External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We attended Siemens Energy India (SEL) analyst day, where management articulated a strategy that capitalizes on its unique position at the confluence of India's energy growth and the global energy transition</li><li>SEL is strategically positioned in the high-growth power transmission (T&amp;D) business and stable power generation &amp; services</li><li>Exports (23% of FY25 revenue) are largely driven by T&amp;D products like transformers whilst services (~26% of FY25 revenue) is driven by Gas/Steam turbines installation in India</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We attended Siemens Energy India (SEL) analyst day, where management articulated a strategy that capitalizes on its unique position at the confluence of India's energy growth and the global energy transitionSEL is strategically positioned in the high-growth power transmission (T&amp;D) business and stable power generation &amp; servicesExports (23% of FY25 revenue) are largely driven by T&amp;D products like transformers whilst services (~26% of FY25 revenue) is driven by Gas/Steam turbines installation in IndiaContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Siemens Energy: Well Energized for Transition. Maintain BUY

India

Siemens Energy India Limited operates as an energy company. The Company provides power transmission and generation for gas and steam turbines, large generators, and associated control technology. Siemens Energy India serves customers in India.

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Siemens Energy India (ENRIN IN)

Siemens Energy: Well Energized for Transition. Maintain BUY

SEL is strategically positioned in the high-growth power transmission (T&D) business and stable power generation & services

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