / Siemens group, Ms. Arora held leadership roles at Hindustan Media Ventures and KPMG India. Her academic and professional qualifications include:

• Chartered Accountant
• Bachelor of Commerce, University of Delhi

Transition of Interim Role

Consequent to Ms. Manvi Arora's appointment, Mr. Mrinal Ghosh will cease to be interim Execution Unit Finance Head (Grid Technologies - Grid Solutions) effective close of business hours of May 31, 2026. The following table outlines the transition details:

Mr. Ghosh will continue his role as Execution Unit Finance Head (Steam Turbines & Generators) and will remain categorised as Senior Management Personnel of the Company. The disclosure was signed by Vishal Tembe, Company Secretary, on behalf of Siemens Energy India Limited.