Siemens Limited Q3 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
Siemens Q3 FY2026: Revenue ₹3,830.7 Cr (vs ₹3,360.1 Cr YoY), PAT ₹277.8 Cr (vs ₹614.6 Cr YoY)
In Q3 FY2026 (Oct-Dec 2025) consolidated revenue rose to ₹3,830.7 Cr compared with ₹3,360.1 Cr in Q3 FY2025 driven by Smart Infrastructure and Digital Industries. Consolidated Profit after Tax (PAT) for Q3 FY2026 was ₹277.8 Cr versus ₹614.6 Cr in Q3 FY2025 reflecting higher finance/forex impacts and a one‑off labour code charge. Management highlighted a strong order intake and backlog alongside commodity gains and forex headwinds. Company flagged strategic items including LVM classified as discontinued and in‑principle approval to amalgamate a wholly owned rail automation subsidiary.Revenue (Consolidated) Q3 FY2026
₹3,830.7 Crvs ₹3,360.1 Cr in Q3 FY2025
Profit after Tax (Consolidated) Q3 FY2026
₹277.8 Crvs ₹614.6 Cr in Q3 FY2025
Profit from Operations (Consolidated) Q3 FY2026
₹353.3 Crvs ₹335.0 Cr in Q3 FY2025
New Orders (reported) Q3 FY2026
₹4,829 Crvs ₹4,044 Cr in Q3 FY2025
Order Backlog (reported) at quarter end
₹43,004 Crvs
Exceptional item - New Labour Codes (Consolidated) Q3 FY2026
₹74.3 Crnot applicable
Earnings per Share (Consolidated) Q3 FY2026
₹7.80 per sharevs ₹17.26 per share in Q3 FY2025
Key Highlights
10
Smart Infrastructure revenue in Q3 FY2026 was ₹2,123.0 Cr (₹21,230 million consolidated) and was the largest segment contributor to consolidated revenue.
Profit from Operations improved to ₹353.3 Cr in Q3 FY2026 driven by a temporary commodity gain at Smart Infrastructure, per management disclosure.
Consolidated PAT fell to ₹277.8 Cr in Q3 FY2026 primarily due to forex losses, higher material costs in Digital Industries (Euro appreciation) and a one‑off labour codes charge.
The Group recognised an exceptional consolidated charge of ₹743 million (₹74.3 Cr) in Q3 FY2026 for incremental provision on gratuity/compensated absences due to the New Labour Codes.
Digital Industries reported revenue of ₹902.4 Cr (₹9,024 million consolidated) in Q3 FY2026, supporting overall revenue growth quarter-on‑year.
Mobility revenue in Q3 FY2026 was ₹815.4 Cr (₹8,154 million consolidated) with the segment reporting a forex loss impact mentioned by management.
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Key Highlights
10
Smart Infrastructure revenue in Q3 FY2026 was ₹2,123.0 Cr (₹21,230 million consolidated) and was the largest segment contributor to consolidated revenue.
Profit from Operations improved to ₹353.3 Cr in Q3 FY2026 driven by a temporary commodity gain at Smart Infrastructure, per management disclosure.
Consolidated PAT fell to ₹277.8 Cr in Q3 FY2026 primarily due to forex losses, higher material costs in Digital Industries (Euro appreciation) and a one‑off labour codes charge.
The Group recognised an exceptional consolidated charge of ₹743 million (₹74.3 Cr) in Q3 FY2026 for incremental provision on gratuity/compensated absences due to the New Labour Codes.
Low Voltage Motors (LVM) business is disclosed as discontinued operations for the quarter and the Board approved a slump sale with an enterprise value of ₹2,200 Cr (₹22,000 million) subject to approvals.
Digital Industries reported revenue of ₹902.4 Cr (₹9,024 million consolidated) in Q3 FY2026, supporting overall revenue growth quarter-on‑year.
Mobility revenue in Q3 FY2026 was ₹815.4 Cr (₹8,154 million consolidated) with the segment reporting a forex loss impact mentioned by management.
Company demerged Energy business effective 25 March 2025 and prior‑period results were re‑presented; excess carrying amount transferred aggregated ₹3,784.6 Cr (₹37,846 million) adjusted to retained earnings.
Board granted in‑principle approval on 6 February 2026 for amalgamation of Siemens Rail Automation Private Limited into the Company, subject to statutory approvals.
Management disclosed deferral of previously announced Aurangabad metro capex of ~₹186 Cr due to delayed metro tenders and will pursue alternative business models.
Guidance & Outlook
4
Company highlighted a book‑to‑bill of 1.26x in Q3 FY2026 indicating order intake momentum to support near‑term revenue conversion.
Management expects macro support from India‑EU Free Trade Agreement and US trade deal to open opportunities for exports and technology collaboration (company commentary).
Siemens expects continued focus on metro rail opportunities while deferring the Aurangabad metro capex decision indefinitely to preserve capital allocation discipline.
Management will monitor final rules/clarifications on New Labour Codes and said further accounting effects will be provided as developments occur.
Risks & Concerns
5
One‑off charge of ₹743 million in Q3 FY2026 for New Labour Codes increased employee benefit provisions and reduced PAT for the quarter.
Forex volatility and Euro appreciation materially increased costs at Digital Industries and caused forex losses in Mobility, pressuring margins in Q3 FY2026.
Profit after Tax declined to ₹277.8 Cr in Q3 FY2026 from ₹614.6 Cr in Q3 FY2025, signaling earnings volatility despite revenue growth.
Indefinite deferral of the ₹186 Cr Aurangabad metro capex may delay potential revenue and margin expansion from metro car assembly opportunities.
Disposal/sale of LVM business (enterprise value ₹22,000 million) is subject to regulatory approvals (including CCI) and timing or adjustments could impact reported proceeds and cash flow timing.
AI-generated analysis. May contain inaccuracies — verify against original sources.