Siemens Limited held an earnings call and post-results investor interaction on May 28, 2026, following the announcement of its Q6 and full-year FY26 results on May 26, 2026. The event was hosted on the Microsoft Teams platform.

The stated purpose of the event was to discuss the company's financial performance for the quarter and year ended March 31, 2026, and to provide a strategic and operational update.

Management Participants:

  • Mr. Sunil Mathur, Managing Director and CEO
  • Mr. Wolfgang Wrumnig, Executive Director and CFO
  • Ms. Radhika Arora, Head, Investor Relations (Moderator)

The transcript of the meet was made available on the company's website at https://www.siemens.com/en-gb/company/investor-relations-india/analyst-meet/. The presentation referenced during the call was also available on the website. The company did not indicate that any unpublished price sensitive information (UPSI) would be shared.

Financial Period Discussed: The quarter ending March 31, 2026 (Q6), which is the final quarter of the financial year following a change in the financial year cycle from October-September to April-March. Performance for the 6-month period ending March 2026 was also discussed.

Key Financial Highlights from the Transcript:

  • Order Backlog: Increased to ₹450.3 billion from ₹412 billion YoY, up 9.3%.
  • New Orders (Q6): ₹67.3 billion, up 33% YoY.
  • Revenue (Q6): ₹46.2 billion, up 14.6% YoY.
  • EBITDA (Q6): ₹4.5 billion, down from ₹5.1 billion YoY.
  • EBITDA Margin (Q6): 9.7%, down 290 basis points from 12.6% YoY.
  • Profit Before Tax (Q6): ₹4.6 billion, down 13.6% YoY.
  • 6-Month Performance (H2 FY26): Orders ₹115.6 billion (+26.8% YoY), Revenue ₹84.5 billion (+14.3% YoY), EBITDA ₹8.7 billion, EBITDA Margin 10.3% (down 200 bps YoY).

Primary Reasons for Margin Pressure: A significant increase in material costs, driven by:

  • Foreign Exchange: The Euro depreciated by ~18% against the INR, from an average of ₹91/Euro to ₹107/Euro.
  • Commodity Inflation: Silver prices increased by 160% (from $1,000/kg to $2,700/kg) and Copper prices increased by 45% (from $8,800/metric tonne to $12,800/metric tonne).
  • The material cost as a percentage of revenue increased from 69% to 74%.

The company implemented two price increases to partially pass on these costs, but noted a 3-4 month lag before they take full effect.

Business Segment Performance:

  • Digital Industries (DI): Q6 Orders ₹9.7B (+1.4% YoY), Revenue ₹11.5B (+14.35% YoY). Margin severely impacted by FX (large share of imports from Germany). Underlying margin normalized around 6.8% excluding FX impact.
  • Smart Infrastructure (SI): Q6 Orders ₹29.6B (+17.6% YoY), Revenue ₹25.8B (+14.5% YoY). Margin pressure primarily from commodity inflation (copper, silver, aluminum). Business is ~70-75% localized.
  • Mobility: Q6 Orders ₹28B (+75% YoY), Revenue ₹8.3B (+12.7% YoY). Growth driven by execution of the 9,000 HP locomotive project. Received an ₹18 billion order for bogies, traction motors, and gearboxes for export.

Strategic & Operational Highlights:

  • Delivered the first 40 locomotives to Indian Railways, meeting contractual obligations. The project is over 90% localized.
  • Received an order from a leading semiconductor player for an OSAT facility in Gujarat, involving a combined solution from DI and SI businesses.
  • The sale of the low-voltage motors business is on track for completion in June 2026.
  • The company was ranked India's number one sustainable company in its sector.
  • Management expressed optimism on continued growth in private and public capex, citing strength in sectors like data centres, railways, power utilities, cement, steel, and pharmaceuticals. Concerns were noted regarding the potential impact of INR depreciation and commodity-driven inflation on future ordering.

Q&A Session Takeaways:

  • Management declined to give specific margin guidance for future quarters, citing unpredictability of FX and commodities.
  • Data centres represent 12-15% of the SI order backlog (ex-Mobility export orders) and are a key growth vertical.
  • The company is evaluating capacity expansion for its Mobility factories in Nashik and Chhatrapati Sambhajinagar due to strong order backlog.
  • Long-term contracts (e.g., locomotives, bogies) have price variation clauses that provide adequate cover for cost inflation.
  • Working capital increased due to higher inventory (to safeguard against supply chain disruptions) and higher contract assets/receivables from ramping Mobility project execution.

Additional Notes Section

The document provided was the full transcript of the analyst/investor meet. The transcript included a detailed disclaimer stating it contained forward-looking statements subject to risks and uncertainties.

No new financial data beyond what was disclosed in the results announcement on May 26 was presented in this transcript. The discussion was based on already published results.